DOHC1
Well-known member
Grow your own weed instead of buying from dealers
How to escape poverty
- Thread starter Jinster81
- Start date
MadPoet
Well-known member
Buying a condo for $200-$250k can still come up cheaper than rent, and you get to pay the mortgage on your payday. When you sell it you get some $$ back.
A lot of factors to consider, and it all starts with how much liquid cash you can throw at it.
5% down and mortgaged to the hilt, over 5 years, you're better off renting and investing the difference.
wherein, 20% down, you're in a much better position and at this point, makes more sense over that same time period.
Closing costs, transfer taxes, lawyer fees, CMHC, etc. are things people conveniently forget (or don't/aren't fully aware of) when buying for the first time.
I'm in the Rent+Invest crowd until I can get a down payment big enough to get what I'd like.
Condo fees vs. pay for you own maintenance is something not to forget about.
easy_rider_77
Well-known member
Great advice..... if you are disciplined enough to follow it....
IMO, Buying a place forces you into planning for these expenses and your lifestyle changes as a result. At the end of the day, whatever you pay in rent, you will never get back.
But i totally get that no everyone can put a down payment that is substantial enough, and are forced to rent until they can save for a downpayment.
Funny you ask because initially I rode out to Calgary on my motorbike to secure my job in the oil sector seismic to be more precise than rode back to Toronto. But than on the 2nd trip back I found a better more stable job and got a phone call for an interview while working in construction on my first day. And I've been working this job ever since.
In regards to Renting vs. Owning I'm in that predicament right now. I'm paying $400/mth rent while I'm paying about $8000 in interest on an $186000 mortgage. But I think I'm one of those idiots that just prefer to own my own things because I'm looking for another house in Calgary and hopefully rent it out. Like my Economic professor said every corporation borrows money to make money except Microsoft. (This was back in late 90's.)
kickstartt
Well-known member
Before you buy a home you still gotta escape poverty first inorder to save up for the down payment...
Why co-sign? Have them pay for the whole thing at that point :-D
Isn't there a TV show called 'My House, Your Money' ?
Sent from my ZX6R using Premium unleaded
kickstartt
Well-known member
i envy u rich arses...
MadPoet
Well-known member
That's true, I tend to pay about $100 more than the bills of the house, however in the event of replacing something like the furnace or the air cooling unit then you are down $4000 in the hole.
MadPoet
Well-known member
you have to live somewhere, so might as well do it smartly and have some equity built up while you are doing what you normally do anyways. Nothing wrong with the rent+ invest strategies but Not everyone is an investment expert so it is a merely one way out.
Btw I am sorry about your thread, I know it can be devastating, we should declare a GTAM state of emergency to move your thread back. I have Kofi Anan's number if you wish or we can ask NATO's involvement, and if all fails we can look for some alqaeda bombers or a mexican cartel to persuade moving threads policy in this forum.
Hey wingboy, that's close but I like to say "Spend Smarter, Save Bigger" ;-)
This is a good thread.
I think it's also important to set financial goals. eg. You need to buy a car, so find out what car you want, figure out REALISTICALLY how much you could save per month, and see how long it will take you to buy it. Then you'll see what kind of car you really should be driving!
Also, impulse buying is a big no-no! Stick within your budget.
Since someone else recommended a book, here's a shameless plug for a book written by a member of the GTAM community:
www.spendsmarter.ca
It talks about insurance, mortgage, investments, etc. in an easy to understand way. Chapters 1 and 2 are available on the website so you can get a feel for the book. Anyways, you can check it out if you want. And hopefully order your very own autographed copy from her, lol!
I purchased that book a bit more than a year ago, love it. Not your typical "Don't buy a coffee everyday and you'll be a millionare" book. I might need to pull it out again 
Just bought the book! Hope it can help me retire by 45! As of late I'm getting stressed out spending too much and I'm trying to save up for my mortgage down payment. Just last week I bought 3 cowboy hats lol.
