If you are one of the NFL players whose career lasted long enough to qualify for NFL pension benefits you will need to decide when to begin drawing your pension. Although the NFL retirement plan defines normal retirement age as 55 years old, many players begin drawing their pensions early.
The standard industry recommendation for mortgage payments is that no more than 28 percent of your gross income should go to your monthly payments. To calculate this, simply multiply your annual, gross income by .28 and divide by 12.
What percentage of your net income should go towards a home mortgage? Lets say you have $5000 coming in per month, how much is a safe amount to spend on a mortgage, while still saving some for car payments, other loans, insurance, groceries, emergencies, etc? My dad said a 1/4 of your net income is a good idea per month to spend on your home payments...agree? disagree?