Financial questions

[AniJan]

Ever since we've decided to move to California, I sensed there'd be some financial problems ahead. I'm aware of what job my dad'll be getting in California, which is as a civil engineer for the government, and I'm also aware of the salary. Lower than what he used to make before.

 

He took a plane trip to California before us to work and stuff. He also rented an apartment. Beforehand, he had also bought a house that was almost 400k. He paid it with a loan.

 

And now, he flown back to Illinois so me and my mom and him can drive all the way to California.

 

So with everything we have to do, I'm worried about how we'll do financially. Like really worried.

 

How'll my dad pay off the loan with his comparably low salary?

 

How'll we live our life?

 

 

 

 

[TheKDub]

I'm sure your parents will figure it out. If they weren't going to be able to handle it, it probably wouldn't be happening.

[BlueChinchillaEatingDorito]

Come to Vancouver and you'll be looking at over a million for an average house. Renting is over 1k a month. $400k to pay off with an Engineering job with the Government? I have faith. Me hoping to start a family with a maybe 60k entry level job? I'll keep dreaming... or move to Calgary.

[PokeITSolutions]

Greetings mate

 

Personally i would recommend having a word with your old man for the simple reason he would apreachiat(sorry for spelling) your consirns as well i am sure as a engeneer he already has a plan in place for everything hell even if he does not talking will get things moving and who knows maybe that will not only help him but help yourself as well

 

Just imagin your already stessing now think of how he must be stressing as well

[19_blackie_73]

i mean it all depends on your living style, but I'm pretty sure he makes enough money that he and you and your mom can live with it. at least if he is a somewhat senseable person who doesn't dump money on every sh**, you shouldn't get in any trouble. It's quite a big undertaking to go from Illinois to california, so I think he might have thought about that a long time.

[Froody129]

It's not like the government is going anywhere, (unless NK decides to nuke the US, but then it won't be an issue anyway). If I were you I'd just be logical in what you can spend. Like don't go and ask your parents for a $2k laptop if you know they're struggling. Otherwise, it's their money, not yours. Let them manage it

[AniJan]

3 hours ago, Froody129 said:

It's not like the government is going anywhere, (unless NK decides to nuke the US, but then it won't be an issue anyway). If I were you I'd just be logical in what you can spend. Like don't go and ask your parents for a $2k laptop if you know they're struggling. Otherwise, it's their money, not yours. Let them manage it

Of course. 

I've always been a bit self conscious whenever my parents buy me something expensive. So I doubt I'll ask for anything over the limit.

[BuckGup]

8 hours ago, BlueChinchillaEatingDorito said:

Come to Vancouver and you'll be looking at over a million for an average house. Renting is over 1k a month. $400k to pay off with an Engineering job with the Government? I have faith. Me hoping to start a family with a maybe 60k entry level job? I'll keep dreaming... or move to Calgary.

Try NYC. Average apartments are $60,000/month and high end ones are in the millions/month.

[AniJan]

8 hours ago, BlueChinchillaEatingDorito said:

Come to Vancouver and you'll be looking at over a million for an average house. Renting is over 1k a month. $400k to pay off with an Engineering job with the Government? I have faith. Me hoping to start a family with a maybe 60k entry level job? I'll keep dreaming... or move to Calgary.

But how can someone pay something so high with a salary lower than 100k?

[DisguisedDemise]

Renting in my area sucks, you want a 2 bedroom house with like NOTHING IN IT and the garden was used for drug dealings. No problem thats 1.5 grand a month A MONTH 

[sgzUk74r3T3BCGmRJ]

?

[Yoinkerman]

A 400k mortgage is like 50-60k min for earnings.  Less with down payment.

 

Don't be a cock about financial things and start trying to support yourself if it bothers you.  Even a meagre part time income will greatly lighten your parents burden.

[Donut417]

22 hours ago, AniJan said:

Ever since we've decided to move to California, I sensed there'd be some financial problems ahead. I'm aware of what job my dad'll be getting in California, which is as a civil engineer for the government, and I'm also aware of the salary. Lower than what he used to make before.

 

He took a plane trip to California before us to work and stuff. He also rented an apartment. Beforehand, he had also bought a house that was almost 400k. He paid it with a loan.

 

And now, he flown back to Illinois so me and my mom and him can drive all the way to California.

 

So with everything we have to do, I'm worried about how we'll do financially. Like really worried.

 

How'll my dad pay off the loan with his comparably low salary?

 

How'll we live our life?

 

 

 

 

How do us student pay off 60k in student loan debt? You just do. You put on your big boy pants and learn to budget. Also depending on your age, you could go out and get a job. Help them out a little. Just saying. Many Americans wonder the same thing each day. 

 

I live with my parents myself, but I have employment and I pay the water bill, buy dinner, buy my own food at times. I also act as my mom's chauffeur as she doesnt have a license. If your willing to help, Im sure they will appericate it.  

[yathis]

23 hours ago, AniJan said:

Ever since we've decided to move to California, I sensed there'd be some financial problems ahead. I'm aware of what job my dad'll be getting in California, which is as a civil engineer for the government, and I'm also aware of the salary. Lower than what he used to make before. California is an expensive place to live

 

He took a plane trip to California before us to work and stuff. He also rented an apartment. Beforehand, he had also bought a house that was almost 400k. He paid it with a loan. You mean a mortgage.

 

And now, he flown back to Illinois so me and my mom and him can drive all the way to California. Should be a nice drive, I tend to pound the first leg out in 20 hours flat.

 

So with everything we have to do, I'm worried about how we'll do financially. Like really worried. You dont have to worry about nothing, thats your parents job. All you have to do is do what they tell you to do, chores, garbage, cleaning, laundry.

 

How'll my dad pay off the loan with his comparably low salary? Mortgages are long term, 25 years, not sure what the current rates are, who knows what your dads credit rating is. Could be 3% could be 5% depends on many factors, like type of mortgage, term of mortgage, amount of down payment, and more factors.

 

How'll we live our life? You have to watch what you spend, have a budget. Doubt it will change at all.

 

 

 

 

This is what I figure for a mortgage, at nominal good credit rating numbers. For every $100K you need to pay $550/month. So a house of $400K is $2200/month. Now there are ways to get extra income, I once saw a house that was split up into a basement and main level, and had 8 rooms. I pulled the registry of the address and confirmed who mortgaged it. With his 8 rooms the minimum rent was $500/month, so he was making $4K/month, and lying on his taxes no doubt. He was also breaking city bylaw codes. So your parents could rent out a room or two in the basement and right there that would pay off 1/4 to 1/2 the mortgage every month. Yes I see many families do this to get by and pay their bills.

You could start mowing lawns for $25 each, and hope their are some richie rich neighborhoods nearby. This can help you save up for a truck, and a license, insurance, gas, then you can expand your customer base region, and do more work. Landscaping is easy, fences, roofing, siding, concrete, windows/doors, gutters all very easy to do. You just need the cash to get going. Even at 18 years old you could start doing it, after you work for a little bit of time in each skillset. Some area's are gravy train money, its just hard to get the customers, so you need to start honing your salesman/saleswoman skills. Gotta learn the gift of the gab. This kind of extra income can help with your parents paying the bills.