When I did my 2022 taxes I questioned my tax guy how to avoid paying so much in taxes as a single with no kids good income earner. His advice; have kids or purchase a property. July of 2023 I bought a single family house for $560K with 5.25% interest which brings my mortgage to $4,000/month. I live in the DMV area so that’s the average home price. Prior to buying my house I was a travel nurse making a decent income of about 12k/month. I no longer work as a travel nurse because travel contracts have ‘dried up’. I started working as a staff nurse making 93k/year with no bonus. So I have to work a shit ton of overtime to be able to afford this house. Now I’m house poor. I can’t afford to even do anything else. I have student loans of approx $400/month and car payment of $699/month. What would you do? I need my monthly payment to be lower… I really don’t want to have to sell my house…
Thanks everyone for engaging and God bless. I have taken action!
3 Likes
Room mates! You likely don’t need a full house. Buy a vehicle that won’t drain the bank. Continue working overtime.
2 Likes
Rent to nurses who work with you and want to live away from parents/school/crappy apartments.
2 Likes
Literally never home.
Also, law students, med students, grad students in general. We never have free time.
1 Like
My comment too. I am now renting to a 30 yo friend and my ex husband. I’m only charging them half of market value but It helps
3 Likes
What happens when people just say “I want to lower my taxes”. Accountants hear it all day and there are answers but they’re not always good if your situation changes. Making $144k as a travel nurse is not a high enough and secure enough earner to be hyped up about taxes. My sister is a travel nurse and was banking, recently had to take a full time position. The writing has been on the wall
3 Likes
Even with your previous salary, you were stretched way too thin with that mortgage payment. I like less than 30% of my net pay, not gross.
3 Likes
Get roommates. You’ll lose money on realtor fees, closing costs etc plus the market has gone down and interest rates have gone up since you bought so you’ll most likely take a big loss if you sell now
3 Likes
This is called Lifestyle Creep and you never should have bought a house counting on travel pay. What you should have done was pay off your student loans and car loan. Terrible decision. I highly recommend to Sell.
2 Likes