3 votes

Should I stay to live with my parents and save money (gold & silver) or should I buy my own place?

I'm almost 27 and have a job, but I drive a fairly long commute( almost an hour) to work. I am saving my money in silver, but I don't like living with my parents that much and want my own place. I would save more money probably if I lived with them compared to buying a condo closer to the city. Would it be a wise thing to do financially? Or am I better off living with them? They are paying a lot of my bills off, so that shouldn't be an issue. I was reading that when silver becomes money again, it would be able to buy a lot more stuff. Should I just hold off the apt. idea and save up for a house? Good advice would be appreciated. Thanks.

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Because I can't afford it!

Because I can't afford it! Too many debts to pay off, and it would be impossible without their help. They know this, and they are wanting me to stay here for that, until I can actually afford to buy a house on my own.

If you stay with your parents

you owe them 8 hours of work on their house and yard every Saturday.

Do's & Don'ts

1. Do not buy a house without at least being able to put a TON down. At least 50%. Ideally you would save enough to buy it outright. Yes, I'm dead serious. This is the #1 thing you can do if you actually want to become wealthy.

2. If you can't stand living with your parents (or they can't stand you) then rent.

As a renter there are many things you never have to worry about - major repairs, water damage, termites, etc. All of these things become your headaches if you "own" your home (I say "own" in quotes because if you have a mortgage you don't really own it.) They aren't cheap.

3. Re-read #1. The top two ways people GUARANTEE that they won't ever become wealthy is by getting a mortgage on a house, or buying something that depreciates heavily (fancy new car, boat, etc.)

Remember: 85% of all millionaires drive a 5+ year old used car.

You sound like a follower of

You sound like a follower of the financial bible... =)

Can you say Dave Ramsey? Haha!

Right, the "financial" advisor

Who is running an ad telling people to put thier "unwanted" gold in a postage paid envelope to mail to one of his advertisers. LMAO

Well, I don't know about all

Well, I don't know about all that. Anyone willing to do that would be stupid, but his book helped my sister and her husband get out of $15,000 worth of debt. Pretty impressive, imo.

Everything I've read in there is common sense.

Do y'all know interest rates?

Getting a mortgage now with super-low interests is sweet. Yeah, until the effects of this inflation catch up with us for real and the Fed will manipulate interest rate to 15-20% like they did in 70s. That means you will default on your mortgage most likely. But if you have money to put in big down payment on the house eg 40-50%, get a fixed rate mortgage for 5-10 years but still keep some gold and silver. Now in all honesty, silver becoming money again will take some time - the Fed will do literally anything to stop this from happening.

The real estate prices are really low, making it easy for you to find a bargain - opportunity like this comes so rare in an industry famous for government inflation pumping. And it's worth to get a proper house - not a condo - something big enough to facilitate a man-cave at least.

And on a more personal note, 27 seems like a good age to start occupying own house without the bother of the folks. gnome sayin?

stay at home

stay there and buy another house and don't tell your parents. rent the house and pay the payment. do it again, if possible.

Dude, don't save EVERYTHING in SILVER.

50% of silver demand is industrial demand. ie. silver prices are subject to global economic cycles not just fiat. And the global economy ain't looking to good right now.

I would advise you to buy a condo in the city and RENT IT OUT while at the same time living with your parents.

This way you get rental income and your savings are in REAL ESTATE which is something tangible and prob better than silver.

Given real estate are at such a low level in the US, you are prob gonna be smiling in 5 years.

My parents own 10 houses

My parents own 10 houses which they rent it out to people.

Sounds like you have

Savvy parents :) Best of luck whatever you do!

Gold just took a dive

buy real estate

Stay home and throw your parents an ounce of silver...

...every now and then.

Today for example, was a great buying day. I bought some ounces at $29.10 spot per ounce.

I paid 1.45 over spot per ounce as I bought silver rounds - not the government silver which the 4 or 5 dollar premium (per ounce) makes them a big rip-off.

If I was living at home and saving money, then every time I bought silver, I'd give an ounce or two to my parents in appreciation.

"We have allowed our nation to be over-taxed, over-regulated, and overrun by bureaucrats. The founders would be ashamed of us for what we are putting up with."
-Ron Paul

I've been looking for a home

I've been looking for a home for 3 years! Here's my advice to you...

Move out and get your own place. The time to do it is now. Buy a home now, especially if you have good credit. Don't throw away good money on a lousy apartment! IT'S A WASTE OF EQUITY!

Home loan rates are down to 3.85% - lowest in recorded history. Borrowing $100K+ to purchase a home now at that rate over 30 years is cheap money.

And...if the economy crashes in a year or two, the amount of money you paid for a house in 2012 will look like peanuts after a hyperinflationary market crash.

DON'T buy a condo! Association fees go up, up, up...by the time you pay off the condo, you'll be paying over $300 a month in association fees....you're renting. It's not YOUR property. Many condos don't even have a backyard...you want a yard, you want, "property." You want to be able to blast your stereo if you so desire, and put up new siding too - but you can't do that in a condo.

If you have a loud neighbor living next to your condo, too bad. There's nothing you can do besides sell and by your own home.

Buy a home...a home you'd really like to come home to every night after work and be proud of. Buy something you really want, don't compromise. Buying a home is all about location, location, location.

Never be afraid to ask simple questions.

