A personal prison can mean many things, and if low wages automatically mean precarity, then that's a type of stress that would be worthwhile to try and create a lesser draw on, imo.
For me, I'm always framing whatever I currently earn as "right now". Right now I'm doing ok, but it's fairly likely it won't last longer than 2 years, because it never has, and I have no reason to think it will this time. That means that even if a bank were to give me a long term loan, I'd be stupid to commit to anything but the most manageable terms, which means I'd have to consider what I'd be able to make in a part-time laborer position when layoffs come around or something.
If I can theoretically make myself liable for a 3.5k a month tiny condo mortgage, even if it's less than half my take home, I'd be uncomfortable doing so unless it was half that amount. Therefore, either a miracle needs to happen on the career side or the housing market needs to finally crash before my partner and I move out of this basement, no kids, used car etc.. and that's fine for now. If I lose a job, I need to have at least a year if not more of liquid or close to liquid assets available to cover living expenses, and for that to be possible, I need to have relatively minimal fixed liabilities
Ive come to realize that there is very little that would make me truly comfortable with big risks, so I decided to just start taking them. If they dont work out, I will have the consolation that I tried, and so far, it has been working out well. I Got myself liable for a 7k mortgage, about 80% of my take home. Nervous about commitment but married my wife. Nervous about kids, but have one on the way.
If it all comes tumbling down tomorrow, I would be out a ton of money, but basically where I was 5 years ago. I wish I had taken the plunge on each of these things 5 years earlier.
brailsafe|2 months ago
For me, I'm always framing whatever I currently earn as "right now". Right now I'm doing ok, but it's fairly likely it won't last longer than 2 years, because it never has, and I have no reason to think it will this time. That means that even if a bank were to give me a long term loan, I'd be stupid to commit to anything but the most manageable terms, which means I'd have to consider what I'd be able to make in a part-time laborer position when layoffs come around or something.
If I can theoretically make myself liable for a 3.5k a month tiny condo mortgage, even if it's less than half my take home, I'd be uncomfortable doing so unless it was half that amount. Therefore, either a miracle needs to happen on the career side or the housing market needs to finally crash before my partner and I move out of this basement, no kids, used car etc.. and that's fine for now. If I lose a job, I need to have at least a year if not more of liquid or close to liquid assets available to cover living expenses, and for that to be possible, I need to have relatively minimal fixed liabilities
s1artibartfast|2 months ago
If it all comes tumbling down tomorrow, I would be out a ton of money, but basically where I was 5 years ago. I wish I had taken the plunge on each of these things 5 years earlier.
Nothing risked, nothing gained.