A friend of mine bought a '65 Shelby GT350 in great shape from some 16 year old kid that didn't know what it was, the first thing this kid did when he got it was cut the dash to put a radio and speakers in it and drove it 18 miles then decided he didn't like the car so he sold it to my friend for $12,000. a week after he got the car, at a car wash a guy offerd him $40,000 for it and he said no.

 

im going to be 21 soon. i live at home, run my own small business, bring in about 1100 per week, sometimes more, sometimes less. i have a pretty sweet truck, and a pretty sweet 4wheeler, a decent snowmobile, quite a bit of equipment for my work. my problem is, i dont run my business in the winter, so if i dont find a job- i have no income for 4 months out of the year. so for me its save, save, save, all summer.

dont take forganted the situation you are in. you are better off than me, and alot of other people here. you have 15G's in the bank, plus a house, i only have 2g's to my name and live at home.

if i were you the $8,000 snowmobile would be payed off, leaving you $7,000 in the bank yet, AND saving you a buttload of interest! trust me i know the interest on toys can be pretty high.

then if you really still wanted a toy id wait a year or two. youve just recently gotten a house, just wait til youve gotten use to living on your own. take things one at a time, or you might just get really stressed out.

 

Oops, forgot to mention that the house I am in is my parents new house haha. I wish I could buy a house.

 

Open up a Roth IRA and max it out for this year. As for the rest, look into CDs, money market, savings accounts, etc. to find the best interest rate, liquidity, and risk that you want. You NEED at least 3 months but SHOULD have at least 6 months of expenses in your Emergency fund. If you blow all the money on vehicles you are dumb. Plain and simple. I've done it and regretted it.

When the time comes, put 20% down on a house to avoid paying PMI, which is throwing away ~$60? a month. You could get 2 mortgages, but I think that is no good as you will pay a higher interest rate on the second.

You do have good medical coverage and insurance coverage, right?

The only difference between rich people and wealthy people:
Rich people make a lot of money.
Wealthy people spend less than they earn.

You do not have to be rich to be wealthy.

For the other poster that can't seem to get ahead, spend less than you earn. If you are in debt, get a second job and/or cut back on your expenses. Simple math. Here's some info I got from Clark Howard forums:

 

Things You Don’t Have to Pay For:

1. Storage lockers. You’ve got too much stuff. Sell something and make room at home.
2. Health club membership. Walk somewhere.
3. Cable, especially the premium stuff. Remember bunny ears?
4. Cigarettes. They’re really expensive.
5. Cell phones.
6. A home phone if you pay less for a cell phone.
7. Telephone extras.
8. A second phone line for the computer. Callwave is cheap and works fine. www.callwave.com.
9. A checking account. Find a free one.
10. Extended warranties. They’re overpriced and seldom used.
11. Insurance you don’t need. If you’ve got no dependents, you don’t need life or accidental death insurance.
12. Internet. Free at the library
13. Magazine subscriptions. Free at the library.
14. Video rentals. Free at the library.
15. Trash removal. DIY.
16. Lawn service. DIY.
17. Soda. Water is better for you and free.
18. Pets. Get one from the shelter. It saves a life and discourages puppy mills.
19. Pets. No pets means no pet expenses.
20. Batteries for the remote. What else are kids good for?
21. Gas logs. Might as well burn money.
22. Ice. Fill jugs and bags with water and freeze them.
23. An extra car. Car rentals are $20-30 per day and are cheaper than keeping an extra car.

Things You Could Pay Less For:

