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You Retirement Goals? - Page 11 - Beyond.ca - Car Forums

View Poll Results: What is your retirement Plan?

Voters
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  • Leave Canada, live where it's cheap

    19 11.73%
  • Live in an RV, Cabin, or Boat

    3 1.85%
  • No Debts / >30K Year of Income

    10 6.17%
  • No Debts / >50K Year of Income

    32 19.75%
  • No Debts / >80K Year of Income

    60 37.04%
  • Make Due with Government Pension

    7 4.32%
  • Work until I die

    31 19.14%
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Thread: You Retirement Goals?

  1. #201
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    Quote Originally Posted by 90_Shelby View Post
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    I thought you were buying a new M5? I think a new Competition Series M5 would be exciting and enjoyable.
    Haha, those are drunk conversations. Can’t be sharing that on this site. I’m offering sensible, responsible goals.

  2. #202
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    Quote Originally Posted by Sugarphreak View Post
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    If it is 100K at the term renewal it probably isn't worth getting a mortgage. You could just hit it hard and get it paid off quickly.

    That would be my approach anyway.

    Although I am a believer that it is healthy to have a mortgage in the 200-300K range even if you don't need it just because the borrowing rates are so cheap. You can basically invest elsewhere and get more long term bang for your buck.
    if its that low, the cost of an appraisal would probably be more than the penalty of paying off the remainder of the mortgage after paying a 20% lump sum

  3. #203
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    Quote Originally Posted by ercchry View Post
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    if its that low, the cost of an appraisal would probably be more than the penalty of paying off the remainder of the mortgage after paying a 20% lump sum
    My penalty was $1043.00 for $143k

  4. #204
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    ...
    Last edited by Sugarphreak; 08-18-2019 at 05:30 PM.

  5. #205
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    Quote Originally Posted by Sugarphreak View Post
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    There shouldn't be a penalty at the end of the term

    He was saying that it will be about 100K when the renewal comes due.
    I’m saying setting up the LOC will require an appraisal, while renewing the $100k balance requires nothing... but once he renews, if he crushes it early he would have a penalty... but he can take advantage of the prepayment options to reduce the outstanding principal and make the penalty a little less

  6. #206
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    I should give you guys the money.

    Please don't spend it on hookers and blow.

  7. #207
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    Once the property is paid for, what's the point of having a HELOC in place?
    "Masked Bandit is a gateway drug for frugal spending." - Unknown303

  8. #208
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    Quote Originally Posted by Masked Bandit View Post
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    Once the property is paid for, what's the point of having a HELOC in place?
    Quote Originally Posted by suntan View Post
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    spend it on hookers and blow.
    Ultracrepidarian

  9. #209
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    Quote Originally Posted by Masked Bandit View Post
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    Once the property is paid for, what's the point of having a HELOC in place?
    To not have “dead money” floating around... invest your equity using the heloc, write off the interest again gains

    Or as my father always liked to say when he set his up “in case you get held for ransom while traveling”

  10. #210
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    I've used my HELOC to buy vehicles or pay for vacations in the past. I assume it would still have that usefulness even if the mortgage was paid off?

  11. #211
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    Sounds like I need a HELOC in my life.

  12. #212
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    Quote Originally Posted by ercchry View Post
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    To not have “dead money” floating around... invest your equity using the heloc, write off the interest again gains

    Or as my father always liked to say when he set his up “in case you get held for ransom while traveling”
    Quote Originally Posted by ExtraSlow View Post
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    I've used my HELOC to buy vehicles or pay for vacations in the past. I assume it would still have that usefulness even if the mortgage was paid off?
    Once the house is paid off you just set aside the same amounts each month in something relatively liquid and buy things (vacations, cars, investments) with the cash you've accumulated. People need to get off the credit addiction & way of life. The more you borrow the more you're under the influence and control of external factors, like rising interest rates. There's always a cost to borrow and it's not always financial in nature. I've seen a lot of people's lives dramatically altered by credit decisions and I truly believe that the majority of the general public would be better off with less credit in their lives.

    And methamphetamine...and syphilis
    "Masked Bandit is a gateway drug for frugal spending." - Unknown303

  13. #213
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    But... but leverage! Build an insurance empire!

  14. #214
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    you aren't wrong Bill. And once the home is paid off I would hope a person would be setting aside some amount monthly in some form of liquid savings. Still. Regardless of it being good, bad or ugly, it sure is handy.

  15. #215
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    Quote Originally Posted by ercchry View Post
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    But... but leverage! Build an insurance empire!
    How about a methamphetamine empire? I need a partner though, I sucked at chemistry in high school.
    "Masked Bandit is a gateway drug for frugal spending." - Unknown303

  16. #216
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    Quote Originally Posted by Masked Bandit View Post
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    How about a methamphetamine empire? I need a partner though, I sucked at chemistry in high school.
    Labs in client’s basements... when they explode profit from increased premiums? Win, win

  17. #217
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    I'll just start a meth lab in some empty space downtown.

  18. #218
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    Quote Originally Posted by you&me View Post
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    I know everyone's priorities and circumstances are different, but can you share you thoughts on paying of a low (or negative) performing asset that's costing you very little in the way of relative interest, while you have 20 years of (hopefully) steady income / cashflow to otherwise make the mortgage payments?
    This is a corollary to my Average Joe theory on Real Estate Investment. That is: the Average Joe likes RE investment (rental properties, etc), because it is virtually the only access they have to leverage. And then they get MASSIVE leverage (20-1 or 10-1). They think that profit-boosting leverage is "free". You can tell these people because they say things like: "It's awesome, the renters are paying my mortgage!"

    Anyway: NOT paying your mortgage in order to boost investment returns elsewhere is a corollary to this concept: you are maintaining debt/leverage in order to boost returns. Same same.

    In both cases people usually don't risk adjust those returns. Either because they prefer to pretend it doesn't exist, or because they don't know how or that they should.

    De-leveraging by paying off your mortgage represents a reduction in risk that you must account for in your comparison. (Ironically, it can increase your liquidity risk, but that's another topic).

    I generally fall into the "pay off your mortgage faster" camp for most people.

  19. #219
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    Quote Originally Posted by Buster View Post
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    or because they don't know how or that they should.
    ding ding ding

  20. #220
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    ...
    Last edited by Sugarphreak; 08-18-2019 at 05:30 PM.

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