6 ms·

Are you saying people making 5 figures should not follow this advice?

• FooBarBizBazz 2y ago
  They can't do (1) because they don't have extra to save. Maybe (2) is doable, but it's hard when you're worrying about next week. (3) is basically the same as (1). I'm not sure about (4). Your choice is between throwing money away on rent, and being house-poor, overleveraged on a house. Again, you can't do (5) when the only asset you have (and can just barely hang on to) is a house. And most people sure as hell don't get equity from their employer. So, sure, if you're a typical tech worker making $200k+ with some stock options -- which probably does characterize a substantial fraction of people here -- then the advice is very reasonable. Yes, "seven figures" is an overstatement. But a ton of people make nowhere near this. I think the advice for lower incomes needs to be about (a) increasing skills/qualifications/income (but choosing education wisely), and (b) pooling resources with roommates/family to reduce expenses.
  • flappyeagle 2y ago
    > pooling resources This is a great way to achieve (1). Immigrant families have been doing it forever. It’s a good tactic no matter how much money you make.