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I'm taking a Real Estate Finance course right now, but the main thing I'm learning in it is really common sense in personal finance and how to not get screwed on a home loan.
We did an activity tonight, we projected where a graduating senior would be in five years. He was gonna go to law school so they projected his salary 5 years after law school in today's dollars.
Him and his fictional wife were going to make $190,000 between them.
He budgeted what he thought he was gonna need (and he was being baited by the professor who was acting like an advertisement trying to get him and his wife (who was every girl in the class) to spend more).
Before a mortgage, the monthly budget ended up being $18,000! Then the mortgage on a $150,000 house was another thousand.
The problem? he was only bringing in $11,000 a month after taxes. (yes, we did it in reverse). So we slashed the budget. Even after cutting out everything we could think of, we were STILL $1,000 short. We cut basically everything we could think of.
The catch? He was pre-approved for a $700,000 mortgage. And he can't afford a $150,000 house in this fictional scenario.
So my question is, it seems like he was living within his means but he was still short of money and he's making a hell of a lot more than I think I will when I'm at that age.
How do people do it? I'm already shopping for a large cardboard box and a sign that says "Will sell self for food."
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Quote:
Before a mortgage, the monthly budget ended up being $18,000! Then the mortgage on a $150,000 house was another thousand.
If you can explain to me how you guys got an $18,000 monthly budget I can tell you where you're blowing it. It's not rocket science, it's living in the real world.
#gmstrong
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That is a massive monthly budget. What all did that include?
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No kidding! $18k a month sounds VERY excessive. 
#gmstrong #gmlapdance
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Quote:
That is a massive monthly budget. What all did that include?
Strippers and cocaine.
I wish to wash my Irish wristwatch......
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Quote:
Quote:
That is a massive monthly budget. What all did that include?
Strippers and cocaine.
You are just full of great wisdom aren't you Tyler... Great post here, and in my post about cooling a home you suggested certs in front of fan.
I suppose you find some humor in your posts, but is anyone laughing besides you? Feels like a 12 yr old is chiming into discussions trying to be funny.
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Quote:
Quote:
Before a mortgage, the monthly budget ended up being $18,000! Then the mortgage on a $150,000 house was another thousand.
If you can explain to me how you guys got an $18,000 monthly budget I can tell you where you're blowing it. It's not rocket science, it's living in the real world.
I knew where he was blowing it. Everything to me sounded extremely high.
But then when things were cut and it seemed like there wasn't much left and he was STILL over, I was amazed.
The poor guy we used as the guinea pig had a good personal budget, but the women in the class who were his fictional wife drove costs up insanely. And that's NOT being sexist.
The professor baited him too. The kid said "I just want, ya know, a Honda"
Professor: "But as a lawyer you need to impress your clients and partners, can you do that in a Honda?"
Kid: "Ok, a BMW, I guess..."
"What would you want your wife to drive?"
"One of those Volvo SUV's" ALL THE GIRLS IN THE CLASS CRINGED. Then the professor asked the girls what they wanted and they agreed on a Lexus.
Basically the Professor was trying to say that this is how America is in such debt. They get baited by what they see around them and advertisements.
But even then it seems so hard to live an "average" life, considering how much we cut out of the budget in the end of the activity. It was literally down to no vacations, no extra spending of any type and such. It seemed pretty bare bones to me. They eliminated the second car and the BMW.
Last edited by Ammo; 04/24/07 12:16 AM.
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A lot of my posts are kind of light-hearted fun. Sorry if you don't find them funny.
I wish to wash my Irish wristwatch......
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Quote:
Before a mortgage, the monthly budget ended up being $18,000! Then the mortgage on a $150,000 house was another thousand.
