My dad's advice about saving for a house was completely wrong for 2024

He told me to just skip my morning coffee and put that $5 into savings every day (like that would somehow turn into a down payment). I did the math and after 2 years I'd have like $3,650, meanwhile the house prices in Phoenix went up by $50,000 in that same time frame. Anyone else get boomer financial advice that makes zero sense today?

3 comments

3 Comments

diana5121mo ago

My dad once told me to stop buying avocado toast and I’d have $20,000 in a year. I crunched the numbers and it was more like $1,500 if I skipped it every single day. Meanwhile, the house down payment in my town went from 20 grand to 60 grand in three years. He still thinks I’m just bad with money because I won’t give up my $3 breakfast wrap.

allen.kai1mo ago

Got a buddy who quit buying coffee out every day for a year, saved about $800, and then his landlord raised his rent by $900.

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piperbailey29d ago

My buddy in Phoenix just told me his rent went up $400 a month in one year. That's basically a whole avocado toast budget gone before breakfast even starts. It's wild how people who bought houses 30 years ago think skipping a latte is the magic trick when the whole game has changed. I feel you man, that math just doesn't add up anymore.