life happen, how bad would it of been with debt and no emergency fund

Awesome job, keep at it. Wish you prosperity and health!

​​@@rosewoods3007 if theyre barely scraping by now, then the additional debt payments couldve pushed them into no longer being able to meet those payments. Also, it sounds like getting out of debt allowed them to save for their house. Rent is more expensive (monthly) than biying in a lot of places. The medical emergencies, plus debt payments, plus high rents have forced many people into the streets. Im being dramatic and clearly tough times hit whether you're in debt or not, but we shouldnt underestimate the damage a debt lifestyle can create

@@rosewoods3007 you are correct it could be done with debt, but that would be a much larger psychological issue to handle on top of everything else. Knowing you don’t owe anything to someone is very, very relaxing. It’s like a weight off your shoulders. It sounds like they certainly needed a weight off of their shoulders.

I hope your baby is okay!!!❤

"Overall, buyers hold a lot of the cards right now, and sellers are having to give out more concessions to close a deal." All the best, buying on sale is actually one of the best ways to invest in stocks, and advisors are ideally suited for such task

Until the Fed clamps down even further I think we're going to see hysteria due to rampant inflation. If you are in cross roads or need sincere advise on the best moves to take now with financial markets will be best you seek a fin-professional with fiduciary responsibilities who knows about mortgage-backed securities for proper guidance.

this sounds considerable! think you know any advisors i can get on the phone with? i'm in dire need of proper portfolio allocation

Annette Marie Holt is the coach that guides me, you probably might have come across her before I found her through a Newsweek report. She's quite known in her field, look-her up.

I just looked her up on the web and I would say she really has an impressive background in investing. I will write her an email shortly.

You are not alone we can no longer afford our mortgage, husband wants us to travel or relocate/I am proposing cashing in, walking away and renting while putting the rest in the stock market.

If you have the funds to travel you should be able to afford the mortgage.

We own a few rented apartments but don’t wish to sell them or make the tenants uncomfortable by inflating rents however I am being more cautious than ever with rising costs.

I will be glad to enlist the services of a reputable one. Pls how do I go about finding and vetting them. We know the value of a fiduciary as we have a family lawyer and he has hinted on it occasionally, so we’ve began to consider the idea.

My speculation. Many Americans are insolvent. Equity in a house will likely be tapped into via a HELOC or straight sale. I believe if they sell, many will go back to renting. And housing supply will inevitably rise. So you can borrow against your home.

Correct. What r people thinking. Trying to buy a house on minimum wages. While others go get skills or trade or degree.

Average home size in 1970 was 1,500 sq ft, now it is 2,700 with a two car garage. Maybe people should lower their standard of living.

​@TheSpringMood yes but that's part of the problem. Builders aren't building smaller homes, just 3500 sf behemoths bc it's a higher return. Those smaller homes were easier to get into, and then move up.

And minimum wage in 1972 was $1.60. When I graduated college in 1982 the average starting salary for business graduates was $10K. The problem is TUITION has skyrocketed and the typical starter home then was smaller and older than what young adults think they deserve now. We lived in apartments until we were married and saved for a down payment and that was usually in our mid thirties. Young people now are just spoiled and under the influence of tv and social media. It's not that hard when you stick to a realistic budget.

@@someguy5927 It's not that builders won't build smaller homes, it is that nobody wants a smaller home.

There are strategies that could be put in place for solid gains regardless of economy situation, but such execution is usually carried out by an investment specialist

I've been in touch with a financial analyst ever since I started investing. Knowing today's culture The challenge is knowing when to purchase or sell when investing in trending stocks, which is pretty simple. On my portfolio, which has grown over $900k in a little over a year, my adviser chooses entry and exit orders

Mind if I ask you to recommend this particular coach you using their service? Seems you've figured it all out.

Just research the name Angela Lynn Schilling. You’d find necessary details to work with a correspondence to set up an appointment.

Thank you for this Pointer. It was easy to find your handler, She seems very proficient and flexible. I booked a call session with her.

She's awesome!! Some people are just lazy whiners and want everything handed to them.

