I think Ty just got a big Johnson while talking about getting a fat condo in another thread...and the rush of blood away from the brain left him powerless.Quote:
Originally Posted by Scott Campbell
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I think Ty just got a big Johnson while talking about getting a fat condo in another thread...and the rush of blood away from the brain left him powerless.Quote:
Originally Posted by Scott Campbell
I hate to say that i'm taking pleasure in the pain of others...but, i am. Screw the developers.Quote:
Originally Posted by The Leaper
Quote:
Originally Posted by Tyrone Bigguns
I doubt anyone believes you can't read a graph.
Oh, screw it. Never mind.
Ah, more fun with partial. Do you even think before you post?Quote:
Originally Posted by MJZiggy
Hmm, let's say you graduate at have a starting salary of 40k. I know from your brilliant posts that you will be socking some of that away for retirement. I'll give you 10%. Now i don't live in Wisco, so i'm gonna say around at least 13k you aren't going to see..as you pay taxes, ss, wisco taxes, etc. That leaves you with 24k. Of course, i'm sure you'll want to live wity your parents after you get your new job. :roll: But, humor me and let's say you live with a roommate. Let's call it an even 6 bills for rent, cable, power, utilities..and i'm being kind. Let's add a modest 200 a month for food..that is all cooking in..no eating out. Let's call that 10k.
Now we are down to 14K. I'm sure that most college students don't have cars, but will need them upon graduation. So, let's just say 350 a month. Add in a modest 100 bucks a month insurance. Call it 5k.
You'll need gas for the car. Prices at the pump are high. Call it 200 a month. 2500k.
Down to 7500k.
Since you are fairly normal (being kind) i'm assuming you'll want to entertain the ladies or your special lady. We'll call that 100 bucks a month...gifts, dinners, movies, etc. And, she'll be looking at you like a tightwad.
BTW, i'm sure you'll want to buy some birthday and Xmas presents. We'll call that 500 for the year. You are a cheap guy, but people will understand as you need to save 40k.
Now at 5800. Hey, will you be needing any new clothes? Any suits or work apparel..or new jackets for the winter. How about 500 for the year.
5300.
You like taking vacations. So, let's call that 1000 for the year.
4300.
BTW, there are many things i haven't even accounted for...friends weddings, tux rentals, bachelor parties, cleaning supplies, DRINKING!, going to sporting events, ISP, computer, etc.
So, leaving your 4300 for the year...bam...9 years to get to 40k. Of course, you will get raises, but if you are like most normal people as you income increases so do your expenses.
So, let's cut it to 7 years. Of course, i'm giving you the bennie of not adjusting for inflation on the cost of the home, etc.
Exactly how long do you figure it will take you to save 40K for your 20% in cash on a 200k house?
And, how long will it take those who don't make 40k..let's say teachers. Let's day they wanna buy 150k house?
I'm sure you want to mandate that they don't have children before they buy that house as that will affect their savings rate.
Partial, you want to single handedly destroy the housing market.
Don't forget, Mad charges him $2500/year to subscribe to PackerRats.
20% down would require people to practice better money manangement. I am not all about the housing industry being a huge industry where the rich get richer. I am all about everyone learning to live within their means. That to me will have a chain reaction and people will get smarter with their careers and make more money, be better at investing it, etc, and we can get rid of this stupid social security plan and let everyone sink or swim on their own.
Realistically, when taking a look at kids my age, its kind of disgusting. Most of my friends are going to school on their parents dime yet they don't have any money of their own. Hell, some even have credit card debt. That's ridiculous. One of my friends who is good with managing his money has 40 grand in the bank, several acres of land that he bought up north, bought his own car, and is graduating from marquette without any debt on his own dime. I see no reason these kids who's parents pay for everything shouldn't have some big time cash sitting in the bank.
Partial is sitting at a few grand in the bank right now because he has been paying off the few student loans he had from the semesters he dinked around. Other than that, he is poised to do quite well financially this next year as he has about 6 grand in total expenses over the year with a pretty good amount of income. Partial will soon be seeking the advice of others on what is a fairly risk free investment for 5 grand.
Oh no, not another rat starting to talk in third person. :bang:
Leaper is gonna have to get Leaper some.
Wow. That IS refreshing.
