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Thread: 20-something + Retirement = What?

  1. #201
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    Originally posted by kaput
    David have you looked into purchasing properties overseas? You and I are very like minded and it's something I've been thinking about for awhile. Any thoughts on that? You aren't the only one eying Nicaragua
    My friend said it was quite cheap to get your own island there

  2. #202
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    but can you actually buy land there or just 40-50 year lease?

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    Originally posted by kaput
    David have you looked into purchasing properties overseas? You and I are very like minded and it's something I've been thinking about for awhile. Any thoughts on that? You aren't the only one eying Nicaragua
    I've thought about it and looked into it but am not ready to pull the trigger.

    My buddy has a place in Nicaragua that I may live / travel out of next year. My cousins owned 2 places and a business in Costa Rica. I know a guy with land on Gili T. I think the Gili T land was a good investment, but he bought years ago. Hedge funds have been buying properties there too. The Nicaragua and Costa Rica haven't fared so well as investment properties, but at least my friends/cousins had fun living there.

    Nic is cheaper than Costa Rica / Belize / Panama because your land title is less secure. Ortega is a bit of a nut job. My buddy did his research though and bought a pretty $$$ place so I guess it's all up to your risk tolerance.

    For me, Central America / SE Asia are too far to fly for holiday if working from Canada - unless of course you get several months holiday or can work remotely. I'm not ready to settle in one place just yet and to me, it's so cheap to rent places in a lot of those countries or just backpack around that I'd rather continue doing that. No worries about tax or maintenance or any of the things that make owning a house in Calgary a hassle.

    If you're ready to take the plunge and LIVE there forever, then it may make sense. You should be SURE that's the place for you before doing it though and consider how it may change in the future. If I didn't have a solid career path I'd probably look to move to one of those places and set up a hostel or bar or coffee shop or adventure center, but for now I'd like to keep making the big bucks as best I can.

  4. #204
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    Originally posted by ercchry
    but can you actually buy land there or just 40-50 year lease?
    Different laws in different countries but there is almost always a work-around. Sometimes it means setting up a local corporation or having a local firm hold it in trust for you. Sometimes there is a bit of risk, but often there are ways to insure your title to help mitigate it.

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    Holy shit, a friend of mine brought this up:

    http://forums.beyond.ca/showthread/t-330622.html

    DEJA VU.

    FYI, I did complete creating my bucket list.

  6. #206
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    Haha, same people all up in that thread too!

  7. #207
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    Sorry if this has already been said...

    I was in the same situation as you. I had plenty of time in the field to make spreadsheets, figure out the best way to do everything while still having a life. At the end of the day, you're young once. Talk to anyone who has travelled the world and ask them if they regret it. Some people just can't imagine putting a dollar value on life experiences like that and can only measure you by your bank account. Sure you don't get that house you dreamed of off the bat but I've come to the conclusion that having a mortgage payment in your early 20's isn't the dream I want. If I have to "waste" money renting and spending the rest on travelling, so be it. Calgary is very notorious for the step 1: post secondary, step 2: find a career, step 3: get married, step 4: buy house, step 5: have kids, step 6: die. I've talked to a bunch of other people and who have visited Calgary or moved from and they get the same vibe. It's a giant rat race here and now that I see it, it just makes me laugh. There is a lot of money here though, I guess that just comes with the territory.

    Not only are you young once but you can only truly travel like a young person once too. Nothing is stopping you from doing it in your 40's but I can see it being mentally and physically different. That said I've met couples in some hostels in their 40's and they're fuckin rad!

    People should be giving you both sides of the fence and have you decide on what you want to do. Anyone that is telling you directly, "you gotta do this because XYZ reason" needs to pull their head out of their ass. If you feel like having a house and car is important to you, do it. If you wanna travel, do it. If you want both, do it but be realistic. Easy peazy. Life is actually really simple, enjoy it however you see fit.
    Ultracrepidarian

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    Buy the house, buy far below your means and pay it off as soon as possible. The mortgage trap will have you paying double for your house. When I made my first purchase, I qualified for 300k, I bought a house for 45k instead. Its amazing what kind of disposable income you can have when you have no mortgage.
    Too loud for Aspen

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    Originally posted by Maxt
    Buy the house, buy far below your means and pay it off as soon as possible. The mortgage trap will have you paying double for your house. When I made my first purchase, I qualified for 300k, I bought a house for 45k instead. Its amazing what kind of disposable income you can have when you have no mortgage.
    What place did you get for 45k?

