My wife & I are in our 30's with a baby and are ready to move out of our city apartment.  We're not sure where to put our extra cash - debt or savings?
132896
Unquestionable, save the money for a down payment.\n\nHaving money down (at 95% or less) will usually represent in a lower mortgage interest rate.\n\nThere are other considerations, too.  Student loans I believe are at a 4-6% rate once past deferrment, and they are tax deductible.  You should be able to have an after market return on investments higher than this payment rate.\n\nMortgages are good, too.  At 6-7%, you'll be building equity in a house, that you should be able to sell off at a profit sometime in the future.  Not to mention, home equity loans are frequently the method that most people use to pay for little jr's college, someday.\n\nDon't pay any higher than the debt service on either of these obligations.  You'll typically do better financially being liquid and investing the money at a higher return elsewhere.
340777
I know in my town it is.\nThere are furnished apartments, or non furnished as well...\nso you could test living with other people's furniture to save yourselves the trouble of moving stuff.\nFurnished apartments are usually about 1/2 as much more again though (so if an unfurnished was $400/mo., a furnished would usually be $600/mo.).\nI recommend getting the phone numbers of superintendants of big buildings or rows of buildings to ask them about their one-month options, smaller buildings (or single buildings) are usually less open to the idea.\nYou'll probably need to put down a damage deposit, and get parental signatures ~ the building superintendants will want to be sure you're not a couple of apartment-trashing rowdys looking for a place to party for a month.\n\nAll that aside, I'd like to make a recommendation ~ don't move out from home sooner then necessairy.\nI could easily list about 20 people I know who all regret moving away from home as soon as they did. Contrarily, I can only think of 2 who say they should maybe have left sooner.\nIt's a sweet deal living at home and having all (or most of) your money to yourself rather than to bills... and while I'm giving advice, I highly recommend saving at least 1/2 of all the money you do get for later in life. Believe me, you WILL need it.\nOnce you move out, the idea of 'spending cash' becomes laughable for most folks. Getting started on your own (even with friends) in life is way harder than you probably imagine.\nIt was for me.\n\nWhatever you decide to do, I wish you luck!\n~ Apple
33267
If your family is financially stable, I would sell anything that you don't need, use or whatever needs to be replaces.  Key word - sell, don't give it away.  If you are moving because your parents got a new job, have the new company pay to PACK and MOVE your stuff.  Do some research online about shipping cars and large furniture pieces. It may not be as expensive as you think.
645515
no sorry i haven't and i lived in pa my whole life. sounds rough though and another good reason not to risk your home to finance something else, sorry i hope it works out for you. hopefully your spouse will have the descency to realize loan or not the home is yours and they shouldn't mess with it.
676586
First of all, you're obviously no dummy if you already own 3 properties.  You've got some good equity and you're selling at the top of the market.\n\nWhat you need to figure out is how much money you're really going to have after you sell the properties.  If you'be been a landlord, I assume that you've been depreciating the properties while you've been renting them.  Well, now you're going to have to pay that all back to the government.  Also, you're going to have to pay capital gains tax on your properties (unless you've lived in one of them for at least 2 of the past 5 years), so there goes more of your equity.  All that affects how much money you'll have to invest, so figure that out.  It's important.\n\nNext, you'll have to figure out what your goals are.  If intend to buy another home to live in when you get to Florida, you're going to have to put some of your money into something fairly liquid for your down payment, like a  money market fund.\n\nI see you're participating in your employer's 401(k) fund.  That's good.  I hope you're contributing up to the maximum match.  Free money is good.\n\nNext, if you're not doing the IRA thing yet, do it.  Whether you choose the traditional or Roth IRA depends on whether you think you'll be in a higher or lower tax bracket when you retire.  Personally, with taxes at a very low point in history and a ballooning federal deficit, I'd bet on tax rates being higher when you retire so if I were you, I'd choose a Roth IRA.  Tax-free growth and withdrawal are good.\n\nIf you've maxed the IRA contribution out, go back to the 401(k).  Tax deductable contributions are good.\n\nFinally, if you still have money left over,  I'd put half into an index fund covering the total US stock market and half in an index fund covering the international market.  Go for no-load funds with low expenses.  I'd recommend looking at Vanguard, T Rowe Price and Fidelity fund families.\n\nIf you really want a good investment, go buy a book on investing so you can decide what makes sense for you. Sure, you could give your money to a financial advisor but how do you know he's not just in it for the fees and commissions he charges you? How do you know his advice is right for you? You need at least a foundation so you can make an informed decision. Frankly, nobody's ever going to care as much about your money as you are, so learn at least enough to know if any advice you're given is any good.  Personally, I like "The Only Investing Guide You'll Ever Need" by Andrew Tobias. It'll give you the basics. Good luck.
