Earlier quoted context omitted.
> To retire in 10 years you're going to have to be able to live comfortably on something like 1/3rd of your take home pay. That's very easy if you don't have kids - just don't get on a hedonic threadmill (and, if you're already on it, start gradually getting off). I'm not a parent myself, so won't speak about the "with kids" situation.
Rent isnt a "hedonic treadmill". Neither is food or energy. These are the 3 areas seeing the most inflation right now. Rents in London are up 20% in a year, food almost the same, and energy ...well, everyone knows what has happened to energy. The average Londoner is paying almost 40% of their take home pay on rent, so saving 2/3rds is already impossible. Even as one of the lucky ones earning a top 1% salary, I _still…
The average ${global_alpha_city_dweller} is paying almost 40% of their take home pay on rent
There is nothing particular about London in this context. What about New York City or Sydney or Hongkong or Singapore? Pretty much the same. (Tokyo is an odd duck.)
Also, this:
Even as one of the lucky ones earning a top 1% salary, I _still_ pay 40% of my take home pay on a mortgage
Frankly, you overborrowed. It's too much.