A caller to the Dave Ramsey Show revealed he was spending 50% of his income on housing, prompting Ramsey to advise him to sell his home. Ramsey emphasized that such a heavy financial burden leaves insufficient funds for essentials and retirement savings. While the advice to sell is straightforward, he cautioned the caller to understand the financial implications before doing so. Sustainable housing costs should ideally be below 30% of income for a secure financial future, especially as millions prepare for retirement.
You have to sell the house. You don't have a choice. Your house payment is 50% of your take-home pay. You can't do that.
Spending 50% of your income on a house is unsustainable. You need spare funds for current essentials and saving for retirement.
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