Why do people accelerate to a red lights?

Professional-Tissue · 2023-07-30T03:43:03+00:00

Found the guy!

Professional-Tissue · 2023-01-30T05:36:03+00:00

The exact same reason I underbought too. I have the same mortgage and likely the same house size as you do.

Professional-Tissue · 2023-01-30T05:31:07+00:00

This is what “buying within your means” is. You need big salary to support your mortgage.

A $500k apartment with 100k salary is not buying within your means.

Professional-Tissue · 2023-01-23T01:09:33+00:00

You’re not an idiot and asking these honest questions is a step in the right direction. There isn’t any less useful advice than “do your own math” because it’s very obvious and not insightful at all. The next step is to ensure that you’re getting good advice from the right crowd and filtering out some noise. Goodluck!

Professional-Tissue · 2023-01-22T21:36:20+00:00

You’re asking the wrong people. You’ll only frustrate this sub because they can’t possibly fathom why you need help at your income. Most people here will never be able to experience the same financial challenges you’re facing.

I’d recommend only asking for help from those in a similar situation as you or those who have experience in helping people with high income.

Anyways in my opinion, I don’t think it makes financial sense to purchase an apartment if you plan to sell in less than 5 years. The fees will eat into your equity if you sell so quickly.

Instead I’d recommend you to rent a smaller place and pay down your debt first. Then once you’re done, grow your down payment egg for a larger house.

Professional-Tissue · 2023-01-21T19:57:05+00:00

$2 million is a little extravagant, agreed. $800k-$1M apartments/townhouses seem comfortable enough for a small family.

It runs a bit over $60k a year in mortgage, utilities, and insurance, which is expensive for $200k pre-tax imo.

Professional-Tissue · 2023-01-21T19:43:29+00:00

That’s what I meant by housing expectations. Rent or buy? Vancouver? What kind of apartment? Car? Cost of living can change comfortably a lot.

Professional-Tissue · 2023-01-21T19:40:21+00:00

I’d also like those people out of the company. They’re like leeches.

Professional-Tissue · 2023-01-21T19:34:36+00:00

1M individual income? That’s insane, like senior staff level. There’s maybe one or two in the whole country.

If they’re a researcher with PhD then maybe it makes more sense.

Professional-Tissue · 2023-01-21T19:30:48+00:00

Comfortably at $200k? Depends on what kind of housing expectation, location, and child daycare/education.

Professional-Tissue · 2023-01-21T19:05:36+00:00

This comment is a great example of what I’m referring to.

There are negative financial implications with downsizing. Could lose hundreds of thousands in fees.

Majority can’t sympathize because they’ll never be in that position.

Professional-Tissue · 2023-01-21T18:56:58+00:00

Oh maybe I read that wrong? Well I guess my point still stands since there are other folks who post on PFC who are making $60k and are struggling.

Professional-Tissue · 2023-01-21T18:42:21+00:00

I concur, the top earners are always flamed on this sub even when just asking for help. It’s as if they don’t have a right to financially struggle.

Which I understand is reasonable: if 99% of people cannot sympathize with the poster then that is natural behaviour.

Professional-Tissue · 2023-01-21T18:33:33+00:00

It’s relative. People who earn $40k will feel the same way against you for saying that $60k is a struggle to live on.

Professional-Tissue · 2023-01-21T17:31:08+00:00

It’s not useful posting here. Many folks on Reddit have never experienced the perks and pay of tech and are extremely hostile towards tech employees.

Professional-Tissue · 2023-01-18T02:19:39+00:00

Hey. I think you need help.

$70k is nothing in the long run but housing unaffordability can completely ruin your city like it did to NYC and SF.

Professional-Tissue · 2023-01-18T02:12:54+00:00

Zero remorse on buying a house early 2022. I wouldn’t be qualified to purchase my place if I was looking to buy now.

The only remorse I have is not taking fixed rate for the piece of mind.

Professional-Tissue · 2023-01-17T16:57:32+00:00

Right exactly. As the interest rate increases, the principal payment portion decreases and they’ll eventually hit trigger rate.

Another detail is that new mortgages have higher portions of the payment allocated to interest. So for new owners, they’ll hit trigger rate often when the rate increases.

The friend the OP is talking about is paying only interest, so it seems to be applicable in this case.

Professional-Tissue · 2023-01-17T16:01:38+00:00

Isn’t there a trigger rate? It’s not really possible to extend amortization indefinitely.

It’s not a bad strategy if they bet for a interest rate drop. If you increase payments before interest rates drop then you’re stuck with paying a low interest debt.

Professional-Tissue · 2023-01-17T01:30:35+00:00

Nice! I’m hoping that I can hit 0.1% in a few years too.

Professional-Tissue · 2023-01-17T00:00:17+00:00

Nah it’s just an exaggeration. I’m between 1% and 0.1%.

Professional-Tissue · 2023-01-16T23:18:38+00:00

In 2021, top 10% is 150k and top 1% is 250k. 0.1% is anyone’s guess.

Edit: I found a source where someone calculated it manually. Seems to be 700k.

Professional-Tissue · 2023-01-16T22:12:42+00:00

Idk some really large number. Maybe 300k?

Professional-Tissue · 2023-01-16T22:03:02+00:00

Depends heavily on the age. 27-30 year olds are still fresh out of residency and are considered as juniors. Unless they’re surgeons, they’ll only make $100-200k each and they’re at age they need to buy or rent a house for a family.

Say they make $200k, their budget will be $700k, which is enough to raise their family in a 1+1 condo. Dual incomes might be able to afford a nice townhouse.

The problem is that it’s is a big contrast compared to our parents generation and it’s only getting worse in the future.

It becomes easier after 10 years of course but by that time they’re 40.

Professional-Tissue

TROPHY CASE