tell me about it...I used to work for this lady that when they're having a party at home...she and her husband would buy a complete patio set at home depot or canadian tire an return it after the party....LoL...the lengths peple go to just to show off...
1/3 of multimillionaires shop at Walmart
- Thread starter stinkynuts
- Start date
people want to look important... aka have status.
Im lowkey in both expenditures and personality. I buy things that are assets. most people buy liabilities. carry little to no debt or be smart enough to leverage debt to buy assets.
unfortunately people are not financially intelligent. this could easily be solved by teaching this in school. however given the need for status I think the urge to look cool would over ride those lessons. I know looking cool was important when I was a young man, then hit my late twenties thirties and there was a shift in my thinking.
I also believe its a learnt behavior passed on from parents to children by witnessing their successes or failures.
one million would be consider rich depending where you live.
in Saskatchewan yes. thailand yes. india for sure.
I go where the opportunity is and where Im treated best.
problem with a house in yyz is that all your equity is locked up in the house and not able to being able to cash flow. now a million in blue chip stock and dividends to boot. thats impressive. sell the house move to a lower cost area and live off the proceeds.
If you are free of a mortgage, set up a HELC. Great when you need quick cash (escorts, dancers, etc.)
That's why I moved to New Brunswick. Bought a single family house for $80,000. Fixed it up, and it's perfectly fine. Now valued at double that, and will rise more and more due to the huge influx in this province. $80,000 in Toronto or Vancouver can't really buy you a house with a 5000 sft lot, minutes from the downtown. Moncton is rapidly growing city, but I have to admit, there's a lot that I miss from the big cities. However, there's no way it's worth the extra cost of living, and my money is growing in the stock market. Well, maybe not recently.
This is TERB. Toronto Escort Review Board. Hence Toronto is the reference. Any other would have been stated.
Also are the average home prices in any of the places you stated a million bucks?
If you go where you're treated best then why aren't you in any of the places you stated.
Why are you here?
There's also a reason why Saskatchewan is less expensive. Who in their right mind wants to live there.
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it is terb; however, not every person on this board resides in toronto, ontario or even canada.
in those places cost of living is peanuts. the cost of living is insane in western countries.
becoming financially independent successfully for most is time and patience. fruits of success accumulate and Im almost ready to eat.
whats wrong with saskatchwan? if someone doesnt live in the gta, there is something wrong with their mind? I think otherwise. doesnt really seem rational to drop 1mil on a house in toronto only to drive a couple hundred kilos to pay half or less for the same house?
Ill stick with my plan.
you could when the rates were low. I thought of doing the smith maneuver myself before but at todays rates the numbers just suck.
You are right finances should be taught in high school but they teach useless courses like art and music.
Most high schools have courses in accounting but it doesn't teach how to manage your finances, make a budget, how the stock market works, effects of inflation.
yes! and at that point you can leave it to your children who will proceed to snort it up their noses
It’s relative. For someone who lives a modest lifestyle, it is a lot. But for somebody who buy a Lamborghini and likes to party, buy expensive clothes and jewelry, and travel , it’s not much
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Also very very important to state "at what age"
Net worth, average value per household, by age group of major income earner, 2019 to fourth quarter 2020, Canada
Under 35 have a net worth of $231K, 65 and older $976K
There are thousands of people who live way beyond their means and buy shit they do not need.
They have a spending problem - The same as all levels of our government.
I would say if you had $1 million in liquid wealth, meaning what you have in the bank and what you have in your portfolio that can be turned into cash quickly you are in the top 1%. This is on top of your home and possession. Providing you have no debt, you can live very comfortably without worry.
Even a doctor, lawyer, dentist and engineer can live well after their careers with $1 million in liquid wealth, this nest egg can grow at a sure , slow and steady pace in retirement. People that have had these professions can not use their skills to earn in retirement. As for myself, I can grow money at 10% plus per month with one of my learned skills. Pre and post retirement.
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