Best Saving Practices

[lbhsbz]

I read this post when you made it...and got hung up on the "buy more toys" part of it. I don't know what you pull down money wise, but the only thing that happened during the year after I bought my first house was to try and sell everything that was worth anything so I could pay the property taxes and all the other shit involved. If you're planning on buying a house and looking like some sort of poster boy with a new 200K boat and new truck and a ....... take a BIG step back, and consider reality. It's very possible you're in a way better spot than I ever was, but if that was the case....you probably wouldn't be a renter today. Be real about what life will cost you....or else it's gonna hurt, is all I'm saying.

BTW....that "new to you" house....is a piece of shit, and everything is broken and nothing works right....so budget another $50K to fix all that shit. Not trying to bring you down, again....just trying to introduce you to reality.

 

[attitude]

I read this post when you made it...and got hung up on the "buy more toys" part of it. I don't know what you pull down money wise, but the only thing that happened during the year after I bought my first house was to try and sell everything that was worth anything so I could pay the property taxes and all the other shit involved. If you're planning on buying a house and looking like some sort of poster boy with a new 200K boat and new truck and a ....... take a BIG step back, and consider reality. It's very possible you're in a way better spot than I ever was, but if that was the case....you probably wouldn't be a renter today. Be real about what life will cost you....or else it's gonna hurt, is all I'm saying.

BTW....that "new to you" house....is a piece of shit, and everything is broken and nothing works right....so budget another $50K to fix all that shit. Not trying to bring you down, again....just trying to introduce you to reality.

Brother, where did I say I was going to buy a 200k boat and a new truck? There was no “more” in my wording, I have no toys… I’m talking about starter stuff here, sub $20k. I also said they would be contingent on the house not needing additional work…

 

[lbhsbz]

Brother, where did I say I was going to buy a 200k boat and a new truck? There was no “more” in my wording, I have no toys… I’m talking about starter stuff here, sub $20k. I also said they would be contingent on the house not needing additional work…

I'm just sayin....if step one is buying a house, put everything else behind you for 2 + years unless you're some sort of a money machine. I've always been of the belief that beating folks down into reality was better than pumping them up into delusions. That's all.

 

[NicPaus]

I want to live in Aspen. Apple Valley had to do.

I realize it’s near impossible to follow my advice. But the point is still the same.

Guy at work just got a house and it takes his whole income just for the mortgage. I’m sure that will be fun.

I am loading boxes now. Moving further into the hood this week. But plan to move back to this house eventually. Once I get the steel gates and fence installed Lol. And the garage and addition.

I have lived in the hood majority of my adult life as that's what I can afford. Even my first house in the hood was more than my weekly paycheck and it was only $167,500. Same house now is 850k. Biggest mistake of my life was selling it.

I think he is playing safe and doing better than majority of Guys his age. Just having a plan is a great step.

 

[lbhsbz]

I am loading boxes now. Moving further into the hood this week. But plan to move back to this house eventually. Once I get the steel gates and fence installed Lol. And the garage and addition.

I have lived in the hood majority of my adult life as that's what I can afford. Even my first house in the hood was more than my weekly paycheck and it was only $167,500. Same house now is 850k. Biggest mistake of my life was selling it.

I think he is playing safe and doing better than majority of Guys his age. Just having a plan is a great step.

As busy as you are...if you'd stop buying new trucks and dump trailers you could have a beach house in Manhattan paid for in a few years.....I'd do that if I were you.

 

[CLdrinker]

As busy as you are...if you'd stop buying new trucks and dump trailers you could have a beach house in Manhattan paid for in a few years.....I'd do that if I were you.

Shit if he just sold his fleet of dirt bikes.

 

[attitude]

I'm just sayin....if step one is buying a house, put everything else behind you for 2 + years unless you're some sort of a money machine. I've always been of the belief that beating folks down into reality was better than pumping them up into delusions. That's all.

I get it, I’m trying to be as realistic as possible. I research homes and watch videos on the market, mortgages, buying, etc every day.

Going on Reddit and reading about the lack of knowledge people have about home buying/owning even after they have the keys is mind blowing.

For now, my number one priority is just saving money.

 

[DWRAT]

Sell the corvette and stop going out so often.
You will be shocked what your bank account will do.

 

[NicPaus]

As busy as you are...if you'd stop buying new trucks and dump trailers you could have a beach house in Manhattan paid for in a few years.....I'd do that if I were you.

I lived a block from the beach for a few years. Went broke in the process. If I chopped off my balls and sold the boat and river pad I could still be there living the miserable lifestyle Lol. It's not for me I am a River Guy not a beach guy. I do miss it at times. Some day I will have the capacity to go back to it if I choose. But I am happier with my house in the hood and a white trash trailer at the river.

