Home
cover of episode 69. “We make almost $300k per year but we can’t afford our mortgage”

69. “We make almost $300k per year but we can’t afford our mortgage”

2022/11/15
logo of podcast I Will Teach You To Be Rich

I Will Teach You To Be Rich

Chapters

Chris and Camilla discuss their decision to buy a vacation home, influenced by the real estate hype and the desire to create family memories, despite aggressive financial planning.

Shownotes Transcript

Chris and Camilla are 33 and 31 and they make almost $300k collectively living in a high cost of living area. They recently bought a vacation home, like everyone on TikTok tells you to do. 

Surprise, surprise—there’s no fairytale ending here, no mounds of passive income, no soaring property values or slam dunk investments.

They thought they’d cash in on a hot market. But with the slow season approaching, they’ve realized they're losing money. How should they handle it? And (gasp) what might other people say if they have to sell?

This episode is reminiscent of another Canadian couple, Eric and Elena, from episodes 49 and 50, who also bought a house they realized they couldn't afford. But I think you'll find this one fascinating for the differences—especially in the numbers.

Connect with Ramit

If you and your partner have a money issue and you want my help, I occasionally select a couple to work with, free of charge. Apply for my help here).

Produced by Crate Media).