My daughter is a rockstar as well, saves her money and has more in her savings at 21 than most older adults. She owns her car, has no debt and rents a nice small place at a very reasonable price for nowadays. Kudos to us, we have taught well!

Baloney

@@603outdoors7 that's so awesome to hear!!!! Way to go to your daughter and you for teaching so well ❤️

@@jimroscovius thank you! 🎉❤️

Right

Like the World Economic Form said in 2016. "You will own nothing and be happy". Of course, what they meant was "You will own nothing and we will be happy about it".

If you’re an illegal immigrant though you can qualify for a free hotel room and a debit card for food. How nice!

Car loans are terrible

This!!!

I agree 100%, and if possible, go into the 30 yr with as clean a credit history as possible.

Yup!!! Most people won't though. But for the ones who are good with money do this!

This makes things more realistic, get a 30 year and try to pay it off in 15 but if a major life crisis happens you only have the small 30 year payment to make. Nothing wrong with paying it off in 20 years and as Dave said odds of you being there in 20 years is slim anyway. Even simple strategies like bi weekly payments or an extra $200/month to principal will cut you time to 20 or so

Dave just gives thumbrules. Thumbrules don’t work outside the median income. Most budget items don’t scale. A guy making $50k is spending 10% on utilities. A couple making $250k isn’t spending 10% on utilities. Dave is cranking out advice to the average consumer, so he can’t have nuance, but you can.

@@JT-bs8wz , Exactly! His advice is very good in my opinion, very solid! But, it is advice for the masses, not the "one off". Especially the credit card thing! His survey that he always talks about where they "interviewed" 10,000 millionaires, there is NO WAY you can convince me that all 10,000 of those millionaires, every single one of them, dont have and use a credit card and they use it responsibly. Of course they do! Credit cards are free to use, and makes life easy!

@@stevegolacks8731 Exactly! I worked in the accounting office of a golf and country club. Every single person had credit cards. I was the one who had to do the monthly charges. Nobody came in there with cash, lol. About half of them used American Express. The rest had some type of travel credit card earning points or just converting points to cash. If a person is in their 40s or 50s and doesn't know how to responsibly used a credit card, interest isn't their biggest problem. 😂

Completely agree! I keep 1 credit card and I had a 30 year mortgage (paid off early)… 15 years and no credit card is impossible these days. The main thing is to BE RESPONSIBLE!

I was calling out the recession since the second quarter of 2022. I am not nobody so my alarm didn’t go far. It was obvious. For me it was looking at people’s savings and reliance on credit to maintain their “standard of living”. It was absurd then, and it is still absurd now. People just keep borrowing to spend.

Define recession first. Based on your definition you may be right or wrong. Based on the generally accepted definition, we are not in recession.

​@jimba6486 where are you getting your data from?

@@alainbileg9826 "based on the generally accepted definition" The NBER Business Cycle Dating Committee typically confirms U.S. recessions well after they occur, for historical record and analysis. Traditionally, the U.S. government and media have tended to announce recessions based on prevailing economic conditions. For example, recessions were declared by media and government in 2000 and 2008 well before the NBER's official recognition. Under the Biden Administration, the approach to defining a recession has shifted from primarily focusing on two quarters of negative GDP growth to a broader set of economic indicators, including employment data. Interestingly, much of the recent employment data, which plays a key role in the new criteria, has been revised downwards shortly after initial publication for almost an entire year now. Furthermore, there's a claim that the recent job additions in the economy have predominantly been filled by immigrants, not U.S.-born workers.

A recession isn’t based on your anecdotes. By definition you can’t be in a recession if there is inflation. Prices inflate when the supply doesn’t match the demand. A recession is when prices start dropping because nobody can afford to buy AND they don’t. The problem now is folks don’t have the money but they keep on buying. The recession has not appeared yet.

Looks like Dave actually did some research on the current status and didn't rely on what he did 10 years ago

Same with new cars. Overpriced junk

yep, a 100 year old home will likely have old growth wood which is very strong and doesnt compare to the 30-50 year old trees we use today.

