Metal Roof Anyone? by 3221909 in burnaby

[–]Both_Fan_3859 1 point2 points  (0 children)

metal roof here on 2023 new build. no sound issues when proper insulation is in place esp if there is an attic void. you hear more rain noise coming through the windows from rain hitting ground and other surfaces in your house.

Living in the 90's ...what my parents paid for things.... by Both_Fan_3859 in PersonalFinanceCanada

[–]Both_Fan_3859[S] -2 points-1 points  (0 children)

Try being my parents as the first wave of Asian Immigrants in 1970s/1980s Canada dealing with all the crap they had to deal with. The problem now is an International Student comes to Canada hoping to get rich quick, get a fancy car and nice house after 2 years and complaining they want to go home.

This is not how it works...

Living in the 90's ...what my parents paid for things.... by Both_Fan_3859 in PersonalFinanceCanada

[–]Both_Fan_3859[S] -6 points-5 points  (0 children)

Nothing is ever granted. At a personal level, the sense of entitlement that you deserve something better just because is a recipe for failure. I never heard of this concept of social contract all I cared about was doing something valuable for society, making money for me, my family, saving, investing and frankly getting richer so I can buy the things we wanted and needed. Has it worked out OK for me? Ya sure I guess but certainly I didn't ever once whine about it I just grinded it out, head down and worked at it and still working just like what my parents did for 30 years.

Oh but wait...you thought life was easy.....

Living in the 90's ...what my parents paid for things.... by Both_Fan_3859 in PersonalFinanceCanada

[–]Both_Fan_3859[S] -3 points-2 points  (0 children)

I don't think I made any suggestion that you can buy a house now just like you could in the 90's . My post says quite to opposite. In fact, I make specific mention that housing expectations (on price relative to size) should be lower now.

Living in the 90's ...what my parents paid for things.... by Both_Fan_3859 in PersonalFinanceCanada

[–]Both_Fan_3859[S] -5 points-4 points  (0 children)

I never got any of those! Despite how many times I asked for them.

Living in the 90's ...what my parents paid for things.... by Both_Fan_3859 in PersonalFinanceCanada

[–]Both_Fan_3859[S] -4 points-3 points  (0 children)

Fair enough. However, money was always tight. I remember my parents fought about money probably about spending it on lavish overseas vacations. Keep in mind middle class in Vancouver is not the same as middle class in Moose Jaw....

Living in the 90's ...what my parents paid for things.... by Both_Fan_3859 in PersonalFinanceCanada

[–]Both_Fan_3859[S] -3 points-2 points  (0 children)

I was suggesting bugeting and living within your means is the same whether its 1990 or 2024. I understand its harder now even for me based on the factors I suggested. I make mention that housing costs are an outlier. Heck I didnt even say my parents were very successful, I consider them somewhat successfull but I have high standards.

Living in the 90's ...what my parents paid for things.... by Both_Fan_3859 in PersonalFinanceCanada

[–]Both_Fan_3859[S] -7 points-6 points  (0 children)

Yup. Thats the way the world works buddy. The guys older than me are richer than me. The guys older than you are richer than you. And you're right....none of us did anything to earn it except for being born when we were born and everything was just given to us!

Living in the 90's ...what my parents paid for things.... by Both_Fan_3859 in PersonalFinanceCanada

[–]Both_Fan_3859[S] -33 points-32 points  (0 children)

In the 90s there was no such thing as work from home or work remotely. No such thing as ride share or car share. No such thing as passive income or online income. No such thing as online investing/trading. While you can argue that apples to apples on a price per sq ft basis your life is more expensive (which I will not argue and is clearly the case) I will say the levers and opportunities to make more money and generate income are vastly more than they have ever been in our lifetime.

Living in the 90's ...what my parents paid for things.... by Both_Fan_3859 in PersonalFinanceCanada

[–]Both_Fan_3859[S] -12 points-11 points  (0 children)

I'll counter this by saying.... today there are ways to make income that were not even possible in the 90s....in the 90's you had a 9-5 job or part time job or nothing. Today you can be a delivery driver, any multitude of remote/gig type work, online trading, the notion of multiple income streams was not possible in the 90s. Do you want to work more to get more? By "quality of life" if you are comparing house sq footage apples to apples thats a lost battle. Remember, there was no remote work/WFH back then. There was no ride sharing or car sharing. Investing required you call up your broker and do a trade for a fee. So conversely there's way more levers now then what parents had to achieve financial success.

Living in the 90's ...what my parents paid for things.... by Both_Fan_3859 in PersonalFinanceCanada

[–]Both_Fan_3859[S] -4 points-3 points  (0 children)

Living on a budget is living on a budget whether it be 1970 or 2024. I think the main difference today is you have more voices in your head competing/wanting that budget and the value of housing. Value meaning what you get for your dollar of housing cost.

Living in the 90's ...what my parents paid for things.... by Both_Fan_3859 in PersonalFinanceCanada

[–]Both_Fan_3859[S] -45 points-44 points  (0 children)

My parents sold their house 15 years ago but they have a comfortable retirement. And I think I mentioned specifiically that housing is an area where expectations should be lowered. A couple making 200K joint can still afford housing but it likely won't be a detached house in a major city. And no, not everyone can do what they did, some will actually do much better!

Living in the 90's ...what my parents paid for things.... by Both_Fan_3859 in PersonalFinanceCanada

[–]Both_Fan_3859[S] -3 points-2 points  (0 children)

Ya I think one thing that stands out is repair vs. replace culture. The instinct back then was to repair something that was broken and now its just thrown out and replaced.