  10. #210
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    Originally posted by flipstah


    What place did you get for 45k?
    he probably bought in the 80's. the idea still applies now though
    Built not Bought.
    Originally posted by mitsumirage
    the civic will always be just a basic car , poor people will always buy them , its sad but its true

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    nm
    Last edited by e36bmw///; 03-05-2018 at 11:36 AM.

  12. #212
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    I think most of you have it all wrong

    1 - If you arn't a millionaire by 30 you're doing it wrong

    2 - If you don't work 250hrs/mth you're doing it wrong. I've loved every career path I've ever taken and have 0 qualms about working 24/7. I don't need to, but I enjoy it....find something you're good at and enjoy. Don't waste your time running around the world travelling; acquire knowledge, acquire l33t skillz, acquire money. Also, do not marry and have children, they cost too much
    sig deleted by moderator, click here for info

  13. #213
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    Originally posted by M.alex
    I think most of you have it all wrong

    1 - If you arn't a millionaire by 30 you're doing it wrong

    2 - If you don't work 250hrs/mth you're doing it wrong. I've loved every career path I've ever taken and have 0 qualms about working 24/7. I don't need to, but I enjoy it....find something you're good at and enjoy. Don't waste your time running around the world travelling; acquire knowledge, acquire l33t skillz, acquire money. Also, do not marry and have children, they cost too much
    That sums up Calgary in a nut shell!

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    Originally posted by dj_honda


    he probably bought in the 80's. the idea still applies now though
    It was 1994, I bought a small shack in a small town. There are the equivalent houses out there today though, they are the older houses in small towns in the 135-165 range, instead of getting suckered into a starter home for 400k and upsold on extra's. They call them starter homes because they are the start of your financial prison term.. I was making around 25/hour back then, the mortgage was 300 a month, I could have afforded it even on EI, and the taxes were stupid cheap.
    Sold the place in 2007 for 231,900...Came up with a little more cash, found another property where they owner had to move in a hurry, and moved up the scale considerably even in the boom time without burying myself again.
    It's about what makes sense and leaving your self room within your means, despite what your friends are doing, the bank tells you and what the realtors want you to do.
    Too loud for Aspen

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    Originally posted by M.alex
    If you don't work 250hrs/mth you're doing it wrong.
    No, it just means that you're time is not worth as much, and are overcompensating for this shortfall. Not on the path to "baller" status working that hard...

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    Originally posted by e31


    No, it just means that you're time is not worth as much, and are overcompensating for this shortfall. Not on the path to "baller" status working that hard...
    Ouch, bro.

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    As of right NOW, I have paid 90% of my obligations. With only one card left (probably in about 3 months time since I have more room to push funds there), it's all positive income after!

    Now, when it's fully paid I'll have:

    - 4 credit cards with no fees:
    * Amex Blue
    * MBNA SmartCash
    * TD Rebate Rewards (from Emerald)
    * CIBC Select VISA (annual fee for low interest but planning to close this once fully paid)
    - TD LOC

    So that I have a better chance of getting a bigger mortgage, should I cancel 3/4 cards and just use the MBNA MC solely and combo it with the debit (current situation)?

    Or should I keep 2/4 as an emergency?

  18. #218
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    i've made it 6 years with ONE cc and ZERO loc, im sure you could do the same... if you are on the path to baller-ville you probably have high-end tastes, removing the temptation will keep you out of debt.

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    Originally posted by ercchry
    i've made it 6 years with ONE cc and ZERO loc, im sure you could do the same... if you are on the path to baller-ville you probably have high-end tastes, removing the temptation will keep you out of debt.
    Now, should I cancel the LOC too? Hm....

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    Originally posted by flipstah


    Now, should I cancel the LOC too? Hm....
    yeah, with those it will affect your mortgage application as they assume a certain debt load just for having it.

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