How does everyone in this group afford like 5 Rolexes and Omegas? My partner and I make a nice income and we could not afford any of these watches. Is everyone here rich? How do you pay for all these watches?
[Question] does everyone in this group make like a million dollars a year?
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To give up and have false "luxury" isn't the right option. You can always invest your money and eventually grow it into a deposit.
What do you mean by "give up"? I save/invest as large of a percentage of my income as possible.
Even if you make a decent income, say $100k, you still can't afford a $500k house. That's not "giving up", that's just math. A bank wont even approve you for the loan most likely. And yes, some of us live in a place where even starter homes are half a million.
So I don't have $100k to put down, let alone 4 grand a month to pay to a mortgage. But I was able to put away a couple hundred bucks a month over the course of a couple years and decided to finally buy a Rolex.
Life is short, right? If I'm not getting a house regardless I honestly don't see why I shouldn't spend my money on other things that make me happy.
Also, as an aside, if I ever am in a position to buy a house and are $5k short for the down payment, the great thing is that the watch will have held it's value and I could just sell it.
The same people that bought their house ten years ago likely cannot afford that exact same house today. Its increased market value and increased interest rates have made mortgage payments for the same home nearly triple in three years. If you could afford it earning 100k a year, the person who would buy it from you off the market today would need to make 250-300k.
Yep, it seems like everyone over the age of 40 just has their head in the sand with this situation. They worked hard and saved up and bought a house for $150k and think we still have that same opportunity.
Forget the fact that nationwide median house price is up nearly 50% compared to 10 years ago. In most desirable metro areas, it's even worse than that.
Home ownership rates among people under 35 are historically extremely low right now. But I guess that's just because we're too lazy and would rather buy watches 🙄.