Reply to Just bought an $800,000 house on a $186,000 salary and now I'm panicking....

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Reply to "Just bought an $800,000 house on a $186,000 salary and now I'm panicking...."

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]It amazes me how many people on this board must be terrible with money and waste money on who knows what.  If you are one of those people, then you shouldn't buy that much house with your income.  If you are good with money and don't go crazy spending money you will be fine.  Our HHI is 170K with 2 kids and we just bought a 700K house (550K mortgage, 2,900 PITI).  It is about $500 more per month than our last house, so we are comfortable we can afford it.[/quote]
I totally agree. What do people need so much money to spend on? Our combined gross income is only $150000; we purchased a house for $800000 5 years ago which is paid off now. We sold our previous house and [b]put a downpayment of $650000. [/b]We have 1 child that goes to public school. We are careful with money and don't spend it on frivolous things like going to Starbucks, nail salons etc.[/quote]

Hilarious.

Not for nothing, but if you'd put down 20% on the house and invested the $490,000, you'd be doing a lot better now.  Bad choice.  [/quote]

But the outcome of that choice was not known in advance. DCUMers love to post about much smarter they were than others for investing in stocks rather than paying their mortgage. But they're not smart enough to realize that they weren't smart at all. No one could have known the outcome. The past ten years were a bull run. A better guaranteed return from stocks going forward is not guaranteed. It doesn't mean it's a bad choice. Just recognize it's uncertain and you were not smarter than anyone else for making that choice.[/quote]

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