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Today (13th Feb 2022) Sunday is my last working date .Actually In Employee separation portal everything completed.Full and final settlement showing as Agent Clearance.I tried contacting HR but there is no response from them.My joining date in another company is tomorrow.So will it create any problem.Which date will be mentioned in my relieving letter either today or tomorrow.Helpline also down.WHAT EXACTLY I SHOULD DO NOW.Can anyone suggest?
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People will say gross but net is obviously more indicative of what you could actually afford obviously.
It varies from person to person. Our bottom line is very conservative. We want to be able to get by even if either my SO or I lost the job. Other people are probably more aggressive than us.
Coach
This is the smart way ^
Mentor
Mortgage qualification is based on gross income but I would use net income for budget purposes. Residual income is what really matters, a higher earner would be able to spend a larger portion of their income on housing and still be able to afford everything else.
One way to do it is to add up all of your other monthly expenses, literally everything including savings and subtract that from your net income. With the amount left over just make sure you are spending less than maybe 70% of that on your housing and you should be ok.
I like the one income method if you have a partner. Take away one income and budget so that the other income can support all hard expenses. If the plane can still fly after losing one of its engines then you are in really good shape lol.
Depends on the individuals tolerance. When interest rates were low, I got a house for 1.38m and TC was 235k. We closed with that TC but 6 months later TC became 350k due to job switch. Was rough initially but feels better now. I don’t recommend it for everyone but I’m a very small spender. So it doesn’t matter to me.
Well that home has a 30 year fixed 2.75% interest rate. After mortgage, I still have 6.6k to spend with 350k TC. I am in my late 20s so I came in knowing I have room to still further grow my income. I wouldn’t recommend it if you’re past your peak earnings period.
Goo luck and keep us update!
You might get a loan qualification based on gross, but your net is indicative of what you can handle financially. Don’t strap yourself to high payments that restrict your ability to save/invest