We love our new build! Built in 2020, and value has gone up 60% already. Next month, we are moving for my job with my company (all company paid), and will sell. The area we are moving to just by chance, is much much cheaper than where we are now. I will be able to use just the equity I have now to purchase the same house outright where we are going to. I will be mortgage free at 29. sweet!

That's just because people are opting for cheap everything because they care more about the size of the house than the quality. You get what you pay for.

That's a myth people say. Just ask a home inspector about the average quality of a brand new, up-to-code home versus one that is several decades old.

Yep, that's me. I moved back in with my mom at age just over 2 years ago 52 after more than 30 years of living on my own without parental support (other than modest cash gifts for birthdays & Christmas). Working a low pay job and no way I can afford to rent an apartment let alone buy a house. However, I do have retirement savings, just not ready to tap it yet. I've probably got 1 more year to go before I"m in a financial position to rent my own place or to buy something.

@mysticaltyger2009 good for you! Just having retirement savings will put you so much further ahead than a lot of people right now. Your discipline will definitely pay off

@@Elizabeth_lowkeyluxuries Thanks. I've always been a frugal weirdo compared to the norm. I can't wait to leave the work force, so saving is easy for me.

It hasn't. They admitted it in the video. A lot of people will have to leave the area where they live if they want to find affordable housing. That is just the hard truth of it.

@@mysticaltyger2009 thanks blackrock

It hasn’t. You’ll own nothing and be happy.

​@@TheSterlingArcher16if you already own nothing you understand. If you're not there yet you won't understand until you actually own nothing. Homelessness looks like a choice until it's you living in your car or under a bridge

You talk like somehow you’ll convince life to be fair. It won’t. Income will remain unequal, people will be impoverished, children will get cancer. You can’t emotion away that reality. All you can do, is take control of what you can control, that is what Dave is advising. You control your debt, you control your savings, you control your risk by not taking on large loans that you may default on.

please go look up the 2024 values of the houses that you could have bought with 3X the mortgage back in 2017. If you gained 100K in equity since on your current home....the 3X version of your home gained 500K. I know Dave went bankrupt over leveraging himself, but doing the opposite of his plan would have grossed way more since 2020. All my neighbors who maxed out their debt at low interest rates by refinancing, are putting in lavish kitchens, pools, backyard kitchens, new bathrooms. The Jones's" all came out cash flow positive on taking more risk and they are laughing at me. I did the Dave plan...I am baby step 7, but now have to pay 2X-4X the 2017 cost for any repairs / renovations that are needed on my house. Had I not done the plan, I'd likely be getting a bail out when the housing market crashes just like my neighbors will.

*your*

it's Evan

@@jji7667 thanks 😊

Didn't he say to marry the home? So he advocating for divorce

He's absolutely right!

💯👍🏾

They are. Unfortunately, that means you have to adjust your lifestyle downward to your income. For me, that meant moving back in with my mom at age 52. It sucks. And I know other people don't have that option. But many others could do similar things to remain financially solvent, but won't.

​​@@mysticaltyger2009 have no kids and live in a 1 bed that's my advice. Don't live with parents that's messed up.

Who is “they” that told you not to invest in home?

@@TheUncommonKIBBLESmaybe you need to go watch some videos from 2021 where they tell everyone NOT to buy a home unless it is 1) a 15 yr fixed mortgage 2) less than 25% of take home income 3) have at least a 20% downpayment 4) pay more in closing costs with manual underwriting 🤣🤣🤣🤣

​@@TheUncommonKIBBLESluminati and such 😂

“Pssshhh that’s just some conspiracy theory!”

@@TheUncommonKIBBLESseems like you haven’t followed Ramsey very long. People who stuck to his rules in 2021 who didn’t buy a house when they could have afforded it is definitely worse off now.

I think you meant "afford"?

We couldn't either. Our value has doubled in 7 years. It's insane.

@andreawilliams4977 We bought our house in April 2017 for $130,000. There's a house just like ours in our neighborhood on the market right now for $275,000 and they will probably get it. It's crazy.

