Canada Financial Crisis Likely Despite Massive Stimulus

[Economy 52,926]

1 minute ago, Mr S said:

Fair point.

Regarding realestate, isnt it just Vancouver and Toronto that are crazy. Just like the US has New York and Seattle etc.

Vancouver and Toronto are the two worst cities yes. That's where all the houses surpass $1 Million to $1.5 Million etc

 

But keep in mind Canada only has 3 major metros (Toronto, Montreal and Vancouver)

 

The Toronto metro (6 Million), plus the rest of the Golden Horseshoe area (outside Toronto metro but close enough for realestate market to be strongly influenced) is about 9 million people

 

Vancouver Metro plus surrounding expensive areas is another 4 Million

 

Thats 13 Million out of 38 Million that are in these 2 pricey metros. That's 34% of the population (1/3)

 

The other 25 Million people definitely live in less expensive areas tho real estate is still rising everywhere

 

For example in London 2.5 hours from Toronto where I considered moving to home prices surged from $200,000 for an alright house to over $350,000 in just a few years as people flee Toronto metro and demand props up elsewhere

 

$350,000 is still very good but my point is even the more affordable cities are facing rapid rises

 

But yes if Vancouver and Toronto were out of the picture things wouldn't be so bad. But these two areas are literally 1/3 of our population tho

 

Also Montreal a few years ago started to go into a boom after avoiding the rapid increases for years. So there goes another Metro. It's still cheap compared to where I live tho

 

I live in the suburbs of Toronto so it's a little better. Houses go for about $800,000 not $1.2M

[DeanWinchester 41,390]

34 minutes ago, DiskoBaby said:

People on disability need cars and phones. Let's not act like they're buying retail prices for an iPhone or buying brand luxury new cars. 

An iPhone sure but with an apple watch as well? That's not ****ing necessary. I've even seen a family ask for benefits while bringing 4 children each having iPads. No ma'am, that does not make sense at all.

I've even seen families moving from Quebec to Ontario simply because they heard a special diet form gets each member of the family a certain amount of money monthly even if they have no true food allergies. It's complete bull.

[DeanWinchester 41,390]

And to clarify, I'm not lambasting nor generalizing all people on disabilities. What I'm saying is some people abuse government benefits.

[Maleficent 6]

50 minutes ago, Mr S said:

This is true for Americans too. And probbaly most first world countries.

the middle class everywhere is bad with money, because they aren’t taught how to invest/spend money in school, and they can’t afford to have someone to do it for them (such as a financial advisor). 

we need to better educate the “average” person on how to make smart choices

[DiskoBaby 1,929]

21 minutes ago, Maleficent said:

the middle class everywhere is bad with money, because they aren’t taught how to invest/spend money in school, and they can’t afford to have someone to do it for them (such as a financial advisor). 

we need to better educate the “average” person on how to make smart choices

There are a lot of books that talk about this. YouTube channels devoted to that. I know several blogs that do.

The people that are good with money take the effort to educate themselves about money. 

[Mr S 8,796]

30 minutes ago, Maleficent said:

the middle class everywhere is bad with money, because they aren’t taught how to invest/spend money in school, and they can’t afford to have someone to do it for them (such as a financial advisor). 

we need to better educate the “average” person on how to make smart choices

I hope people here are smart with their money. Put it into savings, invest in mutual funds or big stock companies, etc

(but make sure y'all buy those jockstraps and support Chromatica first)

[Maleficent 6]

7 minutes ago, Mr S said:

I hope people here are smart with their money. Put it into savings, invest in mutual funds or big stock companies, etc

(but make sure y'all buy those jockstraps and support Chromatica first)

mutual funds are not something i recommend (unless you're just starting out and dont have much money to play with). mutual funds are like taking the bus, public transport will get you there--but it might not be the most optimal route. a personalized portfolio is like driving your own car, its more expensive but you can get to your destination as quickly or as slowly as you'd like and in as much comfort as you'd like. 

[Mr S 8,796]

Just now, Maleficent said:

mutual funds are not something i recommend (unless you're just starting out and dont have much money to play with). mutual funds are like taking the bus, public transport will get you there--but it might not be the most optimal route. a personalized portfolio is like driving your own car, its more expensive but you can get to your destination as quickly or as slowly as you'd like and in as much comfort as you'd like. 

Yeah but most people are not gonna really get into stocks and pay attention everyday. Mutual Funds is good way to get into it without worrying. I personally have only one mutual fund, a bunch of ETFs, and then a bunch of stocks.

[Maleficent 6]

Just now, Mr S said:

Yeah but most people are not gonna really get into stocks and pay attention everyday. Mutual Funds is good way to get into it without worrying. I personally have only one mutual fund, a bunch of ETFs, and then a bunch of stocks.

thats true i didnt think of that aspect...

i have a trust my parents set-up for me which is monitored by my uncles firm, but i do get final say. i can also chose wether or not to invest in ethical companies (which is most important to be, because i believe the demise of unethical corporations starts with us at home) and how much risk I'm okay with--but all my decisions still have to be co-signed by my parents until my 21st birthday (in almost exactly a month!)

[Economy 52,926]

6 minutes ago, Maleficent said:

thats true i didnt think of that aspect...

i have a trust my parents set-up for me which is monitored by my uncles firm, but i do get final say. i can also chose wether or not to invest in ethical companies (which is most important to be, because i believe the demise of unethical corporations starts with us at home) and how much risk I'm okay with--but all my decisions still have to be co-signed by my parents until my 21st birthday (in almost exactly a month!)

I'm just gonna do stocks but im trying to save up at least $4000 to $5000 to start otherwise the transaction fees and account quarterly fees I don't think will be worth it

 

I'm up to just over $2000 now but half of that was my income tax refund

 

But considering less than 2 months ago I had debt, I think I'm doing good

 

The only spending I did outside of rent, car, phone bills and Spotify was a gift bag for my parents anniversary and a bag of cookies I bought

 

I'm trying to save every dollar

 

Oh and I also bought new headlights for my car cuz they went out and spent $90 to renew my license but since that's necessary to do I count as bills