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Vancouver Off-Topic / Current EventsThe off-topic forum for Vancouver, funnies, non-auto centered discussions, WORK SAFE. While the rules are more relaxed here, there are still rules. Please refer to sticky thread in this forum.
This is true for financially literate people who have the diligence and discipline to invest the money that they would be saving over owning. But holy shit there are some financially illiterate people out there, and these people will spend the difference because the money is available and sitting in their chequing account. It’s better for these people to be forced to save via home ownership for their own future.
My mom's small union back in the day wound down their Defined Benefits Pension into a Defined Contribution one. When they told the members that their invested funds were being returned, BUT had to be transferred into a RSP, about a good number of people lost their shit.
"I have $X amount? I'm going to buy an RV!" "I'm gonna buy a boat to go fishing, and an ATV!" etc. "What do you mean I have to reinvest it?" "FUCK YOU! It's MY Money! You thieves can't tell me what to do with MY MONEY!!!"
They had seen their individual statements and were ready to go shopping.
Bear in mind though, most of these were ethnic women, working since they were old enough/upon immigration to Canada with little to no education for factory/warehouse jobs. The fact that my mom could read and write got her one of the "better" jobs at the plant. It was an industrial linens plant, so she dealt with the customized clothing with personalized name labels.
booze / alcohol / recreational drugs, BJs, and probably worst of all -- gambling
I'd rather not go into the details of it, but according to my mom, one of my uncles more or less went down that exact path. He got off to a good start on an investment using borrowed money, and when he found himself flush with a small fortune -- which probably wasn't even all that much -- he blew it all on alcohol, recreational drugs (based on my mom's suspicion), women / prostitutes, lending money to "friends", and worst of all, gambling. Before he knew it, the money was no more, and he went straight back into being someone in the lower working class.
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Quote:
Originally Posted by westopher
The whole world has gone down a road no one can recover from, and it's nothing to do with governments, it's because so much of the general public is so fucking stupid.
What do ppl blow most of their money on aside from vehicles and overpaying vacations?
In my experience, the guys who are the best dressed, fresh cut, who drive a leased car, and buy a lot of small things are the ones with the lowest net worth. I would say these guys don't even go on vacation that much, it's more about appearance for them.
I went out with some hockey guys the other night and a lot of them gamble. Parlays, picks, BCLC online casino. One of the guys told me he dropped $1k on craps online because BCLC apparently just started doing that online (he lost it all). BCLC made $1.5B in profit last year, just think about that for a moment, that's a lot of mortgages lost.
7 x Jackets @ $1,500 = $10K
10 x pants @ $400 = $4k
20 Tops @ $300 = $6k
Tom Ford suit = $10K
10 Shoes @ $500 = $5k
Jewelry - $10K
lets say $45K, some people lease $2K/month payments for a 18 months but at least the higher quality clothes above lasts you years
Quote:
Originally Posted by PeanutButter
In my experience, the guys who are the best dressed, fresh cut, who drive a leased car, and buy a lot of small things are the ones with the lowest net worth. I would say these guys don't even go on vacation that much, it's more about appearance for them.
I went out with some hockey guys the other night and a lot of them gamble. Parlays, picks, BCLC online casino. One of the guys told me he dropped $1k on craps online because BCLC apparently just started doing that online (he lost it all). BCLC made $1.5B in profit last year, just think about that for a moment, that's a lot of mortgages lost.
I agree gambling is a huge vice that I see people who make over $200-300K+ spend easily $20-50K on a year.
What do ppl blow most of their money on aside from vehicles and overpaying vacations?
Unless you are like over extending yourself and getting a penthouse suite in Vegas, travel is one of the best things you can spend money on imho,
If you can comfortably afford (or use points) for decent hotels and resorts it's well worth it. But even if not, backpacking and hostels is also well worth the experience.
You can't take money or goods with you when you die, but you can a lifetime of travel experiences and memories.
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Quote:
Originally Posted by skyxx
Sonick is a genius. I won't go into detail what's so great about his post. But it's damn good!
