Finance and Economics > Investing and Saving

Need Advice

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Marcus:
I am 24 and single.  I have am starting a solid job where I will be netting about 36K per year before expenses.  I have no real assets aside from my truck which I own outright and some savings in the bank.  I am currently renting, but I am looking for some land to build a home on, and I have a few options.  Essentially I am an economic blank slate and I need some advice.  If you have any please pm me.   

BigDanInTX:
Marcus, I removed your double post in the other thread, but I will try to address your question there as well.

You are WAAAAAY ahead of the curve just because you're considering these things so young.

If you are not in debt, STAY THAT WAY!  By debt, I mean credit cards and such.  Home/Land mortgage debt and car loans are a necessary evil in many instances, but if you have credit card debt, priority number one is to pay it off.  Then, make sure to only use credit cards in emergencies and pay them off right away.  Otherwise, you're tieing down your money for a long time and getting nothing out of it.

Once you're out of debt, start squirreling away some money for use on that proverbial rainy day.  Pay yourself first!  Consider a purchase of a little silver each week to have some reserves in case banks go down/close/etc.

As you are in the Boston area (according to your IP address), I'm not sure what the laws are for gun ownership, but I would strongly suggest you exercise your right to bear arms.  If you are familiar with guns, make sure you own at least one.  Right now, we're not sure how aggressive Obama and the new Congress will be, so be sure to get one before the timer expires on the 20th.  If you are not familiar, take a firearms safety course to become familiar with not only the firearm, but general safety as well.

When it comes to finding a place to live, you need to do alot of research.  For me, it started with looking at a map of my state.  There's a definite line between the green areas and the brown areas.  Obviously, the green areas have more water available in the ground, making it good for growing and a plentiful water supply.  Then, I narrowed it down by where I'm living now.  I wanted it close enough to make a day trip, but far enough so it really is a getaway.  You have to prioritize your needs.  How big of a lot do you need?  Do you want some thick copses for wildlife to find refuge?  Do you need a natural water supply?  Do you need to put in a well?  Do you want access to electric?  There are just too many things to consider.

My best advice is to troll around these forums.  There's TONS of great advice and maybe you'll be inspired based on a post or two.

Welcome to the forums, good luck, and keep us in the loop as to your progress.  =-]

Ultio1:
I would look into some land. It can be had for cheap these days. I am talking about buying 1 to 5 acres and not going into debt to do it. It will probably be a stretch for a few months and then everything is back to normal, but you own land you could live and produce food on if you had to. Even if its in a tent. Nail that down before you get a car loan, mortgage, 2.3 kids etc etc. and you will have it made in the shade my man. Check out what Haldo, a member on this forum,  got for $2500!!! That included the trailer!

http://thesurvivalpodcast.com/forum/index.php?topic=1548.0

Stein:
First rule is learn from other's pain.

I follow the Dave Ramsey plan - it is basically common sense in a book form.  If you look at his website or borrow the book from the library, it would tell you to:

Save 3-6 months of expenses in a cash account like a savings account, then
Save a 10-20% (up to 100% if you can) down payment for a house if that is what you are shooting for (otherwise skip), then
Save 15% of your gross income (whatever floats your boat in terms of investments)
Save for college if you have kids
Pay off the house if you have one

There is also a bunch of material on how to develop simple budgets and the necessity of living on less than you make.  That's about it.  Obviously, the more you save the sooner and wider the options you have.  With a paid for house and tons of money in the bank you can do nothing or anything.

He also has a 3 hour radio show every day where tons of people call in.  It is entertaining and informative and free (on the internet and through local AM stations).

www.daveramsey.com

Marcus:
Thanks for the help guys.

BigDanInTX my wireless card must have fooled you.  I am actually in a small town called Petersburg up here in SE Alaska.  As for firearms training I am an avid shooter.  I received additional training in Glynco GA while attending a LE academy to become an Officer with the Forest Service.

With regards to the land my options were/are between two vacant lots.  Lot 1- 1 acre 8 mi out of town with a sistern and sceptic tank already installed.  This lot has a great view and water access, but costs 85K.   Lot 2-The other lot I am am looking at is in town on city water/sewage, 150ft x 100ft and is located on higher ground on my little island, and is selling for 15K.  I am leaning towards the lot in town due in large part to the fact that I could own the lot and the eventual building on it free and clear within five years.  I do value having a bug-out location, but I think that I could find something a little cheaper than 85k per acre, and I would have the finances to do that after the first lot was paid for an I have increased my savings.  So that is where I am at right now.  Any input is welcomed.   

P.S Does anyone know of some good prefab buildings they would recommend?

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