2 car payments at $600 each is $1200.
car insurance for the couple at $200 a month
gas for both $300 a month
utilities at $800 a month
food for both at $400 a month
student loan payments for both $500 a month total
credit card payments $300 a month
clothes $400 a month
entertainment $300 a month
personal cell phones $200 a month
life insurance $300 a month
savings $500 a month
I'm not sure who couldn't live on that kind of a budget because I estimated almost everything extremely high.. and that only adds up to $5,400... What in the heck do they spend the other $12,600 on?
yebat' Putin
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<><
#gmstrong
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Quote:
Quote:
Before a mortgage, the monthly budget ended up being $18,000! Then the mortgage on a $150,000 house was another thousand.
2 car payments at $600 each is $1200.
car insurance for the couple at $200 a month
gas for both $300 a month
utilities at $800 a month
food for both at $400 a month
student loan payments for both $500 a month total
credit card payments $300 a month
clothes $400 a month
entertainment $300 a month
personal cell phones $200 a month
life insurance $300 a month
savings $500 a month
I'm not sure who couldn't live on that kind of a budget because I estimated almost everything extremely high.. and that only adds up to $5,400... What in the heck do they spend the other $12,600 on?
Honestly, a lot of trivial stuff like gifts and recreational things like a boat and stuff, donations.
I know where things went out of whack, it was too many trivial things and people overestimating how much they'd spend.
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kids?
No kids!
It was honestly incredible, I'm sitting there thinking "Good God this is insane."
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Quote:
The professor baited him too. The kid said "I just want, ya know, a Honda"
Professor: "But as a lawyer you need to impress your clients and partners, can you do that in a Honda?"
Kid: "Ok, a BMW, I guess..."
Depends on the BMW. If you look at the low end 3 series (328 this year) you can get it for less than $30,000. Not much more than a honda accord would run you. Then if you get a certified pre-owned you would pay less and get a better deal because the immediate depreciation has already been incurred and you actually get a better warrenty than on a new BMW (silly that a new BMW has less warrenty I know but not my idea).
Am I perfect? No
Am I trying to be a better person?
Also no
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Quote:
Before a mortgage, the monthly budget ended up being $18,000! Then the mortgage on a $150,000 house was another thousand.
Where can you find a $150k house nowadays? Maybe I've lived out west (or in the city) too long - are there still houses in Ohio for 150k?
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How do people do it?
Well, I don't know how dinks (double income no kids) live on $190,000 - I'm not that lucky. How we do it in the real world is prioritize and unfortunately go into debt. When you only have a certain income, you have to budget accordingly. Budget for about 80-90% of your income so you have emergency funds and savings.
Step 1 - essentials: what do you truly need? Rent/mortgage (reasonable, don't go over your head too much), utilities (gas, electric, water, garbage, phone), and food (cook, limit eating out - also eat chicken rather than filet), and insurance. See where you are now.
Step 2 - car and auto insurance. Buy a 1 year or 2 year old car instead of a brand new one, you'll save that "20% you lose when you drive it off the lot". Lease instead of buy (only for lower monthly payment, there are issues with leases also). Lose the ego - if you can't afford a BMW, don't buy one. See where you are now.
Step 3 - savings. If you own a home you know this - there's always something going wrong, and always a project to do. Unexpected doctor bills, speeding ticket, etc... Save some money, even $100 a month adds up if you can afford it.
Step 4 - fluff. This is cable/satelite, dinner out, having pets, going to the game, the newest "toys", Starbucks. If you have the first 3 steps taken care of, enjoy - if you don't, limit the fluff.
I unfortunately learned the hard way - I was less than $50 a month from bankruptcy in my mid/late 20s (8-10 years ago). Hard lesson to learn, but I don't even have to think much about it any more, it is ingrained - and I live a good life with the things I want, for the most part.
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Actually, I think Tyler acts like a twelve year old often (even though I think he's on the verge of being smarter than that)...but with that said...this: Quote:
and in my post about cooling a home you suggested certs in front of fan.
...actually made me laugh out loud. I don't know if I'd read it in the context of the thread that I'd find it so funny, but something about your wording and percieved tone is priceless.
