[USER]

I have a solid job. I make 128k a year, health care (not that great), 401k, benefits. My monthly after taxes is $6800. Single income.

Where I live though has a high cost of living. Currently my expenses for the month are $3800-$4500 (rent, car, food, gas, fun money).

I’m looking at a Mortage for next year and I’m struggling to see how to make it work.

I’d get rid of about $900 for current rent (living with a friend, temp situation).

Bringing me to 2900-$3600 a month. But a min mortgage where I live is going to be $2800-$4300 depending on the house.

That’s not even for anything overly amazing.

$2800 + $3600 I’m looking at $6400 a month. I’m not doing anything that crazy, buying healthier food and going out 2x a month.

Something has to give. What are other side hustles people ligit make extra money?

Preferably online.

[Allison]

I resell stuff. Been doing it seriously since Covid and I turn a solid coin doing it.

Kudos for realizing yourself and knowing that squeeze is going to be uncomfortable.

I was the opposite. At 21 I bought my first house and my mortgage+utilities was almost 70% of my take home.

I lived under the squeeze until my 30s when I was like, I’ve gotta do something.

I’ve always resold clothes and shoes I no longer wore, turned up the thrifting dial and started in and scaled it up.

Definitely has set me up comfortably. I’ll probably do it seriously for another 5 years then pare back

[Susan]

Who says you have to buy? If you can’t afford to buy don’t buy. Plenty of rich people rent.

The American dream one of them being a home owner (if you are in the US) really doesn’t exist anymore for many people.

It’s perfectly OK to rent.

[Tess]

Gotta get roommates for the house unfortunately until you can refinance or pay off.

Or move to another city where houses are cheap.

My house 4 bed 2 bath with garage is worth like $150,000. Milwaukee, WI

[Nancy]

Can you work an extra coue days a month at your job for overtime? Or pick up a per diem position somewhere?

[Lina]

This is shocking… a person earning as much as you, shouldn’t be needing side hustle.

Seriously… it’s not you. It’s the system, it’s the place you are, that’s not ok… move to a better functioning society, honestly.

Btw… I live in Denmark. I earn less than you. I’m absolutely comfortable financially.

I own a house and I could retire now at age 45.

although tax is much higher here, my bills on tax, healthcare and the education of my two kids are lower than yours

[Aaron]

I bought a house a couple of years ago in a bidding war. My mortgage interest is still more than my previous rent (although rents have gone up and the interest portion of the loan payment decreases).

The value of your house is meaningless for the FI/RE calculation.

Your house doesn’t generate income in anyway. However, the loan amount is subtracted from your net worth, so the loan is a big drag.

And in addition, you’ll now have home maintenance costs, if you can
even find someone to fix your house. We had a leak a few weeks ago in that hurricane and just finding someone to pay a shocking amount to fix it is next to impossible.

I love my house after 20+ years of landlords and rent, but I’m not sure it was the best move to buy a house in terms of financial independence and early retirement.

I think it can be for people who turn up sweetheart deals and are very handy with passions for home improvement, but most of us are not those people.

[Tyler]

I’m a mortgage broker so it pains me to say… but some places just aren’t great to buy in… though if you can then the equity you could build would be great.

My family is considering moving to a very HCOL from Kansas City (LCOL) and honestly we might just rent.

Partly because we want a nice place that would cost $2M+ to buy, and partly for flexibility and ability to move anytime.

Plus I own real estate here so the thought of having someone else do all the repairs/maintenance for a change is kind of enticing

[Aaron]

Some places are just not affordable to own a house unless you have a very high income or find a unicorn. Stay renting.

Be careful about trying to make this work and making yourself poor.

House poor people often end up miserable because they can’t afford to do much else or go into debt.

Rent is the most you have to pay per month, a mortgage is the minimum. And it goes up every year with taxes and insurance.

[Kira]

I wouldn’t buy if it compromises my investments goals. Unless it’s an investment property.

We make more than you and we still rent.

And when considering buying don’t forget to factor in the maintenance of the house

[Beau]

Move to a decent state and try to transfer jobs.
The Left Coast will break a man financially…

[Ang]

Do not buy a house. You are not financially ready to do so. Any catastrophic event and you will be in major debt.

Stay where you are and save A LOT more money.

Houses have so many unexpected costs and in the words of JL Collins, “houses are a luxury”.

[Kristi]

Can you buy a house and rent it out for more income? Use that money to save for the next house while staying where you are or get roommates?

Buy a cheaper car that doesn’t have car payments.

Look at your shopping to see where your money is going.

Can you add in some more free activities? Add on babysitting or crafts you can sell.

[Author]

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