I’m a high earner, recently divorced and lost my house. I am finally pre-approved to buy a new house and I’ve started looking.
The problem is that to get back into a home comparable to the one that I lost, at today’s mortgage rates, I’m going to be cash-poor. My income is 50/50 salary and RSUs vested quarterly. The potential mortgage payment and child support payment alone will eat up 100% of my take-home salary, at least until my 401k is maxed for the year.
I know that I’ll still be getting substantial RSU income, but it’s only quarterly. It’s a large stable publicly traded company. I also have a fair amount of assets to draw down on.
I need a sanity check here. Is this a terrible idea? Am I just hitting issues with the psychology of money?