112002
The financial planning spreadsheet that I use for my budget indicates that 24-42% of expenses is the target range for housing, which includes rent or mortgage & real estate taxes, plus utilities.  Expenses should be less than take home pay, otherwise you'll be working until you die in debt.  I suggest you take a look at the Motley Fool (fool.com) or some other on-line personal finance site.  It sounds like you are ready to start a budget and will need a lot of answers.\n\nBest of Luck.  E-mail me if you get stuck.
267741
Try contacting your local Housing & Urban Development office or FHA office.  They've got some great programs for first time home buyers available IF you qualify.  When buying a house--look before you leap, measure twice and cut once, easy does it and save for a rainy day are all good rules to follow!  Why?  Just because a house has a great bathroom doesn't make it a great investment--look honestly at it.  Does it need a lot of fixing up?  Are there any hidden things wrong with it?  Get an inspection done by a qualified building inspector before you buy!  Make sure this house is going to fit your need for space for at least the next 10 years.  Most affordable loans are for 15 to 30 years--is there enough room for the family in that time?  Don't want to get stuck needing to add on in a year and not being able to afford to or not having the room to add on because your addition will exceed your property lines!  Don't go into massive debt for a house--yes it's a big investment and a big responsibility, but don't go buying a palace if all you can afford is a mobile home!  Save your money!  Every penny you can save will help you out and help lower your debt--if you apply it wisely!  That extra money from Aunt so & so--add half of it to the next monthly payment.  Put the other half away for home repairs--you never know when you'll need to call the plumber or the electrician or some other repairman!\nGood luck and happy home hunting!
469001
I can tell you as a Long Term Single Parent, that it is FAR BETTER and was FAR BETTER for me to pay off and pay down the existing mortgage on the home I purchased rather than move on up to another property -- because ... I kept this home through out all the years I was on Active Duty, rented it out, and when I finally secured my Military Retirement -- NOW .. the home was within a few payments of being paid off in full - a REAL BLESSING considering that I had two young children to raise and DID Raise them to adulthood in the home.\n\nFAR, FAR better to repurpose your space, or if you can -- to build on and/or remodel to obtain additional room -- and that is ONLY of you have the existing property space to do so.  \n\nIF NOT -- paying down the mortgage faster allows you to not just gain greater equity in your existing property, but also to have that as a Leverage in when you DO need to either move on up or remodel.
195098
I see the appeal of every situation, here.  Living with your parents translates to very low living expenses.  Keeping your job means good income.  Buying  house builds equity for you in the future, and "locks in" your monthly housing payment...the bank won't ever raise your rent.  Finishing your degree can lead to more financially rewarding employment.  What if you could do it all?\n\nIf you kept your job and bought a house that you could just barely afford on your current income (and right now is an awesome time to buy, since there is very reasonable loan money available, still, and the housing market is down in value a bit), you could continue to live with the 'rents for the first 3-6 months while you spend your spare time painting, etc. to get your new place just right before you had to live there.  Ask anybody who has spent the first year living in HGTV wannabe chaos how much they wish they could have done that.  Make sure you get a place with 3-4 bedrooms and 2+ baths.  When your friends see your great new pad, you're going to find two of them who would love to live in a place that nice, and this is where the magic begins.  Assuming you've bought a $175,000 house (the market is wildly different in different parts of the country, so the math will be different, but you'll get the idea), you're looking at a total if maybe $1,400 for the payment with taxes and insurance.  Now, out of your pool of friends, there are going to be at least two of them who would love to (and are cool enough people) pay a mere $500 to live in this nice a house (as opposed to living in some tiny apartment).  You're now living in a $175,000 house for $400/month...kinda.\n\nRather than entering that money into the general income stream, put that $1,000/month away into a new savings account.  Even if you have to "raid" the cookie jar for those occasional end-of-the-month emergencies, you'll be socking away $10,000 a year.\n\nMeanwhile, take just one class per quarter while you keep your current job.  If you can commit to 2 years of this, here's what life looks like at the end of that time:\n\n*You own a nice house (well, actually the bank does, but you know what I mean)\n*You have $20,000 in your education fund\n*You have all the College credits you already earned, PLUS you've gotten 8 quarters' worth of those pesky History, or Math, or English requirements out of the way.\n*You're ready to take on a part-time job, and now only have to deal with your core classes for your major full-time because your housing cost is $400/month and you have reserve money to dip into.\n\nYou'll graduate ready to take that first job, and be able to live, alone, debt-free, in a nice house.
