5 ms·
They have mortgage payments: it's trivial for a house to just up and eat $10k of your money, for one example. That's the big differentiator: at this level of i
by saidajigumi 7y ago
They have mortgage payments: it's trivial for a house to just up and eat $10k of your money, for one example. That's the big differentiator: at this level of income, they can afford to just pay random expenses that many folks would have to just jam onto eternal credit card debt.
EDIT: nvm, I misread the parent, and other sibling comments illuminate the actual breakdown of this line item.
- dariusj18 7y agoYeah but $10k a month?
- akgerber 7y ago$10k a month is $120k a year which is around 20% of the stated income, and a significant proportion of it is paying down principal, which is to say, building wealth. 2 or 3 years of wealthbuilding at that rate is enough to pay for the median American house in cash.
- dariusj18 7y agoRight, but I'm not referencing the mortgage, I'm referencing the "other expenses" line item that the person I was responding to seemingly though could be accounted for with the expenses of having a home. But someone else pointed out that the figure reflects other things anyway.