is this salary enough to afford.....?

Question

im just pondering this question but...
can a civil engineer afford a $600000-$800000 house
and a ferrari or a lamborghini?
im looking into being a civil engineering and this is the main question i have

Answer 1

Not on a starting salary. But from the looks of your post, you'll probably end up very far in debt regardless of the salary you make, because of your spending habits. Try living below your means, that's the only way to stay ahead.

Answer 2

You don't state what salary you'll be making, so it's very hard to guess what might be affordable. But looking from the otherside:

A Ferrari (or something similar) will have a base cost around $200k. And will have a fairly high cost of ownership in terms of maintenance, insurance, registration, etc... it's also not usable as an everyday car meaning it will have to be a second or third car: based on a 5 year loan, this will cost you about $5k/month.

The house, assuming a $600k 30 year loan (covering whatever else of the cost in a down payment), will cost you another $3500/month. Plus insurance, property taxes, and upkeep, you'll be spending somewhere north of $4k each month.

Combined, to add for unexpected costs that have a tendancy to happen, say $10k/month. The house and a pure luxury like a Ferrari shouldn't run more than 50% of your income. So, if you are making more than $240k/year, then yes, you can afford that. If you are making a little less, you can, but not comfortably... and less? You cannot.

Answer 3

Not until he reaches his mid-40's. A Civil engineer and his Civil engineer wife may together be able to get the house, after saving for several years to put a down payment down on it to avoid PMI (private mortgage insurance).
Civil engineers (and most engineers in general) are far too realistic and common-sensed to buy a lamborghini.
Besides, if your boss EVER saw you drive up in a ferrari, you would so be fired.