I have not bought any dump trailers for over 10 years. Debating selling 1. I passed on the new truck and am driving a 2007 Tundra I gave a customer credit for.

It's hard going from having nice stuff to not. But I am trying. And I am beyond thankful for all the work I have. 18 years of busting my ass is finally paying off as a Contractor. Sure would of been nice to be a second or 3rd generation one.

 

[attitude]

Sell the corvette and stop going out so often.
You will be shocked what your bank account will do.

Vette was sold years ago. When we do go out we very rarely spend more than $25.

 

[NicPaus]

Shit if he just sold his fleet of dirt bikes.

Those are for my Nephews and Nieces. I personally don't have one for Me. The kids rzr I did a roof job for. My boat was a trade and roofed a triplex for. Still not the best financial moves. But I don't have Kids of my own and that is a huge savings. Altho I think I could finally afford to have a few. Just a little old.

 

[DWRAT]

Vette was sold years ago. When we do go out we very rarely spend more than $25.

Right on, you sound like me.
Priorities have changed.
The Calloway was fast as F#ck.
I got to where I would only play with street bikes, nothing else back then had a chance.
The Z06 was pretty impressive but the dropped valve issue was scary.

 

[attitude]

Right on, you sound like me.
Priorities have changed.
The Calloway was fast as F#ck.
I got to where I would only play with street bikes, nothing else back then had a chance.
The Z06 was pretty impressive but the dropped valve issue was scary.
View attachment 1503423 View attachment 1503424

I was going to sell it when our first was on the way but it got hit in a parking lot while getting tacos. I ended up keeping it until our second was on the way.

I absolutely loved that car, it’s a shame some tool had to hit and run it. The C6Zs are awesome cars, one day I will buy another.

 

[Your ad here]

I get it, I’m trying to be as realistic as possible. I research homes and watch videos on the market, mortgages, buying, etc every day.

Going on Reddit and reading about the lack of knowledge people have about home buying/owning even after they have the keys is mind blowing.

For now, my number one priority is just saving money.

If you really are serious about becoming a home owner, your number one priority should be seeing what you can afford, prepared by a loan professional. 2nd priority should be out looking at houses and getting ready to commit, make an offer, and move forward with your life. Stop having analysis paralysis with this "research" and just go for it. Think about this, If you save an extra $12K this year and put it towards the down payment, that will only knock $80-$90 a month off the mortgage.

 

[attitude]

If you really are serious about becoming a home owner, your number one priority should be seeing what you can afford, prepared by a loan professional. 2nd priority should be out looking at houses and getting ready to commit, make an offer, and move forward with your life. Stop having analysis paralysis with this "research" and just go for it. Think about this, If you save an extra $12K this year and put it towards the down payment, that will only knock $80-$90 a month off the mortgage.

I know what I can afford, and what I would be approved for, it’s not hard to run numbers. We have top tier credit and no debt besides a small vehicle lease, not many variables to account for. When it comes to research I enjoy doing it, it’s half the fun of the purchase. I don’t just do it for houses I do it for everything I buy.

Also, the extra money I save won’t be used towards a down payment. I want a large amount of cash in my account when we close, obviously our saving ability will drop once we have a mortgage. As stated in here by others, who knows what will pop up on a home after close.

 

[DWRAT]

I know what I can afford, and what I would be approved for, it’s not hard to run numbers. We have top tier credit and no debt besides a small vehicle lease, not many variables to account for. When it comes to research I enjoy doing it, it’s half the fun of the purchase. I don’t just do it for houses I do it for everything I buy.

Also, the extra money I save won’t be used towards a down payment. I want a large amount of cash in my account when we close, obviously our saving ability will drop once we have a mortgage. As stated in here by others, who knows what will pop up on a home after close.

Where are you looking to move to?

 

[Orange Juice]

My fiancée and are getting serious about buying a house by the end next year. She just got a job and our plan is to sock away a good chunk of money every month until we do so.

I’ve never been one to do much with my money, it mainly just sits in a standard savings account and I dabble in small amount of stocks.

My thought is to open a high yield savings account and put a majority of our savings in there. I like the fact that it can be pulled out quickly in case of an emergency or if the perfect house pops up before our planned timeline. It seems 4-4.5% is the going rate these days.

Is there any other options I should be looking at or things to look out for when open a high yield account?

Thank you in advance.

You could run that savings through a Las Vegas slot machine before you put it in savings….

 

[attitude]

Where are you looking to move to?

Queen Creek AZ. We’re already here, just renting.

 

[attitude]

You could run that savings through a Las Vegas slot machine before you put it in savings….

Not a bad idea, when we came out here scouting houses I turned three spins on the slot machine into $650