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But my income has tripled.
I’ve been moving around these past six years, but I have managed to keep my max housing costs at $1450 or less. In 2017, I was paying $1450. In 2022, I’m paying a little bit less. Between these six years, I’ve had years since 2017 where I only paid $750-$900, but I found my sweet spot plus a sweet price for the place I’m in now.
You’d think I’m staying in dingy places, but that’s not my style. I prefer high-class places for a low cost. There’s only one city I love and could live in, New York City; since I live elsewhere, I don’t need to live right smack dab in the middle of the city, which saves a bit.
That 28% Housing Rule Is Whack.
Despite my income increasing, my housing costs (usually the priciest expense for most families) remain the same.
Everyone says your housing costs should never exceed 28%. But, what if your housing costs never exceed far less of your total income…like single-digit percentages?
Why would I want to give 30% of my income away to housing? Sounds like a scam to me.
I’ve always been a firm believer in extremely low percentages for cars and housing. I don’t desire to have anything take a massive chunk of change from my budget unless I’m ready to blow money.
The Income Trap
My home is beautiful, but I still could’ve stayed somewhere more beautiful.
But why, when I’m happy right where I am?
If you’re not careful, you’ll never enjoy your satisfaction because you’re too busy chasing dissatisfaction.
That’s the thing about money. The more you get, the more you think you can and should spend, but that’s a trap.
I’LL BE OKAY whether I lose my income or keep my income. I don’t have to be concerned about how I’m going to pay the rent because I lost income or bought too much crap that I can’t afford. As long as I live below my means, I’m Gucci.
If you keep your housing expenses low, you might experience the following:
A higher net worth
More flexibility in your budget
A decrease in stress and anxiety
Bigger investment opportunities
More cash flow at the end of the month
For free personal finance classes, calculators, and more, check out the MOAM reader resource page.
This content is for informational purposes only — not professional advice. Consult a qualified professional before making any major decisions.