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So any of you guys into debt? If so, what is it and how much?
01-18-2017, 09:20 PM
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#91
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Why do people finance cars when they're already in debt, talk about being a financial dumbass.
01-18-2017, 09:20 PM
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#92
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Originally Posted By wave_length⏩
Banks in Canadia, New Zealand and Australiland are more than willing to give loans on houses for far more than people can afford.How did you get allowance for 5M? SRS.
It's probably a combination of:
1) The fact that people in these countries cannot just walk away from the property and absolve the debt.
2) Local councils in these countries have far too much power to prevent house building so house prices rise due to supply being constrained through the regulatory system.
These things combine and so the risk to the bank of extending a loan in exchange for a mortgage isn't what it "should" be.
Pretty much the same type of bubble blown in ameribrahland pre 2008. Which of course was also driven by banks systematically underestimating risk due to the regulatory environment.
Though it's quite hard to imagine what the "trigger" will be this time - perhaps a sudden spike in interest rates caused by a dramatic dip in the perceived creditworthiness of ameribrahland's banks. Dunno, just hypothesizing.
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01-18-2017, 09:46 PM
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#93
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Originally Posted By wave_length⏩
Risk is unavoidable in life IMO, it is all about managing it. I have taken a big risk with the debt but have mitigated it by:But aren't you worried about the great risk at all?
- stress testing against interest rate rises; if interest rates rise by 2% I would still be comfortable
- keeping a big cash buffer
- buying property that is in demand during good times & bad to reduce the risk of a vacant property with nobody paying the mortgage
I would be pretty comfortable being 10 million in debt so long as I bought the right assets.
What other options are there for the average punter? If you follow the blueprint these days and get a safe 9-5 job, you will have 2 weeks' holiday per year to actually enjoy life and then you will scrape by off a poverty government pension in retirement.
That might have worked 30 years ago but the middle class is getting hollowed out, it won't exist pretty soon as the wealth gap increases. In 10 years time there will only by the lower class wage cucks who are battling just to stay afloat and the wealthy class and above who own all the capital and all the businesses.
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01-18-2017, 09:55 PM
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#94
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Originally Posted By keels141⏩
are your investments cash flow positive?Risk is unavoidable in life IMO, it is all about managing it. I have taken a big risk with the debt but have mitigated it by:
- stress testing against interest rate rises; if interest rates rise by 2% I would still be comfortable
- keeping a big cash buffer
- buying property that is in demand during good times & bad to reduce the risk of a vacant property with nobody paying the mortgage
I would be pretty comfortable being 10 million in debt so long as I bought the right assets.
What other options are there for the average punter? If you follow the blueprint these days and get a safe 9-5 job, you will have 2 weeks' holiday per year to actually enjoy life and then you will scrape by off a poverty government pension in retirement.
That might have worked 30 years ago but the middle class is getting hollowed out, it won't exist pretty soon as the wealth gap increases. In 10 years time there will only by the lower class wage cucks who are battling just to stay afloat and the wealthy class and above who own all the capital and all the businesses.
- stress testing against interest rate rises; if interest rates rise by 2% I would still be comfortable
- keeping a big cash buffer
- buying property that is in demand during good times & bad to reduce the risk of a vacant property with nobody paying the mortgage
I would be pretty comfortable being 10 million in debt so long as I bought the right assets.
What other options are there for the average punter? If you follow the blueprint these days and get a safe 9-5 job, you will have 2 weeks' holiday per year to actually enjoy life and then you will scrape by off a poverty government pension in retirement.
That might have worked 30 years ago but the middle class is getting hollowed out, it won't exist pretty soon as the wealth gap increases. In 10 years time there will only by the lower class wage cucks who are battling just to stay afloat and the wealthy class and above who own all the capital and all the businesses.
01-18-2017, 09:59 PM
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#95
01-18-2017, 10:08 PM
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#96
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Originally Posted By y0jimbo⏩
They are (overall). Property 1 costs me 10 a week and Property 2 makes 55 a week.are your investments cash flow positive?
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01-18-2017, 10:09 PM
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#97
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Currently have a grand in CC debt from last year in school trying to keep up with my bros. Bad decision. I'm making regular above the minimum payments on time, so atleast I'm building some credit. Vowed not to use it again until I've payed it off.