I hope the property taxes have gone up enough to be reflective of the homes increased value.

@@PSCA1988 actually we pay high taxes anyway where I live, my local taxes just went up $63 bucks, I’ll take it, school taxes go up a few bucks every couple of years.

Blue collar workers following in your footsteps now have to live in a trailer. Yippee!

@@TheSterlingArcher16 my husband has worked 55-60 hours a week. Try doing that for 36 years, m-f 530 am-5 at night plus every other Saturday 7-12, plus I worked 2 jobs. Try more work less whine.

@@TheSterlingArcher16 get two jobs like we did, 4 jobs between us!

Or a falling down house in a bad neighborhood.

Ohio

Probably not true, but not far from the truth, either. Parts of the Midwest are still affordable as well.

@@mysticaltyger2009yeah because it’s really easy to just pack up and leave the place I was born and raised and where family is buried and where elderly relatives who need care are, throw my career out the window, and move 3/4 of the way across the country just to buy a house.

@@eggman9713 so you can’t move. But some people can.

It’s me, I’ve bought all homes at that percentage. But I live in a neighborhood far below my means. Still nice neighborhoods, but people are still shocked when they learn what my wife and I do for income.

They don't exist

In other words you have zero skills so you have a crap income.

At todays interest rates they don't exist for most people.

No, it doesn't. Don't buy if you can't afford it.

Average household income in America is about 75k. A 15 year fixed at 6.8% gives a $1334 payment for a $150,000 house (not including taxes and insurance), which is still just above the 25% threshold. In a city like Chicago, that’ll get you a 1 br condo in a good part of town or a house in a bad part of town.

More or less

@@tommyatkinson7312nah 150k gets you that in a bad neighborhood in Chicago

Which is why you shouldn't follow his advice especially if you're a first-time home buyer. Take the 30-year fixed, stay out of any other debt, and pay off your mortgage early instead of spending more years saving up for a 15-year fixed and never being able to afford anything decent.

I'm not waiting for a crash. I'm waiting until I've saved up enough to afford anything without moving away from my family, including my aging parents.

Yup. Then they give in and buy at the worst possible time, then the crash happens shortly after they gave in. Usually how it goes. Only buy if you plan to stay for a long time or can find a great deal on a fixer.

​@@as2223I wanna sell soon, but im afraid of paying a high interest rate with my next mortgage :/

Yep. Shouldn’t have waited. Me and my two brothers all bought houses prior to 2020 working hourly retail. Now we’re chillin’.

I had a divorce attorney that I was interviewing after I got the “Im not happy” delete sentence out of the blue. He recommend that I sell and wait for the crash…glad I didn’t hire him…the guy was all sizzle and no steak judging by his office decor and pompous attitude. I ended up preserving wealth by cutting a deal to not liquidate a property at fire sale prices.

Too much debt is a stressor, but so is getting shafted by the corrupt system that the boomers like Dave have built. The social contract is broken and housing has become unaffordable for many more people in recent years. This is the kind of trend that breeds resentment, anger, and may be the cause of actual civil unrest and conflict if it continues on the same path.

People trying to buy right now have it much tougher than you did.

​@@matthewphillips5483 you missed the point. If they would have followed that rule and waited, home prices would have still shot up and they would have lost out on 400k equity. They would most likely still be renting.

@@DanielGonzalez-zc6kw So your point is to do whatever you can to buy a home? No matter if you can afford it or not? No matter what the price or interest rate? Nice advice, dude, I think i'll pass.

@@matthewphillips5483 I'm not sure how you came to that conclusion, especially considering the fact that I gave no advice. I don't know your financial situation, debt, income, etc. I simply stated you missed the point and if they would have listened to Dave's advice they would have been screwed.

@@DanielGonzalez-zc6kw People like you forget that buying a property is a journey. It's easy to look back (survivor bias) and say "see, they made a good call because they have xxx,xxx equity!" However, many people get in over their head and get foreclosed on in the first 5 years because they purchased more home than they can afford. Although I think Dave's advice of 25% of net over 15 yrs is ridiculous and unrealistic for most people, it would be crazy to go over 30% of gross for 30 yr fixed.

