THE housing market can be an overwhelming topic of conversation these days, and even those earning a salary are struggling to pay their bills.
One pharmacist living in St. Louis feels the declining economy has made it impossible to save for a home — despite making $100,000 a year.
The 26-year-old revealed he takes home around $5,600 a month and pays $850 in rent, which he shares with his girlfriend, Marketwatch reported.
And he has about $25,000 in his savings account set aside for emergencies.
The pharmacist owed $148,000 in student loans and paid $4,000 in monthly payments.
But he wants to be a home to himself and is considering lowering his student loan payment schedule to $2,000 a month.
The pharmacist asked, “At this point, instead of worrying about saving for a house, should I continue renting and just keep investing $4,000?” [a] month in credit ’til they’re gone?”
He said, “Most of my friends and family say ‘I’m rich’ because I’m in the six figures, but with all the debt and not having money to build a house, I don’t feel that way.”
Landmark Wealth Management’s Joe Favorito suggested “gearing your savings towards home ownership.”
He said: “While renting is something that could allow you to live on a cash-flow positive basis, if your goal is to get married and start a family, owning your own home is a much more practical solution.”
And Eric Figueroa of Hesperian Wealth said: “Furthermore, with such positive cash flow, it might be worth considering refinancing your student loans.”
More than 90 percent of working Americans now have part-time jobs that earn them extra money, a study has found.
The survey, conducted by insurers, found that 50 percent of those who reported having outside jobs were women and 49 percent were men.
Over 1,000 part-time and full-time workers were asked a series of questions, including the types of side hustles, how many they have and why they want extra money.
It was reported that men made $596 extra per month while women earned $378.
38 percent of respondents have a part-time job, while 20 percent said they work three or more jobs to make ends meet.
A social media influencer has unveiled six websites that entrepreneurs can try to use to increase their monthly income.
And a college graduate revealed her side hustle made her $15 million by helping solve a common hair problem.
https://www.the-sun.com/lifestyle/5763019/pharmacist-not-buy-home-money-saving-mortgage/ I’m a pharmacist, 26, making $100,000 a year in St. Louis, but I can’t afford to buy a house – what should I do?