|
qhat posted:Rental properties aren’t tax free, but yes woe is the landlord who has no choice but to start spending the loving millions they earned without any work whatsoever. I bet most of them are leveraged to the tits and won't actually realize much in the way of gains. Or at least I hope that's the case, because it'd be really loving funny.
|
#
?
Sep 11, 2022 02:55
|
|
|
|
| # ? May 24, 2024 07:55 |
|
|
Really loving funny and we might be able to buy a house that's only mildly overpriced instead of stupidly so.
|
|
#
?
Sep 11, 2022 04:08
|
|
|
Top of /PersonalFinanceCanada today:quote:Borrowed from HELOC to invest and interest only payments have doubled. Not sleeping well at night. Advice needed. TLDR: Took out $300,000, current value is $265k and interest payments have doubled to $1500. 
|
|
#
?
Sep 12, 2022 02:00
|
|
|
I’m still hearing ads on the radio for variable rate mortgages that say “it’s possible that interest rates might drop!”
|
|
#
?
Sep 12, 2022 02:12
|
|
|
Joink posted:Top of /PersonalFinanceCanada today: aaaaahahahaha get hosed
|
|
#
?
Sep 12, 2022 04:53
|
|
|
Mr. Apollo posted:I’m still hearing ads on the radio for variable rate mortgages that say “it’s possible that interest rates might drop!” poo poo like this ought to be banned. The BoC has been very clear that this is not going to happen anytime soon, “well technically you know it’s possible***” should not be a defence for predatory lending.
|
|
#
?
Sep 12, 2022 04:57
|
|
|
The best part of that post wasquote:I would not consider myself a total noob when it comes to investing, but am realizing that leveraged borrowing is not for me after this experience  Also he bought a loving 2% MER mutual fund. Cold on a Cob fucked around with this message at 12:40 on Sep 12, 2022 |
|
#
?
Sep 12, 2022 12:38
|
|
|
My drinking buddy is always going on about how he wants to invest the 200k of cash he has but yet is constantly saying dumb poo poo like “glad I didn’t invest last year” or “not going to invest now, everything is going down”. Frankly some people just don’t have the emotional wherewithal to withstand a drop in the market, although anyone leveraging on a 2% fund is a special kind of idiot so much so that it makes me think that it has to be a troll.
|
|
#
?
Sep 12, 2022 14:58
|
|
|
qhat posted:My drinking buddy is always going on about how he wants to invest the 200k of cash he has but yet is constantly saying dumb poo poo like “glad I didn’t invest last year” or “not going to invest now, everything is going down”. Frankly some people just don’t have the emotional wherewithal to withstand a drop in the market, although anyone leveraging on a 2% fund is a special kind of idiot so much so that it makes me think that it has to be a troll. This scenario sounds like the Primerica special.
|
|
#
?
Sep 12, 2022 15:53
|
|
|
qhat posted:My drinking buddy is always going on about how he wants to invest the 200k of cash he has but yet is constantly saying dumb poo poo like “glad I didn’t invest last year” or “not going to invest now, everything is going down”. Frankly some people just don’t have the emotional wherewithal to withstand a drop in the market, although anyone leveraging on a 2% fund is a special kind of idiot so much so that it makes me think that it has to be a troll. This was my parents. They never were very financially literate and never had savings. When they finally did get a chunk of money everyone told them to safely invest it, not let it rot in a savings account. A good friend of theirs handled investments and explained the whole thing and how theres ups and downs but its the long term that matters. They put about 50k in some mutual funds. The first couple months it was stagnant which got them very upset because their savings account paid more. Then it went down a tiny bit and they lost their poo poo, pulled everything, and had a falling out with their friend. They still have no idea how I "do investing" and report on average a few thousand a year growth. I just tell them what everybody told them, it's a long term thing with ups and downs. They can't understand at all.
|
|
#
?
