Disposable Income to Spend/Burn/Save!

Short story is my income is outstripping my costs by about 2000 dollars a month, I’m 21 and finish school in 3 months (this job continues indefinately, isn’t just because of summer). This past week alone I made almost my entire month of bills. Right now I’m in pure saving mode, banking 2 grand a month since beginning of the summer, with the long term goal of buying property.

My question is, if you were(are) young and have 2000 dollars a month of what could be play money what would YOU do with it/ what would you suggest?

Some caveats for me.
Live on my own already.
No license (won’t be getting one)
Next tattoo is coming beginning of October.
Can’t take time off work to travel.

Whatcha got?

cocaine. lots of cocaine.

Every time I post a topic it says Time out Error occured… never know if it will post or not. Mods please delete one of my 2 threads!!

Thanks!

I need a new consol…

What’s this about a license?

[quote]Brother Chris wrote:
What’s this about a license?[/quote]

Cant spend the money on a car/bike. I could afford a car, but its best that I don’t drive. Have had accidents in the past and let my license expire.

[quote]MementoMori wrote:

[quote]Brother Chris wrote:
What’s this about a license?[/quote]

Cant spend the money on a car/bike. I could afford a car, but its best that I don’t drive. Have had accidents in the past and let my license expire.[/quote]

Then spend the money on driving lessons.

[quote]Johnny T Frisk wrote:

[quote]MementoMori wrote:

[quote]Brother Chris wrote:
What’s this about a license?[/quote]

Cant spend the money on a car/bike. I could afford a car, but its best that I don’t drive. Have had accidents in the past and let my license expire.[/quote]

Then spend the money on driving lessons.[/quote]

Not enough money in the world to save me. I live downtown and like to walk. Transportation is not a issue.

Clothes, steak, entertainment center, steak, lasik, new phone, update wardrobe, new bed, new computer, new laptop, furnature (maybe), your choice of supps, donate at least $100 to Soulja874, and steak.

You can do what I used to do when I couldn’t travel, have a mini vacation. Find the nicest part of your current city and kick it for a weekend. Preferably with at least 2 women and duffel bag full of condoms.

You’ve the goal of buying property, right? No sense in wasting the money when it can be put towards one of your goals.

Now that may be a tad boring but save the money.

If you have 40000 on the side you can, depending on where you live, live for two years without working.

You never know when that might come in handy, plus you are too young to get used to expensive vices.

It’s boring, but put some of it into a guaranteed interest savings account so you can have a GOOD downpayment on a house (none of this 5% crap). You’ll have better equity from the get-go and you could negotiate a lower interest rate.

[quote]Soulja874 wrote:
Clothes, steak, entertainment center, steak, lasik, new phone, update wardrobe, new bed, new computer, new laptop, furnature (maybe), your choice of supps, donate at least $100 to Soulja874, and steak.

You can do what I used to do when I couldn’t travel, have a mini vacation. Find the nicest part of your current city and kick it for a weekend. Preferably with at least 2 women and duffel bag full of condoms.[/quote]

Lasik would be sick, but I’ve heard it makes dry eyes drier. I would want to kill myself, I’m already really bothered by that.

I also need a new phone but don’t want to buy out my plan. Got 3 T bones left in the freezer! Lap top isn’t a bad idea but i think it’d be easier just to remove all the porn induced viruses of of this one.

Good ideas

And sure for maike 100 donation dollurs. Please to give bank account and SIN numbur. email them at NigeriaKing@yahoo.ca

[quote]PimpBot5000 wrote:
It’s boring, but put some of it into a guaranteed interest savings account so you can have a GOOD downpayment on a house (none of this 5% crap). You’ll have better equity from the get-go and you could negotiate a lower interest rate.[/quote]

I’m in Canada 20% minimum or you have no chance of qualifying for the downpayment. Right now I’m putting most of the money into a Tax free Savings Account (TFSA). I haven’t bothered to lock into a GIC because the interest rate is so low it’s hardly worth the minute interest bonus for the lack of liquidity.

At the rate I am saving to afford a 200 000 dollar home (which would be a shit box in Ottawa) I’d need about 15 months. However, the kind of job I’m in now it is not that likely I’ll still be willing to do it in 15 months. That being said I would partner up before I would buy a property solo at this point. so I’m looking at closer to 6 months before this is a realistic goal.

