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Vancouver Off-Topic / Current Events The 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.

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Old 11-27-2017, 12:36 PM   #10951
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Exactly. No kids. She’s 28 and I’m 32, and we’d like kids in the next 3-5 years. Living in a 1 bedroom condo, we could get by for a year or 2 with our large den, but it’s not long term.
It’s looking like we will leave this city by that point.
Also by that point hopefully she will be a nurse practitioner which is another example of the city that can’t be afforded by a valuable asset to the community.
Assuming "leaving this city" means you're just leaving the North Shore, but not actually away from the Lower Mainland, where do you suppose your budget would allow you to settle in the next 3-5 years? With the way RE are heading, my personal guess is, the price hikes will neutralize -- or at least eat up a significant portion of -- Mrs. Westopher's higher earnings in her new role as nurse practitioner. And then when little Westopher hits, the increased expenses and her reduced income (even after mat leave EI + union top ups) will reduce your disposable spendings.

Wifey and I are in a similar situation where we want to upsize the living quarters, and our combined earnings are nowhere near what you are pulling in. We don't want to leave CoV because our family and support base are all in Vancouver. But our salaries are really not affording us any good options.
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Old 11-27-2017, 12:55 PM   #10952
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I saved myself 300K by calling up Dr.Pollock and getting a vasectomy!

lol in all seriousness though i cant stand kids so that aint even in my future budget a bit of a burden off my mind. Probably have a nervous break down if i had to deal with that
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Old 11-27-2017, 01:27 PM   #10953
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Assuming "leaving this city" means you're just leaving the North Shore, but not actually away from the Lower Mainland, where do you suppose your budget would allow you to settle in the next 3-5 years? With the way RE are heading, my personal guess is, the price hikes will neutralize -- or at least eat up a significant portion of -- Mrs. Westopher's higher earnings in her new role as nurse practitioner. And then when little Westopher hits, the increased expenses and her reduced income (even after mat leave EI + union top ups) will reduce your disposable spendings.

Wifey and I are in a similar situation where we want to upsize the living quarters, and our combined earnings are nowhere near what you are pulling in. We don't want to leave CoV because our family and support base are all in Vancouver. But our salaries are really not affording us any good options.
Realistically Squamish is number one on our radar. A hospital that needs well trained staff. Rent cheap enough that I can open my own restaurant and be reasonably successful (with little to no competition) a young population and all the things we care about other than the food/music scene that we can still come and be a part of here occasionally.
We can upsize there and be even across the board or even put money in our pockets RE wise.
If it keeps going the way that it’s going here, I’d rather contribute to a community that isn’t just a bank, but made up of actual people which is a big part of the prospect of moving.
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Westopher is correct.
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Well.. I’d hate to be the first to say it, but Westopher is correct.
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Old 11-27-2017, 01:38 PM   #10954
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Wifey and I are in a similar situation where we want to upsize the living quarters, and our combined earnings are nowhere near what you are pulling in. We don't want to leave CoV because our family and support base are all in Vancouver. But our salaries are really not affording us any good options.
You can literally move 20 minutes east into Burnaby Heights and buy an older, but good-sized 1000+ square foot 2 bedroom condo or stacked townhouse for the price of your condo in CoV. Burnaby Heights is still on the grid system with good bike lane integration with CoV, a B-Line downtown, and a walkable street with independent restaurants, grocers, and cafes. Plus, the City of Burnaby is run by a mayor who despises Gregor Robinson. The Heights is one of the best neighbourhoods anywhere in Metro Vancouver.

It's not like the world ends at Boundary Road or something. There are always options.
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Old 11-27-2017, 01:55 PM   #10955
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What's this dual income thing?





But anyway, I'm in that odd position of working very full-time which leads to a boring life. The upside is money funneling right into my savings. My rent is reasonable and I have the tiniest cable package there is so my bills are quite minimal. But, naturally, I'm always behind the rising property costs. Had I done this 20 years ago, I'd be way ahead but life happens.

I've considered not purchasing property in the future and instead, donating to various charities here and there.
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Old 11-27-2017, 02:38 PM   #10956
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What's this dual income thing?





But anyway, I'm in that odd position of working very full-time which leads to a boring life. The upside is money funneling right into my savings. My rent is reasonable and I have the tiniest cable package there is so my bills are quite minimal. But, naturally, I'm always behind the rising property costs. Had I done this 20 years ago, I'd be way ahead but life happens.