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I too found that pretty funny. The problem with that experiment is that he had too many wives.  I would have argued that just getting out of school that he goes for an apartment in the city at first, where if it was a big enough city he wouldn't need the car right away. The boat isn't necessary as he is a lower-level lawyer who will soon be working 60+ hours a week to make a name for himself. He could then save some money by doing his own pre-nup. I know when I got out of school (not law school) I didn't go buy everything I wanted right away. I started with the necessities and then worked my way up to where I am now.
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$18k for the monthly budget before the mortgage?? that's outrageous!
LET'S GO BROWNS !!!!!!!!!!!!!!! ![[Linked Image]](http://www.dawgtalkers.net/uploads/OldSixty-Two/new0400001.jpg) [b]WOOF WOOF[b]
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Their student loans must be astronomical to reach the $18,000 level monthly.This is the only variable which could be so far above the average.
The American people will never knowingly adopt Socialism. But under the name of 'liberalism' they will adopt every fragment of the Socialist program, .
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are there still houses in Ohio for 150k?
I can get you a house off East 105th for 6 grand.
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Quote:
I know where things went out of whack, it was too many trivial things and people overestimating how much they'd spend.
OVERestimating is loads better than UNDERestimating.
That way, at the end of the month when the bills have been paid, you can put 250 in savings instead of 100 bucks.
(or spend it on strippers and cocaine if you wish...whatever) 
It's really not that difficult, and it sounds like the instructor was trying to graphically illustrate the fact that America has a problem with plastic, and that people from 18-25 are the ones most affected.
Spend cash. If you don't have cash, wait until you have the cash.....unless it is something that must be financed such as an auto or a house. Remember that boats, atvs, motorcycles, jet-skis, etc are things that you don't necessarily need but may want to own. When starting out, make sure you can differentiate between wants and needs.....and youll be fine.
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I don't make anywhere near that amount, yet still find the funds to make it to two Browns road trips a year  Just live within your means, and only spend money on necessities, occasionally splurging on things that are important to your happiness (whether that be travel, Browns tickets/tailgating, hobbies, etc.) My current monthly budget: Rent: $365 (split with roommate in +1050 sq. ft apartment) Utilities: $85 Groceries: $180 Gas: $110 (Honda ) Car Payment: $270 Student loan payment: $180 Daily paper: $15 Entertainment: $150-200 (that's living fun at $50/week in dining, happy hour, etc.) Credit card: $0 - I only buy what I can pay for up front Total comes to about $1300-1400/month, which still affords me the chance to save some money for a rainly day, my trips, season tix, clothes/DVD's or other material things I may buy from time-to-time, X-mas gifts, etc. This includes contributing 9% salary to 401K & Stock purchase plan, then another ~$65 in medical, dental, and LTD insurance.
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just to add afew things here, People dont think, they see & spend, most people don't understand what a credit card is and how it operates, or what the 24% montly rate is and how it effects them.
Lastly People dont take care of what they have or what they buy. Prime example my truck paid off next month, do i need to run out and buy a new one, NO..with proper maintence, cleaning, oil changes, it should last me two - three more years, Which means no auto payment...I can pay off other items,
Get your news from one source, If you have a TV or internet do you really need to spend money on a newspaper....? 15-25 monthly saved.
Before buying something ask yourself, if i left here without it would my life be so bad, and if I buy this were will this item be in one month....Music Cd's ya need this CD, only after two weeks loose it forget it and 6 months later find it under your bed, put it away and listen to it two times in three years, $18.00 per pop.
I have three credit cards,
1. Menards, $ 150.00 on it
2. Cabelas $ 300.00
3. Visa $ 3,000.00 never use inhereted from divorce, paying off
House payed off in 5 year, I do the work dont pay for labor.
Truck payed off next month,
I pay $400.00 a month in child support, yet I still help pay for Braces, sports camps, school activites, and anything else they might need. Yes they also work to help themselves.
