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Nice car of course. Buying a nice car is a bad decision, but buying a nice house *right out of school* is even worst.
At least with the car you can't really lose much money on it. In the worse case you can just drive it down to the dealer and get rid of it. You may still owe the bank a few Gs but nothing that will really kill you financially.
Buying a *nice* house when you are just fresh out of school is just stupid. I dont care where you work and how much you earn, unless your father's last name is Bush I don't think you can guarantee your job will still be there in a few years.
Saving up the money for a smaller house, or save a bit longer for a nicer one. At least work for a few years to see if you really like the industry/company/city before you commit to a big investment.
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