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Don't think of it as 43% of joint income, think of it as 86% of a single income. Best not get sick or unlucky with the job market!
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May 26, 2015 16:45
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jm20 posted:Living frugally is now spending 43% of net on housing costs No poo poo losing a job causes issues.
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May 26, 2015 18:11
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sbaldrick posted:No poo poo losing a job causes issues. That number is from a current dual-income budget. quote:Last year, just a week after they signed the deal to start building their house, Camus lost his sales job at a construction company. Then, the day before they moved in, their contractor handed them a surprise $27,000 bill for extra costs. The couple were forced to tap into their line of credit to pay for it.
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May 26, 2015 18:15
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Saw this photo and thought of this thread, cause it explains the poo poo we're in pretty well
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May 26, 2015 19:07
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keithy george posted:Did they really give 'reducing retirement savings' as an example of frugality? One of the more baffling things about retirement is the number of people who view it as a luxury rather than an inevitability of the deterioration of your body and mind as you start getting up there in age.
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May 26, 2015 19:32
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MickeyFinn posted:One of the more baffling things about retirement is the number of people who view it as a luxury rather than an inevitability of the deterioration of your body and mind as you start getting up there in age. We've had enough generations of security in old age now that people have forgotten what happens to the elderly poor if they have no children to take care of them. Of course, pointing at other nations doesn't wake them up because we're developed so such things are in our past.
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May 26, 2015 20:23
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Yeah I should probably make some kids. I think there's going to be a ton of people who "couldn't afford kids" who also can't afford retirement and will die alone on the streets.
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May 26, 2015 20:38
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Baronjutter posted:Yeah I should probably make some kids. I think there's going to be a ton of people who "couldn't afford kids" who also can't afford retirement and will die alone on the streets. Ahh, the "Confucian" model of society, where you respectfully walk around a dying elderly stranger, secure in the knowledge that your own parents are doing fine.
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May 26, 2015 20:40
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I suspect a great many people currently in their twenties and thirties will be unable to afford children, because caring for their utterly irresponsible parents will already be bankrupting them. Either that or we see a huge spike in seniors mysteriously dying in their sleep.
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May 26, 2015 20:48
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this euthanasia thing is coming up again just in the nick of time!
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May 26, 2015 20:53
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The only realistic retirement plan is social revolution, societal collapse or an early grave.
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May 26, 2015 20:54
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I don't think societal revolution will be all that effective in an age where wealth isn't held locally
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May 26, 2015 21:06
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We should encourage people to smoke and drink more, so they die quicker and don't need luxuries like pensions. I'm doing my part for Canada, do yours! 
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May 26, 2015 21:59
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When you put it that way we really should do away with all sin taxes. Actually, from a totally financial perspective which model does society come out ahead? Collecting sin taxes on cigs to pay for healthcare, or letting idiot smokers die early and save society from their healthcare and retirement costs?
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May 26, 2015 22:11
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Restore the Gin Ration!
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May 26, 2015 22:16
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Baronjutter posted:When you put it that way we really should do away with all sin taxes. Actually, from a totally financial perspective which model does society come out ahead? Collecting sin taxes on cigs to pay for healthcare, or letting idiot smokers die early and save society from their healthcare and retirement costs? ive seen some economic studies on this and smokers cost the healthcare system less long term
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May 26, 2015 22:55
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RBC posted:ive seen some economic studies on this and smokers cost the healthcare system less long term I'm not convinced by this incredibly vague statement.
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May 26, 2015 22:57
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great, i dont give a gently caress
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May 26, 2015 23:03
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Given that I've seen studies that claim the opposite, and neither one of us has linked gently caress all, I'm calling this first round a draw. At near $15/pack for good smokes, I just can't see how it's net drain.
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May 26, 2015 23:11
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They're incredibly easy to find. http://journals.plos.org/plosmedicine/article?id=10.1371/journal.pmed.0050029 quote:The lifetime costs were in Euros:
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May 26, 2015 23:15
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its really not controversial anti-smoking studies just ignore the comparison by saying smoking costs x amount without saying the lifetime costs of a healthy individual
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May 26, 2015 23:22
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RBC posted:its really not controversial Apologies, I misread your post so it turns out we agree and its backed up by data apparently. Huzzah!
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May 26, 2015 23:30
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Shut the gently caress up idiot
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May 26, 2015 23:34
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Cultural Imperial posted:Yep. My eyes rolled out of my head when I read that. Literally what every loving prideful home owner in Canada thinks. Somehow the pride justifies paying much higher housing cost than just renting.
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May 27, 2015 00:47
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http://passerelle.centris.ca/Redirect2.aspx?CodeDest=ROYALLEPAGE&NoMls=MT22854793&Source=WWW.REALTOR.CA&Langue=E    This house is loving awesome 
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May 27, 2015 02:28
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Cultural Imperial posted:http://passerelle.centris.ca/Redirect2.aspx?CodeDest=ROYALLEPAGE&NoMls=MT22854793&Source=WWW.REALTOR.CA&Langue=E Yeah, I saw that one come up and I had to do a double take that it was only 200k because holy poo poo I would buy that so hard if I lived in that area.
