Young people today that don't want to move to Pearl, Mississippi, are going to be functionally unable to follow the canon percentage advice on how to spend money on housing costs/car costs/ savings.
I'm wondering if any well-regarded finance "experts" are adjusting their guidance to account for the impact that the US economy, housing, and vehicle market has on some of the older advice, which in some cases is rendered moot for a majority of the adult population.
If so, can you point me in their direction?
This isn't for me, but I am in a position where I may be asked to point someone in the right direction, and living in an "it" city that offers no financial quarter to any of it's young residents, I'd like to point them in a direction that isn't simply "only spend (insert low percent here) of your income on rent", when that simply isn't realistic anymore for everyone.
originally posted by FilledUpTinCup to r/personalfinance on 10/24/2023, 12:19:27 PM.