Miscellaneous,

1. Internet shopping. Always check eBay before buying anything small in size. Example - computer printer cable: $25 in store; $5-$7 on eBay after shipping.
2. Internet shopping. Do price comparisons online. Check www.dealtime.com, www.pricegrabber.com, www.mysimon.com for the best deals.
3. Internet shopping. Check for coupons for online retailers at www.coolsavings.com, www.dealofday.com, www.dealhunting.com and www.flamingoworld.com.
4. If it’s non-perishable and on sale, buy it in bulk.
5. It’s probably cheaper at the dollar store.
6. Buy used. A used CD sounds as good as a new one.
7. Yard sales can yield great deals, especially the ones in wealthy areas.
8. Layaway still isn’t a bad idea if you can’t pay for it all now.
9. Postage. Use media mail over 1st class priority for printed material and CD's.
10. Postage. You can generally buy US postage from stamp dealers below face on E-bay and through certain dealers. See Linn's Stamp News.
11. Postage. Pay bills online and save a stamp.
12. Paper towels. Use dishtowels. They’re reusable.
13. Dishtowels. Use shop towels.
14. Shop towels. Use old clothes rags.
15. Dry-cleaning. Try Dryel.
16. Reuse freezer bags if they’re not yucky.
17. Services. Trade services with a neighbor
18. If the library doesn’t have your favorite magazine, donate a subscription to them and tax a tax deduction.
19. Internet. Try http://www.access4less.net $5.95 per month. And it works fine. NetZero and Juno are still free for 10hrs per month each.
20. Library. If your library doesn’t have it check those at a college, nearby towns
21. High schools can be a source of free labor for all sorts of things if they have any “trade” classes, like welding, construction, agriculture, cosmetology, woodworking, etc. Check it out.

Automotive,

22. Run a car until the wheels fall off.
23. Always have a used car inspected by a certified mechanic.
24. Avoid popular models - you will pay more.
25. Buy a used car - 4-5 years old. What you save will easily cover repairs.
26. Buy cars that are in the last 2-3 years of production. Generally, the bugs in the model are worked out and the buyers are tired of them.
27. Car rentals are $20-30 per day and are cheaper than keeping an extra car.
28. Car rentals are more economical on long trips over a short period of time. I.e., it is cheaper to rent a car to drive 1000 miles over a long weekend than to use your own vehicle.
29. Never lease - it is usually not a good deal.
30. Public transportation can be cheaper, but not always.
31. Walking is cheaper than driving on short distances.
32. Buy gas at the coolest parts of the day – it’s more condensed so you get more gas for your buck.
33. If you have an old junker, your local high school transportation department can use it to learn on and may fix it up for you for free.

Beauty and Clothes,

34. As men's fashions rarely change, buy in bulk when you find a bargain.
35. Burlington Brands (not the Coat Factory) and JC Penney's outlet are the best stores for cheap bargains.
36. Goodwill is one of the best sources for designer women's clothing ... and unworn men's shoes. Most of the women's clothing has not been worn.
37. Goodwill has a "frequent shoppers" program.
38. Shop for winter and summer clothes at the end of the season.
39. Try thrift stores, it's kinda fun.
40. Yard sales are a great source of kids’ clothes.
41. Learn how to mend.
42. Look for REAL outlet stores - that is where the real bargains reside!
43. Running shoes. Last year’s style could save you 50%.
44. Check out cosmetology schools for cheap haircuts. The teacher is standing right there to make sure you don't end up with a mohawk. Not the best cut in the world but for $1 . . .

Education,

45. HS sophomores and juniors can generally take summer classes at universities, sometimes for free. It gives you a head start when you get to the university.
46. In some states (like Ohio), your HS Senior can attend the local public university at the local school district's expense. The LSDs do not advertise this.
47. Scholarships - often there for the asking.
48. You are paying the professor's salary. Make sure that you have access to them.

Entertainment,

49. Cultural events at colleges and universities are cheap.
50. Use the city parks - you are paying for them.
51. HS and small college sports are GREAT deals
52. Go to the matinee instead of the night movies.
53. Check out the minor league games.
54. Most major university sporting events are FREE or very cheap (except for college football and basketball).
55. If you go to a movie rental place that guarantees the movie is in stock, check ALL the movies to see if any aren’t in. If it’s not, you can get a rain check for it. You may not be willing to spend money to rent it, but what if it’s free?
56. See if there’s a dollar theatre in your area.

