 Now, from the files of Del Wamsley. I started out with the rule, never spend more than the maximum you've made in any one year. That would be the most expensive home that I could afford. When I was young, I was making $40,000 a year. I bought a $40,000 one-bedroom condo. Later on, when I was making $100,000 a year, I went and I bought myself a $120,000 three-bedroom, two-bath, two-car garage home, brand new from a builder.