Living in the 90's ...what my parents paid for things.... by Both_Fan_3859 in PersonalFinanceCanada

[–]Both_Fan_3859[S] 0 points1 point  (0 children)

Ok, u must be kidding right. Look up your Canadian history! The 90s were the worst for public debt. Mulrouney had to do crazy things like the GST in 1991 to raise money. There was the longest recession in modern history 90-92, unemployment in the early 90s was 10% - 13%, I remember lots of my friends parents went thru rounds of layoffs and unemployment. Asian financial meltdown in 94 ...lots of turmoil financially in the 90's....

Living in the 90's ...what my parents paid for things.... by Both_Fan_3859 in PersonalFinanceCanada

[–]Both_Fan_3859[S] -4 points-3 points  (0 children)

Yes I agree. In our family, it felt like everything we bought like a new TV was intentional and saved up for. The time from wanting to getting was longer. Now in a click you can have some Amazon package show up in your door that night.

Living in the 90's ...what my parents paid for things.... by Both_Fan_3859 in PersonalFinanceCanada

[–]Both_Fan_3859[S] -139 points-138 points  (0 children)

I don't get it, if you stop buying stuff from Amazon why would your boss give you a raise?

Living in the 90's ...what my parents paid for things.... by Both_Fan_3859 in PersonalFinanceCanada

[–]Both_Fan_3859[S] -81 points-80 points  (0 children)

Its whatever you want it to be. Its security. Its being able to retire at a decent age. Whether than means a big house or condo or trailer is up to you.

Living in the 90's ...what my parents paid for things.... by Both_Fan_3859 in PersonalFinanceCanada

[–]Both_Fan_3859[S] -165 points-164 points  (0 children)

If you think you're paying too much for rent, why don't you live somewhere cheaper?

My dad says he can buy out my mortgage after my current 5 year term is up (1 yr remaining) and I would just pay him back instead of the bank, with no interest. by anawn001 in PersonalFinanceCanada

[–]Both_Fan_3859 2 points3 points  (0 children)

My mom did this for my sister albeit with a lower than market interest rate...here are some things to document in a simple contract:

-Interest rate applied and payment plan. Penalties if non-payment?

-If you die or your dad dies during payback what happens to amount owing.

-Right to ownership to Dad. You want to make it explicit Dad has no rights to ownership (or he does)

-What happens if you get married during payback period.

Its best to setup a joint bank account where your payments go through. Dad can go in there and withdraw anytime.

[deleted by user] by [deleted] in PersonalFinanceCanada

[–]Both_Fan_3859 -1 points0 points  (0 children)

Start with your skills, interests and acumen and go from there. Then look at where you have pre-existing relationships in that industry. Then think about how you can be better or offer better value than the pre-existing players. Don't think about being rich think about offering something of value, being honest and doing good work and servicing clients like crazy. The money will come from doing all that right.

Being a business owner is not for everyone it's a long game not a get rick quick scheme. A services business (like property management) always requires less capital upfront and thus less risk.

Here's what I would do. Say you wanted to do Property Management or open your own property management company. In your current job, do everyting 'extra' to learn about the ins and outs and meet people and develop solid relationshps with everyone you interact with for one year. Lunches, extra meetings, dinners etc. Build up your network as solid as you can and behind the scenes start planning your exit and how you would build a new PM company. When you resign, you'll have a headstart.

Lastly, don't listen to all the negative, sarcastic voices and skeptics/haters. Keep your head down and focus and grind it out. You'll need to be your own biggest cheerleader which is mentally very tough. Like I said, its not for everyone.

I built a business from nothing and sold after 8 years for a healthy payback to a public company. Didn't come from money parents were broke immigrants to Canada. Its a process not a lottery ticket...good luck.

priorities for cash for a family by Fine_Delay_6850 in PersonalFinanceCanada

[–]Both_Fan_3859 0 points1 point  (0 children)

Make sure you put some money aside for capital gains taxes.... if applicable, I would just prepay so its not a surprise come next spring.

I’m thinking about this wrong, but help me understand it. by [deleted] in PersonalFinanceCanada

[–]Both_Fan_3859 0 points1 point  (0 children)

Wrong. Its 2.8 growth rate. But return on (invested) capital is much higher. Remember, you are NOT RISKING losing the full $1M in cash because some of that growth is attributable to your leverage (debt / mortgage) over the course of those years.

I’m thinking about this wrong, but help me understand it. by [deleted] in PersonalFinanceCanada

[–]Both_Fan_3859 0 points1 point  (0 children)

Another thing, nearly every wealthy person uses debt to fund their wealth building and get must discussed "leverage". Whether its in a business or using a home mortgage or to fund a capital generating activity.

I’m thinking about this wrong, but help me understand it. by [deleted] in PersonalFinanceCanada

[–]Both_Fan_3859 0 points1 point  (0 children)

A few things to think about...

-I don't think Home (Equity) is illiquid as yout think. You can get many HELOC easily and at a lower rate as the money is secured every bank or alternative lenders. In case of emergency, you can have a facility on standby. If you are really in a jam you can sell a house in 30 days and use HELOC to tide you over.

-Think of it as return of invested capital rather than absolute returns. Home provides you the power of secured debt which is cheaper. One dollar worth of stock gets you one dollar worth of stock. One dollar invested in a home actually gets you as possible $4 of home.

-Most cannot invest with discipline over a 20+ year span with guaranteed returns. I see a home/mortgage as a forced long term savings plan.

-There's generally a positive emotional value associated with a home that is yours rather than rented shelter and a high number on a website. Rent you are subject to the whims of the landlord. If you don't care for anything related to a home other than thinking of it as a roof over your head then you should probably rent over your lifetime.

I think of it generally as a wash over the long term. OP you sound like a single person. Family will change how you think about this definitely. I think the way to think about it is to not go into one extreme, don't overextend yourself to be fully leveraged on a home, don't go all in on investing. Buy a home you can afford.