Ronk 14,930 Posted April 27, 2019 Share Posted April 27, 2019 1 hour ago, Economy said: Omg a house for $80K what state or city do u live in????? I live in the suburbs and the cheapest small houses here are still like $550,000 minimum ($400,000 US) hence why I can't buy one That's what I get for living in the Metro cities Glad to hear ur family will be ok if u sell the second house tho Wow, housing must cost more in Canada than in the USA. My rule of thumb is don't go into debt for anything except a home mortgage or a student loan. Everyone has their own ideas. I live outside the space time continuum. Link to post Share on other sites More sharing options...
Economy 52,835 Posted April 27, 2019 Author Share Posted April 27, 2019 Just now, Ronk said: Wow, housing must cost more in Canada than in the USA. My rule of thumb is don't go into debt for anything except a home mortgage or a student loan. Everyone has their own ideas. Yeah. We've had housing market issues for many years that's causing extreme unaffordability Interesting fact. Canada has a lower poverty rate than the US but a higher rate of homeless people. Our extremely unaffordable housing no doubt is the culprit As I said those prices are for my suburb city In Toronto for example my grandparents 110 year old house is worth between $1.2 to $1.4 Million A few houses down from my grandparents a simmilar sized house sold for $1.6 Million but it was newly renovated so my grandparents wouldn't fetch quite as much Link to post Share on other sites More sharing options...
fivefoottwo 3,108 Posted April 27, 2019 Share Posted April 27, 2019 2 hours ago, Economy said: Debt write-offs from debt companies acknowledged they will never collect and payments 30 days past due are on the rise in the US to the highest since 2012 also roughly around the time that the deleveraging cycle ended and consumer debt hit its lowest this cycle Link to post Share on other sites More sharing options...
Ronk 14,930 Posted April 27, 2019 Share Posted April 27, 2019 4 minutes ago, Economy said: Yeah. We've had housing market issues for many years that's causing extreme unaffordability Interesting fact. Canada has a lower poverty rate than the US but a higher rate of homeless people. Our extremely unaffordable housing no doubt is the culprit As I said those prices are for my suburb city In Toronto for example my grandparents 110 year old house is worth between $1.2 to $1.4 Million A few houses down from my grandparents a simmilar sized house sold for $1.6 Million but it was newly renovated so my grandparents wouldn't fetch quite as much I feel badly about Canada's housing problem. I also feel badly that so many Americans are underwater when they should be putting money away each week towards retirement. I miss the good old days when I was a kid, when people could afford housing, cars, etc. on only one income. I don't know how that got messed up. I live outside the space time continuum. Link to post Share on other sites More sharing options...
Economy 52,835 Posted April 27, 2019 Author Share Posted April 27, 2019 Just now, Ronk said: I feel badly about Canada's housing problem. I also feel badly that so many Americans are underwater when they should be putting money away each week towards retirement. I miss the good old days when I was a kid, when people could afford housing, cars, etc. on only one income. I don't know how that got messed up. Yeah the economy for the middle class seems to suck everywhere u go these days here in Canada there's issues with construction. Companies complain our regulations and zoning laws slow construction way too much and as a result despite crazy high prices were not getting the kind of construction and housing supply ud expect to get during housing booms we accept a lot of immigrants. Rapid population growth and slow construction approvals is not a good combination Vacancies are at record lows and rents are now surging too it's no longer just buying that's an issue housing is a top election issue this year Link to post Share on other sites More sharing options...
Ronk 14,930 Posted April 27, 2019 Share Posted April 27, 2019 It looks like these are tough times for all but the wealthy. I live outside the space time continuum. Link to post Share on other sites More sharing options...
Economy 52,835 Posted April 27, 2019 Author Share Posted April 27, 2019 1 hour ago, Ronk said: It looks like these are tough times for all but the wealthy. Sad but true Link to post Share on other sites More sharing options...
Biggest Fan 988 Posted April 27, 2019 Share Posted April 27, 2019 can someone please explain this to me 🤖 Link to post Share on other sites More sharing options...
