
Originally Posted by
Procrasturbator
Taking taxes into account it would take several years of earning several hundred a day on top of what you need to survive. You'll probably want to invest some of it (disclaimer: I know exactly nothing about investing, all I know is that my family drilled it into my head that you don't leave large amounts of money sitting in a savings account.) Not including taxes (because that is too much math for my pre-coffee brain), $200,000 would take about $548 in savings every day for 1 year, about $274 for 2 years, $182 for 3 years, etc. Again, this would be on top of what you need to keep yourself afloat. With several years of income anywhere near that it shouldn't be difficult to get a loan and you could probably put down about $40k as a down payment. Then you would be able to save on rent and start paying off your mortgage sooner.
Basically (speaking as someone who admittedly knows nothing about financial things) it would probably be a smart move to get a mortgage, unless you're doing very very well for yourself.
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