I know my comments are hard and a recessions can get you. My brother expanded his office supply business just as a reccssion hit and Staples opened a nearby store. It didn't help that he had just crashed his third marriage. Bankruptcy number one. Bankruptcy number 2 was after he crashed his fourth marriage.
He invested in Bri-ex to make up some lost ground fast.
Home ownership has become a curse with people over leveraging. A colleague lost it all in the Alberta oil bust, inflation will make you rich scheme.
The government is at a loss in turning this around and commerce feeds the frenzy. Ask any real estate agent the best time to buy and they will say "Now", regardless of the market.
I don't know what I would do today if I had to start over but I don't think Toronto would be my home address.
P.S.
Parents don't want their kids to go through what they went through but then the kids never learn to get through what their parents went through.
Been thru the pain. In 1991 I was 28 and a millionaire with a handful of houses - a big deal at the time. Bang - the real estate market takes a **** and now I’m worth zero.
you get back on the horse and learn. I never did the bankruptcy route, always thought that was for dirtbags.
Been thru the pain. In 1991 I was 28 and a millionaire with a handful of houses - a big deal at the time. Bang - the real estate market takes a **** and now I’m worth zero.
Been thru the pain. In 1991 I was 28 and a millionaire with a handful of houses - a big deal at the time. Bang - the real estate market takes a **** and now I’m worth zero.
you get back on the horse and learn. I never did the bankruptcy route, always thought that was for dirtbags.
Obviously your ethics and the value of your abilities exceeded your liabilities. Kudos. Not everyone ends up as well and I can understand one bankruptcy. How many do you allow? What do you do to multiple offenders that wouldn't be counterproductive in the long run?
My wife did some financial stuff for an insurance company and saw people declaring bankruptcy over $20K. Flip burgers part time for a year or two and get above water. They think it goes away but it doesn't. Computer memory is cheap and easy.
My nanny state comment was about the government deluding people into thinking they could be set for life with rent controls, various pogies, and other theoretical safeguards. I can't understand how anyone can ignore Margaret Thatcher's comment "The problem with socialism is that sooner or later you run out of other people's money to spend."
Then a recession or pandemic comes along and you hear primal screams.
We weren't particularly flush when I did it but one morning I woke up, sat on the edge of the bed and said I don't want to go to work because I hate what I'm doing and that reflects on my entire life.
I gave in my notice and with no job to pay the bills, we were on a deluxe trip to Florida. I had promised my daughter she would get to swim in salt water. Disney and all the trappings. The best decision of my life.
Then I took the best part of a year off, renovated the house and took my daughter west to meet all her aunts, uncles and cousins.
With a clear head I later started my one man band. Life has been good. Sometimes you have to get off the merry-go-round and let your brain stop spinning.
I dont have ferrari money but if I did, it would have a hell of a lot more than 9500 miles in 20 years. I assume vehicles will be worth nothing when I sell them and if I am wrong, that is a happy surprise.
I left home abut 9:00 AM and drove to Walmart where we rarely go grocery shopping. Getting there about 10 minutes later I got a spot near the door and walked right in. Not crowded and I got everything on my list. Prices are all over the place, some good and some bad.
THEN I wandered through THE REST OF THE STORE. I found a baking pan the size I need for my focaccia. The price was comparable to Canadian Tire, my more normal go to choice but CTC was curb pick up only.
If Walmart non essentials were closed off I probably would have deferred the purchase until lock downs ease off and then gone to Canadian Tire. Since the pan will last my lifetime CTC will never see that sale.
I didn't bother looking at jeans, shoes (Crap anyways) small appliances etc.
Other than that, the shopping was the usual masks everywhere with the odd under noser. Directional arrows on the floor have 50% compliance, the same effect as not having arrows. Check out was quick.
From a personal standpoint, that time on the road - not paying mortgage + insurance, sleeping in a tent, on other people's couches and in hostels were the cheapest years of our lives. In comparison, our spending rate in Toronto was 4-5x more expensive than living on the road.
But yes, to your point, we were fortunate enough to have been able to save that much.
It would have been a 360 Modena in Fly Yellow, which would probably be worth 15-20% of the cost today. Also because I tend to actually put mileage on my vehicles...
From a personal standpoint, that time on the road - not paying mortgage + insurance, sleeping in a tent, on other people's couches and in hostels were the cheapest years of our lives. In comparison, our spending rate in Toronto was 4-5x more expensive than living on the road.
But yes, to your point, we were fortunate enough to have been able to save that much.
That’s so awesome. I’m in awe, and obvious jealousy, of anyone that can just pick and up and go like that. Takes a special mindset that I sure do not possess. I’d spend more time planning and organizing and I’d probably be dead before I even left the house. And of course having a partner to do that with....phenomenal is the only word.
That’s so awesome. I’m in awe, and obvious jealousy, of anyone that can just pick and up and go like that. Takes a special mindset that I sure do not possess. I’d spend more time planning and organizing and I’d probably be dead before I even left the house. And of course having a partner to do that with....phenomenal is the only word.
When I was in high school their mandate was to provide workers for industry. Now it's to provide workers in IT. Thinking outside the box is far too often discouraged.
With a clear head I later started my one man band. Life has been good. Sometimes you have to get off the merry-go-round and let your brain stop spinning.
This is still something I'm struggling with. I don't have a set of skills to venture out on my own, or I don't know what to apply them to! LoL But it's something I've thought about a long time. But the security of a regular paycheque, low stress work, and decent hours (currently) it's tough to walk away.
Have had a few people comment to me how 'lucky' I am to find the jobs I have...but I work my ass off to get where I am today. It just always seems easy to the outsiders.
It would have been a 360 Modena in Fly Yellow, which would probably be worth 15-20% of the cost today. Also because I tend to actually put mileage on my vehicles...
I knew a guy that sold his Ferrari for well under 40K. It only impressed people that knew nothing about Ferraris. Like the VW that was rebadged Porsche for the North American market. At Ferrari meets he got the respect of a kit car owner.
This is still something I'm struggling with. I don't have a set of skills to venture out on my own, or I don't know what to apply them to! LoL But it's something I've thought about a long time. But the security of a regular paycheque, low stress work, and decent hours (currently) it's tough to walk away.
Have had a few people comment to me how 'lucky' I am to find the jobs I have...but I work my ass off to get where I am today. It just always seems easy to the outsiders.
Everyone says the first year is the hardest. Maybe, but the next six are no picnic either. It can be hard on the other half. Seven years is 2550 tomorrows that will be better. Not everyone can handle it.
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