meta_pixel
Tapesearch Logo
Log in
Money Guy Show

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

Education, Retirement, Moneyadvice, Investing, Savingmoney, Personalfinance, Business

4.62.8K Ratings

🗓️ 22 May 2024

⏱️ 27 minutes

🧾️ Download transcript

Summary

"We want to buy our dream house, but we'll have to go past 25% gross income to do it. Are we allowed to break the Money Guy housing rule if we're saving well over 25% for retirement?"

We'll walk you through that question and more in today's Q&A episode!

Jump start your journey with our FREE financial resources

Reach your goals faster with our products

Take the relationship to the next level: become a client

Subscribe on YouTube for early access and go beyond the podcast

Connect with us on social media for more content

Bring confidence to your wealth building with simplified strategies from The Money Guy. Learn how to apply financial tactics that go beyond common sense and help you reach your money goals faster. Make your assets do the heavy lifting so you can quit worrying and start living a more fulfilled life.

Transcript

Click on a timestamp to play from that location

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.

...

Please login to see the full transcript.

Disclaimer: The podcast and artwork embedded on this page are from Brian Preston, CPA, CFP®, PFS and Bo Hanson, CFA, CFP® | Fee-Only Fiduciary Advisors, and are the property of its owner and not affiliated with or endorsed by Tapesearch.

Generated transcripts are the property of Brian Preston, CPA, CFP®, PFS and Bo Hanson, CFA, CFP® | Fee-Only Fiduciary Advisors and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.

Copyright © Tapesearch 2025.