As for purchasing a car I've never had to spend more than $500 on a car and I would just re-sale it a year or 2 later at the same price or bit higher. When weather is nice I'd just ride the scooter extending the shelf life of the car.
As for purchasing a car I've never had to spend more than $500 on a car and I would just re-sale it a year or 2 later at the same price or bit higher. When weather is nice I'd just ride the scooter extending the shelf life of the car.
Hey wingboy, that's close but I like to say "Spend Smarter, Save Bigger" ;-)
This is a good thread.
I think it's also important to set financial goals. eg. You need to buy a car, so find out what car you want, figure out REALISTICALLY how much you could save per month, and see how long it will take you to buy it. Then you'll see what kind of car you really should be driving!
Also, impulse buying is a big no-no! Stick within your budget.
Since someone else recommended a book, here's a shameless plug for a book written by a member of the GTAM community:
www.spendsmarter.ca
It talks about insurance, mortgage, investments, etc. in an easy to understand way. Chapters 1 and 2 are available on the website so you can get a feel for the book. Anyways, you can check it out if you want. And hopefully order your very own autographed copy from her, lol!
starboy869
Well-known member
LET ME CUT THIS APART
Location. North York. Umm How about move to somewhere else it's cheaper to live. Ie NOT GTA
1. Do you have $30k lying around for a new car? A bunch dealers are offering 0%, 0.9, 1.9% financing
2. A new iphone is roughly $500.
3. One hobby? You must lead a boring life in front of the tv.
4. Of course. it's very expensive eating out
5. Your choice,
With the iphone the resell on these units are every good. When the new ones comes out you turn around and sell the old one for 3/4 of it's worth. So really upgrading to the new i-whatever is about $100-$200 tops.
Budget and a possible job change is in order. Maybe even get out of the center of Canada would save some $$.
I'm doing a career change. Moving to somewhere that $250k gets you a house 4 bedroom, garage, .5 arce or more, beach front or pretty damn close to the beach and working a job that makes $80k a year.
Location. North York. Umm How about move to somewhere else it's cheaper to live. Ie NOT GTA
1. Do you have $30k lying around for a new car? A bunch dealers are offering 0%, 0.9, 1.9% financing
2. A new iphone is roughly $500.
3. One hobby? You must lead a boring life in front of the tv.
4. Of course. it's very expensive eating out
5. Your choice,
With the iphone the resell on these units are every good. When the new ones comes out you turn around and sell the old one for 3/4 of it's worth. So really upgrading to the new i-whatever is about $100-$200 tops.
Budget and a possible job change is in order. Maybe even get out of the center of Canada would save some $$.
I'm doing a career change. Moving to somewhere that $250k gets you a house 4 bedroom, garage, .5 arce or more, beach front or pretty damn close to the beach and working a job that makes $80k a year.
Last edited:
1. Finance within your means if you have to but never lease
2. DO upgrade iphone with every iteration, make sure it has the most "GB's" (lol) and you're buying on contract subsidy. Sell previous gen on kijiji. My iphone upgrades make me money.
3. To each his own... you need money, sure. But it's not worth sacrificing the thrill of living. Just keep it in control.
4. If you're single and living on your own it often makes no difference to eat out. Grocery shopping tends to result in wasted food that goes bad. I'd rather the convenience of eating out all things being equal. Not a hard rule,
groceries can work if you're diligent.
5. Think of them as investments... put the work in early and raise 'em good. When they're older they'll take care of you.
6. If you have a decent amount of experience in your line of work, consider going it on your own. As an independent contractor you're likely to make much more than you would as a full-time employee. This may not always be the case but it certainly is in my industry. Business-to-business contracts always involve more money than business-to-individual contracts. Setting up a sole-proprietorship is simple, cheap and easy (bit more of a hassle if your client requires you to incorporate).
You better make more as a contractor since you will be paying for your own benefits and pension!
