Can I afford it? - Question about The Millionaire Fastlane book

[TalmacelMarian]

Hello everybody,

I was reading The Millionaire Fastlane book and I was wondering if somebody can give me any feedback on my question.

MJ mentions something like you shouldn't buy anything if it makes you think if you can afford it more than a pack of gum, something along those lines.

Now I changed careers from working in a warehouse to being a self taught developer abouut a year ago.

I've been saving some money and in a few months to a year I would be able to put down the deposit for a flat/house and move into my own place with some savings left over.

The question is, do I have to reconsider this because I'm thinking more about it than when buying a pack of gums?

I mean..I think buying my own place would be a good investment instead of paying rent into someone's else pocket that I am never going to see again.

What is your guys opinion?

Regards, Marian

 

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[alexkuzmov]

Hello everybody,

I was reading The Millionaire Fastlane book and I was wondering if somebody can give me any feedback on my question.

MJ mentions something like you shouldn't buy anything if it makes you think if you can afford it more than a pack of gum, something along those lines.

Now I changed careers from working in a warehouse to being a self taught developer abouut a year ago.

I've been saving some money and in a few months to a year I would be able to put down the deposit for a flat/house and move into my own place with some savings left over.

The question is, do I have to reconsider this because I'm thinking more about it than when buying a pack of gums?

I mean..I think buying my own place would be a good investment instead of paying rent into someone's else pocket that I am never going to see again.

What is your guys opinion?

Regards, Marian

Well you have to live somewhere, no?
Better pay to a bank for your own place than rent if the rent is way too high

 

[MJ DeMarco]

What country?

This is a question that is pretty easily answered, but you're talking about real estate which can be both a liability and an investment. The answer is dependent on your local market, forecasts, your financial situation, your future goals, a lot of things are in play.

The affordability question usually pertains to discretionary purchases, cars, boats, jewelry, expensive electronic gadgets.

 

[Kid]

I think buying my own place would be a good investment

Can you house "hack" the deal?
Buy something with two bedrooms, rent one to someone and basically live rent free?

As to answer your question, people sometimes get ahead of themselves.
Mortgage can be a burden.

 

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[TalmacelMarian]

What country?

This is a question that is pretty easily answered, but you're talking about real estate which can be both a liability and an investment. The answer is dependent on your local market, forecasts, your financial situation, your future goals, a lot of things are in play.

The affordability question usually pertains to discretionary purchases, cars, boats, jewelry, expensive electronic gadgets.

I'm in the UK.

Can you house "hack" the deal?
Buy something with two bedrooms, rent one to someone and basically live rent free?

As to answer your question, people sometimes get ahead of themselves.
Mortgage can be a burden.

That would probably be the plan. For me I think having my own place would help me in my other ventures as well, youtube for example - it would really help to have my own place with an office - etc.