But some people just don't have that generational knowledge being passed down to them.

Like with affordability- you gotta know what afford really means.

My folks always taught me for example, never negotiate the payment on a car, negotiate the price. You go into a car dealership around here, they ask you "so what type of payment do you want?"

Man, these mofos around here will put you in a top of the line Mercedes with a $250 car note, but the loan terms will be like 13yrs at 5%+. Sheeeeeit. Give me the total price on the car, and let me worry about the damn payment. If I get the price I want, the payment will be fine.

And with houses, traditional advice works best. An affordable mortgage is usually one that is about three times your income, maybe a little more. You make 150k a year? you can look at a 450-500k house. Gotta figure in upkeep, utilities, HOA fees and other associated costs. Buy what you are comfortable with. And what you can sell it for shouldn't be the only consideration. I'd look at can you sustain that lifestyle all other things being equal.
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