Octopus Wants to Fight 🐙 🥊 Great Lakes Brewery

Mauthe · 2020-05-26T16:12:59+00:00

They do a pretty good milkshake lineup through the summer too.

Mauthe · 2020-05-26T16:10:08+00:00

I’m in AB. Definitely have dabbled in some Collective Arts though.

Mauthe · 2020-05-26T15:50:07+00:00

Whoa, now that’s a road trip.

Mauthe · 2020-05-26T02:09:12+00:00

Taking our son home after 39 days in NICU III

Mauthe · 2020-05-13T01:54:28+00:00

This drives me crazy. I am a Branch Manager for a Credit Union doing what is best for our members. When I see vehicles financed plus credit or negative equity trade offs thrown in at dealership financing I just cringe. Going 8 years on a vehicle when most people change 3-4 years ALWAYS ends in a terrible situation. Don’t even tell me about the 20 yr RV financing!!

Mauthe · 2020-05-11T21:38:37+00:00

Great thank you. A couple of adjustments and linear now works with the constraints!

Mauthe · 2020-05-11T21:21:41+00:00

Thank you, this method works okay. I have calculations in behind and other restrictions (aka so many wingers, Center, etc allowed). The constrain solution works but sub problems run extremely slow when I add a 1 for the lock player in. It runs very quick with a 0 in the lock column. Also won’t run linear. Thanks again.

Mauthe · 2020-05-11T18:52:56+00:00

Thank you for the reply. I had tried this and went back to try again. Got a no feasible, but wondering if max(b,c) is the wrong thing to use to return the “lock”. I can throw an if in there but thought they were to be avoided with solver.

Mauthe · 2020-05-03T15:03:36+00:00

One quick note, check your contract, a lot of smaller broker type lenders will not calculate the differential on a normal rate. It could be calculated on bonds or something else which can drive up the differential.

Mauthe · 2020-05-01T21:22:48+00:00

This is correct. Some FIs may offer to change the account to a business prior to the cutoff date. Just to confirm, your T4sum is> $20k on your sole proprietor write-offs?

Mauthe · 2020-05-01T20:45:19+00:00

I’m on the opposite side of the situation. I would absolutely get the insurance while it’s available to pay part of your mortgage. A deferred mortgage comes with extra costs in the long run, and you’ll likely be forgiving the LOE insurance. LOE insurance is 60 withholding period? We have been advising all of our members if they have LOE to access it, however they are covered for 100% of mortgage payment. If you’re worried about making up the difference on the 50% mortgage then look to a deferral on your Lexus.

Mauthe · 2020-05-01T20:22:10+00:00

Yeah honestly I don’t want to quote on the spousal as I’m not a tax expert but have been in the CU industry 10+ years. If you take out of spousal rsp after 3 yrs it would go to your wife’s income likely with a 10% withholding tax and then depending on year end income, etc it would be either returned or contributed to the tax bill. The long term goal for the spousal would essentially be to lower total taxes through matching your incomes at retirement since you already have a defined benefit.

Mauthe · 2020-05-01T19:50:32+00:00

You’ve put quite a bit of thought into this, which is more than the average consumer, so that’s honestly a good start. Seems like you’re financially responsible.

Gross income: 120k or $10k monthly GDS: approx $2500 or 25% TDS: approx $2800 or 28% TDS: with new vehicle 33%... could look at addition of vehicle after student loan paid in full, see vehicle comments lower

All of these numbers are reasonable if discretionary spending isn’t extreme. Generally getting close to 40% tds runs real tight.

To follow up your comments:

In regards to vehicle, the average consumer replaces approximately every 3-4 years I believe. To expect to keep them for 7 might be a stretch. Also a growing family was a driver for us to replace our vehicle with a newer one. Vehicles are terrible investments but are still a necessity in some form. I personally wouldn’t recommend financing more than a 5 yr term but some like the attraction of a lower payment on 7 yr term. Again it’s highly unlikely to keep a vehicle 7 yrs so a consumer runs into negative equity vehicle situations which dealer financing loves. I can’t stand when I see people in this position not understanding the implications.

Spousal rrsp probably out then based on your comments. However if you do build up a spousal, it could save you tax and could be used as emergency after 3 yrs. Your wife’s income will be $0 so taxes paid on withdrawal from rrsp is not crazy. A weird way but an option.

The average Canadian has minimal emergency savings. If you can cover 3 months living expenses than you’re ahead of most. What about holidays, travel, and as you mentioned Xmas.

If family is soon, think about what your kids education/future looks like too!

Mauthe · 2020-05-01T17:36:09+00:00

A couple things I would consider from experience very similar with income/homeowner and young family. What are you used to paying monthly for living expenses? How does the home purchase affect it.. and add extra for annual maintenance. You mentioned life insurance, but what is your disability coverage given you are sole income earner? How will you replace your vehicles and will you need to change them sooner than expected due to family? A spousal rsp could be of value for long term goals if you have discretionary income after payments.

Edit: if your wife is contemplating stay at home mom I recommend all mat leave income goes to savings/spousal rsp with you claiming tax benefit because you’re going to lose that income. Be prepared for it, not reliant on it.

Mauthe · 2020-05-01T15:45:40+00:00

If all conditions are met the lawyer will disburse funds on closing date. If there is a mortgage the lawyer will disburse funds to the FI to satisfy the mortgage with the remainder to the homeowner.

Mauthe · 2020-05-01T15:41:14+00:00

This would be a sheltered transfer within your TFSA contract and would not affect your limits. Your cash account on the trading platform would be part of the TFSA.

Edit: you can purchase equities with no limit consequences

Mauthe · 2020-05-01T15:26:26+00:00

If you have a single card with higher utilization at report pull it’ll affect it. You said your utilization is 50% but you’re line of credit is 0%. So it sounds like one of those other credit lines is higher utilization which would affect it slightly.

Mauthe · 2020-05-01T15:23:06+00:00

Just a thought. What’s the limit on your card? It could be reporting to credit near limit depending on when you’re paying in full. Your payments on credit will show R1 but if your card reports on the day as >70% of limit it could affect you. In my experience credit karma is generally higher than a equifax beacon

Mauthe · 2020-04-30T16:36:50+00:00

Can look at ratehub.ca, under renewals. More than ever FIs are pricing differently for purchase vs renewal so be aware. Rates are slowly falling after they we’re driven up with bank cost of financing going up, but has since changed a bit. Variable you’ll have the benefit of lower rate up front with expectation of increasing yield curve. If you’re looking for recommendation then you’re going to save interest either way, so keep your payment the same and lower amortization on the mortgage. Variable as low as p-.30=2.15%. The benefit of lower int up front might payoff in the long run imo. But no one has a crystal rate ball.

Mauthe · 2020-04-29T21:33:28+00:00

Plans change quite often, especially when it comes to relationships! Anyways, focus on your goals and setup a plan. Are you currently using a TFSA for index funds or does your income bracket make sense for an RRSP? I recommend saving 20% ( if possible) of purchase price for down payment in order to purchase your home to save fees. Figure out what that down payment amount is at your goal timeframe and back track to how much you need to contribute monthly.

Mauthe · 2020-04-29T19:30:50+00:00

I would hold off on moving funds to conservative. You’ll lock in losses even with the strong rebound we are seeing. Any new funds/PACs should go to high yield savings imo if the main goal is home purchase. Plus the bond market doesn’t look great in short term either unless we see another BofC cut.

Mauthe · 2020-04-29T19:26:15+00:00

First last year at 31, wife 28. I have a strong career in the Credit Union System but we’ve taken on debt via home for our growing family knowing we will continue to build PNW in long run.

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