Definition: The mortgage 7x salary refers to a scenario where a person (or employee, in this case) receives a fixed amount from their employer for an extended period of time with the expectation that they will be able to earn more than or pay off their mortgage over a specific number of years. The term is derived from "mortgage," which stands for loan, and its 7x salary refers to how much extra money the employee can earn on top of what they are currently earning. For example, if an employee receives $50,000 in 7% annual growth, but their monthly mortgage payment would be $4,832.33, then this scenario is referred to as a "mortgage 7x salary." To illustrate the concept, consider that an employee, John, has just received $60,000 in his first year from their employer's company. However, he will continue receiving additional income throughout the remainder of the years for which they are employed (assuming he earns $30,000 per annum for the next 5 years) and, when he reaches the end of these years, they will be entitled to a payment of $180,000. This means that John is receiving a "mortgage 7x salary" - an additional $60,000 ($30,000 per annum) every year for the next 5 years. It's worth noting that this scenario involves both continuous and variable income (a type of annuity), which can be a complex financial concept. If the employee is self-employed or has other sources of income, they may have different scenarios with their "mortgage 7x salary." This is just one example of how the mortgage 7x salary could be used in real life contexts, and it's important to carefully consider all potential risks and benefits before entering into any financial arrangements.
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