Advice for newbies in Denver?

[mapthatpath]

Really starting from scratch here. FIRE has been on my radar for a couple of years, but my savings seem to disappear into rent and periods of unemployment (I did seasonal conservation biology jobs for years. Perhaps noble work, but often volunteer and never for a Wall Street salary). Curious to hear what you all would do in my situation:

Just moved to Denver with my girlfriend (she's even more non-mustachian, as you say; my first step is probably to start making her some homemade chocolate/almond treats to replace the $10 Keto Cups). We moved without jobs or housing; I anticipate we'll both get $20/hr full time jobs and we are not particularly entrepreneurial. Staying with family for now while we look for our own place. We are looking for private quarters, not a "room in a shared house" scenario and no long-term stays in the brother's basement. 1 bed/1bath, or preferably 2bed to allow family to visit. Given the housing market, our favorite option so far is buying a $250,000 condo near the light rail. We both have efficient 10 year old cars, but I'm hoping to rarely use mine, maybe for occasional weekend camping trips.

Current savings $10,000 cash, $8,000 Roth IRA for me (we can talk about that later). Girlfriend just got a $100k inheritance and previously had similar savings to me.

Suggestions for frugal choices and saving up while in Denver  in the current market?

[ixtap]

With your work history, you probably aren't going to have an option to get a mortgage until you have had a job for awhile. GF also needs to be aware of the implications of using her inheritance to buy something with you vs buying herself and renting to you, perhaps having a formal written agreement for whatever arrangement you come up with. Even for rentals, it seems like jobs should be your main focus. Jobs may even determine where you choose to live.

Regarding 2 bedroom so that family can stay. Has said family visited you in the past? If they are short and/or infrequent visits, the difference in housing costs each month might be enough pay for a night or two in a hotel. Heck, if they don't have medical conditions, a sleeper/sofa or air mattress might be an option, as well.

Have you run rent/buy calculators for Denver? Do you know how long you plan to stay in Denver?

Even efficient 10 year old cars tend to require pretty significant maintenance once in awhile. I put ~$3k into mine last year between tires, hoses, belts...

[FI45RE]

My impression is that you seem to be putting the cart before the horse a bit here...for instance: Why would you be look at taking on mortgage debt without stable income, or a job at all? I agree that jobs should be your main focus at this point.

I seriously doubt your first step should be to make homemade chocolates in order to cut expenses. A case study might help with that.

You are using a lot of language ("savings seem to disappear"; "she's even more non-mustachian") that makes me think you haven't talked this through with your girlfriend, or that you two are even on the same page when it comes to finances, savings, FIRE, etc.

Assuming you are fairly young, I think establishing your values for what you want your life to look like is an important first step. If that includes FIRE, then there's an unlimited wealth of knowledge on these forums and blog that can help you do that. After that, track your spending and understand where your dollars go. Then, check to see if your dollars are being spent according to the values you've established.

[mapthatpath]

With your work history, you probably aren't going to have an option to get a mortgage until you have had a job for awhile. GF also needs to be aware of the implications of using her inheritance to buy something with you vs buying herself and renting to you, perhaps having a formal written agreement for whatever arrangement you come up with. Even for rentals, it seems like jobs should be your main focus. Jobs may even determine where you choose to live.

Regarding 2 bedroom so that family can stay. Has said family visited you in the past? If they are short and/or infrequent visits, the difference in housing costs each month might be enough pay for a night or two in a hotel. Heck, if they don't have medical conditions, a sleeper/sofa or air mattress might be an option, as well.

Have you run rent/buy calculators for Denver? Do you know how long you plan to stay in Denver?

Even efficient 10 year old cars tend to require pretty significant maintenance once in awhile. I put ~$3k into mine last year between tires, hoses, belts...

Thanks for responding!

I see the wisdom in doing a formal financial arrangement with my girlfriend, if only to prevent any tension between us about financial obligations (although I very much doubt this would ever be an issue). I was wanting to buy in to show I was contributing, but me renting from her sounds very viable and I hadn't thought of that.

We could both rent from 3rd party, but we'll likely be centered in the area for at least 3 years. 3 years could put us $500/month ahead for buying vs. renting based on a 3% annual housing appreciation rate.

2nd bedroom if we buy is about the same price as 1 bed for the places we've liked, but we'd definitely settle for just a pull-out sofa for visitors if it means significant savings. Extra space partly motivated by the desire to be good hosts to everyone who has put us up over the years. Worth something, but we can be flexible.

And yes, old cars can potentially be costly. I figure we can reassess after a couple of months of settling in.

Jobs jobs jobs jobs jobs. Got it.

[mapthatpath]

My impression is that you seem to be putting the cart before the horse a bit here...for instance: Why would you be look at taking on mortgage debt without stable income, or a job at all? I agree that jobs should be your main focus at this point.

I seriously doubt your first step should be to make homemade chocolates in order to cut expenses. A case study might help with that.

