tom on Nostr: There are no hard rules. It depends on many factors. - Where you live and housing ...
There are no hard rules. It depends on many factors.
- Where you live and housing costs. Pick somewhere that meets your needs. If you work from home, you have way more options. Try to avoid commuting. Depending on traffic, it can be unpredictable and stressful. I live in the Vancouver, BC area and we have always been mortgage poor. After the last of my kids have graduated high school, we most likely will leave to have more freedom and less stress.
- Spend discretionary money on what you value. Seems obvious, but many live beyond their means to not miss out / keep up with friends and family. This will kill ability to save.
- Whatever you manage to save, outside of an emergency fund, invest appropriately. Don’t degen most or all of it. The lure of massive gains usually sets up pain and regret. Lessons none the less, but in essence, protect and preserve your capital first. Don’t get greedy.
- Where you live and housing costs. Pick somewhere that meets your needs. If you work from home, you have way more options. Try to avoid commuting. Depending on traffic, it can be unpredictable and stressful. I live in the Vancouver, BC area and we have always been mortgage poor. After the last of my kids have graduated high school, we most likely will leave to have more freedom and less stress.
- Spend discretionary money on what you value. Seems obvious, but many live beyond their means to not miss out / keep up with friends and family. This will kill ability to save.
- Whatever you manage to save, outside of an emergency fund, invest appropriately. Don’t degen most or all of it. The lure of massive gains usually sets up pain and regret. Lessons none the less, but in essence, protect and preserve your capital first. Don’t get greedy.