<p>As an engineer, i know it may be hard to get rich with engineering.</p>
<p>Is anyone planning on buying a house ASAP and using real estate as a means to get rich? </p>
<p>Discuss</p>
<p>Say you make 60k starting salary, save 10k first year, 10k second year. Down payment of 20k, 10% on a 200,000 house/condo, and work from there?</p>
<p>perhaps I'm just ignorant, but isn't the market doing especially badly now...?</p>
<p>I have a relative who was badly hit by the recent burst of the housing bubble...it can be argued that this might be a good time to buy since property will be relatively cheap but given the trends in the U.S economy and the rumored slow down...I wouldn't go into that market just yet...</p>
<p>Principal and interest will be abotu $1050 a month
Taxes and insurance about $400
utilities $300</p>
<p>Take home about 70% of 4166 is $2916... doable but a little too much toward a house.</p>
<p>My general comment is that buying your house to'get rich' is a bit of a stretch, but I wouldnt want to quash your spirit.</p>
<p>Be on the look out for other opportunities ---from small businees to eduation to advance ------- I was fortunate as a geologist to get with a company that grew and resulted in some good stock gains...this from a 40something professional</p>
<p>"As an engineer, i know it may be hard to get rich with engineering."</p>
<p>Umm 4 of the 10 richest people started technology companies. I think you might be wrong. It could be easier than you think. Everyday guys in garages are developing high tech companies that turn themselves into multimillionaires in a span of less than 5 years.</p>