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denim-
Simple question: I'm recently out of debt.
I've been thinking about getting a new car, using an up-coming bonus as either a downpayment or as the whole thing, depending on how much it turns out to be, but now I'm thinking it'd be better to get a used car and make a start on a cushion for buying a house.
I'm about to start a new lease at just over $800/month on my apartment, which is what gets me thinking this way. A coworker suggested I could go for a no-money-down mortgage, as a first-time buyer, but I don't feel I have enough cash in the bank just in case my job goes away or some other kind of nasty thing happens.
So far, I have a few grand in investments, a few grand in the bank, and some retirement investments, which I refuse to touch if I can avoid it. It makes more sense to me to go for the new lease renewal and just save like crazy this coming year. What say you? And thanks!
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denim:
First of all, let me congratulate you on being debt-free. (Wow... I think I am sounding more and more like infomercials everday now...)
Secondly, you are very wise to not touch those retirement investments. You didn't say where they are or what they offer, but you hit the nail on the head by leaving them alone.
As to your question, it is difficult to answer without knowing the amount of the bonus, the payments that your are willing to make on a mortgage, and if your rent is only yours or if you are married, or have roomates, etc.
If you would be able to post a response, I would be able to answer you much more accurately. Sorry for the delay, but I want to do my best to not post any bad information. I would be horrified if someone took my advice and I was completely wrong due to lack of info.
Thanks for Posting