If you had $20,000 at 18, what would you do?

[Anonymous]

[BoopBoopBeep]

Good one if you don't mind living with people. I have had good and bad experiences with living with others, so your mileage may vary. When I was 18 I bought a gently used car for 10k and threw the rest of my money into a spx index fund while I learned how to invest better. worked out pretty well for me. Think I had a little shy of 17k at the time.

[jamesgoldman]

I had a few grand from an insurance payout at that age

I threw most of it into my business after that I paid off a loan, bought some gold, Christmas presents and blew the other couple of hundred

[Anonymous]

Either buy a property or send it to @boobslayer because my manliness is something I can rely on and not just whim. It's clear I could not make more sense. To those who judge this fact with ease - this virile force can never be ceased.

[Asker]

Man, I don’t know what the fuck you just said little man! But it’s special. You reached out and you touched my heart.

[jennifer_bloom]

Go to school, get tutors or a gym membership, buy a used car

[Asker]

What do you think about putting a 3.5 FHA loan down payment on a $500,000 home only taking $17,500 of that money from the $20,000 and then getting 2 roommates to pay $1000.00 of rent each month with the payment being $1325.00

[jennifer_bloom]

I know people who have attempted to pay off mortgages with roommates. One woman got the house in a divorce and renovated the home with separate locks and washrooms and than rented out her mansion to 8 families to pay off her mortgage while living in a spare room herself. Most people don’t have that option.

[mommymommymommy]

I'd wonder where i got that kind of money at that age

[Asker]

Huh?

[mommymommymommy]

How did you get 20,000 at 18

[Asker]

I got in a terrible car accident in 2015, the insurance company tried to lie to ours / usaa and we had to get lawyers involved. There were people at that wreck to had our back saying it was a red light as well as city cameras and I got $20,000 out of that. It’s still in a cd.

[mommymommymommy]

Were you speeding?

[Asker]

No the f-150 hit us. It was the women’s fault. She ran a red light and hit us while we had the green light to go.

[mommymommymommy]

Ah, i see

[Asker]

Do you have any recommendations of what I should do with it? It has some things I legally can’t use it for like buying a Rolex or anything like that. It’s pretty limited to stuff I need like rent, down payments on a house, paying off hospital bills, buying a car to get around, food, water, and all that stuff.

[mommymommymommy]

It's insurance money, they just want to know you're using it for stuff that keeps you alive. A rolex doesn't keep you alive, though nice

If you need to pay off debts/bills, those would be first

[Asker]

What if you’re in no debt at all

[mommymommymommy]

Then pay your bills

[Asker]

What do you think about taking a 3.5% FHA loan and buying a $500,000 house with that for $17,500 of the $20,000. After that getting 1-2 roommates and charging them $1000.00 each per month of rent thus paying the rent each month as well as giving me the money I need for electricity, water, and house maintenance while I work for food, anything else I need, and saving money for potential accidents with a home and anything else.

[mommymommymommy]

Nah!

[barn_stormer]

invest it in a US index fund

[Asker]

What do you think about putting a 3.5 FHA loan down payment on a $500,000 home only taking $17,500 of that money from the $20,000 and then getting 2 roommates to pay $1000.00 of rent each month with the payment being $1325.00

[barn_stormer]

why would the roommates pay so much rent? 1000 seems too high

[Asker]

The average price for rent in the Missoula Montana, U. S is $1095 - $1,550 and the average in the U. S is around $1,702 per month

[Asker]

It’s also depends on if there is 1 or more people there to split the rent or not as well as fees for electricity and more fees for more people renting in the home.

[barn_stormer]

Then good luck with you endeavours!

[Asker]

Just curious, if you were charging rent to someone what do you think a fair rent charge would be?

[barn_stormer]

I would just rent out the whole house for maybe 2500

[Asker]

Yeah that’s really smart! But I would need a place to stay. So with me living there and owning the house and leasing it out to 1-3 friends. What would you think would be a fair price?

[barn_stormer]

one bad thing is you'd be sharing the bathroom and kitchen so you would have to charge less. maybe 800 per person. 3 people 2400 is still more than your payment

[Asker]

That’s a smart idea too. I appreciate it man. $800 might also get more people attention with it looking cheaper. Thanks

[barn_stormer]

good luck!

[inhua]

buy shares

[MementoMori777]

invest it