Six figure unsecured LOC's are not hard to come by - I have one, never used it. It's also very easy to rack up six figure unsecured credit card debt. If your whole plan revolves around screwing lenders, it is very possible to do. Wouldn't be my choice, but its a possibility.
At age 40, how much should the average person have in their retirement account?
- Thread starter poorboy
- Start date
Six figures is a big playing field and according to some big spenders on this BB, maybe a years salary for many, but as pointed out the banks will inevitable get their legal pound of flesh without breaking a sweat. Having had to be an executor for too many estates, it's plain and simple. You can keep it most of itaway from the government hands, but the banks will get theirs.
Assuming that living well means at a minimum access to SPs, Internet connection and having a maid and a cook, how much does that cost?
Plus traveling once a year which is another three grand or so
( a guarded condo is a pretty much given I guess, unless you want to risk SPs and their boyfriends stabbing you for a couple of bucks)
i can see how the banks gonna get fuck all, the problem is that six figures is hardly enough to retire
I don't know for sure, but if you were 'really' lazy, laddering a few bonds and setting up some Grade A Dividends holding with $900,000 could give you pretty good return, unless you hobby like a fiend until you're 90. A $100,000, not so much. I haven't looked at the magic clawback figures for Canada's OAS and GIS in a long time, but don't depend on them as the country may not be able to afford them for you by the time you retire.
But - as I understand it - the original premise is to die w/no assets and have large debt, so if that were true there wouldn't be any estate assets for the bank to go after no?
Was offered one (almost six figures) but declined this "perk" right the way.
Didn't see the urge to help somebody to meet sales targets and hmm...bonus.
As mentioned before, keep up your good habits and more importantly pay off your mortgage as your first priority.
Nothing matters when you have big outstanding debts like the mortgages. Debt is a four letter word, just like the four letter F-word. LOL
That was a good read. Speaks volumes about Anglo Saxon civilization.Maybe this could be a deterrent for anybody who dare to "screw" the banks by committing fraud. No?
Poorboy, you should seek out a financial planner. If you are interested in seeing mine, send me a PM. No obligation, but he will give you some sound advice.
bruce
Has anyone here ever read a full LOC agreement.
Does NB really think that banks have the same lending policies for people of all ages?
I am not surprised at this, he probably thinks the banks are run by the jews he despises.
And as to the original question, a number of bank websites have calculators where you give them a bunch of info and they give you some targets for retirement savings. My accountant does it for me.
Does NB really think that banks have the same lending policies for people of all ages?
I am not surprised at this, he probably thinks the banks are run by the jews he despises.
And as to the original question, a number of bank websites have calculators where you give them a bunch of info and they give you some targets for retirement savings. My accountant does it for me.