Sep 12, 2022 17:25
|
|
|
Baronjutter posted:They put about 50k in some mutual funds. The first couple months it was stagnant which got them very upset because their savings account paid more. Then it went down a tiny bit and they lost their poo poo, pulled everything, and had a falling out with their friend. This is why I never give friends or family financial advice and tell them to just go speak to a professional. If they really want to know my strategy I'll tell them but with a heavy emphasis on this is what I myself am comfortable with and might not be for you. It's much easier to calm someone's poo poo when you're actually accredited, as opposed to random dude who for all they know is getting them to put their hard earned money into meme stocks or whatever.
|
|
#
?
Sep 12, 2022 17:37
|
|
|
qhat posted:This is why I never give friends or family financial advice and tell them to just go speak to a professional. If they really want to know my strategy I'll tell them but with a heavy emphasis on this is what I myself am comfortable with and might not be for you. It's much easier to calm someone's poo poo when you're actually accredited, as opposed to random dude who for all they know is getting them to put their hard earned money into meme stocks or whatever. I once had my aunt come to ask me questions about investing. Turns out she had socked away some money for my younger cousin (who at the time was just entering university) and she was freaking out that the investment had lost money. What made it infuriating is that she couldn't answer a simple question that any advisor will say, "What's your time horizon? What's the goal for this money? What will (cousin) want to spend it on, tuition, house, etc.?" Every single answer was "I don't know. Unsurprisingly, it had lost money because she put it in the most-conservative fund they had that was almost nothing but bonds. When I told her this, she absolutely refused to consider anything that was tilted towards equities because she was so firmly entrenched with an "absolutely no risk" mindset. No wonder no one in my family has money.
|
|
#
?
Sep 12, 2022 18:22
|
|
|
GICs seem like a very Canadian thing. I remember getting some when I was a teenager. Never seen them mentioned in a couple decades living in the US now.
|
|
#
?
Sep 12, 2022 18:37
|
|
|
Joink posted:Top of /PersonalFinanceCanada today: I just can't shake that funny feeling that at the end of the day, we're all going to have to use public funds to bail these morons out so they do it all over again.
|
|
#
?
Sep 12, 2022 18:57
|
|
|
Fuzzy Mammal posted:GICs seem like a very Canadian thing. I remember getting some when I was a teenager. Never seen them mentioned in a couple decades living in the US now. The US treasury sells a variety of bills, bonds and notes (the latter is probably closest to GICs?), as well as two different kinds of investments with returns tied to inflation (TIPS and I Bonds). Some I think you need an SSN to buy, although you'd also have to file with the IRS so if you're not otherwise obligated to do so, gently caress that poo poo. Baronjutter posted:This was my parents. They never were very financially literate and never had savings. When they finally did get a chunk of money everyone told them to safely invest it, not let it rot in a savings account. A good friend of theirs handled investments and explained the whole thing and how theres ups and downs but its the long term that matters. Principal-protected notes have been available in Canada for some 20-odd years now, targeted at just these sorts of people. Some guarantee at least your principle back (a lovely deal with 10% inflation, for sure), and others I remember looking at ages ago actually 'locked in' your return, if any, at various points through the note's lifetime. Basically they buy a bunch of GICs/bonds to guarantee the principle and a variety of exotic options to get the actual return. Of course there's a cost to all of this, namely higher fees and usually less liquidity than just buying an ETF or whatever, so they still seem to be (very justifiably) a niche product.
|
|
#
?
Sep 12, 2022 19:05
|
|
|
Fuzzy Mammal posted:GICs seem like a very Canadian thing. I remember getting some when I was a teenager. Never seen them mentioned in a couple decades living in the US now. They're called certificates of deposit. They work basically the same way.
|
|
#
?
