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Originally Posted by Hondaracer
How much of the population either live pay cheque to pay cheque or float a couple Months of rent in savings and just go live life like normal? With no investment/retirement contributions etc.
Or people just have more money than you’d think I guess.
We have a lot of friends who are young professionals, own their own home either in Vancouver and on the north shore, probably have dual incomes over 200k and these people are not going out all the time, almost all of them are in lock down mode maybe going for a lunch or dinner a night a week max
So I’m not sure what it is lol
Have a very good friend who bought a detached home in Toronto probably at or near the peak for about 2 mill. He was telling me the other day his mortgage has more than doubled and they are paying like $5400 a month now fuck
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Honestly, it's all over the spectrum.
Scenario 1: Lots of families who bring in 200+ household in Vancouver. You drive reasonable cars (a Tesla and a Highlander/Pilot maybe), own a reasonable place and there's a lot of room to play even without family wealth.
Scenario 2: Then there are lots of well off families. I won't call them rich as even having a few millions in Vancouver won't qualify as rich in my books anymore. But a few millions in family wealth and parents are willing to bankroll means a 30 something couple with two kids can afford to live in a house with a <$1m mortgage and nice cars.
Scenario 3: Fuck you money from grandparent's generation. Lots of those as well. Not just Chinese kids but plenty of Caucasian, East Indian, Persian, Italians... etc etc. They fall into this camp where late 20's a 2 bed condo paid off, nice SRT8/Camaros/Porsches etc as a first job/graduation gift. The Chinese money is more on top of the mind because of high profile dumb shit that the kids do, but all ethnicities have ppl who fall into this camp, and there are way more than you think.
I unfortunately don't fall into any of those camps. If you really have to put me somewhere I'm like in between 1 and 2. We make 200k+ household but I'm dumb with my money. A M3 isn't a reasonable car and modding cars isn't a reasonable hobby. My parents don't have a cool $2m to give me but I did get some help. We still go out regularly for food, at least twice a week. We aren't spending $150 every time but it's nice to not have to cook.
There are plenty of 200k+ households that are probably dumber than me with money. Blowing it every month on booze and partying, dropping 100k on trips to Mexico or Vegas or whatever and then realize they can't even afford instant noodles half way through the month. Maybe some exaggeration but you get the gist.
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Originally Posted by bcrdukes
Everybody here pays off their credit card on time and to the T.  |
/s
Quote:
Originally Posted by Great68
I dunno, I've owned a credit card for 23 years, never missed a payment (came close a couple times though just out of sheer forgetfulness), and never paid a cent of interest :P
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I've missed a few payments here and there just because I also completely forget. I've had them write off my interest when I called. Most of them look at your record and are like "ehh honest mistake, let them be we want to keep them as a customer."