bigpoppa
Well-known member
agree with everything you said, in addition will add that video games are the best hobby ever.
Cheap, affordable, safe, you can do them anytime/any place and dont have to rely on weather like golf or motorcycling
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COVID and the housing market
- Thread starter mimico_polak
- Start date
agree with everything you said, in addition will add that video games are the best hobby ever.
Cheap, affordable, safe, you can do them anytime/any place and dont have to rely on weather like golf or motorcycling
I just read this, do you want to repeat 2008? Lmao
I will likely copy the system I learned from others. Once you are done school and living at home, the rent clock starts, it increases at a regular interval. The more money they are wasting, the faster rent increases. If they are saving most of it, rent increases are minimal. That gets the kid used to paying and they don't see a giant slush fund that needs to be burned. When the kid is ready to buy, you give them back the rent as a cheque. The kid didn't know it was coming back.
bigpoppa
Well-known member
2008 never had an impact on canadian housing market, so no lessons learned, I personally know a lot of people who followed that formula (unless you believe all those people buying those houses in the GTA are suddenly millionaires)
Also I hear the US is now selling student loan-backed securities(ring any bells?)
I think the US side of things in 08 were caused by ****** mortgages (I only learned this from watching The Big Short, didn't do much research.)
Guess they wanna do that with degrees to? So not only do more people have degrees, causing degree inflation, we now run a risk of another collapse? lol
Oh well, good part about collapses is if any of us are ahead of the game, we can capitalize on them (like stock market crash between Q1 and Q3 last year, followed by condo prices flat-lining right after but stock prices rising [aka. swap assets!])
Degrees have long been there in the US. Paying over six figures for a degree that is only good for jobs that will never generate enough income to pay it back. Even degrees that might work like law, you are coming out with $300K plus and no guarantee of huge numbers to attack it. Basically you are starting from well underwater with no simple path to swim to the surface yet alone start climbing the mountain.
I am slightly concerned about kids RESP as conventional school may not be the best path for them. If you do a trade, your job can never be outsourced and you made money over four years instead of spending it at school. Back to the compound interest game, that is a huge head start. They may have to get their pilots licenses to extract the RESP money. It looks like it will end up in the ballpark of 400 to 750 split two ways (dependent on rate of return). Crazy numbers.
I've read/watched many articles/podcasts recommending people not getting degrees without due diligence. But, as mentioned earlier, people like to do things others are doing.
I think trades are a great way tbh. The hyper successful friends I have are either in medical, software, or trades. Asians, however, are exceptionally stupid in this sense because our culture "looks down" on blue collared jobs. Not only do trades make **** tons of money, they save money by teaching the trader how to fix things around the house.
That’s what we plan on doing. And building the RESP until maximum govt amount is reached. Then let time do it’s thing.
EDIT: if the kids don’t go to school, you just found a nice way to gain money and growth at low tax rates. Take it out under the kids income. Sure you have to pay back the govt share, but I think you keep the gains.
The rules for withdrawal without education are defined. I think it is my income not theirs in that scenario. The rules may he different by the time it matters.
The trades are where we're pushing our son, even tho we've set aside easy uni costs.
Likewise. He’s 4 so we have some time.
If I could afford to I’d go back to learn HVAC. But I can’t take such a massive salary reduction for 5 years while I bring that income up.
D
Deleted member 50930
Guest
I wanted to pursue trades but my Asian parents scoffed and whatnot -_-"
I kind of regret not just following my dreams
My trade friends have some pretty big nice houses but their bodies have taken a beating..
I kind of regret not just following my dreams
My trade friends have some pretty big nice houses but their bodies have taken a beating..
bigpoppa
Well-known member
As much as the boomer mindset likes to promote trades as the golden egg, its not the most efficient way of making a living, sure it seems like there's money, and you dont have much in terms of student loans, but:
1) Most trades people have a finite lifespan, you got 20 years to work and make/save as much money as possible, after which your body starts giving up on you
2) What they never tell you is that money isnt made doing a 9-5 job or working a 40 hour work week, no one in any trade in the history of the world works a regular 40 hour work week, most guys work more.
So yes, the money is there, if you're working overtime or 50+ hour work weeks
a software guy, or lawyer or marketing executive can work for as long as they want/need, and on an hour for hour basis, are probably making more than the roofer or framer or electrician.
Also I found in certain trades its easier(or harder) to get into if you got a certain complexion
1) Most trades people have a finite lifespan, you got 20 years to work and make/save as much money as possible, after which your body starts giving up on you
2) What they never tell you is that money isnt made doing a 9-5 job or working a 40 hour work week, no one in any trade in the history of the world works a regular 40 hour work week, most guys work more.
So yes, the money is there, if you're working overtime or 50+ hour work weeks
a software guy, or lawyer or marketing executive can work for as long as they want/need, and on an hour for hour basis, are probably making more than the roofer or framer or electrician.
Also I found in certain trades its easier(or harder) to get into if you got a certain complexion
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Priller
Well-known member
The first two points don't gibe with my experience with ticketed trades, to be honest. I can't speak to your last point, though it makes me sad.
To the first, the only guys I know with declining paychecks are guys in piecework trades like roofing. Sparkys and plumbers work right to 65 with no issues, as do most others. I did rodbusting for a while, and lots of those guys were well into their 50's and 60's and just fine, though they were tougher than saddle leather. If hourly isn't for you, starting a small contracting business is always an option with minimal investment.
Hours are hugely variable, with plenty choosing to work 7-3:30, M-F. Lots do more, but the OT makes up for it and then some. You can make a decent living at union rates as a journeyman. Not 'get rich' money, but around $90-100k/yr. If you want to make more, you work the OT (as most of us salaried suckers do anyway without extra pay) or you go on your own.
If you want the big bucks, join the elevator mafia. Those guys bank large, and from what I've seen, you definitely don't have to worry about wearing out your body...
Agree. You need to pick the right trade for you. Taper is boring but you can carry your tools in a five gallon bucket and work until you die. Start doing specialty work like plaster crown and you can make on Saturday what most people make in a week. Sparkie will always have the ESA protecting their role (and driving up requirements and therefore demand). I can't stand most elevator diva's. Yes they make tons of money and work great hours but most are delicate flowers. HVAC is interesting and well protected by regulation. I find most are piss-poor at their job and take very little pride in their work, they just try to get out as quickly as possible. Last furnace install I had done, they didn't check gas pressure, didn't check combustion with a meter, didn't clock the gas meter. Basically hook up line, look for bubbles and leave.
If you join the union, don't forget the corporate pension contributions, total comp is closer to 130K for a normal work week.
bigpoppa
Well-known member
Yeah it was weird when employers asked me to send them a picture of my face as if it was a modelling job, then ghosting me(even though they had verbally agreed to hire me)
I found that the older guys started transitioning into service work, and the young guys were all in new installs
(service work is much lighter)
More knowledge makes a big difference for service work too. Installs are very similar day to day.
bigpoppa
Well-known member
Agreed
You mean you can't be a snowflake right? lol
I like my trader friends; my safe space is with them because we offend snowflakes.
Can echo this. Said trade buddies started after high school and skipped college. Dude has been raking six figures for a good long time now and had a house at like 22. He also makes fun of us desk workers because we're the ones with carpal tunnel and ulnar compression (I have both.) Meanwhile, he just gets shocked once in a while lol
bigpoppa
Well-known member
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