Sep 12, 2022 19:19
|
|
|
Hubbert posted:I just can't shake that funny feeling that at the end of the day, we're all going to have to use public funds to bail these morons out so they do it all over again. I'd be very curious to see how the government assistance in the first year of COVID broke down in practice. Like, CERB was absolutely life-saving for huge numbers of people, and a trial-run for a UBI. And I feel like the small grants to help gyms, restaurants, etc would have had direct positive effects on workers. But on the flipside any rich rear end in a top hat with a limited company kicking around for tax avoidance purposes could get $5K in free money, and I'm pretty sure there were other chunks of welfare that disproportionately benefited the wealthy.
|
|
#
?
Sep 12, 2022 20:49
|
|
|
tagesschau posted:They're called certificates of deposit. They work basically the same way. tbills are a common thing in the us that are basically the same as a GIC
|
|
#
?
Sep 13, 2022 00:48
|
|
|
You can sell tbills when you want, you can’t sell GICs.
|
|
#
?
Sep 13, 2022 04:10
|
|
|
I think you can also buy Canadian tbills, but I think usually you have to go directly to the bank and buy like $25k of them minimum or something. I’ve never actually done it though.
|
|
#
?
Sep 13, 2022 04:12
|
|
|
the talent deficit posted:tbills are a common thing in the us that are basically the same as a GIC CDs, not Treasury bills, are the equivalent product to GICs. They're a time deposit from a retail bank.
|
|
#
?
Sep 13, 2022 04:47
|
|
|
Baronjutter posted:This was my parents. They never were very financially literate and never had savings. When they finally did get a chunk of money everyone told them to safely invest it, not let it rot in a savings account. A good friend of theirs handled investments and explained the whole thing and how theres ups and downs but its the long term that matters. For real, I only look at investments once a month when I do my spreadsheet updates (shoutout Portfolio Slicer), this is all very long term retirement planned investments. It's performance over even a year is irrelevant. This year in particular has been very up and down. Several months of +20,000 and more months of -20,000. You kind of have to detach yourself from it a bit or you start feeling like you're a crazy person just looking at tens of thousands of dollars appear or disappear in a month nonchalantly.
|
|
#
?
Sep 13, 2022 13:50
|
|
|
I have a list of my biggest paper losses because imo it's nice to be able to see how much it hasn't mattered once your bills are taken care of. My first significant downturn (Brexit) was an order of magnitude smaller than this year's bear market and it still hasn't mattered. It's a super privileged position to be in and we're all slaves to global capital so why worry.
|
|
#
?
Sep 13, 2022 18:03
|
|
|
If you've got an emergency fund and you're not leveraged and not hog wild into individual meme stocks then literally nothing you do matters ever until you're like 50 years old. My girlfriend got into investing into VGRO last year and she was disappointed that she hasn't seen any gains at all yet and that the market was tanking, but I told her that's actually a good thing for her. Going through a proper bear market is not something a lot of young people have any experience with and it really sifts the wheat from the chaff.
|
|
#
?
Sep 13, 2022 18:28
|
|
|
I recently did a transfer of $50k from my margin account to my wife's TFSA. I did it as a cash transfer because I didn't think I could do a transfer in kind from an account under my name to an account under her name. There was no capital gain realized by exiting my position. Between the time I exited my positions in the margin account and re-entered those positions in the TFSA, they had gone up in price by about $1600 so I effectively lost $1600 with this manoeuvre. I chose to re-enter at the higher value anyways because I didn't want to time the market. Looking back, is there another way I could have done the transfer without taking this risk? Maybe creating a joint margin account with my wife, then transferring in kind to that account, then transferring in kind to her TFSA?
|
|
#
?
Sep 13, 2022 19:49
|
|
|
Mantle posted:Looking back, is there another way I could have done the transfer without taking this risk? Maybe creating a joint margin account with my wife, then transferring in kind to that account, then transferring in kind to her TFSA? I don't think you even can hold a TFSA jointly. The contribution room is yours and yours alone. As it's post-tax monies, there's no rule about contributing to a spousal plan to claim a deduction or anything, so just straight-up giving a spouse cash to purchase is about all you can do, unless I'm mistaken. I mean, you could've gained $1,600 just as easily doing what you did. The only time you can transfer to/from a spouse without affecting contribution room is due to death or dissolution of a relationship (eg. divorce).
|
|
#
?
