Do you think it's possible to live on my own (maybe with a room mate), and earn $33,000 in 6 years? Im a stude

Question

I've been beaten up by my parents and I had enough. We've been involved with the police and they said I was old enough to live on my own - legally. I'm 16, go to high school in grade 12. I have a part-time job at a ice cream store, make $7.50. I've even called the kids help phone after I was beaten up and they said the child abuse center can make me live away from my family without any cost. I wanted to consider that, but I didn't want to live with some other family or in a room filled with other abused kids. I want to live alone and possibly with a friend of mine in a nice condo - about $1300 a month. At the same time, I want to save up at least $33,000 in 6 years for my future move-away to some other country so I can REALLY live on my own and start a career. Possible or no?

Oh, i meant to say I was in grade 11.

Answer 1

I am sorry for your problems with your family.
I must say you sound very ambitious but I can't see how you would possibly make this work.
1300.00 a month for a condo?I think you had better face reality.What about food and transportation etc.You could likely make it go with a roommate but you would have to live in a much less expensive place and I'm sure you would not be able to save up any $33,000.00.You'd have a hard time staying afloat let alone saving any money.
There are many good families you could stay with for awhile since you can't stay at home.No one is going to place you anywhere were you would be abused.I would certainly check this out and find out all I can about it.There is lots of help for you out there.Just find the proper place to start.
Your most important issue right now is staying in school and getting the best education that you can no matter what.Then you can live on your own and be independant and do what you wish.
I just pray that the problem with your family will resolve itself.Are you doing your best in not rocking the boat so to speak? You're far too young to be having all these troubles and I wish you all the best.
Never hesitate to call the kids helpline if you have any need to.

Answer 2

Given your current income, I would say that what you propose is not very realistic....

Look at the numbers: If you work 25 hours per week at $7.50/hour, they you're making $187.5/week before taxes. That comes out to roughly $843.75/month. If you're splitting the rent equally with a friend, then your share is $650. That leaves you with $193.75 for the month. If the price of the condo doesn't include bills, then that's probably another $50-$100 that you need to subtract. So now you're down to $143.75...and you haven't eaten, payed your phone bill, or gone out (movies, car payments, etc.), much less put anything in the bank....

If you really want to live on your own and save up some money, my first suggestion would be to forget about the super-nice condo and look for a smaller, more modest and affordable apartment--something that you and your friend can manage to pay for without creating extra stress for yourselves.

Whatever you do, don't sacrifice your education. Get the help that you need, and make sure you finish school. Best of luck to you....

Answer 3

33000 in 6 years, monthly savings would require
33000/72 = $458 per month.

Current schooling, 40 hours per week, zero income.
Current job, up to 37.5 hours per week, $7.50 = $280*4=1125 - tax = $1000 per month.

That leaves you $542 per month to pay rent and buy food.

$542 is less than half of the $1300 condo you have your eyes set on, so you'd need a minimum of 3 people living there, to cut the price down to $433. This would leave you $100 for 1/3rd of bills and food for a month.

I do not think your plan is plausible. I'm sorry.

Consider a much cheaper living arrangement and it may be more possible, but would still likely require 3 people living there for any semblance of comfort.

We haven't even discussed driving arrangements or gas or any of that... there's more to it than I listed. I stopped when I saw that it was not plausible.

Good luck.

Answer 4

No, not possible the way you are looking at it right now. You could lower your expectations a bit and get by if you live at a friend's house (pay a little rent and help out around the house). At least until you graduate high school. After that, get a job that pays more, work full time for a while and save up for college. Get through college on money that you've saved up and work full time through college to pay for room and board at college. It is going to be a lot of work, but you can do it. Especially if you have some awesome friend's parents cheering you on. (Look into government subsidizing for housing and food also.)

Answer 5

well, judging by what you make now, no. not possible unless you have a hustle, but i'm thinking maybe you can save as much as possible even possibly get a job paying a little more, and if you can hang in there at least till you graduate that would help, and then you can move out and live with a few friends that have also been saving up, where you can put a sizable down payment on a house with 3 bedrooms where you can all live.

Answer 6

well, i will tell you that it is possible.. but you need to be realistic.. making 7.50 an hour . you will not be able to pay all your bills and save if you are payng that much for rent.. i would suggest moving somewhere way cheaper and learning how to budget now so you really can save.. and make a plan and stick to it.. and i would also say .. take all the help you can get now while you are young.. you'll wish you had when you get older

Answer 7

It doesn't seem realistic. Do you have another family member or friends family that you can move in with? Sometimes to move in with adults (like a friends family) it can really turn your life around for the better. They can literally become your new family.

Answer 8

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