For partners with kids, what level were you when you bought the house you planned on raising your kids in? Did you buy based on future income (e.g., I’ll be X rank eventually making $Y so I ...

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An apt comment for a “global risk manager”

likefunny

Buying based on what you may make in the future sounds like an awful decision

likefunny

Bought the house we raised our kids in as a Manager. Stayed well within our means and didn't trade up until I made partner. Didn't stretch at all and it was a smart move. Kids are gone now and we own several houses and are looking forward to retirement and grandkids soon.

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We bought the big Partner house soon after I made partner. I could afford it only 4 years later. I wouldn’t recommend this!

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I was about 34 and a senior engagement manager at McK. Daughter was 4 and son on the way.
I overspent on a huge place but still conflicted on whether it was really a bad move. I spent a lot on upkeep and taxes, not to mention the mortgage, but the kids had a great upbringing in a super school district. Now an empty nester and look back fondly

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Bought a stretch house the year I made Partner. Then life happened and had to sell and move 3 years later and then life happened again and had to move again. Just bought another place and already know won’t be in there for more than 5 years. Me and real estate make a terrible combo.

Moral of the story - buy within your budget. It is always easier to upgrade later. Should anything happen, it won’t be as painful.

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OP, it wasn’t financially related per say but I lost money since the general rule of thumb is you keep the place for 5 years to just recoup the initial set of costs. So all of these would have been a lot easier to deal with if i didn’t stretch. First time, it was a divorce. Second time school district changes. Now I’m in a great place but I’ll grow out of it in a few years and most likely will have to move for my job, but hoping I can turn it into a rental.

My suggestion would be don’t buy for the future until that future is here. Some people will disagree, but I just think that nowadays, especially in our profession, it is not realistic to stay in the same house for most of your life. Note that a lot of the partners that commented above have bought their places a decade or two back.

Good luck to you!

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Mortgage companies tend not to care what you might make on the future

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That's how I roll haha

likehelpful

Bought the house we were raising our kids in at 37 and Director (daughter 2, wife pregnant with son). Traded up after making partner about 6 years later when we were relocated. Now, waiting until they’re out of the house to move to a state with no income tax

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We bought our forever home after I’d been a Partner for a few years and didn’t need a mortgage (got one anyways because rates were low but probably wouldn’t have qualified until I didn’t need it). We bought within our means but also a bigger house then we thought we would ever need and I’m very glad we did

likehelpful

Can stretch a bit to get the house in the neighborhood and school district I want, etc. or did you stay conservative? How did it work out? Would you do it differently?

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Why is this question only directed to partners?

For me - no sense being high income but poor due to a fancy house

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We bought our house when I was a Senior and I wish we had stretched. We haven’t traded up because it’s such a pain to move with kids.

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^^ live in Vancouver WA and shop in Oregon. Best of both worlds (no income and no sales)

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Or New Hampshire and get both in a single state!

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Interested in this as well

Stay conservative

P2 - when you traded up, were kids still at home? Did t cause then to switch schools? If so, what age and how did that go?

P3 - I don’t want to make you get too personal here, but was “life” related to your work/income that made it not supportable?

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