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While I have my progress thread to document my business journey, I couldn't find a better place to ask about this specifically, so I thought I'd drop it here.
MJ mentioned that at 30 years old I should probably have my own place, and I agree, so I did some research and narrowed down the options that I think make the most sense to those listed in the poll. On one hand, I could live really close to my job and have a leisurely commute there, but having lived similarly close to work and far from fun when I was at my mortgage lender job, I know that will probably lead to minimal social/dating life due to the time cost and money expense when it comes to simply traveling to more fun areas. On the other hand, I could live closer to the fun parts of town, with the caveat being that my daily work commute becomes more painful, though now I can just walk down the street to have a good time with my friends on the weekends.
This decision will not affect my Fastlane pursuits - this is just a consideration between work and play with my current job since it is the income I'm reliant on at this point in time.
Here are some quick stats:
Thought I'd toss this poll up to get some more opinions, even if people don't want to bother leaving a reply.
I also wanted to get a little confirmation, because I did ask this in another forum that I'm part of. It was suggested to me to buy rather than rent; take out an FHA loan on something small like a townhome, live in it for a year while paying down the mortgage, then rent it out for double what I pay in the mortgage, then repeat the process for other units.
Surely this is a bad idea, right?
Anyway, wanted to see what people think about my situation, and whether it falls into a poll response, or something else.
MJ mentioned that at 30 years old I should probably have my own place, and I agree, so I did some research and narrowed down the options that I think make the most sense to those listed in the poll. On one hand, I could live really close to my job and have a leisurely commute there, but having lived similarly close to work and far from fun when I was at my mortgage lender job, I know that will probably lead to minimal social/dating life due to the time cost and money expense when it comes to simply traveling to more fun areas. On the other hand, I could live closer to the fun parts of town, with the caveat being that my daily work commute becomes more painful, though now I can just walk down the street to have a good time with my friends on the weekends.
This decision will not affect my Fastlane pursuits - this is just a consideration between work and play with my current job since it is the income I'm reliant on at this point in time.
Here are some quick stats:
- I make about $38,000 per year, around $3,000 per month - this is my JOB, not my Fastlane, and my hours got cut back from 40 to 32 due to decreased revenue over the last 2 years...so I wouldn't call this reliable income if the trend continues
- I have about $10,000 saved up from this job
- I live in Wilmington, DE but am considering moving as far as Philadelphia, PA, which would lead to about a 30-40 minute work commute but I wouldn't have to spend $100s on Ubers for the sake of a social life with my friends
- Most studio/1 bedrooms that aren't garbage are $1,000 - $1,200
- Most places include basic utilities; parking, internet, water, trash disposal, etc with electric/AC being calculated based on usage
- I don't have major bills - my largest expense is about $600/mo which pays down my student loan
Thought I'd toss this poll up to get some more opinions, even if people don't want to bother leaving a reply.
I also wanted to get a little confirmation, because I did ask this in another forum that I'm part of. It was suggested to me to buy rather than rent; take out an FHA loan on something small like a townhome, live in it for a year while paying down the mortgage, then rent it out for double what I pay in the mortgage, then repeat the process for other units.
Surely this is a bad idea, right?
Anyway, wanted to see what people think about my situation, and whether it falls into a poll response, or something else.
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