2010 Toyota Rav4 Limited V6 - Wifey's Daily Driver
2009 BMW 128i - Daily Driver
2007 Toyota Rav4 Sport V6 - Sold
1999 Mazda Miata - Sold
2003 Mazda Protege5 - Sold
1987 BMW 325is - Sold
1990 Mazda Miata - Sold
Unless you are like over extending yourself and getting a penthouse suite in Vegas, travel is one of the best things you can spend money on imho,
If you can comfortably afford (or use points) for decent hotels and resorts it's well worth it. But even if not, backpacking and hostels is also well worth the experience.
You can't take money or goods with you when you die, but you can a lifetime of travel experiences and memories.
"Travel is the only thing you buy that makes you richer"
I’m curious as well as Churning isn’t really a thing in Canada like it is in the states because it destroys your credit.
Some of the YouTubers I watch have a stack of credit cards 3 inches thick to swap points etc. if you did that in Canada you wouldn’t be able to finance a happy meal
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Dank memes cant melt steel beams
The Aeroplan points claw back probably wasn't because of something you did. It was a plan wide policy change, and Aeroplan, TD, and CIBC are getting sued for it with a classaction lawsuit.
The whole world has gone down a road no one can recover from, and it's nothing to do with governments, it's because so much of the general public is so fucking stupid.
I’m curious as well as Churning isn’t really a thing in Canada like it is in the states because it destroys your credit.
Some of the YouTubers I watch have a stack of credit cards 3 inches thick to swap points etc. if you did that in Canada you wouldn’t be able to finance a happy meal
I agree, churning isn't that good in Canada, and it's mostly dead with the recent aeroplan T&C update.
Goal is to try to get into US Cards / ITIN asap. Friends in US can add you an auth user to improve your US credit quicker
My goal is to churn enough to buy a 911, I'm at E46 M3 atm
For most ppl it's better to get a $10-20K raise at work than do it at my level haha, it's fun for me.
Quote:
Originally Posted by PeanutButter
I just got an email from Aeroplan, they are clawing back my Aeroplan bonus for my most recent CIBC Aeroplan card.
I think I churned it too quickly this time around. I only waited about six months from cancelling my TD aeroplan when applying for the CIBC aeroplan.
I've churned aeroplan probably five or six times in the last five years, but for whatever reason, I probably churned it too quickly this time around.
I wish I took it more seriously sooner, everyone I travel with nowadays have 500-1,000M points tacked since 2018. I have enough to fly to Japan 2x a year for the next 8 years.
But with the recent nerfs and clawbacks, I'd say churning is pretty much DEAD in Canada
What do you mean by churn though, you can usually just swap your card to another card. It's not a close and reopen. Your credit limit stays the same.
In order to get the welcome bonuses you have to have a new card - so you would indeed close and reopen a card (usually 6-12 months gap in between) to claim the welcome bonuses.
This is a hard credit check as mentioned above, plus now with the "one per lifetime" and clawbacks happening, churning in Canada is mostly dead.
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Quote:
Originally Posted by PeanutButter
Damn, not only is yours veiny AF, yours is thick AF too. Yours is twice as thick as mine.. That looks like a 2" or maybe even 3"?
In order to get the welcome bonuses you have to have a new card - so you would indeed close and reopen a card (usually 6-12 months gap in between) to claim the welcome bonuses.
This is a hard credit check as mentioned above, plus now with the "one per lifetime" and clawbacks happening, churning in Canada is mostly dead.
The more you share, the more you ruin the fun for everyone else.
It's emo how Amex is dead, RBC isn't paying me out anymore, TD/BMO won't accept me
churning used to be an underground hobby but now too many fuckers whored it out on IG/tiktok ("look how I flew business class for only $40") that all the credit card companies clamped down on it.
What do ppl blow most of their money on aside from vehicles and overpaying vacations?
Hobbies (e.g. track days LOL, LEGO)
Luxury goods (handbags/shoes for girls, watches for guys)
__________________ Do Not Put Aftershave on Your Balls. -604CEFIRO Looks like I'm gonna have some hot sex again tonight...OOPS i got the 6 pack. that wont last me the night, I better go back and get the 24 pack! -Turbo E kinda off topic but obama is a dilf - miss_crayon Honest to fucking Christ the easiest way to get a married woman in the mood is clean the house and do the laundry.....I've been with the same girl almost 17 years, ask me how I know. - quasi
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but at least the higher quality clothes above lasts you years
