One of my spouse's co-residents is enamored with the idea of getting a puppy. She lives alone and will have limited time to spend with her pet, and has woefully underestimated how much the dog will cost her. With BID dog-walks (yes, she wants to have 2/day, which I agree with in this case), it's going to cost her $30/day. Did I tell you most dog walkers don't work on the weekends? I have no idea how she's going to manage that, but that's a problem for a week from now (she's getting the dog over the weekend).
I tried to explain the dog is going to cost at least $500/month, which is about 15% of her take-home pay. Kiss your Roth IRA contribution goodbye (and all the glorious compounding she would have had from a contribution in her mid 20s). Actually, it's worse than that because she has to make the initial payment for the dog (of course it's a $1500 designer dog from a breeder) plus all the vet bills for the first year (~$1000).
The advice of this blog is to live like a resident. It seems some residents still need some education about what that actually means.
I tried to explain the dog is going to cost at least $500/month, which is about 15% of her take-home pay. Kiss your Roth IRA contribution goodbye (and all the glorious compounding she would have had from a contribution in her mid 20s). Actually, it's worse than that because she has to make the initial payment for the dog (of course it's a $1500 designer dog from a breeder) plus all the vet bills for the first year (~$1000).
The advice of this blog is to live like a resident. It seems some residents still need some education about what that actually means.
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