Can I Afford My Dream Home? (I’d Have To Break Some Rules…)
Money Guy Show
Brian Preston, CPA, CFP®, PFS and Bo Hanson, CFA, CFP® | Fee-Only Fiduciary Advisors
4.7 • 3.1K Ratings
🗓️ 22 May 2024
⏱️ 27 minutes
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Transcript
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| 0:00.0 | Is it okay to break and scramble some eggs so you can afford that dream home? |
| 0:11.0 | Brent, I am so excited about this because sometimes in life things happen that make us have to make difficult decisions. |
| 0:18.0 | Not every decision we get to make is a nice easy one and I love that we get to weigh into those types of questions. |
| 0:24.5 | A matter of fact, I love that we can answer all your questions. |
| 0:27.3 | So right now we have the team out in the wings collecting your questions if you don't have your question and yet get it into the |
| 0:33.9 | chat because we want to load you up so that you can do money better. With that I'm |
| 0:38.7 | going to throw it over to you producer Ruby. |
| 0:40.9 | Awesome we've got a question from Halle to kick us off. |
| 0:44.4 | It says, we want to buy our dream house, but we'll have to get past 25% of our gross income |
| 0:50.2 | to do it. |
| 0:51.3 | Are we allowed to break the money guy housing rule if we're saving well over |
| 0:55.7 | 25% for retirement? We want to treat this house as our abundance goal, like step |
| 1:01.4 | eight of the food and feel like we have the room in the budget |
| 1:05.0 | for it. So how would you think about this? |
| 1:08.0 | Well I think, Halle, at the onset, you said something I love, you are saving 25%. |
| 1:13.2 | And so you're already doing the thing |
| 1:15.1 | that you know you're supposed to be doing. |
| 1:16.3 | And so then the question is, for the dream home, |
| 1:19.1 | can we break the rule? |
| 1:20.2 | And I'm assuming the rule that we're gonna break |
| 1:21.5 | is the 25% of total housing costs |
| 1:24.7 | or 25% housing costs is greater than 25% of gross income. |
... |
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