Born To Slay 10,996 Posted April 27, 2019 Share Posted April 27, 2019 7 hours ago, Economy said: Omg a house for $80K what state or city do u live in????? I live in the suburbs and the cheapest small houses here are still like $550,000 minimum ($400,000 US) hence why I can't buy one That's what I get for living in the Metro cities Glad to hear ur family will be ok if u sell the second house tho It’s a summer home in rural PA, our home on Long Island is worth a lot more. We have enough money to be considered upper middle class but my dad blew threw a lot of money on drugs, alcohol and cigarettes when I was a kid, so we ended up on tons of credit card debt. Link to post Share on other sites More sharing options...
Economy 52,835 Posted April 27, 2019 Author Share Posted April 27, 2019 3 hours ago, Born To Slay said: It’s a summer home in rural PA, our home on Long Island is worth a lot more. We have enough money to be considered upper middle class but my dad blew threw a lot of money on drugs, alcohol and cigarettes when I was a kid, so we ended up on tons of credit card debt. Omg in sorry to hear. I have rich family in Portugal with a tone of debt over that it's ironic So a cousin of mine she's a professor in Portugals biggest University and she has the highest degree possible (only 3 people in the Country have it). She also owns a spa, hotel, pharmacy and glasses store. Her husband is an engineer and in charge of Portugal's main water way that provides water for Millions of people to drink... Their annual income is insane But her father was good for nothing man. He blew a fortune on alcohol, drugs and he was going out with a lot of women. He ended up shifting around his debt and went on like this for decades without the family knowing Eventually the debt was so large that there's no way in hell him and his wife would ever pay it. So my cousin offered her mom a bargain. Just give her the pharmacy they owned and she'd take on all their debt so that her mom wouldnt end up bankrupt. The debt was way higher than the pharmacy was worth so she just did it out of pity for her mom Anyway they earn a fortune enough to he considered upper class but between her father's debt, her degree studies debt and the business loans for the businesses she started she's in debt up to her ears It's like make a fortune but drown in debt. It's insane Link to post Share on other sites More sharing options...
Born To Slay 10,996 Posted April 27, 2019 Share Posted April 27, 2019 2 hours ago, Economy said: Omg in sorry to hear. I have rich family in Portugal with a tone of debt over that it's ironic So a cousin of mine she's a professor in Portugals biggest University and she has the highest degree possible (only 3 people in the Country have it). She also owns a spa, hotel, pharmacy and glasses store. Her husband is an engineer and in charge of Portugal's main water way that provides water for Millions of people to drink... Their annual income is insane But her father was good for nothing man. He blew a fortune on alcohol, drugs and he was going out with a lot of women. He ended up shifting around his debt and went on like this for decades without the family knowing Eventually the debt was so large that there's no way in hell him and his wife would ever pay it. So my cousin offered her mom a bargain. Just give her the pharmacy they owned and she'd take on all their debt so that her mom wouldnt end up bankrupt. The debt was way higher than the pharmacy was worth so she just did it out of pity for her mom Anyway they earn a fortune enough to he considered upper class but between her father's debt, her degree studies debt and the business loans for the businesses she started she's in debt up to her ears It's like make a fortune but drown in debt. It's insane Wow yeah that’s a crazy story. Is the mother okay now? Link to post Share on other sites More sharing options...
Economy 52,835 Posted April 27, 2019 Author Share Posted April 27, 2019 36 minutes ago, Born To Slay said: Wow yeah that’s a crazy story. Is the mother okay now? Yeah she's ok. She is retired. Has a pretty big house cuz it was already paid for and in the rural areas of Portugal property taxes are low so there's not much upkeep cost Her daughter gives her part-time employment at the Pharmacy since she knew about Pharmaceuticals so her mom can make a few extra bucks My cousin has a lot of businesses but she gives special attention to the pharmacy cuz it's the most profitable of her businesses and it's also the first family business and where a lot of family works (my aunt who is disabled on her hand can only do simple jobs so my cousin hires her to clean the Pharmacy so she works there too) So the pharmacy has special sentimental value The glasses store and spa/hotel are just businesses She pays managers to run it tho cuz her university duties take most of her time. Last time I visited Portugal she invited us for lunch but then had to leave 45 minutes later, we barely finished eating Link to post Share on other sites More sharing options...
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