Only way to setup retirement without too much pain is a power couple dynamic without kids. Some exceptions I know are ppl with heavy parental support or the one guy who went with trades and got his house at 20.
Yup...I went to university...buddy went to trade school and started a painting business. Without asking him, I'm assuming he's making 2-3x more than I am...and that's what he declares on his tax lol.
House paid off? maybe in the next 2 years
Condos? Sure. He had 3 of them and has about 300-400k in his bank account
Cottage? Check.
Boat? Check x2
ATV? Check
Vacations? Check x 2/year
Are people postponing having children just because of house prices or have they tacked on the 4X4 pickup with leather for him and Porsche for her, destination wedding on a tropical beach, five figure engagement rings, designer clothes, multiple stress vacations, spas, big electronic packages. Many have been brainwashed into thinking these are necessities. So many have been brainwashed into the cult that the market for practicality has largely disappeared.
Some of my other buddies are like this.
Car paid off? Sure is...tack it onto the mortgage
Vacations? No cash...put it on the LOC
Newer car? No cash...put it on the LOC
New TV? LOC
New new new? LOC LOC LOC!
Why LOC? Because I 'deserve it'
Honestly I feel like an idiot...and I'm a little bitter that the mortgage broker doesn't want to help me put in an LOC but he's actually helping me out, and making less money by pushing me off that lifestyle.
^
nobbie48 is funny
According to Stats Canada, the average salary for people between 25 - 34 years old is $47,000
- after-tax your take home is $37,948.00
- which per month is $3,162.00
Let's take Guelph as an example
Rent is ~$1800 - $2000
Internet is ~$50
Tenant insurance is ~$40
Car payment ??
Car insuance ??
How the heck do you expect people our age to have kids?
It's extremely difficult for the younger generation to get ahead. My buddy just joined our company (early 30s) and he's making 100k/year. His wife is around 100k/year at another consulting firm. They're still not able to afford a place within a reasonable distance from Toronto. Mind you he was making 85k/year and she was making about 80k/year as of a few months ago as they've both move up to diff companies within the last 3 months.
And
@george__ please remember that
@nobbie48 is older, and lived through different expectations. I agree with him though, a lot of younger people (and my age) just ride the LOC lifestyle and not worry about making payments. I think if I refinanced now, I could get a lower rate, and additional 50k, and my mortgage payments go DOWN 80/bi-weekly!
Canada has to fix this via immigration. But immigration introduces cultural chaos =) Get ****** no matter what lol
Also that's why I'm trying to slam in your head you're significantly above average, should take pride in it, and not absorb the loser mentality that's dominated online; I absorbed it too and caught myself a few months ago. Still trying to reverse the mental state.
Agreed. Less time on the Reddit ecochamber. They hate anyone and anything that is better than them. And blame the rest of the world for their problems. I stopped going to PFC because it was getting ridiculous.