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2,659 Gaming the system

About Kragar

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    Canucks Third-Line

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    Huntington Beach, CA

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  1. Yep, I would love to have to pay tax when it's time to sell my home.
  2. @kingofsurrey There are also other things that get taken into account. The above info is correct in most cases (applies to those living in the home, not rental properties, and how long you lived there, IIRC), but also, you can deduct upkeep costs (i.e. costs for paint, carpet cleaning and repairs before you sell, I believe). Depending on the extent of work done to the place (roofs aren't cheap), you can easily reduce the gain (on paper) another 50-100K, if you really need to spruce it up first. For the tax to hurt, you have to be selling a mighty pricey property with a lot of equity. With a median home value under 300K, most people aren't hurt by this at all when they sell.
  3. Thanks. Unsurprisingly, there are more articles about Americans on the topic. Debt with Canadian millennials seems to be a bigger deal. Maybe they are spending less, too, but they are still going into debt, and not just for student loans. So, they might be spending slower (and the economic impact of that is real), but they are still often spending beyond their means. I did read somethings about Cdn millennials not saving as much, and more so not investing properly as generally they don't understand/trust investing beyond their bank accounts. If people aren't investing in something that grows significantly, they'll be screwed. Not sure if it was in this thread or not, but IIRC there was some recent talk on CDC regarding the way credit card companies and other lenders prey on the younguns. just so sad.
  4. Good for you!! The mortgage doesn't bother me so much, aside from it eating into the equity I intend to use for early retirement. We'll be moving out of state when it is time to retire, so that move will make us debt-free at that time. Sure looking forward to that day!
  5. Maybe the larger customer base takes some of the risk away for US banks?? Good point, regardless. I was surprised it worked that way down here. As far as paying mortgage ASAP, I'm guessing it is your only debt. IIRC, all other consumer debt should be paid first.
  6. Yeah, this is a good thing, too Edit: Trump's tax plan put some limitations on this , IIRC, only interest on the first 500K is deductible. So, theoretically punishing richer people
  7. Refinancing costs money, so you don't do it arbitrarily with a rate drop. But yeah, it has helped us out a lot. In a nutshell, the overlending was people getting credit who couldn't afford it... lenders setting up programs to make it easier for riskier borrowers. lenders make their money, lenders getting themselves in trouble borrowing more than they could afford.
  8. I guess they are out there, but I don't think they are very common. When I asked the mortgage broker about the 5 yr term of our mortgage, he looked at me like I was nuts. Anytime I did a mortgage, the rate was fixed for the whole term. If rates came down significantly, we could re-finance the mortgage. That wasn't always the best idea, but it can help out a lot. The ability to lock in for the whole term is a very comforting feeling.
  9. Do you or @kingofsurrey have a link to that study? might be a good read.
  10. Yeah, it's hard to know. I see a lot of flagrant spending down here, and not just by the 20-40 set. it blows my mind the money some people waste, and then complain about not having enough saved. I'm sure there is plenty of generalization going on, especially towards millennials, but that debt has to be coming from somewhere. If the income is too low, spending (and especially borrowing!!!) has to come down. One of the dumbest things that Canada does differently has to be mortgages. Before I moved down here, all I knew was having a term mortgage over a small portion of the whole thing (i.e. 5yr term of a 20 yr mortgage). That concept is unheard of down here, and thankfully so! Once you have your mortgage here (in every case I have heard of, at least), you care a lot less about the fed rate, because your mortgage is locked in for the whole length of the thing. That risk that so many homeowners up north are exposed to is scary, and the recent news doesn't help.
  11. Necessity, or ignorance? Obviously a mix of both, but I wonder how many of those not saving and living paycheck to paycheck enjoy their regular avocado toast and latte, iPhone 11, and lease a nice car.
  12. Holy crap! I checked to see what the ratio is down here, knowing that many here also live beyond their means, and Canada is twice as bad in the debt to disposable income ratio! (The US article was a year old, fwiw). Yikes!
  13. Tickets in Phoenix must have gone up!! You paying the same price, you're getting ripped off!!!
  14. Yeah, I'm there with you on the confusion part, and time watching. All we can do is hope for the best for our guys. GCG!
  15. My guess would be the league wanting more offense, and especially more OT/shootouts. If you penalize the team for the infraction, you either get 4x4 if pulling the goalie on a delayed penalty, or effectively handing the winning team the game if the offending team is pulling the goalie trying to tie it late. By having this rule in place, the team pulling the goalie can maintain their offense, and in the case of the late-game scenario, increase (or maintain, depending on perspective) the odds of OT. Since the offense is pretty minor, I don't have a problem with the rule as it is. Was just surprised that was how it worked.