Food and Groceries,

57. Generic won’t kill you.
58. Cook from scratch.
59. Eliminate convenience food. You can make gallons of soup for the cost of a couple of cans.
60. Find non-union grocery stores - they are a lot cheaper.
61. Freeze and can fresh vegetables when they are in season.
62. Gardening is cheaper - and good exercise.
63. Shop Farmer's markets at the end of the day when they are ready to go home.
64. Use reusable water bottles filled with tap water instead of buying water.
65. Brew your own beer.
66. Premium beer. Is it that much better?
67. Cat litter. The cat won’t care. Check out the feed store for bulk prices.
68. Dinner. If you’re desperate to eat out, make dinner, take it outside and have a picnic.
69. Lunch. Brown bag it.
70. Buy meat in bulk and freeze it in smaller packages.
71. Less tender cuts of meat are cheaper, can be cooked longer and have more flavor.
72. Buy soda at the store, not from the machine at work.
73. Generic soda won’t kill you.
74. Always look at price per oz when comparing items.
75. Shop at ALDI if possible. Not much variety, but super cheap.
76. Real dishes keep you from having to buy paper plates.

Home Décor, Landscaping, Furnishings and Appliances,

77. Make your own curtains.
78. Shop for second hand home furnishings. A year-old couch costs 20% of a new one.
79. If you need a new appliance, check for scratch and dent stores. A few scratches can mean half-price.
80. Check your high school art department for leftover thingamabobs that kids made and forgot to pick up. It won't always look the best but it always adds "character" to an outside area.
81. Check if your high school has an agriculture dept. By developing a relationship with the ag teacher, sometimes you can get a "trade agreement" whereby you provide some plant clippings the students need and you can get plants/clippings of something you need.

 

Housing,

82. Buy the size of house you need, not the largest house that you can afford.
83. Learn how to fix your home.

Insurance,

84. Insurance and taxes are cheaper on older cars.
85. Raise your insurance deductibles.
86. If you live with someone, ask the ins. co. to give you the married discount.
87. Check Directquote or quotesmith to make sure you’re not paying too much for life insurance.
Kids
88. Instead of paying fees for them to participate in city league sports, form your own weekend games with other parents and kids.
89. Instead of spending money on kids, don’t have any.

Medical,

90. Buy prescriptions in either Mexico or Canada.
91. Buy the store brand - often made by the same mfg.
92. Exercise causes long-term savings.
93. Question whether procedures are necessary. Have the doctor provide you with all results.
94. Talk with your doctor regarding your medications. Sometimes, it is better to buy 50mg tablets and split them into half.

Taxes,

95. Max out on your 401(k).
96. Max out your Roth.
97. Take advantage of Flexible spending accounts and other opportunities to reduce taxes.
98. Reduce your tax withholding and save up for any taxes you may owe at the end of the year in an interest bearing account. That way, you make money off your money, not the g’vt.

Travel,

99. Join all of the airline FF Clubs. However, always choose a lower fare over FF miles.
100. Always BYO drinks and food on the flights. You will save money over the airport food and know that you will have real food on the flight.
101. Avoid Sunday nights, Monday mornings, and Thursday and Friday nights.
102. Don't take the insurance if you are sure that your own insurance covers it.
103. Priceline.com is the cheapest source of hotel rooms, if your plans will not change.
104. Except for Las Vegas and Reno where individual websites are cheaper.
105. For flights, check alternative dates, airports, and look at all of the travel websites
106. Travel on Saturdays, Tuesdays, and Wednesdays.

Utilities,

107. Dry two loads at once to save energy.
108. Get a programmable thermostat.
109. Turn down the heat and wear a sweater.
110. Get a clothes rack to dry things like sweats.
111. Insulation is cheaper than heating an uninsulated house.
112. Use shades to keep room cool in summer, warmer in winter.
113. When then times comes to get a new washer, get a front loader – it saves water and energy.
114. The microwave uses less energy than an oven
115. Washing dishes by hand uses less electricity than a dishwasher

Ways to Actively Make Money,

1. Clip coupons from the paper.
2. Kroger doubles coupons and offers online coupons and web bucks. See www.kroger.com.
3. Get coupons online at www.nesteggz.com and www.coupons.com.
4. Use a rebate credit card and pay it off every month.
5. If you have the money to pay, use 0% financing and keep your money in an interest-bearing account.
6. Get a second job.

An Ounce of Prevention is Worth a Pound of Cure.
Don’t skimp on:

1. Healthcare
2. Car maintenance
3. Nutritious food
4. Education: If you think education is expensive, try ignorance
5. Birth control. It’s cheaper than kids.

