Which situation would you consider to be better in terms of money?

We are taught as early as middle school to grow up get a professional job and make loads of money. We work hard in high school, countless hours studying in college, and then finally you make that money when you do a professional job. ok so here are the two scenarios. You are 25 years old.

Scenario 1 - You have a degree from an above-average college, You make $80,000 a year after taxes, you own a $550,000 house that's NOT payed off you owe a hefty amount to the bank and you must make mortgage payment monthly lets say you only put down a $100,000 down payment, You own a BMW M6 that's NOT payed off again monthly payments every month.

Scenario 2 - You have a degree from an average college making $25,000 after taxes, you own a $550,000 house that's PAYED off. You own a $30,000 car that's PAYED off.

You are a single 25 year old man or woman, which situation would you rather be in and why?

If you have a couple of major purchases like a car and house payed off, your in great shape... but it depends on your other bills... insurance, utilities, entertainment... in general, the more money youmake, the better, but situation 2 is not bad...

If you have a couple of major purchases like a car and house payed off, your in great shape... but it depends on your other bills... insurance, utilities, entertainment... in general, the more money youmake, the better, but situation 2 is not bad...

heysharpshooter

so you'd go with 2?

2 duh?

but if your 25k a year you most likely can't pay the bills on a 500k house lol.

and second you would make 25k or 80k because the school you choose.... the money you make would be pretty much off

~years of edu

~years in field

~ average cost of liveing where you work.

~ type of job

not Where you went to school

pretty much any life you have as long as you paid off your car and your house. You just knocked out two huge funds to worry about

How did you get a 550,000 dollar house and 30,000 dollar car paid off at 25 making 25,000 a year and barely out of school?AutoPilotOn

lets say your grand parents or parents bought it for you/left it for you, but who cares the point is just which situation would you rather be in 1 or 2

[QUOTE="AutoPilotOn"]How did you get a 550,000 dollar house and 30,000 dollar car paid off at 25 making 25,000 a year and barely out of school?LegitGamer3212

lets say your grand parents or parents bought it for you/left it for you, but who cares the point is just which situation would you rather be in 1 or 2

anyone else? i'd like to get a few more answers

Definitely number 2, especially considering that a hefty amount of that 80k would be going towards mortgage and car payments.

Though seriously what kind of HORRIBLE degree did I get in college that only makes 25k a year?

Edit: I change my mind. I go with rawsavon's answer. :P

Definitely number 2, especially considering that a hefty amount of that 80k would be going towards mortgage and car payments.

Though seriously what kind of HORRIBLE degree did I get in college that only makes 25k a year?

howlrunner13

well you never know in today's economy

Option 1 -sell house and trade off carrawsavon

and then what? move in with parents? what you going to do with all the money you make anyway? you're going to have to buy a house and car in the future right. Also, you'll have to give your parents money for living in there place

[QUOTE="rawsavon"]Option 1 -sell house and trade off carLegitGamer3212

and then what? move in with parents? what you going to do with all the money you make anyway? you're going to have to buy a house and car in the future right. Also, you'll have to give your parents money for living in there place

1. With the money you make off the house you would be able to buy another (practical) house with cash.

2. Same with the car.

3. If I had to live with my parents for a few months they wouldn't charge me.

[QUOTE="rawsavon"]Option 1 -sell house and trade off carLegitGamer3212

and then what? move in with parents? what you going to do with all the money you make anyway? you're going to have to buy a house and car in the future right. Also, you'll have to give your parents money for living in there place

[QUOTE="LegitGamer3212"]

[QUOTE="rawsavon"]Option 1 -sell house and trade off carhowlrunner13

and then what? move in with parents? what you going to do with all the money you make anyway? you're going to have to buy a house and car in the future right. Also, you'll have to give your parents money for living in there place

1. With the money you make off the house you would be able to buy another (practical) house with cash.

2. Same with the car.

3. If I had to live with my parents for a few months they wouldn't charge me.

With option 1 the house isn't payed off, you're going to sell it and get like $100,000 back? what's the point

I'm not the kind of person that would live in a 500000 dollar house and drive a 30000 dollar car, though I do plan on making a lot of money. I just don't know what I will do with it.

