Originally Posted by BlacKidLA
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.
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.