Partial, the problem with foreclosers is not because someone didn't put 20%down on their house, it's mostly because they live beyond their means. The banks handing money out like candy is part of the problem, too. When I bought my house 6 years ago, I was shocked at what the bank pre-qualified me for. Um, hello? I want to be able to live outside of paying for my mortgage. I also took in account that "what if" I lost my job? (I worked in telecommunications, I know better) I bought something in a nice neighborhood that I was comfortable in and could still afford even on a rainy day. I only put down 10% on my house.Quote:
Originally Posted by Partial
Two months later, my company downsized and I lost my job. What if I put the 20 or 30% down like you insisted and then had no savings to fall back on?
The problem is two-fold. I partially blame the banks for overextending credit. I also blame people for not being disciplined enough. The combination of the two is why foreclosures are up. As a homeowner, it concerns me because MY home is the one dropping in value right now.
GBR is going to start kicking someone's @ss :lol:Quote:
Originally Posted by The Leaper
My sentiments exactly, GBR!Quote:
Originally Posted by GBRulz
Partial, you are going to have major problems in the "Real World" if you consistently refer yourself in the third person.
Tyrone doesn't worry about the "real world." Tyrone lives in construct of his mind.Quote:
Originally Posted by oregonpackfan
Tyrone doesn't like all of you jumping Ty's train. Only Tyrone speaks in the 3rd person. Tyrone did this as a LITERARY choice (how else can he justify an english undergrad degree?).
BTW, tyrone like many of you is excited about Bush giving him money. Bush has said it will help those of us with housing problems. For 600 bills, i'm looking at an ultra modern cardboard box.
Nice strawman, but it has nothing to do with your requirement for 40k.Quote:
Originally Posted by Partial
Housing: Who is talking about the rich getting richer. I guess you'll be happy paying higher taxes and increased crime as unemployment is going to go WAY up when all the subs don't have any work. Not to mention banks not making money on loans. You won't be happy till you kill the housing sector.
BTW, you will notice that you have now changed the argument to kids whose parents pay for school. Great.
What about those whose parents didn't and now are paying off student loans? Have they not demonstrated being resposible by paying off their loans? And, that 5000k of savings...pretty much gone if they have student loans.
And, that is why people have a credit rating. I guess you want to change that as well. No more loans for people with good credit.
Come back and talk with us when you don't live with mommy and daddy and have to pay REAL bills. Otherwise you should STFU and let us wonder if you are an idiot, rather than confirming it.
See the argument of kid graduating a 20k a year college with 40k in the bank. Realistically I am starting thinking that student loans should only be granted if a student works say 25 hours a week or something.
I certainly would not have had any loans if I had a job during the first two years of college during the year instead of just during the summer. It makes you wonder why more people cannot do this. They'd be in far better shape financially and know how to manage money if this occured.
Credit is a good thing to be able to use but people misuse it. It is pretty disgusting that the average american has credit card debt.
I stand by my 20% down. Every wealth accumulation book I have read says this is a rule of thumb to turning your house into a money-making assert versus a liability. Sure, it may take a little longer for people to save for a house, but it seems to be a good idea as they will then have plenty of savings ready in the event of an emergency. By requiring 30% in equity, than they will have plenty of savings as well to cover an emergency.
By doing something like this, it would force people to either A) make better choices and attempt to save quite a bit more money or B) people won't be able to buy houses.
I suppose nothing like this would ever fly, but it would be a good idea for most people to practice.
And Ty, criticizing me for living at home is retarded. That is one of the big reasons that I WILL be able to pay off a house quickly.
As for real bills, I don't think you need to worry about that. I live cheaply. In May when I move out, I have 520 budgeted on expenses (rent, dish, cell, food) and once I'm out of school I will have another 200 monthly in car insurance and health insurance. Add another 5 grand a year in random expenses. According to my calculations, that is approximately 20 grand a year in savings. Add an additional income on top of that while only adding say 300 more a month in expenses gives some phat savings.
The rates on loans for anything are all competitive, If you had to pay more down on a house, banks would make less interest, and people would be forced to rent longer and thus gain assets slower. Its a lose-lose accept for landlords.
Oh yeah, and there'd be a lot more landlords.
You obviously don't understand strawman.Quote:
Originally Posted by Partial
Student loans only to those who work. Sigh. Just when i thought you couldn't be more stupid or a bigger prick, you rise to the occasion.