My fluff is cable,
fishing tourneaments pay for themselves over the year, I win enough to support itself, most years....LOL
Bottom line people need to look closely at what they want and what really need to live.
Last edited by ClayM57; 04/24/07 08:03 AM.
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I AM ALWAYS RIGHT... except when I am wrong.
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$18k for the monthly budget before the mortgage?? that's outrageous!
Maybe he is going to marry Michael Strahan's ex-wife
#gmstrong
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Give me 6,000 after taxes per month and I can live one hell of a good life 
I AM ALWAYS RIGHT... except when I am wrong.
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Ok they make 190k a year, and have an 18k /month budget, yet only live in a 150k house? Big fairy tale right there.  18k budget in a 150k house, your wasting alot of money on clothes, jewelery, gambling, booze, etc or something, cause your house upkeep won't come close to 10% of your budget, so 90% is frivolous spending. Rule #1 - Don't get into unneeded debt, and you can have alot more than what appears possible on the surface.
We don't have to agree with each other, to respect each others opinion.
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With all the "stuff" this fictional couple has they're going to need a bigger house. $150,000 home isn't all that large or all that nice anymore...trust me, I've been looking. Also, if they have to have a boat, then they need a vehicle to tow it. A BMW or Lexus won't do that job. Where do they store the boat and tow vehicle?
See, it all adds up....but still not to $18 grand a month. Holy hell.
#gmstrong #gmlapdance
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All Pro
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Quote:
Quote:
are there still houses in Ohio for 150k?
I can get you a house off East 105th for 6 grand.
Fix it and rent it out dawg,
Pay yourself $15 dollars a day into an account, never touch it, it addes up fast..
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The entire situation is make believe, I know that, but it's not even close to realistic.... If this is what they are teaching you, then it's no wonder our youth are so screwed up Let's take a real monthly budget for someone that makes, 150,000 per year. Rent/Mortgage 1255.00 Property tax 250.00 Utilities 650.00 (includes gas, elect, phone, sewer and water) Insurance 350.00 (auto, home, life, but doesn't include health) Food 400.00 (might be high, but for 2 people for 4 wks) Dry Cleaning 100.00 Cell Phone 100.00 Car 1 payment 250.00 Car 2 payment 350.00 (this car is a more expensive model) Vehicle Maint 100.00 (this will increase as the cars get older) Entertainment 300.00 (movies, dinners, drinks on draft day) Cable TV 146.00 (includes High Speed internet) Personal items 175.00 (detergent, soap, shampoo etc) Misc purchases 200.00 (could be anything unexpected) TOTAL 4,626 per month Assuming you do everything wrong on your taxes and you make 150K, you will clear roughly 105 K or 8,750 per month. That leaves you $4,074 to use for savings, investment etc,,,, I don't see a problem,, do you?
#GMSTRONG
“Everyone is entitled to his own opinion, but not to his own facts.”
Daniel Patrick Moynahan
"Alternative facts hurt us all. Think before you blindly believe."
Damanshot
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If someone is willing to pay me $150k-190k per year, I'll gladly show everyone how to live comfortable on it
Browns is the Browns
... there goes Joe Thomas, the best there ever was in this game.
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Quote:
Rent/Mortgage 1255.00
Property tax 250.00
Utilities 650.00 (includes gas, elect, phone, sewer and water)
Insurance 350.00 (auto, home, life, but doesn't include health)
Food 400.00 (might be high, but for 2 people for 4 wks)
Dry Cleaning 100.00
Cell Phone 100.00
Car 1 payment 250.00
Car 2 payment 350.00 (this car is a more expensive model)
Vehicle Maint 100.00 (this will increase as the cars get older)
Entertainment 300.00 (movies, dinners, drinks on draft day)
Cable TV 146.00 (includes High Speed internet)
Personal items 175.00 (detergent, soap, shampoo etc)
Misc purchases 200.00 (could be anything unexpected)
I don't know about you, but here locally, in the government assiatnce housing, people aren't driving 250.00 payment vehicles. They have Cadillac SUVs, Expeditions, Lexus, Even saw a BMW parked in the drive of a house that probably wasn't worth as much as the car.
