Should I go to school and get a degree or buy a house? Recently moved back in w/ parents and make good $.?
435656
I see the appeal of every situation, here.  Living with your parents translates to very low living expenses.  Keeping your job means good income.  Buying  house builds equity for you in the future, and "locks in" your monthly housing payment...the bank won't ever raise your rent.  Finishing your degree can lead to more financially rewarding employment.  What if you could do it all?\n\nIf you kept your job and bought a house that you could just barely afford on your current income (and right now is an awesome time to buy, since there is very reasonable loan money available, still, and the housing market is down in value a bit), you could continue to live with the 'rents for the first 3-6 months while you spend your spare time painting, etc. to get your new place just right before you had to live there.  Ask anybody who has spent the first year living in HGTV wannabe chaos how much they wish they could have done that.  Make sure you get a place with 3-4 bedrooms and 2+ baths.  When your friends see your great new pad, you're going to find two of them who would love to live in a place that nice, and this is where the magic begins.  Assuming you've bought a $175,000 house (the market is wildly different in different parts of the country, so the math will be different, but you'll get the idea), you're looking at a total if maybe $1,400 for the payment with taxes and insurance.  Now, out of your pool of friends, there are going to be at least two of them who would love to (and are cool enough people) pay a mere $500 to live in this nice a house (as opposed to living in some tiny apartment).  You're now living in a $175,000 house for $400/month...kinda.\n\nRather than entering that money into the general income stream, put that $1,000/month away into a new savings account.  Even if you have to "raid" the cookie jar for those occasional end-of-the-month emergencies, you'll be socking away $10,000 a year.\n\nMeanwhile, take just one class per quarter while you keep your current job.  If you can commit to 2 years of this, here's what life looks like at the end of that time:\n\n*You own a nice house (well, actually the bank does, but you know what I mean)\n*You have $20,000 in your education fund\n*You have all the College credits you already earned, PLUS you've gotten 8 quarters' worth of those pesky History, or Math, or English requirements out of the way.\n*You're ready to take on a part-time job, and now only have to deal with your core classes for your major full-time because your housing cost is $400/month and you have reserve money to dip into.\n\nYou'll graduate ready to take that first job, and be able to live, alone, debt-free, in a nice house.
449835
As a parent, education is #1 in our home as well. However, you are 20 years old and assure your parents that you understand their concerns and that they raised you well enough to know the "dangers" and "stupidity" that comes with your situation. They will never stop worring, that is their job! I say, have your relationship BUT, do NOT let it interfere with your college! No surprises and take it slow! Good Luck !
839409
Dazed and Con has some very valid points. I would like to elaborate on them. Personally, I don't believe in the "rent to own" - it is a load of crap that doesn't give you any tax benefits. If you are able, take out a 5-year interest-only fixed loan. By that time, you will be out of school and can refinance the property. You should have built up enough equity by that time to not have to worry about a negative amortization. You can pay down the principal during this 5 year time if you wish. When you re-fi after you are out of school and working, you can roll some of the student loans intot he re-fi if you fix the house up enough to get a good high appraisal. This way, all of the interest including your student loan money would be tax deductible. This brings me to the last issue. Are you prepared to pay back student loans plus Uncle Sam after you graduate? If not, then having a house that is yours, not some "rent-to-own" nonsense, will give you the type of write-offs you will need to cut down or eliminate those tax checks. If the landlord is not willing to sell the house to you under a true normal sale scenario, then he/she is not serious. You never said whether or not you have a down payment. If not, then the rent-to-own may possibly work if you have an iron-clad conract with regard to your down payment coming from your rental payments of 4 years, an end date to the time when the property will be put into your name, etc. Take any rent&#92;-to-own contract you end up with to the local court house and record it against the property to stop anyone from selling it out from underneath you. Sorry to be so cynical, but I have seen many a rotten landlord on these. Buy it outright if you can.
214213
That depends on the rest of your personal finances. Personally when renting I wouldn't (or should I say didn't) go above $650. That income, why rent at all? Believe it or not our morrtgage is less than what we were renting our townhouse for. Look into both options and decide what is best for your lifestyle.
1111974
If you are planning on investing for a few years and then selling the house to pay for their education, then it is a crazy idea.  Many experts feel that there is a housing bubble that is just about to burst, so you may end up buying high ans selling low.  \n\nIf you are looking at investment property, then it depends where you live.  The housing bubble is not everywhere -- but housing in major cities on the East or West coast is very high, and likely to drop soon.  If you are going to rely on income from the home, make sure that you will have enough income to pay for their educations.  Homes are often money pits.\n\nIf you are particularly handy, it could turn out to be a good investment.  Buying slightly distressed properties, fixing them up and selling them quickly can be profitable -- if you are able to fix them up cheaply (or yourself).