Thats the biggest issue right there

Absolutely. And that's the problem

The house they can afford doesn't exist or is in the hood. Median income is allegedly 67k a year. 1395 a month mortgage before all the add ons, according to Dave's plan. Where exactly is that again? I am master carpenter barely making more than that lately so be careful before you insult other hard working Americans. That is a thing on this page.

@@SuperEddietv Don’t insult hardworking Americans who save and sacrifice and pull it off. My husband was making 80k/yr in 2022 when we bought our $250k house, NOT in the hood and NOT in out in the country either, actually in the one of the fastest growing safest cities in Ohio. We put $75k down. It’s an ugly home, everything is old, and we are slowly saving and cash flowing the improvements over time. I have the oldest uglies home of all our peers but we’re no doubt in the best financial place and I’m a stay at home mom.

@@haley2542 I've made less than that, 3 years running and the lowest house for me and my tools is in the 400 range here in central Florida. I had 50k down for a house 5 years ago....meaningless. We've barely crawled out of the hole from the last depression in 08 and they toppled the economy again. At 58, I work harder than any crew of 4 illegals, just to do what I do and it is washing away, dipping into my down payment and by the end of the year, I will probably be into an emergency fund......at this rate. Right now, as I type, The median home price in my county is 384K, depending who you follow. It is an insult to blue collar Americans and Americans who make the median. According to Dave's plan, the mortgage for these majority of Americans is 1288.46. Where is that at? Rents top $2000 here with the average being about 2350. That is for an apartment as there are no houses available and I rent 2 warehouses on top of that to house all the tools I use. Master Craftsman is meaningless here mostly now because of illegals and penny pinching. Kudo's on the stay at home mom. Total respect for that.

Yes when we bought in 2018, our mortgage was $1200 property taxes have gone up and so did our home insurance so our mortgage was going to go up to $1400 we refinanced and got rid of our PMI got it down to $1200 and property taxes went up again so now we are sitting at $1300 😅. This is with a 30 year fixed so no matter what your mortgage payment can still fluctuate.

Exactly. For a guy that is always talking about risk how about the risk of having that payment being so much higher in an emergency.

⁠@@darrengeorgetown6758because it guarantees you save thousands in interest over the term of the loan, which is why it also comes with the 25% rule. You can’t leave out the obvious risk management part of it.

​@@smizzzy1240which is why you pay it down like a 15. If a job loss happens it's not as painful as you can then pay it as a 30 until the emergency is over. Best of both worlds

Because you save thousands in interest and the payment isn't that much higher. Also relives you of the discipline factor of having to consciously make double (or more) principal payments. It's the very same discipline trick as cutting up your credit cards. If you just know your world is going to cave in on you, then it will.

@@darrengeorgetown6758 Sounds great in theory, but in the real world nobody has the discipline to do that.

Just get a 30 year and pay it off as fast as you can while making sure you have that emergency fund

Sounds like you don't make enough money to live in a major metro in Texas if you want to own a home.

@@FooFan-b3k well I make more then the median household income of the area by myself so I don’t think my income is the issue…

@@danimal6687 Perhaps a median income where you live isn't enough to buy the house you would like. It sucks, but it' seems fairly common in many of the hot spots where everyone wants to live. The guy who sold his house in California for a big profit and moved to Texas might have an advantage over the locals.

Dude buy a house in BFE Texas or even better Oklahoma and rent it out. Oklahoma is CHEAP.

Boomers own more homes than anyone

Whats your source that ten of millions of foreigners have bought houses in the last 3 years? Do you even try thinking for yourself? Or do you just blurt out whatever hate or ideocracy that crosses your mind at the time?

​@@FooFan-b3kThey aren't buying now but will at some point be buying or renting will be a strain on housing.

@@tristan2332 So let me get this right. People coming here with nothing can afford to buy all the houses even though they have no skills? Sounds like we need more of them and less lazy Americans if what you say is true.

@@FooFan-b3k The government buys them houses, and prices you out of the market while doing it. Get on a government website and see for yourself.

