I know 3 different coworkers who bought this year at peakā¦ 2M+ houses with young kids. Now TC is fked, layoff is being planned, nowhere else is hiringā¦ I can see the stress getting to them at work, really sad š. Crazy that housing hype alone is financially ruining a whole cohort of extremely high earners Tc 350k
This is really sad to hear, no one really can predict future. If they have savings for 1 year, they are totally fine.
Not necessarily, the world after the slowdown may look different with substantially lower salaries. Then they won't be fine.
What was their tc at peak and current?
Uber is hiring.
Are they? Iām stuck in team match cause of slowdown
It's crazy and very sad. You should always buy with just base as your income.
In that case what job pays enough to buy 1.5M home? In Seattle the homes I want are around 2.5M. I don't think I will be able to afford them with my TC. I an trying to see what kind careers should my kids get into to afford these
Need to have a much larger down payment
Theyāll just probably take a hit on their investment. Need to downsize or something. Doubt many will find themselves on the streets or something wild like that. I think theyāll be fine
Until itās Cashed, Its not cash.
Exactly. Everyone brags about RSUs but people forget that you can't buy shit with them until its cash. RSUs are basically " I hope this is what my money is worth". People forget that companies gave those instead of cash because its much cheaper and the risk is on the employee when they get screwed over. Cash is King.
This is why buying a house is stupid. Itās like an anchor weighing you down.
or divorced
A friend of mine with two teenagers in high school had to scramble when their landlord decided to sell their rental. It was a mess because they couldnāt find something in their price range in their kidās school district. When you have kids you need roots.
Move to metaverse
Hahahahahaha
For years on blind youāve see people taking on crazy leverage, putting minimum money down for houses, cars and nearly anything you can borrow against. Not going to go over well when markets are tanking and people are losing their jobs. Always need to factor in risk
Isnāt that their fault for very very poor financial literacy / planning + greed?
So they should have planned to be laid off?
Chinese mentality is that housing can never be bad investment. Even my mom would tell me non stop to buy. Some of it is cultural pressureā¦