Post B4IEGAvL0bt8JxcvhI by pwm@darkdork.dev
 (DIR) More posts by pwm@darkdork.dev
 (DIR) Post #B4I9LEpHQbQc6JO8Rc by mirq@tsogol.tsiran.org
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       @shibao >by 30, supposedly a rule of thumb is that you're supposed to have saved 1x your annual salary for retirement,im turning 30 this month and i have not even a tenthno debts but boy i didn't realize i was THAT far behind.>emergency fund amounti've heard that ~6 months of your bare minimum necessities is a good fund. so rent/mortgage, debts/bills, groceries, yknow
       
 (DIR) Post #B4IEG9r2z4rV0MbzN2 by finner@appdot.net
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       @shibao There are no guarantees of anything no matter what "rules" you follow. It is possible to do everything perfectly correct, and still lose. I've always taken these rules as guidelines and tried to abide by them in a balanced way where I make progress towards those specific goals without sacrificing too much of today for tomorrow. Other people take a different approach where they sacrifice a lot today and wind up being able to retire at 40. Sometimes I'm jealous of those people.
       
 (DIR) Post #B4IEGAU2e63OxIr89Q by pwm@darkdork.dev
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       @shibao @finner the rules have changed kemosabe
       
 (DIR) Post #B4IEGAvL0bt8JxcvhI by pwm@darkdork.dev
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       @shibao @finner my mom the realtor and my [redacted] who is 24 with a house
       
 (DIR) Post #B4IEGB38Xc7ui9H9qy by pwm@darkdork.dev
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       @shibao @finner idk but apparently "no one" (direct quote) puts even 10% down
       
 (DIR) Post #B4IEGBKVV21Na1P1vc by pwm@darkdork.dev
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       @shibao @finner afaict the 5% down esque house is how you monkey branch into a 10-15% down house. You have to have a real job, you can't be financially irresponsible, you probably need a roommate at first until you refinance and shave 400 bucks off the monthly payment. You're meant to sell it later for a better one.
       
 (DIR) Post #B4IEGBUmsoFE5uDEx6 by finner@appdot.net
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       @pwm @shibao I've never considered myself to be seriously irresponsible with money, but I certainly didn't follow many of the rules and made many questionable, at best, choices when it's come to finances. Even up until today, where I definitely know better. So not the best person to get financial advice from, but I've been around a while, seen a bit, fucked up a bit, and still doing alright. First 3 homes I purchased with putting nothing down. That doesn't mean it's the right thing to do.
       
 (DIR) Post #B4IEGBhC8gAYiO19I8 by finner@appdot.net
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       @pwm @shibao The BEST thing to do is not go into debt. But that's next to impossible to do if you're a young working class person AND you want to buy a house. The rest is just negotiating with all the factors until you find a situation you feel you can agree to. It's simple math and balancing your needs and wants. Forget the rules and make a decision that fits what you actually want. I don't think most of the "rules" hold all that much weight.
       
 (DIR) Post #B4IEGC6Md6InyRnFWS by finner@appdot.net
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       @shibaoYeah it really all depends. Whether you should or shouldn't put 0/5/20% down depends on the answer to a bunch of questions. Forget the rules. Why do you want to buy a house? Do you plan to stay in the area long term? How likely is it that you'd need to sell and move in a hurry. It's just a balancing the risks and rewards with your wants and desires calculation. Is it worth it to get in a house now with less down or waiting isn't factored into those suggested guidelines.  @pwm
       
 (DIR) Post #B4IEGCVX7WR3EVZLkm by finner@appdot.net
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       @shibao A house isn't an investment. What's your appetite for loss if you decide you want to move but the market has turned? Maybe you could choose to rent it out if you needed to, but that's a whole other decision to make. Personally I did not like my short lived thrust into being a landlord.
       
 (DIR) Post #B4JrRZBhEAG086f2zQ by finner@appdot.net
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       @jeffcliff @pwm @shibao Sure, I would agree with this statement for anything other than probably buying a home, and you are certainly entitled to your opinion otherwise. In the current world we live in, I don't see a viable path for most young people to be able to purchase a home before middle age without obtaining a mortgage. You could chose to spend 30 years saving and paying rent to a landlord, or you can pay a bank interest over those thirty years and build equity. It's a choice one makes.
       
 (DIR) Post #B4JrTN2hLzbl2dJRVw by finner@appdot.net
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       @shibao Aye. Yeah I've never encountered him before, but I can definitely see what you mean.
       
 (DIR) Post #B4JtRKaTi8F6kwGgOe by finner@appdot.net
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       @jeffcliff @pwm @shibao Ok buddy 👍. Your unentitled opinion is duly noted. Thanks for educating me.