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I have a friend who works at Meta working on the Metaverse as a TPM and they just sold their house and bought one twice as large (and expensive). I've warned t
by operatingthetan 4y ago
I have a friend who works at Meta working on the Metaverse as a TPM and they just sold their house and bought one twice as large (and expensive). I've warned them it's a risky situation but they didn't agree. They remain employed but if I were in that situation I'd be pulling my hair out.
On the other hand my house is 1/3 the size and I could pay the mortgage working retail if I had to. I'm worried about a bunch of friends who bought big houses that required faang incomes for 30 years if the tech market turns and doesn't return for long periods of time.
- closeparen 4y agoAbsolutely! Committing to an ongoing expense based on your earning power in the peak of a cycle is crazy. The only way to justify something like that is if you're paying for (almost) all of it upfront. But even then the upside potentially is probably higher in stocks than in Bay Area real estate at this point.
- rg111 4y agoIn my early 20s. Bought a lot of expensive stuff in the last few months. Didn’t get laid off, but I am scared as hell about the economy/present situation. Now I wish I saved 70-80% of the money instead of spending them.
- grogenaut 4y agoBuying a 2M house is absurdly different than a peloton bike. Esp if you use the bike. Hell buying new cars every few years and a peloton are worlds of difference. you're not buying a new peleton every 5 years, and even if you did it'd be $10k at the outside not $30k every 5 years per car. This is like trying not to have a starbucks every day to save cash but not shopping on your mortgage to save .5%.
- operatingthetan 4y agoMy comment did not address that part of the conversation so it's unclear why you directed this attitude to me.