JW: Should I Rent an Apartment or Rent a Room…?
I am a recently divorced male. I’m a relatively high income earner however after the divorce, alimony and child support payments there isn’t a lot of cash left in the bank or coming in on a monthly basis anymore. I do earn decent sized quarterly bonuses that help fill the gaps but as I stated, they are not monthly, they are quarterly.
My goal is to save as much as possible, rebuild my investment portfolio, regain my financial stability and move on with my life.
I am renting an apartment right now but I’m also considering giving up the apartment and renting a room with utilities and such included. Right now, I am trying to keep my expenses that qualify as “needs” (housing, insurance, car, basic food, utilities, etc.) to no more than 50% of my net monthly income. This is not possible with the apartment. It is possible by renting a room. The apartment rent alone equals 40% of my net monthly income and the renting a room option equals 20% AND it includes all utilities. Sounds like a no brainer right? The math is simple. The challenge comes in with ego. I’m already down from a 4,000 sqft house to an apartment and I’m considering stepping down further to renting a room and my ego is taking a MAJOR beating.
So here is my question: Is it reasonable to expect myself to remain upbeat, focused, motivated and effective while living in a rented room scenario or is it worth the extra expense to keep my own place for now despite the significant financial impact it will have on my ability to reach my goal in a timely manner?
I look forward to all of your responses.
Answers and Views:
Answer by portagerealtor
Minimize your hosuing costs, and join a health club where you can meet people and do your body good at the same time. What do you really need an apartment for anyways. It is just a place to hang you hat and sleep.
I also was thinking about renting a room, or sharing an apartment with someone. I find that sharing an apartment might be the right move. Why? Because you’ll have more room! You pay 1/2 of everything, and you’ll have money left over to invest or do what you want to do with.
Renting a room, would mean you might have to share a bathroom with more than one person. No cooking, in some places. And I found out that most rooms for rent are in bad neighborhoods!
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