200 a month !!! Really? | Page 4 | GTAMotorcycle.com

200 a month !!! Really?

mmmnaked said:
I'm of the opinion that while interest is so comically low, it could make sense to consider taking the bank's money.
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Agreed, so long as you're doing things with it that build your wealth in the end.

IE, not running to the nearest dealership and buying shiny toys that loose 20% of their value the second you take them off the lot, and in 4-5 years are worth only 50%...whilst you still owe 90%.
 
PrivatePilot said:
Agreed, so long as you're doing things with it that build your wealth in the end.

IE, not running to the nearest dealership and buying shiny toys that loose 20% of their value the second you take them off the lot, and in 4-5 years are worth only 50%...whilst you still owe 90%.
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Yeah of course. I'm speaking about mortgages here, not credit cards of car loans. If you bought a 500k detached house in Mississauga this time last year, you'd be up about $80,000 now. Just an example. I know some folks eventually count on this 'bubble' bursting but it may not unfold in a spectacular fashion.
 
mmmnaked said:
A lot of money can be made in 8-10 years of waiting to pay down a mortgage. It can be lost too.

I'm not saying you're wrong, I'm just saying you're not 'right'. Your position is simply one that completely avoids risk.

After 10 years and a paid-for house, you'd still have to save or leverage your own property to borrow money for investment ventures. Just saying. I'm of the opinion that while interest is so comically low, it could make sense to consider taking the bank's money.
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I'm as right as you are. The rule of 72 is working against you with rates this low. If it's so easy to make heaps of money, why are the banks loaning it to you at low interest rates? I'm not saying that the sky is falling. But, do your research and know you own risk profile. I ended up retiring a few years back, so getting the mortgage paid off is a priority, so that my wife can retire as well. She likes to travel though, so it's not the number one priority. If you are young and have cash or cash flow, you can take more risks. And no I'm not avoiding risk. If my wife were to lose her job, we'd have to rearrange things to cover that mortgage payment somehow. Sure taking the bank's money is the easy part. Knowing where to put it, not so much. Otherwise, many more people would be millionaires.

Besides, this was originally about people living pay check to pay check without any extra cash. How risky should they be? What if they have kids? Other dependents? Sometimes it makes sense to consolidate generational households for a few years. Are Joe's parents or in laws living with him? Mine was, and we weren't poor. It just made financial sense at the time.
 
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By "Joe" do we mean me, @baggsy? I'd go insane if I had my parents back with me!

Sent from my custom Purple Joe Bass mobile on Tapatalk
 
People that have retired and are still paying a mortgage, that would suck.

I could host my parents or inlaws over a long weekend, the model of generational abode is foreign to me
 
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Dilligaf0220 said:
That woulda been great...in 2000.
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I'm a little confused.... $90k a year is not good money? What type of lifestyle are you accustomed to? Not trying to argue, genuinely curious. At $90k one is doing well, imho.

Sent from my custom Purple Joe Bass mobile on Tapatalk
 
crankcall said:
People that have retired and are still paying a mortgage, that would suck.
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Happens to a LOT of people...and some seem to think it's totally normal now. Not sure how they're surviving spending their retirement funds making mortgage payments still...unless they have a big fat pension, or somehow saved a LOT of money in RRSP's whilst still apparently dragging their mortgage out for so long.
 
Joe Bass said:
I'm a little confused.... $90k a year is not good money? What type of lifestyle are you accustomed to? Not trying to argue, genuinely curious. At $90k one is doing well, imho.

Sent from my custom Purple Joe Bass mobile on Tapatalk
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I know you didn't quote me there old buddy but you're most likely not going to get 2000hrs/yr in union construction. And you wouldn't want too unless trying to get away from the wife. More realistic is 70-75G, and that's before your almost 50% yearly tax burden. What you gonna buy with that?
 
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PrivatePilot said:
Happens to a LOT of people...and some seem to think it's totally normal now. Not sure how they're surviving spending their retirement funds making mortgage payments still...unless they have a big fat pension, or somehow saved a LOT of money in RRSP's whilst still apparently dragging their mortgage out for so long.
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And you have to remember you only have 2 parents so at some point the inheritances will stop. Altho to be fair my union benefits include $300 per parental death. That's $600 right there.
 
I would have guessed union construction to be more than $70-75 per annum, but I have no idea.

Inheiritances are sometimes a risky retirement gamble, I have friends that ' Dad found a new mommy for me, 30 yrs his junior and shes getting it all' , the we will have to chip in to bury them , and the always fun 'we cant find a will' (usually snagged by the sibling with the most to loose).
 
crankcall said:
I would have guessed union construction to be more than $70-75 per annum, but I have no idea.
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depends on the sector...I see guys making 130-170/year sometimes. And all it took is an uncle or buddy to get there. Really made me question my education where I earn way less...
 
The crane operator was clearing $2,000 per week at one point when the Atrium on Bay went up. Not bad for running an elevator much of the time.
 
Ebikes , no insurance, plates ,social responsibility. Get the CTC solar panel from the flyer ( or steal one in your trailer park) and charge it without being on the grid.

Ride it squid, and park up at the off brand coffee place, mid day, next to the Lil rascal mobility scooters. And please share space in handicap parking, mental handicaps count too. If questioned just reply, I like pudding!
 
CruisnGrrl said:
Part of the problem is things like electricity and insurance have skyrocketed.
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Insurance is slightly more expensive but with inflation and such taken into consideration, I'm not sure "skyrocket" is the word.

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I think I bought my first car (an '83 Chevy Malibu) in 1990 or something in that era while being in the well under 25 age group category. I remember paying about the same as what my son just got quoted now for a 10 year old econobox, which is his first car.

Electricity, yeah, will agree...but you can thank the incompetent government that the populace elected, watched while they got into scandal after scandal, and then for some inconceivable reason, re-elected. I'm wondering if they'll be so stupid as to do it again this coming election.
 
Things aren't that bad going forward. Listening to CBC radio on the way to work last week revealed 18-24yr. suicide attempts aren't up 100% from last year.
 
Somebody tried to jump off the Burlington Skyway in August. Auto insurance and hydro bills didn't come up in the ensuing negotiations. That's encouraging.
 
PrivatePilot said:
Insurance is slightly more expensive but with inflation and such taken into consideration, I'm not sure "skyrocket" is the word.

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I think I bought my first car (an '83 Chevy Malibu) in 1990 or something in that era while being in the well under 25 age group category. I remember paying about the same as what my son just got quoted now for a 10 year old econobox, which is his first car.

Electricity, yeah, will agree...but you can thank the incompetent government that the populace elected, watched while they got into scandal after scandal, and then for some inconceivable reason, re-elected. I'm wondering if they'll be so stupid as to do it again this coming election.
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Auto and motorcycle insurance hasn't been too crazy other than when intact bought out jevco they doubled the rates, but house insurance. i have never had a claim, my rates have doubled even with me lowering coverages.
 
House replacement cost has tripled. Insurance has doubled. That's a 50% decrease. That doesn't seem to have gotten thru to those inflicting self harm. Or binge eaters.
 
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