Indeed, it's becoming quite challenging to manage expenses.

I've actually managed to stay ahead of the curve. I'm even contemplating early retirement.

@@EricaWaters-lr6zw Impressive! How did you achieve that?

@@WhitneyRoss-dj4rf Our family got introduced to a financial consultant”RPC WEALTH.” about four years before my dad retired. That was what changed things, and I think my retirement income will be on the right track, luxury cars and trips

Absolutely, RPC WEALTH. has a knack for analyzing market trends and helping clients make informed decisions.

Wow great advice mate

The stock market is no different, to maintain profit, you need to have some in-depth knowledge on the market

True, I mostly just buy and hold stocks, but my portfolio has been mostly in the red for quite awhile now. Unfortunately to be able to make good gains, you’ll need to be consistent and restructure your portfolio frequently.

in my opinion, it was much easier investing back in the 60s but it’s a lot trickier now, those making consistent profit in these times are professionals reason I’ve been using an advisor for the past 5 years to consistently build my portfolio in preparations for retirement.

my partner’s been considering going the same route, could you share more info please on the advisor that guides you.

There are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’ Melissa Terri Swayne” for about five aiyears now, and her performance has been consistently impressive. She’s quite known in her field, look-her up.

Same here! It’s almost as if any sort of borrowing comes with an inherent risk that the future might not turn out as planned.

Same story here, since turning 40 with paid off house. Well done mate, it’s called basic financial management.

The same here. Paid off my mortgage 2 months ago at the age of 41

She probably means no other debt apart from the car payments

@@FinessingFinance2024 she means she lied, stop making excuses

@@FinessingFinance2024 saying you have no other debt except a car loan is like saying I don't do any drugs aside from heroin

What I think everyone need is a Financial Adviser, who can help you get in and out of any investment at any time and you'd sure be in Profit..

Have been in need of an Adviser for long now..

It alright Angela Lynn Schilling look up on that and thank me latter..!!

Thanks... This Was Helpful!!... I found her page..

The market seems kinda overpriced considering the interest rates and how we're going into a recession. I think it's perfectly reasonable for 20% of your savings to be in money market and collecting about 5%. The other 80%, you should talk to a financial planner. Even being 100% in money market right now wouldn't be the worst thing ever. Oh god no, not a 5% risk free rate! The horror!

@@codechartreuseThat’s true, but they had no risk tolerance and chose a variable rate. I was paying 2.9% fixed while other people were paying 1.5% variable. Now I’m paying 2.9 fixed while other folks are paying 5.5%. “Variable is the way to go” is always gambling. On the other hand, who can predict a 400% increase. Ridiculous.

Tiff is the BOC chairman he should have been responsible not to say that.

More on ​@@codechartreuse

When this rediculous governement started spending trillions - that's when haha. No sympathy for variable raters - even though it's gonna eventually be ALL our problems to bail out and fix...

@@TRANSPORTCANADAGURUthe government didn’t spend trillions. The bulk of inflation comes from private debt.

Well there was that one guy. He’s such a legend.

LMAO

Here is a smart man!

if theirs a bidding war im walking away and saving myself the stress

@@rochester3 And continue living under the overpass.

@@jimmason8502 I’ll continue renting while you live in a ditch✌🏾

I remember it. Lots of people who had to renew near 20% where forced to sell. Many for sale signs in front of many homes.

But that was the US where your rates can be fixed and you can always refinance to a lower rate The UK and the rest of the Commonwealth countries have adjustable rate mortgages That's why they have increases in payments they don't have a fixed rate like we do

Yes they were 21% but the price of homes were nothing compared to now

Ya, but the houses only cost $75,000. Now an average house is around $750,000 and your wages have not increased by 10 times.

Yeah but house cost peanuts compared to your salary.

Perhaps consider buying one with a mother in law type suite that has a separate entrance so it can be rented?

@lalagardenia6500 I've considered that. If you find a great tenant, it's perfect. Find an awful tenant, and it's hell.

They might be underwater if they did that. The first 5 years of a mortgage is practically all interest.

@@jonathanandrew2909 House prices went up drastically in the last 5 years. If they don't have equity they speculated and overpaid.

@@richardtracy5588 have house prices gone up more than closing costs, taxes, insurance, utilities? House prices have gone down the past two years.

lower your standard of life so we can all be equally miserable- communist

@@jonathanandrew2909 That's just how it goes. It's like losing money on the stock market.

@@codechartreuse Can't find a buyer? Lower the price. You should have equity unless you were a literal top buyer. Unemployment's going up, people will be forced to sell eventually, I would opt into doing it before its popular. You sound like someone who made a bad financial decision and doesn't want to live with the consequences.

@@TheGuby123 then lower the price.... that's the problem no one wants to take a loss because they were sold prices only goes up, well heres your losses on the real state. get used to it.

@@shaq9361 People today are entitled, every investment should pay out apparently.

@@shaq9361 once unemployment rises more people will be forced sellers in a declining market.