Absolutely! I want the feeling too…but at the right time!

Bingo

My rent doesn’t include utilities

@@sarah345 But presumably, it doesn't include roof repairs, boiler replacements or mending pipes.

@@pneron2032 Im just about to buy something, and the mortgage and property taxes together are cheaper than my rent plus it comes with a 1 year warranty on all that stuff. And the place I’m buying also doesn’t come with a drug dealer in my basement and windows that don’t work and will never be fixed. There’s a lot of downsides to the loss of control that, to me, are worth the cost of repairs.

@@pneron2032 and my current place charges me rental and insurance on my boiler. So that’s basically maintenance costs

I'm calling you when I need something fixed. 😂

Yeah, stuff is expensive. Roof on my house was $10k (cheap) 2 years ago. Driveway needs replaced @12k. But I bought 9 years ago and know exactly what condition the house is in and what it will need over the next 10 years

@@mph5896 roof prolly 15-17 now

@@BREEZYM6015 all good you can but damn I wish it was cheap ! I just replaced my kitchen sink pipes cuz leak. Cost me $49 plumber wanted $450 ..but before that would be $15

Yeah Dave’s advice doesn’t work in today’s environment.

If you can pay 15 percent of your income in debt repayment, getting out of debt returns 15 percent back to you that you can save to put a down payment on a house.

If you didn't own a home before 2015 you're screwed.

You could make the same argument in the 70s, 80s, and 90s. People definitely said that after 2008. You play the hand your dealt. Deft playing wins more hands than trusting chance.

@@amireallythatgrumpy6508 We bought our first in 2018. Sold and moved to a less expensive area, paying cash for our new home. Not screwed lol

Something always comes up! It can be annoying!

So you’re not wrong on the math, but as a Ramsey team member who is also licensed for mortgages Dave’s information is sound and mathematical. Ideally Dave would say pay cash by saving up and investing over time. Saving $1,500 a month and investing it over a period of 10 years will get you that home in cash or a very small payment. It’s difficult to convince someone to save up for that long which is why he is okay with mortgages in general. If you save up enough to bring the payments down to be in that 25% net range (difficult but doable, 25% gross wouldn’t be terrible either) you are in a great position to pay off the home early which is consistent with his baby steps and teaching.

​@RonnieMate Save 1,500 a month? You believe that the everyday average person is able to save that much money a month in thie environment?

@@RonnieMate Except Dave also talks about how important homeownership is in order to "lock in" your housing expense. He says things like, "house prices are not going to come down," as a reason to buy sooner rather than later. For the record, that's financially sound advice. Saving for ten years means essentially paying off someone else's entire mortgage before you even start on your own. You're also making a lot of assumptions about investment returns over the next ten years - it's 100% plausible that stock investments lose money over the next ten years AND that home prices continue to rise. For someone whose financial philosophy is entirely built around risk aversion, that's an incredibly risky approach.

@@Undefined14 But you need to deduct rent though? if you stay in the house, means you aren't renting from someone else. Probably still be more expensive than renting, but you have equity in it, not helping someone else pay off their house. For me I think it's just a lot of people have lifestyle creep problem. simple math would be if you see someone can live with 30k, why can't you? especially if your take home pay is more than that. and if your take home pay is 74k, live like 30k for 2 years, and you have 88k.

@@RonnieMate Average home price in the US is 495,100. average household income in the US is74,580. an average household would need a 65% down payment to buy an average house while having a 15 year fixed rate take up less than 25% of their income. that is 320,000 in net worth before you think of buying an average home. 65-74 year olds are the only age group in America with a median net worth more than 320,000, with 410,000, but having only 90,000 in investable assets and social security isn't exactly a great place to be for retirement age. difficult and tough is an understatement for the average family.

And if you were single?

Do the math on that 30 yr mortgage at 7%. You will pay three times the actual price of the house . Money at at 7% rate doubles every 10 yrs.

You have the benefit of a high income.

Dude you make over $175k thats top 10% of the country, you aren't normal!!!

Work hard. Make more money. Live well below your means.

