Well then you might stay poor. Nothing wrong with the right kind of debt. Hell it could be debt to build a growing business, an investment, a smart use of money at low interest even. And on top of that buying a house vs. renting would come with tax deductions that would allow you to keep more of your 100k/yr and pay of those debts faster. Debt isn't always horrible.
Yeah, I know not all debt is a death sentence and sometimes is necessary. However, I’m not sure it’s fair to compare the financial decisions of someone starting a business with someone who is a salaried employee. Business owners don’t really have a cap on their income. Swallows-well has a ~$100k/year salary. For anyone living anywhere, a $1m home is an outrageous portion of your monthly income when your salary is $100k. Even putting debts/monthly bills/other expenses aside, that is an incredibly poor financial decision that begs the question-“how can he afford that?”
Also, I’m unsure of how this works as I’ve never heard about it before so forgive me if this is a stupid question, but are there any requirements for him to live specifically in D.C? If there are, that’d be understandable, but if there aren’t, that alone isn’t too telling but it does
makes me a bit more suspicious about his wealth. If you have the option, why wouldn’t you move outside of city limits where the prices of homes may be significantly cheaper and sacrifice with adding commute time (which doesn’t even have to be that long)?
I gotta be honest I didn't even know who he was when I wrote that comment. I went and read about him. Appears he is just a financial retard. Or someone is greasing his palms. Probably both. He is a politician afterall. And a POS liberal dem to boot.
Well then you might stay poor. Nothing wrong with the right kind of debt. Hell it could be debt to build a growing business, an investment, a smart use of money at low interest even. And on top of that buying a house vs. renting would come with tax deductions that would allow you to keep more of your 100k/yr and pay of those debts faster. Debt isn't always horrible.
Yeah, I know not all debt is a death sentence and sometimes is necessary. However, I’m not sure it’s fair to compare the financial decisions of someone starting a business with someone who is a salaried employee. Business owners don’t really have a cap on their income. Swallows-well has a ~$100k/year salary. For anyone living anywhere, a $1m home is an outrageous portion of your monthly income when your salary is $100k. Even putting debts/monthly bills/other expenses aside, that is an incredibly poor financial decision that begs the question-“how can he afford that?”
Also, I’m unsure of how this works as I’ve never heard about it before so forgive me if this is a stupid question, but are there any requirements for him to live specifically in D.C? If there are, that’d be understandable, but if there aren’t, that alone isn’t too telling but it does makes me a bit more suspicious about his wealth. If you have the option, why wouldn’t you move outside of city limits where the prices of homes may be significantly cheaper and sacrifice with adding commute time (which doesn’t even have to be that long)?
Is that excluding taxes? IMO, that’s still way too low of a salary for a $1m house. If his wife also had that salary, that might be different.
I gotta be honest I didn't even know who he was when I wrote that comment. I went and read about him. Appears he is just a financial retard. Or someone is greasing his palms. Probably both. He is a politician afterall. And a POS liberal dem to boot.