Life is not the same for everyone.

They gave everything to their kids….thats how. Have some respect for elders.

Many people are dumb , I know people in their mid 50s buying 800k home with 5% down. They either expect their kids to pay for their mortgage or will be working until 70-80 yrs old.

"don't know what to do", he knows what needs to be done. Sell the bungalow and move into a condo. They just don't want to.

Greed

The interest rates weren’t high 20 years ago. Yes, they were higher than today, but they were on the decline overall compared to 20 years prior.

@@DB-bw5fz 1998 interest rate was around 5 % but housing price was low comparing to today and people can afford it . If you want to compare apple to apple. And at 1990, interest rate was 13% up, people was able to afford for a house since a semi-detached was around 270k and now it is 1.5 mils around my area .

@@animeloverfan18 You’re missing the point. Mortgage rates in 1998 were in the range of 7%, but that was down from around 10% at the beginning of the 90s, which was down again from the nearly 20% interest rates in the early 80s. That 7% interest wasn’t seen as high…it was seen as finally being back to normal. It’s the subsequent 20 years of constant rate declines, coupled with pandemic era stimulus and the ability to work remotely anywhere in the country that drove a lot of demand and has led to prices becoming far too high in the first place.

20 years ago the interest rates were higher than today still...

To afford a house, for 3 years, I worked a full time job plus 2 part time jobs, I averaged less than 4 hours sleep per night that entire time. I sacrificed any extras, personal time , health, sanity that is what it takes.

Because the WEF ultimate goal is a population on walfare...

The BoC rates and Tiff have to closely be aligned with US Federal Reserve (otherwise CAD will go to shit). BoC likely thought Powell would not raise rates as much but he did. Hence even Canadian rates had to go higher and stay higher for longer.

No one thought rates were going to go up, not a single human knew that, stop pretendin you're God.

@@prao4603 It was still irresponsible of him to say rates will stay low when he knew there was a possibility of them going up.

@@nocucksinkekistan7321 You can't be serious...

you rather get foreclosed and kicked out and homeless? At 85 find a place in a Govt. Nursing home and spend the rest of your Money

@@berry1669 it's harder than EVER to find a bed in govt retirement housing. Folks are now getting thrown out of those housing all over this country. I would stay in my own home, and rent out rooms to single females or students needing a place to stay. In today's Canada I would never advise an older person to sell. Renting is simply too horrible to deal with at this time.

You don't understand economics.

@@nocucksinkekistan7321 I don't have to know or "understand economics" to know it would be a crazy thing selling that house. And then to be at the mercy of an annoying and corrupt landlord. No, thanks,

Renting is cheaper than home ownership now. And this will likely be the case for the foreseeable future.

The crunch is happening but slowly. Still many people haven't needed to re-finance. The rates only started going up two years ago and many were in 3-5 year fixed terms.

Fixed payment variable rate mortgages are the reason why we haven’t seen the flood of homes you’re expecting to see. That will come in 2025 and 2026 when the fixed payment variable rate mortgages come due for renewal. Of course that’s all dependent on whether interest rates stay where they are.

canada isn't about financial literacy and responsibility, its about can you afford the payments and work to ay the bank 80% of your income for 30 years.

@@shaq9361 yup

pennies? Harper cancelled them because he said they cost too much to make, which said our money is under valued to me. Bad enough people can earn tenths of a cent in the stock market without a physical tenth of a cent in the real world, now there isn't even a cent in the real world. I will never stop calling for the return of the penny. costs 1.03 cents to make one. K, does it cost $1 to make a loonie? $2 to make a toonie? Why did those nearly 30 000 counterfeit toonies come in from China at $0.58 ea. then? Hard to pinch pennies if they do not exist. Axing the penny cost me $10 - $25 in saving a year, which might not seem like much, but when I tell you the maximum I can save in a month is $140, if no emergencies arise, and the average is $15-$20, when I account for those emergencies, you might think more.

What nonsense is that lol..every big city has apartment towers with 300-500 units..dozens become available every month..you go down and bragain. You don't sit online browising new condo listings from single-unit owners.

Lol the bank of Canada / govt treasury bc they lend the money to the banks

What is your point !

@@stephenmorris8557 point is simple Canada should have restrictions on property buyers from outside country they should remove the Freehold title from property and have strict rules on where the money is coming from today you can make a shell company and buy as many property illegally

Its capitalism and a free country suggesting anything otherwise would be communist. Either you are a successful capitalist or you are a victim of ignorance

Building more homes is the primary solution.

​@Knowledge.to_Come That makes no sense. If he's a capitalist, he'd love the money laundering (Snow washing they call it). And ya, they say they have a massive wage in China that the lenders fail to verify. Chinese wages are about 25% of ours, so making $10 grand a month would Xi's wage. There's a top secret doc "Project Sidewinder" that the Creitien Liberals shredded pre Harper much like justin archived Harper's internet history.

