What is next?

[progress1vebmx]

I recently just got my Grand National, AWESOME car. I am only 17, but I manage my money very very well. By March of next year I'll have saved up about 10,000 or more (not calculating any raises at my job..). Anyways, before I even thought about the Grand National, I always wanted a sportbike, now it's the CBR 600RR I want. Should I save my money, or buy the CBR? I also always though if I could pay off a house really quick then I would be able to live comfortably, so maybe it would be smart to just save up for a house in the future? Paying 60,000 for a house and having it end up being 200,000+ when it's paid off sucks =/.

 

[John Larkin]

60K for a house won't cost you 200K. You could buy a 125K on 15 year note and it would cost you 200K with 10% down. The good part is all that tax money you are now paying as a single man will be offset greatly by the write-off you get on your taxes from interest payments on the house. However, houses need furniture, maintenance, and time but you probably won't get run over and maimed for life by someone while sitting in your house. Since you're young, you will have your house paid-off with plenty of time left in life for more toys. This is the advice I never got and learned the hard way.

 

[arista5]

i need to move where you guys live

avg. house in my area is 450k and its just that an avg. house

 

[KEVINS]

Owning a house is KEWL!! After you purchase a house you can qualify for NICE loans to purchase things like a car and motorcycle.. It's VERY hard to convince someone young to save for a house but after you own one you then realize all the $$ you have at your finger tips. The first year after buying my house my income tax return was $1000 more than it ever had been before. I borrowed 8K to buy my GN (now paid for), I refinanced the house and bought my truck, I borrowed 18K to buy my VROD, etc. If I didn't have a house then I would have NEVER been able to get these things..
I bought my house for 44K and it is now appraised at 78K but I should be able to sell it for 86K easily in 5 more years... NICE PROFIT!

ks

 

[progress1vebmx]

Ah, so it isn't stupid to start saving for a house now? I don't know how my raises go yet, but I just got bumped up 1.50$, and in the summer time I am getting another raise like that, and working salary. If I managed my money correctly by the time I am 21 though, I'll have enough money to put down a lot of money on a house. By 21/22 I'll also be a career fire fighter if things go right =).

 

[turbot2496]

I read an article the other day about how if you put 2500 a year or so in a Roth IRA starting when your 16 ending when your 20 the money will grow to over a million dollars by the time your ready to retire.

 

[JoeNational]

Boy o boy i wish i chould save for a house like that i have invested 18k cash into my car in the past 2 years of having it iam 20 years old now, but by me the average house is half a mill easy so i figured screw it let me just spend it on my car plus its an investment you know but nobody can afford that for a house now , there is no middle class over here anymore its either rich or poor and let me tell you not rich not yet anyways

 

[turbot2496]

Bought my first house when I was 20 for 31G's. Qualified for an excellent government (I luv america) program that enabled me to buy the house with no money down and seem as how I was only making about 5.50 and hour, the government made about half my payment. I had an awesome totally remodled 3 bedroom house with 1 car garage in a pretty nice neighborhood for 129 per month. Lived there for about 7 years and kept getting better and better jobs. My payment maxed out at 229/month without supplement once my income got up to snuff. Had to move with my current job and sold the house for 53K. Cool thing is with the new law, you get to keep all that jack tax free. Bought my brand new one for 83g's. Got to pick the flooring and everything and its got a big oversize 2 car garage. Its been 3 years and the frickin appraiser is already knockin on my door. This sucker should be paid off by next year if nothing goes wrong. One word of advice when you choose a house. Buy the cheapest house in the nicest neighborhood you can find and you will always make out nicely.

 

[Little6pack]

60k around here buys you a trailer home!

Boy I need to move. The house up the street from me sold at $270 in under 1 week. a basic 2 car garage 3 bedroom split.

Anyway I say buy the bike & have fun while your young.
cause once you get married. FUGITABOUTIT your life will end as you know it.

Your income will always increase as you get older.
So if you buy a 60k home & dont want to pay all that interest.
Take a 15 year loan & JUST DOUBLE up on the payments. you should have that house paid for in no time.