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Help me save up and move out!

post #1 of 85
11/20/11 at 3:20pm
Thread Starter 

 

Recent college graduate, just turned 22 last month. I start working at a talent agency the 1st week of February. Salary is $27,800/yr. I will be living with my parents to save money but I would like to move out as soon as I save up enough. How much is enough though? What do you all suggest?

 

Things to consider:

 

1. I want to get out of the rent's home ASAP for obvious reasons.

 

2. I need a new/used/leased/whatever car. My car now is on its last leg and I need something reliable that will take me 15 miles to and from work every day. I also am a driving enthusiast, but if you guys suggest I buy a piece of poop then so be it.

 

3. When I move out rent will be around $850-1000 a month. That's LA. :(

 

4.  I currently have no net worth/savings.

 

All help and advice would be much appreciated! Thanks in advance.


Edited by BlacKidLA - 11/20/11 at 4:30pm
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post #2 of 85
11/20/11 at 4:29pm
Quote:
Originally Posted by BlacKidLA View Post

Recent college graduate, just turned 22 last month. I start working at a talent agency the 1st week of February. Salary is $27,800/yr. I will be living with my parents to save money but I would like to move out as soon as I save up enough. How much is enough though? What do you all suggest?

Things to consider:

1. I want to get out of the rent's home ASAP for obvious reasons.

2. I need a new/used/leased/whatever car. My car now is on its last leg and I need something reliable that will take me 15 miles to and from work every day. I also am a driving enthusiast, but if you guys suggest I buy a piece of poop then so be it.

3. When I move out rent will be around $850-1000 a month. That's LA. frown.gif

4.  I currently have no net worth/savings.

All help and advice would be much appreciated! Thanks in advance.

Suck it up and stay at home for as long as possible. You may want to be out on your own, hosting house parties and banging skanks at your bachelor pad but you're in a bad position to do it for several reasons:

1) Your salary sucks. I know you have to start at the bottom at a talent agency but that salary is close to what a full-time retail associate makes.

2) You live in LA. You said it yourself, rent in LA is around 900-1000 a month. with utilities that means you'll be spending around 50% of your gross income on rent which leaves you around 12-14K for a car, clothes, food, gas, entertainment, health insurance (if you don't have it) etc.

3) You need a new car. No way you can swing that and rent on your salary unless you buy a $500 beater.

Basically if you decide to move out now you will live a life of paupacy with no hope of saving any of your money. Suck it up and spend a few years at home saving your money. You'll be happy you do and so will your parents when they don't have to bail out their broke-ass 25 year old.
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post #3 of 85
11/20/11 at 4:33pm
Thread Starter 
Quote:
Originally Posted by Lord-Barrington View Post


Suck it up and stay at home for as long as possible. You may want to be out on your own, hosting house parties and banging skanks at your bachelor pad but you're in a bad position to do it for several reasons:
1) Your salary sucks. I know you have to start at the bottom at a talent agency but that salary is close to what a full-time retail associate makes.
2) You live in LA. You said it yourself, rent in LA is around 900-1000 a month. with utilities that means you'll be spending around 50% of your gross income on rent which leaves you around 12-14K for a car, clothes, food, gas, entertainment, health insurance (if you don't have it) etc.
3) You need a new car. No way you can swing that and rent on your salary unless you buy a $500 beater.
Basically if you decide to move out now you will live a life of paupacy with no hope of saving any of your money. Suck it up and spend a few years at home saving your money. You'll be happy you do and so will your parents when they don't have to bail out their broke-ass 25 year old.


I understand all of this. I want to stay at home to save enough money but what exactly would be "enough" in my situation? I probably won't become a junior agent until I'm 26/27, which is when hopefully I'll be making great money, but there's no way I'm going to stay at home that long.

 

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post #4 of 85
11/20/11 at 4:37pm
Quote:
Originally Posted by BlacKidLA View Post



I understand all of this. I want to stay at home to save enough money but what exactly would be "enough" in my situation? I probably won't become a junior agent until I'm 26/27, which is when hopefully I'll be making great money, but there's no way I'm going to stay at home that long.

At the bare minimum you'll want the following:

a) A reliable car before you move. That's too big a purchase to balance while you're trying to pay for other stuff.

b) An emergency fund equal of at least 4 months (but probably closet to 6 months in your case since you work in an industry with not a lot of job security) of living expenses. That includes rent, utilities, food, gas -- everything. So were talking about around$8,000 - $12,000.

I strongly suggest you stay home before those two things are done.
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post #5 of 85
11/20/11 at 4:47pm
Thread Starter 
Quote:
Originally Posted by Lord-Barrington View Post


At the bare minimum you'll want the following:
a) A reliable car before you move. That's too big a purchase to balance while you're trying to pay for other stuff.
b) An emergency fund equal of at least 4 months (but probably closet to 6 months in your case since you work in an industry with not a lot of job security) of living expenses. That includes rent, utilities, food, gas -- everything. So were talking about around$8,000 - $12,000.
I strongly suggest you stay home before those two things are done.


Fair enough. Thanks kind sir.

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post #6 of 85
11/20/11 at 4:54pm
as long as you possibly can! trust me. i'm doing the same. it's nice to look at your bank account and see 1000's of dollars. you might not have enough privacy, but when you eventually do move out, you'll have everything to ever wanted plus more. i'm 21 and plan on living at home until i'm at least 25.
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post #7 of 85
11/20/11 at 5:10pm
Quote:
Originally Posted by hoozah View Post

as long as you possibly can! trust me. i'm doing the same. it's nice to look at your bank account and see 1000's of dollars. you might not have enough privacy, but when you eventually do move out, you'll have everything to ever wanted plus more. i'm 21 and plan on living at home until i'm at least 25.

