What percent of your current income is needed for retirement?
My retirement income will be approx 60% of my current income. I will not have social security income. My 401K and other savings will add about another 20 to 25. It this realistic?
What percentage of your income should you spend on a mortgage? I dont want to overextend my budget?
Im 25, I am in shock when i see my friends (same age, same entry level income) go out and buy 250k-300k houses like its nothing. They dont have 20 bucks to fill up the gas tank but they can afford 250k house??? I dont want to be in their position where 90% of their income goes to mortgage, without having any savings on hand. what is a proper mortgage payment/income ratio?
What proportion of your income should be spent on car payments ?
I was wondering what proportion of your income should be spent on car payments. If you should only spend no more than 25% and of your income on rent to be safe financially, I am assuming that no more than 10% of your income should be spent on car payments. Is this a good estimate of how much money I should spend on my next new car yearly?