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May 27, 2015 02:40
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Cultural Imperial posted:http://passerelle.centris.ca/Redirect2.aspx?CodeDest=ROYALLEPAGE&NoMls=MT22854793&Source=WWW.REALTOR.CA&Langue=E Whoa this is like a mini version of Mike Tysons abandoned mansion. 80's as gently caress
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May 27, 2015 03:00
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I was also thinking Tyson's abandoned mansion with all the 80's ness and potted plants.
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May 27, 2015 04:06
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The fridge is definitely my favourite part.
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May 27, 2015 05:46
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32MB OF ESRAM posted:Whoa this is like a mini version of Mike Tysons abandoned mansion. 80's as gently caress it's also right next to a curling club
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May 27, 2015 07:27
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Ikantski posted:I love that rising interest rates are now considered a possible unplanned setback. Doing a little backwards math, they must make about $90k a year combined. That $1.63 debt per $1 earned statistic is scary, these guys are at $4.64. Even if that guy was making twice as much at construction, it'd be a bad decision to get a $400,000 mortgage especially because neither of their jobs are stable or promise salary growth. They'd still be paying 33% of net towards their dream house (25% is usually the top). At least that means that they must have made a large down payment and the bank won't lose money when they foreclose. Yes. There is no glass/steagall or consumer financial protection act in Canada whereby the loan officer adjudicates and advises a loan if the math provided by the applicant exceeds reasonable financial projections. The retail banker must also ensure he does everything to get you the most possible credit allowed, to fulfill his duty of care. Or you can sue the franchise. This means that so long as the credit applicant clears FICO and gives proof of collateral/cash coverage on their loan app the Canadian bank legally can not discriminate or block an applicant from being offered a loan. Sure the terms can be gently caress you expensive, but if a consumer lacks the required math skills to understand he is being given 5 stiff offers, then that is purely his dumb rear end on the line. Historically all forms of consumer policing have only led to new and more risky forms of shadow lending. A quick trip over to the China thread can explain what happens if leverage and collateral limits are capped by law, and not explained to your local art graduate. Also, repo/asset recovery is not a function of retail bank credit design and more thanks to Canada's shifting demographics since 2003. Thanks to Canada's large population influx, even at C$65/bbl, an excessive housing inventory that led to the US 2008 crash is pretty tough to generate in Canada. Thanks to both cross border yield pigs (investors starved for currency adjusted bonds; institutional and retail alike) even in the dredge of Alberta the average inventory turnover is still sitting at 50 days. On par with a healthy technology state in the US or suburbia England. So because of that churn, prices have remained pretty tight and default spreads still insure a near 80% recovery on a random loan offered by say, CIBC to a FICO 350 applicant on a 15 year term. You can hate all you like on home equity, but it's an essential part of the credit formation cycle. Particularly for people who lack the business track record to get a corporate or syndicated deal on their business plan, or their plan does not meet the criteria for trade credit. Hell, Bioware and Shutterstock would have never got off the ground without Canadian "lax lending standards". Some food for thought the next time you want to sperg on Canadian banking. Tomorrow is the start of banking week, which is why I thought I would stop in. Given National and BMO are tomorrow, and next to CIBC they carry the largest portfolio concentrationthe thread probably would learn alot by reading the call transcripts when they are posted.
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May 27, 2015 07:32
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Hal_2005 posted:You can hate all you like on home equity, but it's an essential part of the credit formation cycle. Particularly for people who lack the business track record to get a corporate or syndicated deal on their business plan, or their plan does not meet the criteria for trade credit. Hell, Bioware and Shutterstock would have never got off the ground without Canadian "lax lending standards". Some food for thought the next time you want to sperg on Canadian banking.
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May 27, 2015 07:41
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Yeah, business loans being basically impossible to get without a security (since they're not as profitable as securitised loan) is a huge growth problem. It should not be seen as the system working.
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May 27, 2015 07:50
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http://www.vancouversun.com/touch/story.html?id=11084571quote:
Tldr, shut the gently caress up you poors!! I worked too hard to build up ~my equity~ by sitting on real estate to have you worthless chattering proles dissolve it!!!
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May 27, 2015 15:10
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Cultural Imperial posted:http://www.vancouversun.com/touch/story.html?id=11084571 I love when Boomers say "And how is this situation any different than it was a 30 or 40 years ago for young people looking to own homes in Vancouver?" Well actually the situation is way different because you weren't paying 1 mil+ for houses 40 years ago and were making the same amount of money as us, but thanks for playing.
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May 27, 2015 15:19
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  Shut up your poors, I build this equity MYSELF. YOU CAN HAVE NONEquote:BIOGRAPHY
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May 27, 2015 15:33
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Career journalist who writes at the level of a high school newsletter.
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May 27, 2015 15:50
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Cultural Imperial posted:Career journalist who writes at the level of a high school newsletter. It's the Vancouver Sun, after all. If you open one expecting the New Yorker, you're going to be sad.
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May 27, 2015 15:54
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