Credit: Again another strawman. You never answer about those who haven't abused their credit. And, who are you to determine their credit worthiness or if they make a mistake? Suppose i turn it around on you and say i wouldnt' hire anyone who didn't attend the top state school in their state..that would mean you never can work for my company. YOu would complain and say i was young and i've improved.
Asset: dude, i highly doubt you've read half the stuff you say you have..as you are an expert on way to many things for a college student who has schoolwork and a job. BTW, if you know anything about housing..it is not a real good investment.
And, again, i guess people won't be having children before they buy a house as that effects their accumulation rate. Nor will anyone who earns less than 30k.
Criticism: Sorry, but you are wrong. Until you are in the real world you shouldn't be making judgements on others. You are living with your parents in an "unreal" situation..and living with a safety net that others don't have. It shapes your perspective.
520: LOL. You must be living in a piece of shit. congrats..you are a huge success. I guess living with 4 guys makes you a winner.
Look P, I got some homies that want to flood your nice town with meth. You just gotta help turn everyone into tweakers. Then you can buy your house by next year with this plan.
So what do you say?
:lol:
Why? I don't understand why everyone cannot work during college. I have a challenging major, work close to full time, and still have plenty of time for fun and academic success.Quote:
Originally Posted by Tyrone Bigguns
I don't see why everyone in college can't work 25 hours. 16 hours can be done on weekends, and 9 hours can be done during the week. That isn't asking too much, and it will teach students money management, more responbility, etc.
My guess is you didn't work during college because you have rich parents. How can you possibly argue this is not a good idea?!?!?!?
What the hell is with the strawman?? In any case, I'd rather be a strawman, whatever that may be, than a pompous ass. I don't see a correlation between the school metaphor and any discussion about credit. If I'm a lender, I am going to see to it that I get paid back. Therefore, I want someone who save up 30% at least.Quote:
Credit: Again another strawman. You never answer about those who haven't abused their credit. And, who are you to determine their credit worthiness or if they make a mistake? Suppose i turn it around on you and say i wouldnt' hire anyone who didn't attend the top state school in their state..that would mean you never can work for my company. YOu would complain and say i was young and i've improved.
Not right now obviously, but housing can be an asset. How many have made millions selling real estate??!? My fathers current house has quadrupled in value in 10 years. I consider than an asset.Quote:
Asset: dude, i highly doubt you've read half the stuff you say you have..as you are an expert on way to many things for a college student who has schoolwork and a job. BTW, if you know anything about housing..it is not a real good investment.
Then they can rent. Again, I don't care what others do, but if people want to be idiots and lose money on their house by not having the downpayment, why not rent? It will work out for some, but I am not about throwing money away. Evidently I am just not as big of a baller or as smart as you, though.Quote:
And, again, i guess people won't be having children before they buy a house as that effects their accumulation rate. Nor will anyone who earns less than 30k.
How am I wrong about my own finances, exactly? You're wrong. Clearly our priorities in life are different. You're a single guy with rich parents so you probably have some good money to blow around. I am saving my money so I can have a nice family and a modest home some day. Difference strokes for different folks I guess.Quote:
Criticism: Sorry, but you are wrong. Until you are in the real world you shouldn't be making judgements on others. You are living with your parents in an "unreal" situation..and living with a safety net that others don't have. It shapes your perspective.
You laugh all you want. My guess is your rich parents paid your rent in college since its evident to me you never had to have a job! Personally, I would rather have roomates and live cheaply than live alone and pay quite a bit more. It's a personal preference, so why would you criticize?Quote:
520: LOL. You must be living in a piece of shit. congrats..you are a huge success. I guess living with 4 guys makes you a winner.
The reason I will do that until I am married is because I am save an assload of money and be able to have a modest house paid off by the time I am 30. Did you have your house paid off by 30? To each his own, I suppose, but while it may seem crazy to you I am doing exactly what I want.
My dad did pretty much the same thing. He has told me countless times that he can right me a check for whatever amount I would ever need. He is 57 years old. My goal is to be able to do the same. Perhaps that isn't for everyone, but its something that I would like to be able to do, and I'll do whatever it takes to accomplish.
LOL, lets do it. Than I can be a winner per Ty's standards!!Quote:
Originally Posted by MadtownPacker