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Warhippy

[Discussion] Is the Next Great Recession Already Underway?

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Currently sitting on a few hundred K + from our house sale and besides some moderate, short term and 0% car loans and a paid off monthly CC, don't have any debt. But I'd be lying if I tried to claim the impending life/career change of moving to the island and going contract/working from home for my current employer doesn't have my sphincter a bit tighter than normal. Particularly given all the economic topics being discussed here.

 

 

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Just now, aGENT said:

Currently sitting on a few hundred K + from our house sale and besides some moderate, short term and 0% car loans and a paid off monthly CC, don't have any debt. But I'd be lying if I tried to claim the impending life/career change of moving to the island and going contract/working from home for my current employer doesn't have my sphincter a bit tighter than normal. Particularly given all the economic topics being discussed here.

 

 

Am almost ready tp pull the island off of my move list due to the over valuation of property there right now.  Looking as far out as Sooke/Langford and the increases over the last 2 years has been absolutely ridiculous.  It's increases like those locations that make me seriously hesitate

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19 hours ago, Warhippy said:

My wife and I are also in unique positions.  A household income over $120,000.  Zero personal debt and zero debt tied to my business.  Over $140,000 saved.  Investments paying well and almost zero risk.

 

For a family of 4, we're in a highly unique position to act in any event.  But with such looming uncertainty we're not sure what to do as of yet.

 

I felt this would be a decent topic to discuss those issues and positions

Um. Paying well with almost zero risk. How is that? 

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8 minutes ago, Warhippy said:

Am almost ready tp pull the island off of my move list due to the over valuation of property there right now.  Looking as far out as Sooke/Langford and the increases over the last 2 years has been absolutely ridiculous.  It's increases like those locations that make me seriously hesitate

They're coming down. We have an accepted offer $40k less than asking over there (waiting for subjects to clear). They likely could have got it last year, but not now. Seen some other houses reducing prices as well. One that's been overpriced all summer recently reduced by $50k IIRC.

 

Granted I'm looking in Cowichan Valley area, not in/around Victoria.

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6 hours ago, Ryan Strome said:

 and before I get attacked for being on my phone while I'm driving I'm driving down a County Road in the middle of nowhere it would only be myself I would hurt and I think a few of you would be pretty happy about that LOL

No way.  Enjoy debating / arguing / harassing /  tormenting you ...... and you doing the same back at me... 

 

Drive careful man.... your  family depends on you. 

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2 hours ago, Warhippy said:

As a heads up, Nelson area and the Kootenays in general are actually mirroring the Okanagan for prices so find property while you can.  As for work, it is actually lower per capita in terms of wages than the Okanagan

ya i seen a lot with 2 acres for 75 k im probably buying that its 20 mins drive to nelson i dont mind making less i wont have rent anymore. soo ican. buy atruck trailer until cabin isbuilt and  bartenders make minimum wage usually anyway  full time thats 2000 in wage plus tips theres a million bars in nelson and ski areas 

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2 hours ago, inane said:

Um. Paying well with almost zero risk. How is that? 

Because the money I invested was free money.  Effectively won it.  Invested it.  If it pays cool, if it doesn't meh

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26 minutes ago, canuktravella said:

ya i seen a lot with 2 acres for 75 k im probably buying that its 20 mins drive to nelson i dont mind making less i wont have rent anymore. soo ican. buy atruck trailer until cabin isbuilt and  bartenders make minimum wage usually anyway  full time thats 2000 in wage plus tips theres a million bars in nelson and ski areas 

Sounds mint man

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3 hours ago, PhillipBlunt said:

Where exactly are you, Strome? Are you not worried about an errant moose?

North of Strathmore about 60 miles.

Far to cold the moose are hibernating. :lol:

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1 hour ago, Warhippy said:

Because the money I invested was free money.  Effectively won it.  Invested it.  If it pays cool, if it doesn't meh

Lucky you

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8 minutes ago, Ryan Strome said:

Lucky you

I won a cake one time. Cake walk.  You walk around the circle and when the music stops.  A number is called.

I was standing on the number 10.  I won a chocolate cake.  10 has been my favourite number ever since.

 

Man i have had some crazy good luck in my life.....

 

 

PS - i have been in a group 649 ticket purchase for last 20 years.... I think we won 5 free tickets once.... Had a health scare a few years ago... went through a cancer test...  came back no cancer.... So I guess i did WIN big that day....

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1 hour ago, Ryan Strome said:

North of Strathmore about 60 miles.

