I haven’t had one since, well, never. Unless you count a savings account your parents opened for you when you were a kid. Which no longer exists.
I’ve actually been using a Western Union Pre-Paid Visa Debit Card. I have no credit, too. Never had a credit card before. But the woman I have been livign with for years has decided she wants to buy 5 + acres of land and build a house on it… plus, I don’t own my own vehicle, and now I need one.
I have never really been trusting of banks, as all the fees kind of suck to pay, and other things…
I am trying to figure out which bank would be best to use. Does anyone have any advice?
I hate to say this, but it really doesn’t matter. All banks operate in the same unsound way. Some have less risky plays than others, but for the most part, FDIC has made all banks equally bad. The only deciding factor that people use for banks now is customer service and location.
Is this really a sound plan? I haven’t done any investing before. I don’t really trust my own instincts. Maybe I’ll give this a try.
This is how I feel. I didn’t have this view before, but recently this has all come to light. I was just wondering if I was missing anything, really… I thought maybe having a bank account would make this whole process easier.
You don’t own it as in you have a loan out, or you don’t have a vehicle?
If the former, How are you going to pay for land and construction? if the later, do you have enough for a car and land?
Unless you have more than 100,000 cash you don’t need to worry about this. Your dollars will be printed for you if the bank fails they will just be devalued.
Be careful about borrowing money, you will need to service the debt, ensure that you can do that if you lose your source of income. Have enough cash reserve to service the debt for whatever you think the appropriate amount of time is in the event you lose your job. How can quick can you reacquire a source of income if your primary source is lost? Ask yourself these questions. Then take whatever risk you are willing to.
I don’t have a vehicle at all. I’ve been using buses and taxi’s to get around. Mostly I walk or ride a bike, though. We want to move out into the country, so I may need a car to get to and from home/work.
I work as a bouncer and cook, and the bar I work at, well, my boss treats his employees pretty damn good. I’ve been saving up a huge chunk of money for this for a long while now. My partner has a career job, she is making some good money.
We will probably pay for the land out of our pockets, we have enough for a good piece of land on the outskirts of town. I plan to build the house myself, with the occasional help from my friends.
But I cannot both buy land/build on it and get a car at the same time. For the car, I may find a clunker that’ll get me to and from home/work, for around 1-2k dollars, as a temporary vehicle that’ll last maybe 3 years max, if possible.
Well, I definitely don’t have more than 100,000 cash. Divide by 2 and add 10,000.
And thank you for the last bit of advice there. We already asking these questions now.
My personal opinion: I don’t really want to own any land, to be honest, I just want to rent a house. But my partner doesn’t want to do that.