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The problem is that the other things shouldn't be measured as a percentage. If someone makes 150k and spends 70k of that on housing, they still have 80k left fo
by foota 10y ago
The problem is that the other things shouldn't be measured as a percentage. If someone makes 150k and spends 70k of that on housing, they still have 80k left for other expenses. If someone is making 30k and puts 15k towards housing they only have 15k left for other expenses. So the person making 150k has 5 times as much left for other expenses.
- falcolas 10y agoIf we make the assumption that they follow the generally accepted best practice for managing money, and put aside 20% of their income for a year, both people are homeless after 2 months. Spending 50% of your income on a house is simply financially irresponsible, no matter your income. That's at a minimum 20% of your income that is going into a black hole that could be going into savings or investments.
- foota 10y agoHow do you figure they'd be homeless in 2 months? That doesn't seem to follow.