The Lewler
GOAT BUDGET AINEC
Being in your 40's and still paying student debt is just pissing money away.
People reaching way beyond their means.
Get rid of your student loan first.
It's debt, and it's taking a big chunk out of your cash flow. If it got you into a decent, secure job, then it's not bad debt, but you need to repay it ASAP. Rent while doing this, as it will be guaranteed cheaper.
Then re-evaluate.
If you are in a job where you will be in one place for the long haul (very rare nowadays) , and the idea of having your own home is important to you, then save for downpayment. 20%+ of the price so you avoid CMHC.
Do not buy a home because you think it's a good investment.
While residential RE may have been in the past (although numbers would show not as good as some people claim) , economists the world over now believe Canada is one of the most over-priced real estate markets on earth.
The economics of it are frightening. Record household debt, interest rates that have been at emergency rates for long enough that people now think they are normal.. houses cannot keep rising exponentially in value while the average Canadian's wage does not. Certain people, and certain small segments of markets will always behave differently. But if average Joe and Jane Canuck are making 47k a year each, and carrying 50k in consumer debt, there is only so much they can pay for a house in their lifetime.
Invest your money. Diversified portfolio, use a fee-based advisor. Make money on all the debt slaves.
People reaching way beyond their means.
Get rid of your student loan first.
It's debt, and it's taking a big chunk out of your cash flow. If it got you into a decent, secure job, then it's not bad debt, but you need to repay it ASAP. Rent while doing this, as it will be guaranteed cheaper.
Then re-evaluate.
If you are in a job where you will be in one place for the long haul (very rare nowadays) , and the idea of having your own home is important to you, then save for downpayment. 20%+ of the price so you avoid CMHC.
Do not buy a home because you think it's a good investment.
While residential RE may have been in the past (although numbers would show not as good as some people claim) , economists the world over now believe Canada is one of the most over-priced real estate markets on earth.
The economics of it are frightening. Record household debt, interest rates that have been at emergency rates for long enough that people now think they are normal.. houses cannot keep rising exponentially in value while the average Canadian's wage does not. Certain people, and certain small segments of markets will always behave differently. But if average Joe and Jane Canuck are making 47k a year each, and carrying 50k in consumer debt, there is only so much they can pay for a house in their lifetime.
Invest your money. Diversified portfolio, use a fee-based advisor. Make money on all the debt slaves.