So do you just not have sex for the next 4 years? I really don't understand this mindset of living with one's parents past 18, 21 tops.
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post #8 of 85
11/20/11 at 5:17pm
I moved out at 16 and am glad I did it. If you want to move out, do it. Don't be the dork living with his parents because he doesn't have a $10K "emergency" fund yet. I'm sure your family won't leave you to starve in the gutter if things somehow go wrong.

Do you really need a car? Does LA have decent public transportation? Does your apartment have to be 15 miles away from your job? What about getting a roommate? I'm sure there are tons of ways to make ends meet with a $28K salary (much more than your average student's income, for example).
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post #9 of 85
11/20/11 at 5:20pm
I'd suggest living at home for a year or two. Easiest money you'll ever be able to save (at least until you're making big bucks). When you move seriously consider living with more than one roommate (maybe a house with 2-4 housemates) for another year or two. More savings on rent and utilities. At that rate, you could possibly afford your own place by the time you're 25.
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post #10 of 85
11/20/11 at 5:38pm
Quote:
Originally Posted by harvey_birdman View Post

So do you just not have sex for the next 4 years? I really don't understand this mindset of living with one's parents past 18, 21 tops.

Spoken like a true boomer. If you don't understand why a kid would rather save money and live at home than leave home and try to balance rent, repaying (oftentimes huge) student loans, and trying to find a job in a terrible economy, you're an idiot.

For the last time, this isn't the 1960's anymore. Times are totally different and it's almost impossible for a lot of new college grads to even come close to making ends meet on their own.

The last thing kids need these days is sanctimonious, out of touch Boomers telling them to move out and "quit being a dork" because they did it when there were jobs for everyone, rent cost nothing, and a college credit cost 33$.
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post #11 of 85
11/20/11 at 5:39pm
Quote:
Originally Posted by JohnnyLaw View Post

I moved out at 16 and am glad I did it. If you want to move out, do it. Don't be the dork living with his parents because he doesn't have a $10K "emergency" fund yet. I'm sure your family won't leave you to starve in the gutter if things somehow go wrong.
Do you really need a car? Does LA have decent public transportation? Does your apartment have to be 15 miles away from your job? What about getting a roommate? I'm sure there are tons of ways to make ends meet with a $28K salary (much more than your average student's income, for example).

Your first paragraph gave me a good indication that you don't know what the hell you're talking about. The bolded confirms it.
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post #12 of 85
11/20/11 at 5:53pm
Quote:
Originally Posted by Lord-Barrington View Post

Spoken like a true boomer. If you don't understand why a kid would rather save money and live at home than leave home and try to balance rent, repaying (oftentimes huge) student loans, and trying to find a job in a terrible economy, you're an idiot.
For the last time, this isn't the 1960's anymore. Times are totally different and it's almost impossible for a lot of new college grads to even come close to making ends meet on their own.
The last thing kids need these days is sanctimonious, out of touch Boomers telling them to move out and "quit being a dork" because they did it when there were jobs for everyone, rent cost nothing, and a college credit cost 33$.

I'm talking about 10 years ago. If you don't have your own place, where are you going to go when you get raging drunk? Where are you going to experiment with drugs and try to convince girls to sleep with you? Maybe your late teens/early 20s were different from mine.

I've never been to LA but I'm sure, like any other big city in North America, you can get by with that kind of salary.
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post #13 of 85
11/20/11 at 5:58pm
Quote:
Originally Posted by Lord-Barrington View Post

Spoken like a true boomer. If you don't understand why a kid would rather save money and live at home than leave home and try to balance rent, repaying (oftentimes huge) student loans, and trying to find a job in a terrible economy, you're an idiot.
For the last time, this isn't the 1960's anymore. Times are totally different and it's almost impossible for a lot of new college grads to even come close to making ends meet on their own.
The last thing kids need these days is sanctimonious, out of touch Boomers telling them to move out and "quit being a dork" because they did it when there were jobs for everyone, rent cost nothing, and a college credit cost 33$.
Quote:
Originally Posted by JohnnyLaw View Post

I'm talking about 10 years ago. If you don't have your own place, where are you going to go when you get raging drunk? Where are you going to experiment with drugs and try to convince girls to sleep with you? Maybe your late teens/early 20s were different from mine.
I've never been to LA but I'm sure, like any other big city in North America, you can get by with that kind of salary.

Even ten years ago was different. The economy sucks right now, housing is still quite expensive in many urban areas, and kids are saddled with until now unseen amounts of student debt.

My late teens/early twenties I was in college. My middle twenties I was at home saving money so I could not live a hand to mouth existence for the rest of my life. If getting drunk, doing drugs and fucking some skanks in privacy is more important than building for your future, than I guess we are pretty different.
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post #14 of 85
11/20/11 at 6:00pm
I'm doing great! Thanks for asking!
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post #15 of 85
11/20/11 at 6:16pm
Quote:
Originally Posted by Lord-Barrington View Post

If getting drunk, doing drugs and fucking some skanks in privacy is more important than building for your future, than I guess we are pretty different.

Yes, we are very different.
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