[QUOTE="howlrunner13"]

[QUOTE="LegitGamer3212"]

and then what? move in with parents? what you going to do with all the money you make anyway? you're going to have to buy a house and car in the future right. Also, you'll have to give your parents money for living in there place

LegitGamer3212

1. With the money you make off the house you would be able to buy another (practical) house with cash.

2. Same with the car.

3. If I had to live with my parents for a few months they wouldn't charge me.

With option 1 the house isn't payed off, you're going to sell it and get like $100,000 back? what's the point

Woops. Mixed them up.

Still. I'd get an AFFORDABLE place. 550k house is absolutely ridiculous.

I'd rather be in 2. I can sell my house and my car and get something much more modest, and go back to school for a better degree, or find a better job. I'm smart with my money, so I could probably live off of 25k a year very easily.XilePrincess

the degree you have now is bad? what would be this better degree?

[QUOTE="XilePrincess"]I'd rather be in 2. I can sell my house and my car and get something much more modest, and go back to school for a better degree, or find a better job. I'm smart with my money, so I could probably live off of 25k a year very easily.LegitGamer3212

the degree you have now is bad? what would be this better degree?

Anything would be better. 25k is close to abysmal. Personally I would go for an engineering degree. 60k right out of college is pretty good.

[QUOTE="XilePrincess"]I'd rather be in 2. I can sell my house and my car and get something much more modest, and go back to school for a better degree, or find a better job. I'm smart with my money, so I could probably live off of 25k a year very easily.LegitGamer3212

the degree you have now is bad? what would be this better degree?

[QUOTE="LegitGamer3212"]

[QUOTE="XilePrincess"]I'd rather be in 2. I can sell my house and my car and get something much more modest, and go back to school for a better degree, or find a better job. I'm smart with my money, so I could probably live off of 25k a year very easily.XilePrincess

the degree you have now is bad? what would be this better degree?

you know when you say "i'm smart with my money", it makes me assume you're one of those girls who make guys pay for everything lol. like u know the guy takes you out - pays for dinner, drinks, pool, movies, like everytime. I can be wrong i'm just assuming lol

[QUOTE="XilePrincess"][QUOTE="LegitGamer3212"]

the degree you have now is bad? what would be this better degree?

LegitGamer3212

you know when you say "i'm smart with my money", it makes me assume you're one of those girls who make guys pay for everything lol. like u know the guy takes you out - pays for dinner, drinks, pool, movies, like everytime. I can be wrong i'm just assuming lol

you know when you say "i'm smart with my money", it makes me assume you're one of those girls who make guys pay for everything lol. like u know the guy takes you out - pays for dinner, drinks, pool, movies, like everytime. I can be wrong i'm just assuming lol

LegitGamer3212

Yes, because I'm absolutely incapable of making my own money, paying my own way, and getting the most of my money, right? Because I've really given off the impression that I'm some sort of braindead leech who can't live life without men to pay for everything for me?

I'm in a nearly four-year long relationship, in which I'd rather just hang out with my boyfriend than for either of us to spend $40 to go to the movies. I don't expect to go waste money like that every time we get together. We rarely go on dates, and when we do, the only reason he pays is because he was raised that way and he would sooner cut my arm off with a hacksaw than let me pay for dinner. I don't just take, though, I buy him things on a regular basis, our relationship is perfectly 50/50. I pay my way.

And by smart with my money, I mean I've got over $2000 worth of stuff sitting in my basement that I got for free or very nearly free(EDIT: And yes, it IS neatly stored. I'm not a hoarder, and I'm not a lunatic). If you don't believe me, I'll upload a picture of it and post it. I've caught on to the "Extreme Couponing" craze and now I don't pay out of pocket for much of anything, so if I were to make only 25k a year and need to live off of that, I would likely only have to take about 2k a year out of that to buy food or other necessities like that. All my post-tax income will go towards stuff like rent, utilities, car payments, and gas, since next to none of it needs to go towards food, toiletries or cleaning products.

alright fine so make the BMW M6 something less fancy like say just a $40,000 car. that's doable right

[QUOTE="LegitGamer3212"]

you know when you say "i'm smart with my money", it makes me assume you're one of those girls who make guys pay for everything lol. like u know the guy takes you out - pays for dinner, drinks, pool, movies, like everytime. I can be wrong i'm just assuming lol

XilePrincess

Yes, because I'm absolutely incapable of making my own money, paying my own way, and getting the most of my money, right? Because I've really given off the impression that I'm some sort of braindead leech who can't live life without men to pay for everything for me?