As long as you can afford your mortgage, you’ll feel richer as a homeowner

That's the only way to buy a house!

yep that's one of the areas Dave's advice is woefully out of touch on

Lots of nice homes for 150K here in the mid west. And the pay is a lot higher than places like Florida and Texas. It just isn't as warm in Jan. But living here will allow one to become wealthy. It all comes down to what you want I guess.

That’s brutal. I live in tx and $150k gets you nothing anymore. Ghetto or a condo in the ghetto with high hoa fees

@@FooFan-b3k”the Midwest” is a big place. Where is this magical land of higher wages and lower priced homes?

@@angelaonthego Lots of places. Illinois, Michigan, Ohio, the list goes on. Having lived in Florida I can tell you the cost of living difference, income vs expenses, is very large.

But Dave might actually be right, the risk may not be worth it.

I agree that prices have increased but do have wages. The bigger issue in my opinion is that peoples standards have increased too much. Lower your standards and you can afford it.

What is the comment based on? He said basically the same thing

Pick up a 4th job and you should be alright.

@@williamedward3198na a 5th and 6th job you whiney baby

Houses are more, but people are making more. Stop whining!! Don't buy a house if you can't afford it. My kids are working, renting, and doing just fine.

The average income in 1964 was $6900.

That's kinda true. The currency has been so devalued from out-of-control money printing that it appears house prices have skyrocketed.

*due to demand and low supply

A combination of all three

I mean, isn't price just a numeric example of the perceived value something has?

True in most places. Another reason why home schooling needs to expand. The schools are lousy even in many middle class areas. Not to mention the garbage ideology taught in many of them. (I'm gay myself but don't like a lot of what is being pushed in the schools).

I actually worked out 25% of my income as an electrician with a diploma would pay for an 8x6 brick built shed based purely on the square footage. Most average newish 3 beds around here are £500k now. Even a 1930's 3 bed semi is £425k and that's still a doer upper

I live in a village outside Coventry, the 3bed semidetached was £209k in 2019 with a 20% deposit. It’s quiet, it’s clean and the neighbours are nice. I work in the automotive industry and it is possible. In 2021 we had a baby and we choose to raise our little one ourselves, so my wife quit her job 3years ago. We don’t have car payments, I fix almost everything car related or house related. We don’t have credit cards either. We don’t have any other loans. We keep track of our expenses on a monthly basis and we budget for any expense. We will go on holiday soon, a camping holiday on the beach, and probably another camping holiday in September. It is possible to live on a single income but it’s a mindset, it’s a way of life, we don’t buy brand, we buy what we need mostly and not what we want. I’ve recently fitted a towbar and the wiring harness by myself, plastered the house, fitted hardwood flooring, re-roofed an extension, fitted a new timing belt and water pump on one of the two cars. It’s hard work but it is very enjoyable when you see the results.

@@Florin_Bolocan I really depends on what the single income is through to whether it's possible or not. And it's easy not not to have a car payment I bought my car over 10 years ago cash. Maintain it myself knowone ever needs a credit card. I actually took a towbar off and sold it for £70 so that was good.

Hi Chris, after pension contribution we live as described above, on about £47-48k gross per year, single income. I’m paying alimony for my first son and I’m the sole provider for my wife and my second son. Mortgage is £600 and will raise to about £850, no car payments (both cars are paid off), no loans, no credit cards, we plan the shopping for groceries, and more measures to make sure it’s possible. We are boring but I would rather be boring than broke. My mom was recently diagnosed with kidney cancer and my brother and I we will pay for her surgery (7500 euro) that is only possible because we have the emergency fund that Dave talks about. I’m happy to help or to have a chat with you. I’m also willing to learn from others. Thank you for your patience in reading these messages.

@@Florin_Bolocan not that unrealistic if you rented that place it would probably be more like £1500 a month and them the single income would be a struggle. £600 mortgage sound like a dream now. I think we're boring and broke. Hope your mom gets through the kidney cancer and gets back to good health. Thanks for letting me know the details. All our incomes and outgoing are different and everyone has different wants that's a good thing really.