Far to cold the moose are hibernating. :lol:

lol for some reason when I first read that I could've sworn it said "the moose are procreating".   I'm on 'pornhub' too much.:ph34r:

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11 hours ago, NewbieCanuckFan said:

lol for some reason when I first read that I could've sworn it said "the moose are procreating".   I'm on 'pornhub' too much.:ph34r:

You and me both.

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On 1/14/2020 at 9:09 AM, Shift-4 said:

My biggest concern with the government (no matter who is in charge) racking up debt is that it sends the wrong message to the nation that debt is ok.

 

Thats my biggest thing, doesn't matter if its federal or provincial / CPC/Liberal/NDP, etc. the idea that you can keep spending massive amounts of money to try and stimulate the economy is a good thing.  How that works out is beyond me.  I won't excuse any party either, during the last election I looked at the parties platforms and kept saying to myself "and how the hell are you going to fund this stuff, you're just going to keep dipping further into the coffers of magical money that doesn't exist" and there really was no plan on how to reduce that spending and I am afraid that falls down onto the general public where they keep taking larger CC debt, larger house mortgages, etc.

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On 1/14/2020 at 10:17 AM, Jimmy McGill said:

^ this. 

 

The threshold for obtaining personal debt has to be much higher. Its so easy to get a homeowner line of credit and high credit card limits. 

 

One thing people may not realize is you can call your credit card company and just flat out ask for a lower rate. I've done it a couple of times, about 1/2 the time they've said yes and lowered it. I pay it off every month tho so that could be part of it but its worth a try if people haven't done it. 

Oh what really?  Mind you I make the wife pay it off every 2 weeks anyways so really wouldn't affect me but I had never heard of that before.

 

  

22 hours ago, gurn said:

I've mentioned it before but; as a guy with no debt and a few savings accounts, RRSPs and a tax free savings plan, I almost welcome a large interest rate hike.

Then I'll be able to pay a little bit of cash for a lot of things that people borrowed a lot of money to originally buy.

 

It will be bad for a lot of people, but as long as it doesn't get bad enough that people resort to theft and violence, I'll be better off than I am now.

I have thought of that before too how I could potentially cash in if things ever went bad but at the same time I really don't want to see more people go worse off because then government intervenes and find ways that the tax payer has to help them out, so be it with debt, etc. and it comes around that it doesn't help anyone long run sinking our economy into deeper holes.

 

  

22 hours ago, redhdlois said:

Agree.......unfortunately our society promotes spending far more than being responsible.

One of the most useful things I learned in school, grade 8 I believe it was, we were taught how to fill out our income tax return.  I totally agree that school should be teaching students a lot more life skills.

School is full of useless crap.  They need to have a dedicated class for a semester that all students in grades 11 or 12 take that teaches them life skills, teaches them how to do basic stuff like taxes, etc. unfortunately I highly doubt we would see the education system fix that at all.

 

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On 1/14/2020 at 9:09 AM, Shift-4 said:

My biggest concern with the government (no matter who is in charge) racking up debt is that it sends the wrong message to the nation that debt is ok.

 

Chicken or egg.

Is the government just following people's lead?  Many people are living far beyond their means, focusing more on wants rather than needs.  Lack of financial literacy coupled with poor spending habits leads to a future/retirement where many are unprepared for... thus needing government to help.  The need for more government benefits.... especially OAS, CPP, less reliance on private health insurance, etc.... many pitfalls that could have easily been averted with smart and earlier financial planning and fiscal responsibility.

 

On the other hand... when government spends money like it's going out of style... many special interest groups will want their share of the pie.  For example, every time the BC government has a surplus, immediately some public sector union goes out and demands they should get an additional raise as the province has "earned more money".... completely disregarding the fact that there is already a high level of debt that should be repaid first.  Students wants more, parents wants more, businesses wants more, seniors wants more, unions wants more, etc... it's like everyone feels entitled to someone else's money (which government taxes ultimately are).  

 

I hate to sound all preachy or holier-than-thou... but if the average person really forgo spending that extra week in Vegas, stop going to the bars/clubs by half, choose a Civic instead of a Mercedes, don't buy that second pair of Bruno Magli or Louboutin, and especially skip on that daily latte.... if most people did that, the consumer debt levels in this country would be down dramatically. 

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2 hours ago, Lancaster said:

Chicken or egg. 

If you're @RUPERTKBD, it's two chickens actually ::D

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10 minutes ago, aGENT said:

If you're @RUPERTKBD, it's two chickens actually ::D

image.png.2c4b815d71c17ccfb1a5bd864ba85f06.png

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If we get a great recession / depression ... i know how i want to live....

 

 

220px-Riding_on_the_rods.jpg

 

hoboes_museum_clothesline.jpg

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