Why is it that EVERYONE finds it necessary to tell me how I shouldn't be renting anymore and I should be buying a place??!! People I barely know (and some that I do know) are constantly saying, "You're throwing money away. You need to buy a condo." In the last couple of days FOUR people have said something similar to me!!
Okay, first of all, I understand that paying rent is viewed by some as "throwing money away." I am knowledgeable about how mortgages, buying houses, and building equity works. I know that I am not building any equity up by paying rent. I know that I would be better off, in the long run, buying instead of renting. However, I'm not exactly to the point in my life where I can just plan for the "long term" rather than living now, based on what I can do and afford now.
However, what these people fail to realize is the following:
1. I have debt. Lots of it. Lots and lots of it, in fact. This means I spend a considerable amount of my monthly income PAYING that debt. Let's put it this way, if my student loan balance was was savings instead of debt, I could buy a very nice house in cash. A very very nice house. In cash.
2. I do not have any money in the bank. I don't have any investment accounts, save my retirement account which has all of about $200 in it, given that I've only had it for a few months. If someone asked me how much money I had in my savings account, I would laugh. I do not have a savings account and haven't had once since I graduated high school.
3. I have decided that I want to live in a certain area, and that area is wildly expensive. It costs a lot to live here, and I don't want to move 45 minutes away just because I can afford a mortgage payment out there.
4. Contrary to popular belief, I don't really want to buy a condo. I'm not dogging anyone who does, I just don't want to have to spend a significant amount of money on a place where I share walls and celings with other people. I would prefer a house, and houses are generally more expensive than condos.
5. I like my apartment!
6. It's none of their damn business what I do with my money! No one tells me, "You know, you'd really be better off buying your clothes at Goodwill than at the Gap. You're throwing money away by buying clothes at the Gap." Why do people think it's okay to question how you spend your money when it comes to certain areas? I feel like telling them, "You know what, you're right. Although, I'm going to need several extra hundred dollars a month to do that. Can you help me out there?"
**END RANT**
-ry