I've considered not purchasing property in the future and instead, donating to various charities here and there.
r/personalfinancecanada and Canadian Couch Potato are your friends.

At some point though, you will probably need to buy something somewhere because when you can no longer make an income, you will need housing security. Maybe a mobile home somewhere? Rent always goes up over time.
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Old 11-27-2017, 02:41 PM   #10957
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What's this dual income thing?
Look at it this way -- running on a single income for a single person is really still very manageable. Things don't really get complicated (and $$$$) until you are trying to feed 2 or more mouths on that single income.
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Old 11-27-2017, 10:01 PM   #10958
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Single income and trying to buy a place is tough, but do-able on a committed mindset.

I just bought my place and it took awhile to save that down payment and also put aside cash for emergencies. I lived at home, gave parents some rental money each month, spent quite conservatively, but still able to make things work, such as take a travel trip here and then, along with enjoying my hobbies. Even then, it still stretches my limits since I ain't making 6 digits, but still manageable for a single income earner. End of the day, have to stay focus on the end goal. Yes, there's shit loads of distractions these days that entice us to spend, which doesn't help lol. It does help a lot if able to live at home, but not everyone swings that way.
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Old 11-27-2017, 10:22 PM   #10959
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Look at it this way -- running on a single income for a single person is really still very manageable. Things don't really get complicated (and $$$$) until you are trying to feed 2 or more mouths on that single income.
2 mouths and 2 incomes is definitely at least 1.5x better than 1 mouth and 1 income. Being a couple is a HUGE financial plus.

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Old 11-27-2017, 10:47 PM   #10960
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If it keeps going the way that it’s going here, I’d rather contribute to a community that isn’t just a bank, but made up of actual people which is a big part of the prospect of moving.
Exactly.
That's all I was saying. If enough people show that Vancouver is not sustainable by leaving, maybe the market will dip? I dunno. Maybe that's a crazy notion. But that seems to me to be a principal of the free market.

Only thing I think the government should do is a complete ban on non citizen buyers. And not just metro Vancouver.
No way in hell they'd do that tho.

Squamish is choice. It's like 20 minutes from Vancouver, and 45 minutes to Whistler. And the other three local mountains at your doorstep. Definitely a nice place to raise a family
I wouldn't snooze on that tho. Lotta development been taking place there past few years. Things are moving quick.
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Old 11-27-2017, 11:03 PM   #10961
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r/personalfinancecanada and Canadian Couch Potato are your friends.

At some point though, you will probably need to buy something somewhere because when you can no longer make an income, you will need housing security. Maybe a mobile home somewhere? Rent always goes up over time.
You can technically save so that your a RIF that pays you enough to cover rent till you die.
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Old 11-27-2017, 11:07 PM   #10962
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Squamish in 20mins! You drive a hyperloop?

A 2 child policy worldwide would be a good start to housing/environment/food issues
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Old 11-27-2017, 11:19 PM   #10963
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Squamish is choice. It's like 20 minutes from Vancouver, and 45 minutes to Whistler. And the other three local mountains at your doorstep. Definitely a nice place to raise a family
I wouldn't snooze on that tho. Lotta development been taking place there past few years. Things are moving quick.
Squamish was a true value 5 years ago. Prices are no better than Langley today, so the value in Squamish is really about lifestyle.

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You can technically save so that your a RIF that pays you enough to cover rent till you die.
Rent goes up 4-5% per year (as per government rent control). Inflation over the long term is 2% per year. I'm not sure if a couch potato portfolio can secure one in retirement without some sort of real estate (Leasehold is a viable option for single seniors).
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Old 11-27-2017, 11:58 PM   #10964
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Squamish is about a 45 minute drive from North Van under normal conditions. Which is about the same amount of time it takes for me to get from one end of Vancouver to the other during rush hour...
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Old 11-28-2017, 12:12 AM   #10965
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45 minutes!? You sure you hitting the right pedal? It's the one under the right foot what makes the car go
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Old 11-28-2017, 12:48 AM   #10966
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45 minutes!? You sure you hitting the right pedal? It's the one under the right foot what makes the car go
If you include getting pulled over, sounds about right.
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Old 11-28-2017, 06:15 AM   #10967
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Pro tip: marry rich
Pro tip 2: don't have children
Pro tip 3: ......
---------
Prosper!?!?

