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Living on a Budget, Saving Money/Could this lifestyle really work?

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Question
Hi,
I have this eccentric plan that looks fantastic on paper, but I was wondering if it'd really work in the "real" world.

If I get 7 other people to live with me under one housing, we would all only need to work minimum wage ($7.25 where I am), 4 hours, 5 days a week to get $55,680 annually.

I saw on this site (scroll to bottom: http://www.moorparkcollege.edu/current_students/teaching_zoo/admissions.shtml ) , and it looks like annually, one person uses a minimum of $3,000 a year for personal uses and the rest looks like it just goes to pay off housing.

I did the math by multiplying 3,000 with the 8 adults that would be living in the home. That leaves $31,680, which would go to pay off housing. If we want to go cheap, we couldbuy a trailer home and buy our own land.

My question is, could this sort of lifestyle really work? Are those numbers really accurate? Thank you in advance for your time.

Answer
Your biggest issue would be putting all 8 people on the deed to the house.  When someone wants to "sell out", the other 7 (or whoever is left on the deed) would have to buy out that person at market value, and then the remainder of the house "shares" would need to be legally divied up amongst the remaining owners.  Legally, that is a messy scene, IMO.

Living on a Budget, Saving Money

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Douglas Hayman

Expertise

I will gladly answer any and all questions relating to family, home, or household budgeting. I consider myself a pioneer and expert in the area of disciplined budgeting.

Experience

I routinely manage my home budget using my home-grown system. Additionally, in corporate America, I managed a multi-million dollar budget for a technical Fortune 100 Financial Services company for many years.

Publications
(1) "Reduce Your Monthly Budget By 20% Using Simple Budgeting Strategies" (2012) ISBN # 978-0-9081613-1-1 http://www.BudgetSurgeon.com (2) "How to Maximize Traffic to Your Website" (2007) - ISBN # 978-0-9801613-0-4 http://www.expss.com/ebooks/WebsiteTraffic.htm

Education/Credentials
B.A., Economics, Stony Brook University, Stony Brook, NY M.S., Computer Science, Stony Brook University, Stony Brook, NY

Awards and Honors
B.A. with Honors, Economics, Stony Brook University, Stony Brook, NY

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