Etc.

1. Learn that instant gratification comes with a price and that you are far better off saving and paying cash. Your hard-earned money will go much farther.
2. How to save: Pay yourself first.
3. You should never finance a depreciating asset that includes a car. The only thing you should likely ever finance is your home or other real estate.
4. Fixing your car is cheaper than financing a new one. Don't kid yourself.
5. If you have consumer debt, make the minimum payments on everything but the highest rate debt. Pay all you can on that until you get it paid off and then go to the next.
6. Don't pay for stuff that you can find for free.
7. Anyone can just look at what they spend for anything and ask if it's necessary or can it be had cheaper.
8. If you’re not willing to break a bill larger than a $1 to buy it, don’t buy it. If you do, take all the $1 in change and save them.
9. Get in touch with nature. Urban life is expensive.

 

"Oops, forgot to mention that the house I am in is my parents new house haha. I wish I could buy a house."

Don't buy the 'stang or the sled until you have a house, man. Real estate is an investment, the other two are luxuries. Seriously. Buy a house. You should be able to get something nice with a $20k down payment.

 

im the user who cant get ahead of my bills.

i might sell the snowmobile, my goal is to pay off the four wheeler this year.

my bills i MUST HAVE- truck-525, stump grinder- 170, cell phone- 45/month ( business ) truck isurance-200/month, gas for truck @260/month need
internet for directions so another 21+24=45, my ad in the paper-100/month,

so theres almost 1400 a month right there- PLUS i had to buy a new chainsaw, tires for my trailer, cell phone, pay a hospital bill, im going to need new tires for my truck this month, gotta pay taxes next week, by this time next week ill have spent $ 3,200 dollars just towards my business. thankfully i can write most of it off. oh yeah, 3200 + ill probably be sending in 1200-1400 to the tax agency. so this might be a 4600 dollar month for me

BLAHHHHHHHHHHHH i need to win the lottery

 

Hopefully your own business isn't a depreciating 'asset'. Going into a little debt early on to finance a sucessful business isn't dumb. The items you listed are not unexpected events and could be planned for and should be built into your budget. You should have been (or maybe you were?) saving (preparing) accordingly. Keep up the hard work and keep your eye on the bottom line. I've never run my own business but I know things can be tight, especially in the beginning.

 

Hmmm, lets see... 19 living at home making 2k a month take home? Sounds like it is time for a UHAUL and a stack of boxes.
Why dont you take your 15k and invest in a home for yourself. In the long run the house will be a better investment than a stang.

 

Well, to be honest I don't think I want a house of my own right now. I'm only 19 and would be pretty lonely and I've never lived on my own before. I don't think I'd want a house until I'm atleast 23-24ish. My sister is 23 and just got her house, she was living at home the whole time.

 

A house is indeed a great responsibility, so don't be afraid to wait a few years, there's no rush.

 

Yeah, us fellers in the ag shop are always lookin for a job to do!!!

This past year we cleaned up several yards after an ice storm and the FFA got some real good donations and publicity. We also welded up some racks for people, fixed a trailer, fixed a Toyota truck's upper control arm and several other smaller things, like hiding a Mustang from the Cops after one of the boys did a burnout up the road.

In electrical shop, we wired up a shed for a parent of one of the gals there, the cost: materials. Payment: a fairly new go-kart with shredded tires.

Most school auto shops will fix cars for free but will charge for cost of parts and a "sizable" donation to the shop, but that is still cheaper than letting a dealer look at it.

Lots of things can help you out.

 

I wish I was under 30.

 

First of all, wow you are lucky...19 and $2k a month.
I am 19, and I only rake in a cool $500 a month.
I live at home like you do. I would LOVE to move out on my own (maybe with a roommate, to split costs) but financially I can't.
College pretty much cleaned me out of all my savings. If I had that kind of money, I would invest in real estate...maybe not a house, but at least a piece of property. I would say forget the snowmobile...but as far as the stang, I myself know how classic vehicles are. I just finished paying off a '69 GMC 3/4 ton 4x4 that is my other project vehicle.