On the subject of buying vs. renting: there is a huge difference.
When you rent something, like an apartment, all of the money that goes to rent is essentially gone. However, when you buy a house, duplex, townhouse, mobile home, or whatever, all of the money that you spend on the mortgage essentially stays in your possession–when it's time for you to move, you sell the building, get your cash, and invest it into your next place. Over time, this will allow you to move from a crappy shack to the kind of nice home your parents or their parents might have.
Another thing: don't buy a new car if you can avoid it, and never, ever spend more than, say, 20% of your monthly income on your car–that means the car payment, gas, insurance, and parts added together. There are tons of idiots living in the ghettos driving beamers–they'll never get out of the ghettos, either. Cars are one of the worst possible investments–they almost always depreciate in value over time.
One of the most common mistakes young people make is that they overextend themselves trying to "look" successful–they get a new car, live in a nice apartment, and leave themselves about $20/per month after all their bills. There is absolutely nothing like the feeling of being trapped by your financial obligations…and the vast majority of domestic arguments stem from being in such a predicament. Live as modestly as you can tolerate, and the fact that you drive a beater will be made up for by the fact that you have the freedom to take a day off from work every once-in-awhile.