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/biz/ - Business & Finance

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File: 28 KB, 400x491, dave ramsay.jpg [View same] [iqdb] [saucenao] [google]
13527543 No.13527543 [Reply] [Original]

Fixed rate. 15 years. No more than 1/4 of your monthly take-home pay.

>> No.13527716

>>13527543
This is impossible for the average person nowadays. Only way this is achievable is if you make high 6 figures or live in a high nig area.

>> No.13527763

>>13527716

No, its just that most poor people have a skewed vision of what "average" is. In the US poor people refuse to believe they are poor and call themselves "average" or "middle class." In 2018 the average household income is over $120k/year yet people still think "6 figs" is impressive. You also have people making $30-40k/year ($30k is literally the poverty line) think they should be able to afford a house.

>> No.13528201

>>13527763
Median household income in America is 55k per year, average is skewed up because of the billionaires.
The most normal person in America is not making much more than 30k (55k/2 because most households are 2 people).

So you want someone who makes probably 22k after taxes to spend 1/4 of their income on a property with a 15 year mortgage.
That's like 450 dollars a month. Something with a 15 year mortgage of 450 a month probably costs about 75k. Idk where to find housing for 75k.

>> No.13528287

>>13527543
i live in a dumpy $120k condo and make $200k/yr, how am i doing dave

>> No.13528318

>>13527763
>what is median income

Dude the avg income says nothing

>> No.13528367

>>13527543

*gives his daughter a house and job at his company*

>> No.13528380

>>13527763

Home prices are on average 6-12x median household income

>> No.13528412

>have fixed rate (3.25%) 15 year
>total payment (including insurance, property tax, and interest) is 6% of my monthly income

A-am I winning Dave Chan?

>> No.13528452

Gentlemen, please, responsible personal finance and Dave Ramsey are intended for white people.

So don't throw around "median" stats without adjusting accordingly.

>> No.13528792

>>13528412
You are winning. Now pay down that shitty mortgage so you're not paying 1/2 of your money in interest to the bank every month.
>but m-muh tax breaks

You will give more money to the bank on a mortgage than you will to Uncle Sam by not getting a deduction, in many cases. May off the mortgage as soon as is possible.

>> No.13529943

>>13527543
#notallboomers

>> No.13530180

>>13527716
>buying mcmansions you cant afford

>> No.13530201

>15 years over 30

CASH FLOW
A
S
H
F
L
O
W

>> No.13530360

>>13527716
If you buy what you can afford you can actually enjoy your life during the time you have a mortgage. Otherwise you struggle and are house poor like most mooks. Lose your job? Break a leg? Get fucked! But not if you only need 25% takehome.

>> No.13530385

Boomer-haters are truly the most pathetic people Ive ever seen.
Its called Natural selection, losers, you barely deserve to live at all

>> No.13530453

>>13530385
t. boomer

enjoy your slavery and enjoy being a millionaire at 95 (not adjusted for inflation)

>> No.13530470

>>13530453
when are you going to be a millionaire anon

>> No.13530484
File: 129 KB, 983x1146, 15024938924.jpg [View same] [iqdb] [saucenao] [google]
13530484

>>13530470
once LINK moons

>> No.13531134

>>13528412
Where in fuck's name did you find that, and what do you do? Spill girl.

>> No.13532381
File: 34 KB, 720x706, 26220260_933512483484684_6044291048242920499_n.jpg [View same] [iqdb] [saucenao] [google]
13532381

Buy a sub $300k house with 20% down and a 25 year mortgage.

/thread

>> No.13532415

>>13527543
>fixed
Yeah
>15 years
Yeah
>1/4 of takehome
3/4 of takehome damnit
At least in 13 more years I’ll be set

>> No.13532876

>>13530360
It took me until I was 25 to realize this. I was spending $1,200 a month for a nice apartment which really meant nothing. Every left over money went towards tobacco and gas station food and energy drinks. Never cooked meals or anything. I now rent a 1bedroom for $650, buy groceries, and kicked tobacco and energy drinks. Spend my weekends going out instead of sitting at home ordering pizza and Chinese food accomplishing nothing. I wanted to better myself and started taking classes on anything I found interesting and I’m now putting around $500 a month in savings. Now I just need to get rid of my upside down car loan and start looking towards the future buying up some land.

>> No.13532902

>>13527543
real estate is a crappy investment, it only has looked good because the fed has injected trillions of dollars into the market

>> No.13532992
File: 311 KB, 1000x1000, 1542386956806.jpg [View same] [iqdb] [saucenao] [google]
13532992

>>13527543
tfw live in Australia

>> No.13533003

>>13528412
>Bought and built a property in 2010
>Lock in interest rate at 3.25% for 8 years
>Phew, just in time. Interest rates double to 6.5% in a matter of a month and a half
>Bank sends me a letter telling me my interest rate is now 6.5%
>Go see the bank manager, tells me he lost the form and he's really sorry but there's nothing he can do.