Finding a rich wife isn't that hard in Vancouver.... Hahha
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Old 11-28-2017, 09:46 AM   #10968
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I have the tiniest cable package there is so my bills are quite minimal.
antenna TV = no bills
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Old 11-28-2017, 11:19 AM   #10969
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I don't remember the exact numbers, but it was a pre construction sale. 5% of 260k (Remember when things were this cheap?) off the bat + 5% in 6 months + 10% a year later. So fairly minimal up front but rounded out to 60k at the end.
Love this story you shared Hud91! Reminds me so much of myself in the recent years.

I worked an average corporate job, spent ALL my money on toys, cars, partying, all the way up to 23! Had 10k in student loans and also 15k remaining on my car.

One day I had a reality check after meeting with my financial consultant. At the age of 23 after being in the workforce for 8 years I had $0 dollars to my name. We calculated my net worth and it was straight up zero. (This wasn't long ago)

On the way home I made an executive decision to straighten out my life. I went home listed my car, lost 10k on the car, picked up an additional job, called up my mom and asked to move back home for a year. I let go of all my toys and paid off all my debts. This felt great!

My goal was to make 6 figures before I was 25. I didn't care whether it came from 1 revenue stream or 2 or 3. From the age of 24-25 I stacked 50k and put it towards a pre-sale in Coquitlam. Scheduled to pay another 20k at closing to meet the 20% down payment.

I'm moving into my new condo in a few months! I'm 26 now I'm still learning how to balance everything. I work every single day of the week, making more money than before - but funny how it works, I hardly ever party and I drive an average sedan.

Last edited by Gh0st; 11-28-2017 at 11:25 AM.
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Old 11-28-2017, 11:30 AM   #10970
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antenna TV = no bills
It's great, up until you live between the skytrain and the broadcast tower lol.

But seriously a great idea.
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Old 11-28-2017, 11:35 AM   #10971
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Single income and trying to buy a place is tough, but do-able on a committed mindset.

I just bought my place and it took awhile to save that down payment and also put aside cash for emergencies. I lived at home, gave parents some rental money each month, spent quite conservatively, but still able to make things work, such as take a travel trip here and then, along with enjoying my hobbies. Even then, it still stretches my limits since I ain't making 6 digits, but still manageable for a single income earner. End of the day, have to stay focus on the end goal. Yes, there's shit loads of distractions these days that entice us to spend, which doesn't help lol. It does help a lot if able to live at home, but not everyone swings that way.
this. just bought a place too but gf and i ended up breaking up few months beforehand. single crew checking in
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Old 11-28-2017, 11:36 AM   #10972
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Pro tip: marry rich
Pro tip 2: don't have children
Pro tip 3: ......
---------
Prosper!?!?

Finding a rich wife isn't that hard in Vancouver.... Hahha
You know that if you have already done #1, none of the other tips matter, right?

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My goal was to make 6 figures before I was 25. I didn't care whether it came from 1 revenue stream or 2 or 3. From the age of 24-25 I stacked 50k and put it towards a pre-sale in Coquitlam. Scheduled to pay another 20k at closing to meet the 20% down payment.

I'm moving into my new condo in a few months! I'm 26 now I'm still learning how to balance everything. I work every single day of the week, making more money than before - but funny how it works, I hardly ever party and I drive an average sedan.
Great inspirational story! But don't forget to slow down and smell the roses too, so to speak. Also, you absolutely want to give your body a break. Working every single day non-stop takes a toll on your body as well as your mind, and you really wouldn't want that.
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Old 11-28-2017, 12:36 PM   #10973
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Yah I admire your perseverance Gh0st.............. but that's the epitome of buying into a life where the only thing you're doing is working to pay for a place to live. There's a lot more to the world. To each their own, but personally I'd shoot myself in the face before I'd work 7 days a week just to afford a condo and drive an appliance. I'd definitely look into moving somewhere else or figure out what I really wanted in life anyway, as I don't personally get ANY satisfaction about sitting back and thinking I made it because I own a box in an vastly over-priced and over-hyped city.
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Old 11-28-2017, 12:55 PM   #10974
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^your post makes me sad for so many reasons
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Old 11-28-2017, 01:25 PM   #10975
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I had a similar goal. Buy a house, buy a nice car, get a wife, and have zero kids before im 40. You know whats the biggest contributor to all of these things? Luck!

I got lucky finding a good job with the railroads and now the ports.
I got lucky finding a wife whos supportive and financially secure
I got lucky buying my house in Richmond for 500k back in 2008
I got lucky with my investments turning out and paying off my house

sometimes shit happens, other times you just get lucky.
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