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01-18-2017, 10:13 PM
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#98
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Barely any on my credit card. I think I may have around 90 dollars left.
My eBay account is always indebted. I owe 900 in fees.
Then my paypal business loan I owe about 5k.
My eBay account is always indebted. I owe 900 in fees.
Then my paypal business loan I owe about 5k.
:/
01-18-2017, 10:26 PM
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#99
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01-18-2017, 10:38 PM
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#100
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01-18-2017, 10:38 PM
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#101
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Came out of college with 24k student loans. Down to 16.7k.
I pay my credit card off in full every month and only use it when I know I can pay it off. I have $300 on there now. Scheduled payment is the 22nd.
That's it.
I pay my credit card off in full every month and only use it when I know I can pay it off. I have $300 on there now. Scheduled payment is the 22nd.
That's it.
01-18-2017, 10:50 PM
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#102
01-19-2017, 01:10 AM
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#103
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Age 20: $15k cc debt
Age 25: $46k cc debt between about 6 cards. Almost caved and considered filing bankruptcy. Interest alone was nearly $700 a month.
Right now: $8k cc debt and $1k other, should be debt free by end of the year. It's tough as fuk since I am an impulse buyer with $65k credit limit between 3 cards.
Will literally throw a banquet the day I pay off all the debt srs.
Age 25: $46k cc debt between about 6 cards. Almost caved and considered filing bankruptcy. Interest alone was nearly $700 a month.
Right now: $8k cc debt and $1k other, should be debt free by end of the year. It's tough as fuk since I am an impulse buyer with $65k credit limit between 3 cards.
Will literally throw a banquet the day I pay off all the debt srs.
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01-19-2017, 01:17 AM
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#104
01-19-2017, 01:25 AM
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#105
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Originally Posted By Mythenthefang⏩
This isn't even true. Canada has new mortgage rules that look seriously chity. Google it.Banks in Canadia, New Zealand and Australiland are more than willing to give loans on houses for far more than people can afford.
It's probably a combination of:
1) The fact that people in these countries cannot just walk away from the property and absolve the debt.
2) Local councils in these countries have far too much power to prevent house building so house prices rise due to supply being constrained through the regulatory system.
These things combine and so the risk to the bank of extending a loan in exchange for a mortgage isn't what it "should" be.
Pretty much the same type of bubble blown in ameribrahland pre 2008. Which of course was also driven by banks systematically underestimating risk due to the regulatory environment.
Though it's quite hard to imagine what the "trigger" will be this time - perhaps a sudden spike in interest rates caused by a dramatic dip in the perceived creditworthiness of ameribrahland's banks. Dunno, just hypothesizing.
It's probably a combination of:
1) The fact that people in these countries cannot just walk away from the property and absolve the debt.
2) Local councils in these countries have far too much power to prevent house building so house prices rise due to supply being constrained through the regulatory system.
These things combine and so the risk to the bank of extending a loan in exchange for a mortgage isn't what it "should" be.
Pretty much the same type of bubble blown in ameribrahland pre 2008. Which of course was also driven by banks systematically underestimating risk due to the regulatory environment.
Though it's quite hard to imagine what the "trigger" will be this time - perhaps a sudden spike in interest rates caused by a dramatic dip in the perceived creditworthiness of ameribrahland's banks. Dunno, just hypothesizing.
Glad I got mine before that kicked in.
Our kids won't be able to buy chit with these mortgage rules and Chinese coming in buying everything up with millions in cash.
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01-19-2017, 01:51 AM
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#106
01-19-2017, 07:14 AM
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#107
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Jesus I thought I was bad, you mericans are truly sickening when it comes to debt. Its so bad for all of you that you probably don't even realize it anymore and thinks its normal.
01-19-2017, 07:17 AM
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#108
01-19-2017, 07:23 AM
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#109
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Originally Posted By Noxcho⏩
It is normal. Like 70% of the population has less than $1000 in savings.Jesus I thought I was bad, you mericans are truly sickening when it comes to debt. Its so bad for all of you that you probably don't even realize it anymore and thinks its normal.