What was the average home price when you first purchased a home? What was your income vs home price? I hear the same things from every 70 year old. "I had 17% when I bought my first home!". Yeah, well you forgot to mention that you bought a home for 120k and you were making 45k a year, in which you paid less taxes on, groceries prices were cheaper, etc.

​@@BigCheese150young generation thinks they are entitled to their dream home immediately, your not. There are plenty of crappy homes in crappy areas that are affordable. Work your way up like every other generation did, you guys have it no harder then anyone else did. Legal working age is 16, you should be moved out by mid 20's latest, that 10 years to save money

@@BigCheese150 BIIGG FACTS

@@bdegrds AHH shadddaap. Wages have not inflated like everything else has. You are talking out of your ass

@@bdegrds we have it hard enough where basic understanding of grammar is necessary for employment lol. If you had to find a job now you wouldn’t be able to stack cans at Walmart with grammar like that. Jeez.

Not really. Most have fixed monthly payments. Short term mortgages are riskier when stretching yourself thin in a low interest rate environment.

@@jbmop fixed rate isn't that much better anyway because of our 5 year term as opposed to the 30 year in the US

the bank would only give us a variable. it was a forced trap.

The US has fixed 30 year mortgages, if rates go up your payments are the same for 30 year. If rates go down you can refinance at a lower rate. Also mortgages there are non-recourse loans. Canadians get the worst case scenario. The more you know, the worse it is.

Agreed, I've never done variable. But in the past decade (prior to the recent increase) it was better to do as variable rates were at their lowest.

100%.,homes are costly today because these more ons overbid and with no conditions

None of the home owner in the video talking about taxing other to help them. Homeowners are actually the one being taxed to help others like roads etc in the city. They all just asking for advice. Some are even at old age. Simple way to solve it is to sell something you can't afford anymore. Owning a home is nice, but not a must. Owning a home is getting more and more expensive. Higher property tax to help the city, higher insurance, mortgage is just part of it.

@@cinpeace353 Who are the home owners helping by being taxed?

@@JessT-vg7ib Part of city funding are from property tax.

⁠@@JessT-vg7ibevery step of the way homeowners get taxed, they pay tax on buying it selling it property taxes when u build a new house you pay the city hundreds of thousands for permits creating hundreds of jobs for people and labor workers basically your whole economy is running on homeowners

The same because I have a GIC due July that year so rates have to fall a lot.

lol immigrants were mostly escaping extreme poverty/wars..stop projecting..they are all very happy here save for the few loses on youtube who show up whining.

Australia and the UK have adjustable rate mortgages as well every 2 to 5 years It's never a 30-year fixed like the US

The multitude of people got shafted the bad news is Banks don’t grease shaft the people have to grease their bom or take it dry.

@@pauls5819 😆 🤣 😂.

Tough luck better then going bankrupt

Me thinks its just the latter.

If the bank is "stuck" with the house, they should be able to sell the home to cover most, if not all of the loan. That's why they don't loan on 100% of the home value.

@@aman888 Explain to me the term “short sale”…

@@aaronsullivan1628 Yes, but you're assuming the value of the house is below the mortgage amount. Why are you jumping straight to that conclusion?

@@aman888 Experience. I started studying economics in 1979. I lived through Volkler. And I know and understand the numbers now. When the housing market turns hard, and it will… the number of underwater mortgages will soar. The subprime iceberg is hiding its true mass just under the surface.

Sure it will cover the loan. That's why they want a down payment - to provide that buffer. If the down payment was small then the mortgage is insured.

It's like that because their financial system is not big enough to offer the rates that America has the UK and Australia have similar characteristics when it comes to housing financing

@@enhancedutility266 So I guess this is the price paid for "Free Healthcare".

@@Charlesbjtown not exactly there's just not enough money to go around in those countries I mentioned they're going to get you one way or the other is simply window dressing

@@Charlesbjtown Fixed rate mortgages *are* offered in Canada. These people who are now lamenting their situations thought they would be "smart" and "savvy" by opting to take variables. They somehow decided to adopt a mindset of positioning for an even lower interest rate when their variable term ended, rather than taking a fixed long term mortgage and therefore positioning for the risk that mortgage rates would start going up.

big bank takes little bank, most canadians sold on "i can afford the payments so i can afford it" lie and now they're facing reality.

Interest rate aren't even high, they are just in the low range of normal. The problem is that the banks were far too willing to lend you more money when rates where low, and too many people foolishly took them up on that. If you were maxed on on monthly payments when the rates were at historical lows then you've set yourself up for failure.

Fill your house with roomers in every room, sometimes two or three to a room.

I agree. The only way that makes sense is if it was originally a fixed payment adjustable rate term that negatively amortized for a while, and has now reset.

Encourage them to buy a house now at all time highs with putting down the minimum.

Yes.. cause the most expensive house typically has the best investment upside

Yes, but you don’t have to worry about fixing the roof or HVAC if they break down.

My tenants will never leave! I wish they would….