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Is the 30% rule for housing costs still a wise guideline today?
Season 7 Episode 67
Is the 30% rule for housing still practical in today’s economy? In this episode of the Ask Ralph Show, Ralph Estep, our financial evangelist, is joined by Craig Van Slyke to unpack this widely accepted guideline, exploring how rising living costs and individual financial situations impact its effectiveness. They also break down the tax implications of inherited savings bonds, offering straightforward advice to help you make the most of these financial gifts. Plus, Ralph and Craig dive into the world of high-yield savings accounts, sharing key factors to consider and common fees to avoid. With a mix of faith-based wisdom and a touch of humor, this episode equips listeners with the knowledge to make confident, well-informed financial choices while rethinking the rule for housing costs.
Check out the full podcast episode here
Drowning in debt? Struggling to make ends meet? Feeling like retirement is out of reach? Ralph is here to share real-life financial wisdom—not just textbook advice. Having faced financial struggles himself, he knows what it takes to turn things around. This episode kicks off with a powerful Bible verse from Luke, reminding us to be faithful stewards of our money. Ralph and Craig dive into key topics like the 30% rule for housing costs and making the most of inherited savings bonds, all with a touch of humor and practical insights. Get ready to take control of your finances and turn financial freedom into a reality!
Podcast Timestamps:
00:00 Episode Overview
00:47 Welcoming Craig Van Slyke
01:14 Bible Verse: Luke 16:10-11
02:43 Listener’s Question #1: The 30 Percent Rule for Housing Costs
03:43 Real-Life Examples and Flexible Approaches
04:24 The Impact of Geographic Variability
04:52 Income Stability and Financial Planning
06:45 Changing Economic Conditions
10:18 Psychological and Emotional Aspects of Home Buying
14:11 Listener’s Question #2: Taxation on Found Savings Bonds
15:31 Taxation on Interest from EE Bonds
24:53 Viewer Question: What to Do When Close to Paying Off Your Home
26:25 Evaluating Your Debts and Home Investments
27:24 Enjoying Your Money Responsibly
30:25 The Cat and the Sledgehammer Story
31:30 Listener’s Question #3: High Yield Savings Accounts-Tips and Recommendations
32:31 A Funny Casino Story
34:57 Maximizing Savings and Avoiding Fees
46:11 Visit https://www.askralphpodcast.com/blog/ for Free Financial Resources
46:35 You Can Support the Show by Visiting https://askralphpodcast.com/support
47:23 Exploring AI with Craig Van Slyke at https://aigoestocollege.com/
48:34 Closing
Takeaways:
- Financial failure isn't the end; it's a chance to bounce back stronger and wiser.
- Living paycheck to paycheck is tough, but remember, you're not alone in the struggle.
- Understanding the 30% rule for housing costs can help you avoid financial pitfalls.
- Finding a high yield savings account can maximize your returns, so do your research!
- Your financial choices should align with your life goals and values, so keep that in mind.
- Taxes on inherited bonds can be complicated; consulting a professional is usually worth it.
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Published on 9 months, 2 weeks ago