I'm in a nearly four-year long relationship, in which I'd rather just hang out with my boyfriend than for either of us to spend $40 to go to the movies. I don't expect to go waste money like that every time we get together. We rarely go on dates, and when we do, the only reason he pays is because he was raised that way and he would sooner cut my arm off with a hacksaw than let me pay for dinner. I don't just take, though, I buy him things on a regular basis, our relationship is perfectly 50/50. I pay my way.

And by smart with my money, I mean I've got over $2000 worth of stuff sitting in my basement that I got for free or very nearly free(EDIT: And yes, it IS neatly stored. I'm not a hoarder, and I'm not a lunatic). If you don't believe me, I'll upload a picture of it and post it. I've caught on to the "Extreme Couponing" craze and now I don't pay out of pocket for much of anything, so if I were to make only 25k a year and need to live off of that, I would likely only have to take about 2k a year out of that to buy food or other necessities like that. All my post-tax income will go towards stuff like rent, utilities, car payments, and gas, since next to none of it needs to go towards food, toiletries or cleaning products.

that's cool, very respectable. Just you know..a lot of girls nowadays just make guys pay all the time. If the girl is having sex with the guy then it's like he's just paying for sex.

p>

alright fine so make the BMW M6 something less fancy like say just a $40,000 car. that's doable right

LegitGamer3212

[QUOTE="LegitGamer3212"]p>

alright fine so make the BMW M6 something less fancy like say just a $40,000 car. that's doable right

rawsavon

i was just kidding about that. You didn't see? i said "i'm assuming i can be wrong". How is it not doable? you haven't even read my post have you? i said you're putting down a $10,000 down payment

[QUOTE="rawsavon"][QUOTE="LegitGamer3212"]p>

alright fine so make the BMW M6 something less fancy like say just a $40,000 car. that's doable right

LegitGamer3212

i was just kidding about that. You didn't see? i said "i'm assuming i can be wrong". How is it not doable? you haven't even read my post have you? i said you're putting down a $10,000 down payment

[QUOTE="LegitGamer3212"]

[QUOTE="rawsavon"] Ummm...NO For the reasons that I stated. -you have not even included any other bills yet (electric, food, entertainment, gas, etc) -a cheaper car is not going to fix that I just find it odd that you crack on someone else being good with money (saying that they use guys) when your scenario is not even remotely close to being financially possiblerawsavon

i was just kidding about that. You didn't see? i said "i'm assuming i can be wrong". How is it not doable? you haven't even read my post have you? i said you're putting down a $10,000 down payment

i meant $100,000 read my first topic post kid then quit arguing

[QUOTE="rawsavon"][QUOTE="LegitGamer3212"]

i was just kidding about that. You didn't see? i said "i'm assuming i can be wrong". How is it not doable? you haven't even read my post have you? i said you're putting down a $10,000 down payment

LegitGamer3212

i meant $100,000 read my first topic post kid then quit arguing

[QUOTE="rawsavon"][QUOTE="LegitGamer3212"]

i was just kidding about that. You didn't see? i said "i'm assuming i can be wrong". How is it not doable? you haven't even read my post have you? i said you're putting down a $10,000 down payment

LegitGamer3212

i meant $100,000 read my first topic post kid then quit arguing

Your scenarios are not plausible. How could you be earning $25,000 a year yet pay off a $550,000 house, and a $30,000 car, before you're 25? Even if you worked from the age of 15, and not spend a single cent, you would only have earned $250,000.

In answer to your question, scenario 1, as scenario 2 is impossible without financial backing.

[QUOTE="LegitGamer3212"]

[QUOTE="rawsavon"] $10 grand down on a 500k house is not even acceptable to a bank...minimum 3.5% down for an FHA loan ...LULZ This is why I find it humorous that you were cracking on someone elseDark__Link

i meant $100,000 read my first topic post kid then quit arguing

You can use the mortgage to get some tax deductions. Still, usually this kind of house is bought together with a spouse, so your spouse's income would be what you'd use for your living expenses and other investments.

[QUOTE="Dark__Link"][QUOTE="LegitGamer3212"]

i meant $100,000 read my first topic post kid then quit arguing

xionvalkyrie

You can use the mortgage to get some tax deductions. Still, usually this kind of house is bought together with a spouse, so your spouse's income would be what you'd use for your living expenses and other investments.