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Don't ask the Government they always spend way more then they make. Hell if i had to guess 80 percent of people spend above there means and out of them 50 percent spend way above there means. we are a debt society now. Good rules of thumb house total price no more then 2.5 times your yearly income and must put 20 percent down. Home loan no more then 30 years (they now do 40 year loans) preferred 15-20 year loan. NO REMORTGAGING unless you meet this criteria new payment times total number of payments is less then current payment times current payments left. Car's payments total max 15 percent preferred 8-10 percent yearly income again 20 percent down or trade value. Car loan no more then 5 years preferred 3-4 years. If you need to take 7 year loan for a car you are spending way to much money. Put 10 percent of your yearly income away for retirement.
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