You are using a lot of language ("savings seem to disappear"; "she's even more non-mustachian") that makes me think you haven't talked this through with your girlfriend, or that you two are even on the same page when it comes to finances, savings, FIRE, etc.

Assuming you are fairly young, I think establishing your values for what you want your life to look like is an important first step. If that includes FIRE, then there's an unlimited wealth of knowledge on these forums and blog that can help you do that. After that, track your spending and understand where your dollars go. Then, check to see if your dollars are being spent according to the values you've established.

Good feedback. I'm definitely on here because I know my decisions can be... uncalculated. And we're still figuring out what's the cart and what's the horse.

Mortgage won't come before stable income, but we're both fielding job interviews for long term jobs this week and want to move things along with housing so we stop burdening family ASAP. I just found an option for an affordable weekly housing situation (word of mouth connection), so we might end up there until we can make long term decisions. But we didn't want to get locked into an expensive year-long lease if we have the option to buy.

I was being a bit facetious about making chocolates, but the impression I want to leave you with is that my girlfriend and I are due for analyzing our expenses and reassessing both of our spending habits. Figuring out our blind spots and what we are each comfortable with is an ongoing process. And she says to tell you we are both on the same page about improving our progress toward financial independence.

Jobs jobs jobs jobs jobs. Blogs blogs blogs. Thanks for the replies!

[Zamboni]

If either of you work from home, then a 2 bedroom would make sense. Having a separate office you can "leave" by closing the room door is very helpful to mental health. Otherwise just get a one bedroom if it saves significant cash. I'm aware that sometimes one bedrooms are scarce and 2-bedroom units cost pretty much the same.

Unless you are ready to put a ring on it, then I think she should buy it in her name only (and it's completely her choice what she buys and where it's located). You should be supportive and willing to rent from her if you wish to co-habitate, but you shouldn't be particular about what she picks to buy. I went in on a joint home purchase prior to marriage (twice . . . because I'm a slow learner.) The second time I got burned. I will never, ever make that mistake again. Joint property ownership is too messy for unmarried people in the US.

Edited to add that Denver is a great place to live: lots of open space, parks, and free fun. Enjoy!

[FI45RE]

My impression is that you seem to be putting the cart before the horse a bit here...for instance: Why would you be look at taking on mortgage debt without stable income, or a job at all? I agree that jobs should be your main focus at this point.

I seriously doubt your first step should be to make homemade chocolates in order to cut expenses. A case study might help with that.

You are using a lot of language ("savings seem to disappear"; "she's even more non-mustachian") that makes me think you haven't talked this through with your girlfriend, or that you two are even on the same page when it comes to finances, savings, FIRE, etc.

Assuming you are fairly young, I think establishing your values for what you want your life to look like is an important first step. If that includes FIRE, then there's an unlimited wealth of knowledge on these forums and blog that can help you do that. After that, track your spending and understand where your dollars go. Then, check to see if your dollars are being spent according to the values you've established.

Good feedback. I'm definitely on here because I know my decisions can be... uncalculated. And we're still figuring out what's the cart and what's the horse.

Mortgage won't come before stable income, but we're both fielding job interviews for long term jobs this week and want to move things along with housing so we stop burdening family ASAP. I just found an option for an affordable weekly housing situation (word of mouth connection), so we might end up there until we can make long term decisions. But we didn't want to get locked into an expensive year-long lease if we have the option to buy.

I was being a bit facetious about making chocolates, but the impression I want to leave you with is that my girlfriend and I are due for analyzing our expenses and reassessing both of our spending habits. Figuring out our blind spots and what we are each comfortable with is an ongoing process. And she says to tell you we are both on the same page about improving our progress toward financial independence.

Jobs jobs jobs jobs jobs. Blogs blogs blogs. Thanks for the replies!

Glad to hear you are both on the same page. Both halves working toward the same financial goals puts you far, far ahead of others in similar positions who are not on the same page.

I still think the rent vs. buy decision deserves some more scrutiny here, especially as unmarried people. Like Zamboni mentions, it's easy to get yourself into a situation that would devastate both of you financially if things don't work out.

Also, do you have a plan to track your spending? I can't emphasize this enough--knowing where and how your money is being spent is vitally important to any future success in FIRE.

[joemandadman189]

sounds like you both need to get serious about employment, career, your future and savings. You dont mention ages and sound like you are floating with out a real path or goal in mind. $20 a hour may not cut it in Denver

maybe sit with the GF and map that path (see what i did there)

if you guys are 25 you have plenty of time to get things on the tracks

Denver is getting pretty expensive, alternative locations may offer more affordable opportunities

[Watchmaker]

Rent for a year to see if you really are going to stay in the area and find out which neighborhood you want to live in. And to give yourself time to get jobs and figure out a budget so you know what you can afford in housing.

[nessness]

I would not buy right away - it doesn't sound like either of you could qualify for a mortgage on a $20/hour salary individually, and it would be really risky to buy a home jointly with someone you're not married to - what happens if you break up in a year or two? Presumably one of you would need to refi the mortgage into their name only and buy out the other, but what if neither of you is able to?