[quote]MementoMori wrote:
I’m in Canada 20% minimum or you have no chance of qualifying for the downpayment. Right now I’m putting most of the money into a Tax free Savings Account (TFSA). I haven’t bothered to lock into a GIC because the interest rate is so low it’s hardly worth the minute interest bonus for the lack of liquidity.
[/quote]

Do you mean, 20% minimum or you don’t qualify for a mortgage? Or that 20% is the minimum that constitutes a downpayment?

Lots of banks are allowing 5% down and ScotiaBank is even allowing 0% down, which makes me cringe. 20% is the minimum downpayment if you want to avoid paying mandatory mortgage insurance.

[quote]PimpBot5000 wrote:

[quote]MementoMori wrote:
I’m in Canada 20% minimum or you have no chance of qualifying for the downpayment. Right now I’m putting most of the money into a Tax free Savings Account (TFSA). I haven’t bothered to lock into a GIC because the interest rate is so low it’s hardly worth the minute interest bonus for the lack of liquidity.
[/quote]

Do you mean, 20% minimum or you don’t qualify for a mortgage? Or that 20% is the minimum that constitutes a downpayment?

Lots of banks are allowing 5% down and ScotiaBank is even allowing 0% down, which makes me cringe. 20% is the minimum downpayment if you want to avoid paying mandatory mortgage insurance.[/quote]

There is no way I’d get a mortgage with less than 20% equity. Beyond a credit card I have no credit history, I’ve been at my current place of work for 10 months (at current position for 2) in the industry for 2 years and am a student. I would never qualify without at least 20%. Are you saying there are 0% down mortgages in Canada?? Even if that’s the case I’d be crippled by the insurance payments such a mortgage would require.

I’m with RBC and I think they’d expect you to have a TON of assets for that kind of mortgage.

[quote]MementoMori wrote:

There is no way I’d get a mortgage with less than 20% equity. Beyond a credit card I have no credit history, I’ve been at my current place of work for 10 months (at current position for 2) in the industry for 2 years and am a student. I would never qualify without at least 20%. Are you saying there are 0% down mortgages in Canada?? Even if that’s the case I’d be crippled by the insurance payments such a mortgage would require.

[/quote]

You might check your FICO score to see how you stack up. Credit history is important, but I got my first mortgage from a score based on using my visa responsibly for 7 years.

You could get a mortgage for less than 20%. Scotia is the worst for this…they give out 0% mortgages at higher interest rates, and also have a 5% downpayment program where they lend you back your downpayment (!?!). They couldn’t care less if you default, because as you mentioned you’re paying mortgage insurance every month, which absolves them if you default…

-Open an IRA, now.
-Travel
-Treat your parents to something nice.

[quote]PimpBot5000 wrote:

[quote]MementoMori wrote:

There is no way I’d get a mortgage with less than 20% equity. Beyond a credit card I have no credit history, I’ve been at my current place of work for 10 months (at current position for 2) in the industry for 2 years and am a student. I would never qualify without at least 20%. Are you saying there are 0% down mortgages in Canada?? Even if that’s the case I’d be crippled by the insurance payments such a mortgage would require.

[/quote]

You might check your FICO score to see how you stack up. Credit history is important, but I got my first mortgage from a score based on using my visa responsibly for 7 years.

You could get a mortgage for less than 20%. Scotia is the worst for this…they give out 0% mortgages at higher interest rates, and also have a 5% downpayment program where they lend you back your downpayment (!?!). They couldn’t care less if you default, because as you mentioned you’re paying mortgage insurance every month, which absolves them if you default…[/quote]

Even if I could qualify (and any bank that would qualify me is insane) I wouldn’t want to put myself at that big a risk of defaulting on payments. I have about 9000 dollars saved right now. Like I said I need between 6 and 15 months to make this number respectable (between 20 and 35 thousand).

I’m sure my FICO is high as I can have made it, that I’ve never carried a balance over the past 4 years. But there are thousands of people out there who have proven just because you can qualify for a mortgage doesn’t mean you should have one.

Besides I’d buy this house as a rental property and an mortgage insured home at 0-5% down would require astronomical rent to break even.