What the Hell?

"They are paying a lot of my bills off, so that shouldn't be an issue."

Put your big boy pants on and get the Hell out and grow up!

Uh I can't pay my student

Uh I can't pay my student loans on my own along with my car. I don't make enough for that.

LOL. Mom & dad

probably have something to say about that, don't you think?

If you're still living at home at 27, I'd say you have some great parents and you should think a little about what is best for THEM. Do you think they really WANT you living at home? And, if you're saving money now and they're paying your bills, don't you think you ought to at least pay them some rent?

What's better for your PARENTS?

You spoiled little jerk-off. 27 and still living with Mommy and Daddy?

Good grief! Pull out the waistband on your stretch jeans and look downward- there's HAIR DOWN THERE! You're a big boy now- all grown up.

Your folks have done their job. Now GET OUT and give them a much-deserved break from carrying your sorry ass. And yes- they're going to have mad, crazy sex in your room the night you leave. Grow up.

And these are the people who are fighting for "Freedom"? arghhhhh

And by the way, You sound

And by the way, You sound jealous, because since I live at home, I have over $7,400 worth of silver stashed away, my bills being paid off, which I will probably be debt free by the age of 30, plus my credit real good. Is that the reason you sound so upset? Lol

I make $8.50 an hour. How am

I make $8.50 an hour. How am I supposed to pay rent, my car payment, and loans on my own??? I did live on my own for a year 2 years ago douche bag, but it got expensive, so I moved back in. Unless living on the street is desirable to you, then I guess we like different standards of living. I am expecting to get a raise down the road, so that was the reason I was asking the question.

You have to drive an hour to a job making $8.50 an hour?

For that wage, I would think you could find something closer to home. In any case, you are seriously underemployed. You say you have student loans to pay off, so you must have gone to college. I'd say finding a better-paying job is priority #1. I know it's tough these days, but you simply need to do it.

Ann in Florida

Nope, nothing out here in

Nope, nothing out here in this hick town I live in. I have applied everywhere with degree, and this job was the only one I could get. It does have great benefits though, but everywhere you start out at the bottom with a low wage with any degree.

You beat me...

to the punch.

("there's hair down there!") lol.

You guys are just jealous of

You guys are just jealous of me. I am sure you would do the same if you were me.

Agreed...but to be fair

in many cultures, living at home as an adult is the norm, and even expected of in some places. This whole "moving out at 18" thing started out as mainly an American tradition, now it's more of a western tradition in general (to varying degrees).

A signature used to be here!

Worried about price of gas

I recommend renting instead of buying, if you really want to leave your parent's home. If you're having a huge commute each workday, I'm not sure if you'll be able to afford gas when it gets $10 a gallon or so.

On the other hand, not having to pay rent each month has its perks, too. Maybe you can afford the gas if you don't have to pay for housing.

I really can't give you too much advice on this. It sounds like you really want to leave your parent's home, and only the thought of not having enough money if you move out keeps you at their home. If you believe in prayer, I recommend prying and pondering about this. Talk to your parents, to your coworkers, etc. In the end, it's your gut and it's your decision. I'm sure that if you think things through and pray about it, you'll come to the right decision for your situation.

"Moderation in temper is always a virtue; but moderation in principle is always a vice." -- Thomas Paine

If you have a Great

Relationship with your folks and you both can handle living together than I recommend going that route. I'm 41 and married with two and we all moved in with my folks and by brother did the same. With times being what they are it made the most sense. My folks are getting older and have a hard time taking care of such a large place. It financially helps everyone out in the end and really allows everyone to have more freedom. Yes there is sacrifice with having so many people in one place but if you can all get along than it can be very beneficial.

"I have found that being rich is not about having the most but about needing the least"

Are you seriously asking if

Are you seriously asking if you should throw yourself in debt to some bank? Are you stupid? Right now you have real savings and no huge debt chaining you down...no dont buy a condo unless you can afford it outright..a better use of your money is to buy land and build as you can afford it(pay someone to do the parts you cant...construction costs are low right now too) This way when the house is finished...you own it, not the bank and you dont have to pay fees to some condo association...the hour long commute should not factor into this decision...just trade your vehicle for one more fuel efficient if it does

"dont buy a condo unless you can afford it outright"

By that quote, do you mean "pay for it in full"? In an inflationary environment (which I would imagine almost every Ron Paul supporter believes we're going to experience - possibly even hyperinflation), you should NEVER pay in full. Take out as long a loan as you can but (VERY IMPORTANT) with a fixed interest rate. And put as low a down payment as you can.

Even having said that, if you buy when interest rates are low, that means the price of the house is going to be higher (since it's being propped up by the easy credit that others can use to buy your house). Once the interest rate rises (and it will probably rise dramatically), the value of your home will greatly diminish.

And considering we're in uncharted economic territory, nobody really knows where "a good place to live" will be. In short, buying a place seems incredibly risky (at least to me). I also think there are (seemingly) better options out there like gold mining stocks, physical gold investments in foreign countries that trade in foreign currencies and in companies that don't rely on US customers heavily (or at all).

That's the Peter Schiff philosophy (as best as I understand it, at least) and I'm sticking to it! :)

Wages lag prices in an inflation of money supply.

If wages lag and payments come due, then what. It's riskier if an economy crashes and there are no wages.

Free includes debt-free!