Even so, the average new car is going to be 350-400 for a simple model 400-500 for something a little more lavish.
And you better throw in 300.00 for gas a month too.
200 for hair appointments
100 for the nail salon
300 for shoes
300 for clothing
We don't have to agree with each other, to respect each others opinion.
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Quote:
I don't know about you, but here locally, in the government assiatnce housing, people aren't driving 250.00 payment vehicles. They have Cadillac SUVs, Expeditions, Lexus, Even saw a BMW parked in the drive of a house that probably wasn't worth as much as the car.
Not to change the subject of this thread, but there isn't much that irritates me more than seeing things like this. My tax dollars subsidize housing so a person can afford a 50K vehicle. 
Probably 5 times out of 10 when a person in front of me pays for groceries with food stamps, I see them in the parking lot loading them into a brand new luxery vehicle.
#gmstrong
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Then get mad and do something about it.
#gmstrong #gmlapdance
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wow i dunno, i live ok with a truck payment, rent, utilities, insurance on two vehicles and food for me and her.... and thats on army salery. lower standards a bit. just because one is in college doesnt mean that he's coming out of the gate with a bmw
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Something I've been noticing/wondering about....people seem to care more about their car than their home. Why??
#gmstrong #gmlapdance
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I hear ya... I remember seeing a news story years ago on TV where they were talking about how some new tax or whatever was going to hurt the hell out of the lower income families. They interviewed some woman in her home who would be affected and all the while she is talking about how wrong it is and how they won't be able to afford other things... and there is a big screen TV and game consoles in the background.
My only thought was "wtf?".
Browns is the Browns
... there goes Joe Thomas, the best there ever was in this game.
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It's doubtful, but she could have saved for YEARS to get the television and gaming systems. I guess I look at those items differently than most. To me, they are actually SAVING me money in the long run because I spend more time at home using them.
#gmstrong #gmlapdance
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perhaps, but I was at the time having to have roommates to afford things and didn't have a TV much less a big screen and I sure didn't have a gaming console. I viewed it as differing priorities.
Browns is the Browns
... there goes Joe Thomas, the best there ever was in this game.
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Quote:
I viewed it as differing priorities.
I agree. As is shown in the hypothetical example that started this thread.
#gmstrong #gmlapdance
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I don't mind sharing... and its pretty sad cause I haven't done this yet but...
My wife and I just graduated from college and we're struggling right now... mainly due to our one year old. But he's worth every penny. This is our approx (like I said doing this because I've never done it honestly... and thats just sad):
monthly take in after tax:
ME = 3000
HER = 1200
---------------------------------
TOTAL TAKE IN = 4200
expenses:
HOUSE + TAX + INSURANCE= 700
CARS = 400
GAS = 80
BABY SUPPLIES = 100
GROCERIES = 200
MEDICAL = 200
CREDIT CARDS = 150
PETS = 40
UTILITIES = 200
CABLE = 50
NEWSPAPER = 10
PHONE = 40
CELL = 40
FITNESS CLUB = 50
SCHOOL LOANS = 220
DAY CARE = 600
CAR INSURANCE = 120
SAVINGS = 400
MISC = 200
---------------------------------------
TOTAL EXPENSES = 3800
So this excercise shows me that were not doing something right... as we should have 400 blow money each month... to much going out to eat or something. But in reality its a little of both too much spending and just the plain ole something came up... car needs inspected... medical bills (just found out I have type 1 diabetes), etc. Like everyone the credit card debt is what pisses me off.... stupid college days of racking up god knows what. Oh well I hope this gives you a better picture of how we make it... I know it helps me.
"I'm a mog. Half man, half dog. I'm my own best friend."
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Forums DawgTalk Tailgate Forum How do people afford things?
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