530612
Go for it! You can do it. Just make sure you can afford to keep the lights on. Work out a budget and see what you can afford. If you have kids, check out the schools. It's important that your kids will feel safe and happy where they live.
1005831
No one can tell you if you should do it, Mike.  You have to make your own decision and then whatever comes from that decision learn from it.  I'd be inclined to recommend you go for it as it is probably an opportunity and experience you shouldn't let pass you by.  However, if you have a family you're supporting, stick with the two jobs.  If it's just you, go for it.  Live life to its fullest.  Make mistakes and become a success!
127847
YOU FIND A JOB NOW.. YOU CAN STUDY HIGHER DEGREES WHILE WORKING.\nMY SON DID THAT.\nNOT ONLY RELIEVE ME FROM HIS STUDY EXPENSES, BUT ALSO HE HELPS ME TO RUN THE FAMILY.\nDO THAT TO YOUR DAD.
792345
Pay off my debt. Help my Parents and other family memebers out. Send my sisters and my son through good schools. By my dream house which is not much of nothing fancy. Go back to school myself. Invest most of the monies to make more. Yes and charities.
820301
19 and looking into the future..\nThat is a great start my young grasshopper....\nYou are on you way to big adventures if you are smart with your decisions...\n1st you need to evaluate your expenses becasue if you do not have the money, you can not do it....\nIf I were you start looking at prices and conditions, meaning size of house, bedrooms, bathroom, lot size, taxes, insurance, etc...\nNow start saving $5000 per year, and in 5 years you will have $25,000 to put down on a nice home.....The more you put down the better loan you will get and easier process.\nYou have to calculate what you make a year and to see if you can afford the Mortgage, taxes, and insurance, etc....\n\nI bought my 1st home when I was 27, I put $20,000 into it, and now I own 3 more houses...\n\ngood luck
597022
Save the house. Moving back will one save you a rent payment but also and i do not know the state you live in but sometimes the taxes are cheaper if you are living in the house. Get a beater Honda or Toyota and drive that and keep the SUV as a second car or get rid if it all together. Sometimes if you list the beater as you daily driver and the SUV as a recreational car you can save money there. In the meantime i would start looking for a job closer to home if you can. If not then i would live in the house till you sell it then find something else to buy once it has sold. Owning a home is the last tax shelter with out uncle SAM will have his way with you if you do not own a home. I hope that helps. FSBO is a tough call. The markets are slowing down and i would shop at least 4 or 5 Realtors and negotiate a smaller commission. Without a Realtor involved you open yourself to lawsuits. Check with friends of family members for a recommendation.
455650
School should be your primary job.  You have your whole life to work, and your parents are footing the bill right now, so enjoy it while you can!  You may think you need money, but you will be better served to concentrate on school, so that after college you will have real earnings potential.
435445
Your education is the best investment you can make.  If you have to take out a loan, do so.  You will never regret getting an education, even if you have years to pay it off.\n\nBest to you.
815849
do both at the same time. BEFORE u have kid. part-time. it takes sometime but u are able to do what u like and have something to fall into at the same time (degree). good luck
389080
You need to weigh what you have to do now against the result in the end.  Can you afford it?  Some people spend much more than that for college.  If that is what you want to do with your life, and you can afford it, go for it.  There is nothing like going to work and enjoying what you do, regardless of the pay.
515723
In the long run? Nope. \n\nI advise you to get a student loan and live without extraneous responsibilities like mortgages for a while - enjoy life, and educate yourself in your formative years in a way that only people without heavy responsibilities can do - what if you want to travel, or move in with a lover in that time? The essence of education is autonomy, travelling light and discovering the world, not being tied down to some place you bought two years ago. Move around the city in which you study. Meet new people, live with them, see how other people live. I won't labour the point - I think you get the idea.\n\nThen graduate with a great degree and eventually when you can put it off no longer get a mortgage at lower interest rates because you have a degree and therefore more earning potential than someone without one.... don't worry, once you have your degree you will be earning loads more and you will have had a great fancy-free time at university and stories to tell your future employers in interviews. It is important to be agile and be able to move around early in your career, sampling different experiences.\n\nI am from England by the way, so assuming you live in the USA it may be a bit different.
964043
Is your home your investment tool or where you want to live?  It's nice of course to expect to make some money when the time comes to sell your home, but there is actual value in liking where you live, not to mention having a mortgage well within your means.\n\nStay where you are, make your house your home.  Enjoy it and live with little financial stress.  That's better for your health, your marriage, your children and the country.