Sep 13, 2022 21:22
|
|
|
mojo1701a posted:I don't think you even can hold a TFSA jointly. The contribution room is yours and yours alone. As it's post-tax monies, there's no rule about contributing to a spousal plan to claim a deduction or anything, so just straight-up giving a spouse cash to purchase is about all you can do, unless I'm mistaken. I know there are anti-money laundering rules about the source of funds account holder having to match the TFSA account holder, but Questrade is still letting us contribute to both my and her TFSA from the joint chequing account in both of our names. This is why I suspect doing a transfer in kind from a joint margin account might have worked, just that I didn't think of it before deciding to do the transfer. Hopefully this info helps some other goon out there that wants to give it a shot. e: just realized this is the lol housing thread, not the canadian finance thread. whoops
|
|
#
?
Sep 13, 2022 22:14
|
|
|
Mantle posted:e: just realized this is the lol housing thread, not the canadian finance thread. whoops Pretty much the same thing at this point.
|
|
#
?
Sep 13, 2022 22:21
|
|
|
You could’ve withdrawn the cash on margin and deposited it in the TFSA. Once you’ve purchased the stocks on the TFSA, you immediately sell the positions on the margin account. Anytime you are making short term plays like this, margin is what allows you flexibility to either buy or avoid selling in advance.
|
|
#
?
Sep 14, 2022 02:28
|
|
|
lol https://twitter.com/inklessPW/status/1570213069984530435
|
|
#
?
Sep 16, 2022 01:33
|
|
|
Isn’t this from last year? But this guy is truly a piece of poo poo and I sincerely hope his wife has to declare bankruptcy soon because of her HELOC investments.
|
|
#
?
Sep 16, 2022 04:21
|
|
|
All the charisma of a warthog. He's less Boris Johnson and more Liz Truss. Less Donald Trump and more Ted Cruz. I don't think he has the capacity to appeal to anyone who's not already a Conservative supporter, and as we saw with Erin Son of Tool's
|
|
#
?
Sep 16, 2022 18:01
|
|
|
Slotducks posted:We've started our house hunting again - this time in the Elora/Fergus/Elmira area - a lot of folks are listing their houses for like 750, getting absolutely nothing on it, then lowering the price by 20k and still getting no bites. Sorry to tell you bud, but you're about 6 months too late. The markets going through a downturn Just had our offer of 695 on a townhouse in Guelph go through on Sunday. Excited for my heelturn into rigid conservative upon closing.
|
|
#
?
Sep 19, 2022 16:27
|
|
|
tagesschau posted:So I'm poking around, looking at listings in the neighborhood (a fool's errand, I know), when I realize that it looks like one of them has disappeared. After some more searching, I see that it's still for sale—it's been pulled and relisted for 5% more. Update: this house is now listed at a whopping 1% under the June asking price. 
|
|
#
?
Sep 19, 2022 17:11
|
|
|
 https://www.thestar.com/business/pe...ng-worried.html 
|
|
#
?
Sep 19, 2022 17:45
|
|
|
Next election is going to be all about how hard to bail out people like this
|
|
#
?
Sep 19, 2022 20:34
|
|
|
Should have paid for the house in bitcoin
|
|
#
?
Sep 19, 2022 20:53
|
|
|
leftist heap posted:Next election is going to be all about how hard to bail out people like this I’d love to hear a follow up when the software dev gets laid off and they can no longer sell the house for what anywhere close to what they bought it for.
|
|
#
?
Sep 19, 2022 21:09
|
|
|
Really hope the CERB money I have to pay back goes to help someone actually deserving, like these people.
|
|
#
?
Sep 19, 2022 21:13
|
|
|
|
| # ? May 24, 2024 07:55 |
|
|
Needs more national post style "concerned family" graphics.
|
|
#
?
Sep 19, 2022 21:20
|
|