Is that good? No
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01-19-2017, 07:28 AM
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#110
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25k in student loans, 10k in CC because of being young and dumb just finished college as an EE hoping to have it paid off by 30
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01-19-2017, 07:33 AM
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#111
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I'm about 160k in debt.
That's on my 2nd investment property.
I own the house I live in, I own another investment and that 2nd investment is the only one with debt, it makes me a few hunny a month even with the debt.
I also carry a CC balance that I clear every month for flying miles points. Could go anywhere in the world return first class right now just on points from groceries and bills etc without ever paying interest.
That's on my 2nd investment property.
I own the house I live in, I own another investment and that 2nd investment is the only one with debt, it makes me a few hunny a month even with the debt.
I also carry a CC balance that I clear every month for flying miles points. Could go anywhere in the world return first class right now just on points from groceries and bills etc without ever paying interest.
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01-19-2017, 07:37 AM
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#112
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My ex wife decided to max out our credit cards shortly before deciding to gtfo. Also just bought a 35k car and a house, were planning on kids and all that good stuff.
GG debt. I had around 100k total credit limits, luckily she only had like 30k of them in her purse.
I've paid much of it off over the past 2 years, but probably started about 80k between car, CC and random other **** from divorce. Maybe 30k now?
Oddly enough I have more money left over after paying my bills, debt, and my rent is more than my old mortgage. I guess having a wife is expensive.
GG debt. I had around 100k total credit limits, luckily she only had like 30k of them in her purse.
I've paid much of it off over the past 2 years, but probably started about 80k between car, CC and random other **** from divorce. Maybe 30k now?
Oddly enough I have more money left over after paying my bills, debt, and my rent is more than my old mortgage. I guess having a wife is expensive.
01-19-2017, 07:46 AM
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#113
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Originally Posted By Noxcho⏩
Ignorance is bliss. I'm going to be laughing right to the bank, when the bubble pops and all these *******s get screwed over. Hoarding gold and investing with cash until then.Jesus I thought I was bad, you mericans are truly sickening when it comes to debt. Its so bad for all of you that you probably don't even realize it anymore and thinks its normal.
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01-19-2017, 07:49 AM
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#114
01-19-2017, 07:49 AM
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#115
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American world is different of course, but there are probably some similarities with my next stat:
I have read that the average Australian senator has 2.5 investment properties. Now, that's just the properties in their names, not their SMSF's, trusts or partners names.
Given that's true, do you think it's ever possible that Aus politicians will pass any legislation that makes RE fairer? There are massive tax breaks for owning investment properties right now in Aus. Broke students on minimum wage are literally paying for old farts to offset their losses and that will not change if people keep voting for the 2 majors.
Sounding like a broken record now and if America has taught me anything, it's if you can't beat em, join em.
I have read that the average Australian senator has 2.5 investment properties. Now, that's just the properties in their names, not their SMSF's, trusts or partners names.
Given that's true, do you think it's ever possible that Aus politicians will pass any legislation that makes RE fairer? There are massive tax breaks for owning investment properties right now in Aus. Broke students on minimum wage are literally paying for old farts to offset their losses and that will not change if people keep voting for the 2 majors.
Sounding like a broken record now and if America has taught me anything, it's if you can't beat em, join em.
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01-19-2017, 07:50 AM
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#116
01-19-2017, 07:51 AM
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#117
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Buying a property cash but going to fix it with CC and rent it out. Estimate 20k-30k cc debt to make 600 a month in rental income after expenses etc. Rents for about 1100. Then going to cash out refi to get rid of CC debt so I can acquire more properties. In the end I want that six figure income after taxes. Prob will reach 1mil in mortgage debt.
Currently in 20k debt but selling my car and leasing since I can make more rather than buying cash. I'll buy a car cash once I reach my cash flow goal. Snowball effect will be noice
Currently in 20k debt but selling my car and leasing since I can make more rather than buying cash. I'll buy a car cash once I reach my cash flow goal. Snowball effect will be noice
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01-19-2017, 08:00 AM
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#118
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Originally Posted By wave_length⏩
including my house in about 240k in debt. My monthly bill on consolidated debt alone is about 600 bucks... and why the hell did you get into it?
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