Whoa, I didn’t know that was an option! What’s your credit score? And did you have to ask for them to remove the PMI, or did they just “automatically” remove it based on your score?

@@charisginn6932 760ish. They did it automatically. I was talking through the numbers with the mortgage lender and I asked about the PMI, and they notified me they placed me into a conventional loan rather than FHA since my credit score was good. It may have helped that I took their Home Buying course as well. but they only mentioned the credit score. Either way PMI is not mandatory and its negotiable if you do it the right way.

Weird I never thought about it but we put down 10% and didn't have to pay PMI and I never questioned it because previously I always used my VA, but I have a credit score around 810. Yes I'm that person that puts everything on credit card and pays it of every couple weeks. And I don't even have one with miles,lol guess I'm missing out

@@TheDjcarter1966 VA loan exempts you from PMI.

@@TheDjcarter1966 agreed with you. Credit works in favor of those who are smart with their cards.

I tend to agree, but I still lean toward Dave's advice. Taxes, insurance, and maintenance are a lot more expensive than people realize. I have a friend who had to spend $17k to build a retaining wall to keep potential floodwaters from a nearby creek away from his house. Of course, his dad gave him the money. But people often forget to mention those kinds of things when they tell you how much they sold their house for.

Medical debt is the symptom. Your poor health is the problem

@@siva47931 wow, yeah. they should just get rid of their health issues, what a novel idea

​​@@siva47931it could be chronic but that's some terrible insurance you'd think not even Obamacare plans would be that bad, most plans I've ever seen cap your overall spending at around $10k per year

And we have a president who loves to spend and spend and spend driving up inflation, so the Fed had to more than double the interest rate to cool off all that spending.

@@dmoney8373 It was Trump’s spending that did it. He added 8 trillion to the deficit

Tell him to read the Millennial Revolution blog. They are Canadians who saved a ton of money and retired by moving to cheaper locales.

Empty nest Boomers own most of the family -sized houses.

​@@auemmjee "what do you call a "family-sized" house. That was about 1,000-1,400 sq feet not that long ago.

Unfortunately smaller homes are seen by builders to not be as profitable, so there isn't much in the way of supply for them. My current home which we got last year is 1680 sqft and we were very lucky to find it, but we're a family of five and will probably be larger in the future...

This has all been planned by the World Economic Forum. In 2016 they said "You will own nothing and be happy". Of course, what they meant was THEY will be happy when we all own nothing. The situation we have in the United States is not unique. It's worse in Canada, Australia, New Zealand, and some other countries.

Me 2

Wait till it’s hits the Northeast by winter. The bigger they are the harder they fall. Those prices are insane in NE. People are going to loose their homes in a big way.

Yes, they have. friggin fast food workers are making double what they were 4 years ago.

@@stevegolacks8731you live on another planet but ok keep living there

The wages never have kept up with the market. Folks decades ago didn’t have the debt like America does to day. I remember when there was no credit cards. And being a realtor and are 66 I see people buy too much house. We want what we want and when we can’t , we start the #1 Blame game. #2 we cry to the govt to fix this %3 they govt can’t fix squat.

@@dickkickem911 , Steve is correct. Wages have gone up crazy over the last 3 years. Most people in my group of friends who work just regular office jobs, have received a minimum of a 30% raise since 2020. Mine has been about 40%. Even my high school dropout friend who works the assembly line at Ford is making 25% more with the new UAW contract. Has every single job received that nice increase? of course not. Thats when its time to better your skills and seek out a better paying job. Bootstraps bro!

@@stevegolacks8731 $10/hr to $20/hr. Wow, they're basically rich. Can't wait to see the mansions they buy.

And your suggestion is ?

The average new home price, not the average home price.

@@apersonontheinternet8006 Well how do you say that when so much depends on several factors. Ok brand new built homes in my areas are in the 400K range and so are 30+ year old homes. So someone looking in the same country is either paying for a new home or old home both at about 400K+!!!! So again if we look at places in the same areas I don't think the argument is wrong to be honest!!!!!!