What can I afford with my salary?

Just finished my enlistment in the Marine Corps. I currently have about twenty five thousand dollars in my bank account. I have excellent credit, no debt. No car. And currently make about Fifty five thousand dollars a year in my job. I am also 21 and a half. And also single.

What I want:

A 3 bedroom house. ( Mortgage of course )

A nice car, (new 2011 mustang gt) :]

Currently live in suburban new york, so living is quite affordable.

Could I afford these nice things on what I currently have? And still have money left over?

Or should I just get a apartment?

2 Answers

Relevance
  • 9 years ago
    Best Answer

    Keep the money in the bank for starters. They want to know you can handle money before they give you any. So you have that part covered.

    Next get the house. But get a 'starter home' as they call them. Something you can update, but not too much, then sell in a few short years, to upgrade.That'll give you a good right off at the end of the year on your taxes.

    You don't need a new car right away. Stay small and inexpensive for awhile there too

    Then go after the NEW car.

    But just the same, with your income and the amount you have in the bank you could have it all right now. But better safe than sorry, at your young age.

  • jon
    Lv 4
    9 years ago

    i would get an apartment until you can pay your car off or get into a relationship where you want to move in with the girl. then get a house.

Still have questions? Get your answers by asking now.