Why You Should Be Skeptical of Financial “Rules of Thumb”
Prairie Eco-Thrifter
MAY 1, 2013
If you lose your job, or encounter another financial setback, 30% of your income might be too much to handle for a mortgage payment — especially if you have other debt. If you are buying a home, start with the 30% rule, and then evaluate where that puts you in terms of finances. Markets and economic conditions change as well.
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