I need some oppinions

I am 24 with a wife and son on the way. I am currently looking to start my family. To me this includes house(future) truck and boat(closer than house). I currently have a 98 sable and a 99 svt contour which I still owe on and is not currently running. I want to either get the contour running so wifey can pimp the sable, or trade one car in on a vehicle that can tow. I have acess to a boat, but on a limited basis. wifey really wants a baby suv, i.e. Jeep cherokee or liberty. The boat is a 21 foot i/o v8. bout 3500 lbs. I want a tundra or f150. Because I don't have my own boat, does it seem waste full to get a full size gas guzzler if I am not doing alot of towing? Should I skip the baby suv so I can tow comfortably? I have put myself behind the eight ball before, and want to avoid it now. I know boat ownership is allways behind the eight ball, and I have accepted that, but I want to any ways.

live within your means. don't get into more debt.

pay in cash or don't buy it. use a friends boat

buy a house first then get a boat and truck, seriously!! buying a house in like another income which you can use to pay for a boat later on if you choose. i bought my first house at 22 and made $65k in 2 years sold it and bought my second house at 24 which has made over $150k in less than a year and a half

so BUY A HOUSE BEFORE YOU BUY TOYS!!

You probably don't want to hear this, but the logical thing to do would go for the house first, then truck (since you have access to a boat)and don't pimp the sable, that's a waste IMO. I have a V8 I/O myself, but I REALLY want an Vdrive. I also have a 15month old son, so thats on the back burner (I just threw a tower on and use ballast and still have an effin blast). Things really change with kids,pimpin your stuff doesn't seem all that important anymore (you can always do this later). IMO, the best investment first is a house. BTW, you can get a V6 tow vehicle that will do fine with the I/O.

If you ask enough people for their opinions you will eventually get one that tells you to do exactly what you wanted to do anyway.

1) Happy Wife, Happy Life.
2) Don't go in debt for toys. Those are wants, not needs so pay for them with what you've saved not debt risk to your needs.
3)You need to have some relaxation in your life, and so does your wife. Is the boat it?

OK, you can ignore me now.

def house first, if you have loans out for a truck and boat when you are looking for a house it's going to lower the mortgage amount you will get approved for. Buy the house and let it pay for the toys.

When I said pimp the sable I ment drive it. It can't be pimped trust me... THanks, this is what I wanted. I just dont want to buy a house in Denver(where I am now) cause I dont want to stay here for more than three years more. Thanks every one.

buy a house first. if you dont plan on staying more than three years, get into a condo or something. I am sure it will be appreciating even a little bit over that time.
"live within your means. don't get into more debt."
best advice ever. I have a few friends who make tons of money, but can't afford to buy a home because of all the debt they have from stupid stuff. they figure they need a $10K entertainment center, when they are renting a two bedroom apt.

I need to clarify again. My dad has a boat, and I can use it when ever I like, if I can tow it to the lake. I most deff dont want more debt. I have been there. I own my sable, but it has alot of miles. I dont want to end up with a busted azz sable. I am finaly starting to make desent money again. What steps do you sugest I take to get ready to dive into home owner ship. Im scared.

check your credit, make sure no problems...check all 3 credit scores...mortgage companies use your middle score...you would want your scores over 730 to be gold...easiest to get your loan at the best rate and terms...if lower scores less options are avail, try to have a down payment... 20% would be ideal, less than that means you'll be looking for an 80% first mortgage AND a second of 20%(or a 100% loan) I am just saying the more you can put down the better...and the lower the monthly payments...if you don't put money down you should not expect to see enough appreciation in 3 yrs to get out and pay your re commissions to sell it...remember a broker can qualify you for ANYTHING if you have the 730 scores but you have to be able to make the payments!!! and keep making them if you get into an adjustable% on the second mtg that keeps going up...don't be a foreclosure statistic...I used to live in Boulder and was amazed that there is no state licensing requirements for mortgage brokers in CO...they do not even check criminal records so they can be felons and still sell you a loan!!!!right now the nation is experiencing a huge amount of foreclosures, CO lead the nation for a while but has been passed by NV...there are some good buys out there on what are known as REO or bank owned property taken back in foreclosure and listed for sale. just get a good realtor and start there.

I am 22, graduating college, and getting married this summer. As much as I want a new truck and bike, I won't be getting either of those until we own our own home. Cars, boats, trucks, bikes, etc... are all a lot of fun but they are a poor investment which will depreciate. A house is a good investment and if your do it right (buy at the right time/not get ripped if) it should appreciate in value.

Its hard, because a new truck or bike would be something I could buy soon and enjoy. But I just keep telling myself that its not a smart investment (if you can even call it that) and paying rent is just throwing money away IMO.

(Message edited by jetskiprosx on March 08, 2007)

towing that boat with a V6 would be deadly to the engine and the transmission. Probably wouldn't have the suspension needed either. I used to have an Explorer with the powerful SOHC (210 HP) V6 and towed a 21' I/O a few times. It towed it OK but it pushed the car all over the road and I'm sure it wouldn't have been good in the long term. Heck, I recently sold my V8 Mountaineer because I thought it was working the tranny and suspension way too hard.