The article discusses the financial considerations of upgrading to a more expensive home, emphasizing that while one may afford it, careful consideration of priorities is essential. A specific case involves a 35-year-old individual pondering the purchase of a $1.4 million home with a substantial income and savings. Although they might have the financial capability, the article cautions against spending more than 30% of income on housing, warning that increased housing costs could lead to sacrifices in other areas like vacations or savings.
Even if you can afford a more expensive house, it doesn't mean you should buy one.
Spending more than 30% of your income on housing can be a dangerous thing.
Just because you can afford to do something in life doesn't automatically mean you should.
Buying the bigger home might mean having to give up on something else.
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