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We don't have to tell you how messed up the real estate market is these days. It's like the early 2000s all over again, but somehow worse. You'd think people would have learned that just because a bank offers you a huge loan, doesn't mean you should take it… Unfortunately, it's becoming clearer and clearer that these huge money-hungry loans are banking on the client being financially illiterate.
One man took to Reddit to convince himself that he made the right choice buying a house for $500,000 even though his salary was only $150k, with barely any savings. And then to put the cherry on top of a money-burning pile, he got laid off after closing on the house. And yet he STILL believed he could afford his over $4k monthly mortgage.
He got so ripped apart for his financial illiteracy, that he deleted his own post. But Reddit user thesuppplugg couldn't let it slide. He created his own post summarizing what the original post had said and explained why he had to reiterate it. Apparently, this is an all-too-common mistake made by many first-time homebuyers. You want a house so badly, that you try to make it work in any way possible, and then you're spread yourself too thin and find yourself struggling. Thankfully, the post and its comment section go into detail on examples of this happening, how to avoid it, and how to crawl your way out of it. See for yourself below!
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