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I lurk in a lot of personal finance communities and I always feel so worried when I see people in tech about my age who seem to believe that the party will go on forever (or even for the next 12 months) and who make home purchases like their RSUs are worth real money
I don’t make enough money to even consider ever buying a $2M home but it seems very dangerous to even consider buying a $2M if you have to work for a salary, even if it is a very high salary
@skinnylatte the only way I see it is if you've already been earning enough to put down 70% up front
@trochee or all cash!! Haha way too many of them.
I’m mostly of the opinion that if one loses a big tech job in this timeline and age, there likely isn’t another one that pays as much for all but the most privileged. So it all just feels so fraught
Yeah my $tech job isn't even all that big and I'm still not expecting that the next one will pay as well;
every RSU grant is an instant sell, even if the stock price is faltering — the might be the beginning of a big drop from which it never recovers
I don't feel bad about missing out on some of the big jumps up; and every cycle lets me own more of my existing mortgage.
@trochee @skinnylatte exactly this. I sold the last of my RSUs to top up my emergency fund.
@skinnylatte You don't buy anything for $2M in this world unless you have $2M cash on hand or you're fucking oblivious.
@skinnylatte Yeah my house was like 1.5 years of my current base salary and i have maybe 1 year of salary worth left on the mortgage.
With a 2.875% rate (refinanced during the covid market crash when rates tanked) i could take a massive pay cut worst case and still afford to keep paying it (the mortgage payment is like 16% of my monthly take home pay after taxes, 401k, insurance, etc)
Feels reasonably conservative to me.
@skinnylatte Sure, it had warts given how cheap it was. The roof leaked, there was asbestos and mold and flooding issues, the breaker panel had its UL listing revoked, it smelled like an ashtray, etc.
But me and my wife fixed it up ourselves over years as budget permitted without taking out any loans, hiring contractors only for specialty stuff like asbestos removal that was outside out skill set.
@skinnylatte Oh, and it's definitely not $2M or in SF lol.