566244
That doesn't sound like the best idea.  Better to have money in your pocket before you move.\n\nYou could try your public library and see if they have a copy of the Calgary phone book.  Might find something there.
17975
depends on your income??  There are great loans that you can get for 100% financing.  That way you can keep those big bucks in your pocket for monthly payments!!  There are also 1% interest only loans.  Many financing options for working families today!!
329779
Just have moderation in everything you do. Don't eat out, forgo movies and other entertainment you have to pay for, have a yard sale of your unwanted things, I knew a lady once who made $500 on a yard sale.  You'll have to get creative to save money on entertainment, but many communites have free concerts, or you can go for a walk in the part.  If it's possible, you and your partner can get a second, part-time job.  Or go to a temp agency and take some extra jobs that way.  Good Luck. \n\nP.S.- I know you want a house, just don't get in over your head and start of your new life back in debt.
579513
Don't spend it - save it into a savings account that pays her interest on the money she puts in. A credit union will usually have good interest rates. She should save up her baby sitting money! One day she will be SO glad she did because when she gets older and wants that car... if she babysits A LOT she could potentially have herself some kind of a down payment for that car.
670286
It'd be tight, but definitely doable. I think the rule of thumb is one third of your monthly salary is suitable for rent.\n\nAssuming that your taxes aren't too high, you'd have enough each month to still put away $$$ for savings and retirement. Your biggest expense after rent would be your car payment, insurance and gas--see if there's some leeway there. Also, do you have to pay for your own health insurance? If yes, then you may have to put limits on things like going out to dinner, gym memberships, leisure activities, etc. \n\nHowever, if the apt is a place you can see yourself living in for a while, its worth tightening your belt for the first few years. Your salary should rise faster than your rent increases, so it may turn out to be a really good investment once you're making a lot more.\n\nGood luck!
177539
Owning your own housing is better in the long run.  The payments are fixed if you have a 30 yr loan, where as, an apartment could and most likely will increase each year of the lease.  Banks are more than willing to loan young Dr's or residents for housing purchases because they know they have a very good future ahead of them!
592234
WOW,\n What an opportunity. You have the answer right there. You have 330 units already rented with people who would love to save on their space. Make flyers, self or have kinkos or someone else do it. Say something like, Bring me a person who signs a contract for a place and receive a week or month free. depends how you normally charge. If  you charge 100 a month x1200 a year , and let's say 100 units take you up on this offer you loose $10,000 in free months or week  of rent. The up- side, the lost is only once(one month of free rent.). and of course you now have 100 more units rented. 100 times $100 a month = you guessed it $10,000. You really lost nothing and gained 100 more units rented. Suppose only 50 units remained after the month 50 x $100 a month =$5,000, additional  money than your current situation and very little expense from you. I would sweeten the deal and offer those that are referred a free week or free month,but of course only if the sign a longer lease. Your  customers are always looking for ways to save, they are motivated. Business cards, cheap and cheap to print on the back , 10% discount off of 1st month rent etc, with this card. Give them out to everybody,everybody. Leave them when you pay for dinner or at the cashier at the gas station, post them in apt buildings laundry mats, etc
563525
I would feel fine charging him rent, perhaps even more than he pays now.  While this might have the effect of driving him out of the house, it's not necessarily a bad thing for his age and position in life.  You may want to show him a budget, breaking down all of your expenses and incomes, and see if it makes the same sort of sense to him.  Show him how the money from the inheiritance has been used up, really break it all down by numbers.  This should also show you what you need to plan for in terms of your future and how much you should charge him for rent.  If the money works out that you are well off, maybe skip the rent.  But if it is still tight, keep charging him.\n\nLast resort, let him know you two will gladly pay rent when you move in with HIM and his WIFE.  Make sure she hears about that too, and I bet he'll sing a different tune!