Spending (And Saving) Money Should Be The Goal

Never Retire Checklist: #15

Source: Author

Funny thing, as we continue this February 2024 Medium series adapted from a March 2023 series I did in my newsletter.

These numbers are super outdated. And it has only been a year. The writing on the wall keeps getting more clear.

On the low end, here’s how much it could cost you to secure the American dream today:

• 20% down payment of $72,600 on the median priced home of $363,000 nationally.
• Monthly mortgage payment, including taxes and insurance, of $2,310 at 6.4% interest.
• Additional monthly housing expenses (improvements, maintenance, utilities) of roughly $1,000 a month.
• A new car in your driveway: $716 a month on a loan of $41,445 at 6.1% interest over 69 months (this represents the current averages).
• Your total monthly outlay for all of the above: $4,026, not to mention the $72,600 you parted with for the right to take on a 30-year mortgage.

Run those same numbers in a place such as California, where the median home price is closer to $736,000 and the housing estimates you see above pretty much double. Absolutely unthinkable numbers. So we’ll just stick with $4,026 before you even put gas in the car, pay for insurance on it, pay…