How Much House You Can Afford Based on Data-By Salary

This is how much home you can afford based on your salary. Don't Buy a House Until You Know This. Here's how to calculate how much house you can actually afford. #indexfunds #financialindependenceretireearly
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[@alfredlape]

I'm age 41 now and this is what I wish someone told me in my 20s

[@madelinedoyle3370]

Thank you, I needed to hear this! So you're saying to rent forever? I don't care about fancy cars, purses, or really even jewelry. Always want to own a home though.

[@alfredlape]

Happy to hear it helped! I don’t know your full situation. Are you on track for retirement? No one told me you need at least a million for retirement. Do you live in a high cost area? Household income? Would renting forever be bad? Why do you want to own?
The reason I made this video is that I worry about people b/c the data says 50% of Americans have zero for retirement. Median Vanguard balance of a 60 year old is $200,000 which allows them to live on $667/month. Imagine living on $667/month? Some people paying $1,500/month on property taxes forever. I don’t want to see people in these situations b/c they didn’t know the top wealth killers like homes and cars.
Mathematically, it’s best to spend as little as you can on housing and invest the difference. Like if you own, after 30 years you could have $1.8 million versus renting could have $12 million.
I’ve studied happiness and took the most popular class at Yale for free online by Laurie Santos called Psychology and the Good Life, which became Yale's most popular class in its 319-year history.
They talk about some counterintuitive things that make people happy like studies show that happiness levels increase when people give money or time to help others than to buy something for themselves.
Or one of the top books on happiness by psychologist Sonja Lyubomirsky called The How of Happiness talks about the same kind of counterintuitive things you wouldn't expect would make people happy based on data like: Make a list of the worst things in your life that could happen- Like your children dying from a plane crash; It will immediately boost happiness levels and be grateful.
There is a term called hedonic adaptation- People are happy when they buy things but the longer they have the item they adapt, it becomes normal, & they are no longer happy with the item. People are happy with the new house, then they adapt and it becomes normal, & they are not happy. People are happy with the new car, then they are not happy with it anymore b/c we get used to it. People then buy a bigger house and more cars & they still aren’t happy. Nothing to wear with a closet full of clothes, some with new tags they never even used, & are not happy.
The more materialistic you get, the less happy you become
If you study happiness, reframe your mind, & think about every purchase as: If the doctor said you have 2 weeks to live- What moments of your life would you remember? The big house? Being at Prada? The Mercedes? Most people would say moments with fam.