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You Retirement Goals? - Page 12 - Beyond.ca - Car Forums

View Poll Results: What is your retirement Plan?

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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. #221
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    My rule of thumb is always pay off all debt every month, if you can’t afford to pay it off at the end of the month, you shouldn’t be buying it.

    Borrowing money from the equity in your home to invest is very risky business and I would never do it.

  2. #222
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    You've never had a car loan?

  3. #223
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    Quote Originally Posted by 89coupe View Post
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    My rule of thumb is always pay off all debt every month, if you can’t afford to pay it off at the end of the month, you shouldn’t be buying it.

    Borrowing money from the equity in your home to invest is very risky business and I would never do it.
    It's fundamentally the same as keeping a mortgage so you can invest your earned cash.

  4. #224
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    Quote Originally Posted by 89coupe View Post
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    My rule of thumb is always pay off all debt every month, if you can’t afford to pay it off at the end of the month, you shouldn’t be buying it.

    Borrowing money from the equity in your home to invest is very risky business and I would never do it.
    I’m assuming you mean credit card debt?

  5. #225
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    Quote Originally Posted by Sugarphreak View Post
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    A Heloc is good to defer interest. If you are saving up for a trip, or even if you pay your insurance yearly; by storing the money in a Heloc you are pushing down the amount of interest you pay.

    Also good because there is no minimum pre-payment limit. You can just pay it down to zero if you are able.

    As sort of a bonus they double as a source of emergency funds, or a way to negotiate the best deal on a car by having the option of a cash sale if needed.



    I guess that depends on whomever you get it through. I didn't need an appraisal when I converted over to a Heloc on my first house. As long as the house is worth more than 200K the bank shouldn't have an issue with it.
    Everyone has to stop referencing past experiences... the lending world changed in 2016

  6. #226
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    Quote Originally Posted by ExtraSlow View Post
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    You've never had a car loan?
    Nope

  7. #227
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    Quote Originally Posted by Buster View Post
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    It's fundamentally the same as keeping a mortgage so you can invest your earned cash.
    No it’s not, because investments can tank, and if you used the equity in your home to invest and it goes to zero you now have to pay that money back.

  8. #228
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    It's not for everyone but I like Dave Ramsey's approach to building wealth. Get rid of your consumer debts, live off a budget, invest 15% of pay, rest goes towards paying your house off early. Consistency, discipline, planning, and investing wisely is the road to wealth. The one thing that always gets me is how cheap housing can be in the US depending on state. Can get a pretty pimpin' family home in Texas for $250k USD.

    IMO I find Beyond sometimes has too many posts about squeezing every mathematical advantage out of a dollar when it's also not terrible to just pay off a mortgage with a low interest rate.

    Also, @89coupe great mentality re: cars or purchases in general. I read a thread in the past where members only ever buy cars in cash and it's something I've heard echoed in Dave Ramsey's podcasts. You haven't truly earned something until you've paid for the whole thing in cash which sounds like a pretty sour truth to swallow. I had to take out a $6000 LOC on my latest car purchase which I felt bad about, but the alternative was to let the deal pass by and I didn't want to do that.

  9. #229
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    Quote Originally Posted by 89coupe View Post
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    No it’s not, because investments can tank, and if you used the equity in your home to invest and it goes to zero you now have to pay that money back.
    Leveraging through a term mortgage or through a HELOC is largely the same thing (tax details etc aside).

  10. #230
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    Always learn something when these types of discussions surface
    Ultracrepidarian

  11. #231
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    Quote Originally Posted by Buster View Post
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    Leveraging through a term mortgage or through a HELOC is largely the same thing (tax details etc aside).
    If I have $100k and i invest that into something and that investment goes to zero, I lose the $100k

    If I use $100k from equity in my home and that investment goes to zero I lose that $100k and now I owe another $100k.

  12. #232
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    Quote Originally Posted by 89coupe View Post
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    If I have $100k and i invest that into something and that investment goes to zero, I lose the $100k

    If I use $100k from equity in my home and that investment goes to zero I lose that $100k and now I owe another $100k.
    we're disagreeing on two different things.

  13. #233
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    Quote Originally Posted by 89coupe View Post
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    If I have $100k and i invest that into something and that investment goes to zero, I lose the $100k

    If I use $100k from equity in my home and that investment goes to zero I lose that $100k and now I owe another $100k.
    Did I just get Inceptioned or did I get Marth-ed? So confused.

  14. #234
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    Quote Originally Posted by The_Rural_Juror View Post
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    Did I just get Inceptioned or did I get Marth-ed? So confused.
    he's forgetting that 100k cash can also be used to reduce debt instead of invest, so if you choose to not reduce debt, you have "borrowed" the amount that remains on your mortgage.

  15. #235
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    Quote Originally Posted by Buster View Post
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    he's forgetting that 100k cash can also be used to reduce debt instead of invest, so if you choose to not reduce debt, you have "borrowed" the amount that remains on your mortgage.
    No I’m assuming a person has no debt, so no mortgage, no credit. You mentioned using using equity from your home to invest, yes or no?

  16. #236
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    Quote Originally Posted by Buster View Post
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    he's forgetting that 100k cash can also be used to reduce debt instead of invest, so if you choose to not reduce debt, you have "borrowed" the amount that remains on your mortgage.
    No Mr Buster. I don't care what the well groomed guy in your avatar connotes.

    Scenario B ($100 - $100 - 'another' $100) is clearly worse than scenario A ($100 - $100).

    Betcha they didn't teach that in your fancy schmancy CFA class.

  17. #237
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    If it’s taking you 25yrs to pay back $100k... then you probably shouldn’t have “invested” $100k at the blackjack table to begin with

    The whole idea of leverage is that you get access to more than you have. You have $100k and invest it, realize 10%, you make $10k. You have $100k, you leverage it against your free and clean house, you now have $500k and that 10% is now $50k. Simple concept. The vehicle you choose to use for your investment is what makes it smart or stupid to do, not the leverage itself

  18. #238
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    Quote Originally Posted by The_Rural_Juror View Post
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    Did I just get Inceptioned or did I get Marth-ed? So confused.
    It's Marth to me.

  19. #239
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    Quote Originally Posted by msommers View Post
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    Always learn something when these types of discussions surface
    Same. Always like seeing different points of view, especially financial stuff. One day I could hope to be a beyond baller haha.

  20. #240
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    Quote Originally Posted by 89coupe View Post
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    If I have $100k and i invest that into something and that investment goes to zero, I lose the $100k

    If I use $100k from equity in my home and that investment goes to zero I lose that $100k and now I owe another $100k.
    The second 100k and the third 100k are the same dollars, you are double counting.

    If you borrow 100k, invest it and lose it all, you still only owe 100k. The only difference is borrowing it gives you access to 100k you might otherwise not have had, or had better things to do with it, and you incur some % of that in interest fees.

    Don’t need a CFA to know that 0 -1 doesn’t equal -2
    Last edited by killramos; 07-18-2019 at 09:41 AM.
    Originally posted by Thales of Miletus

    If you think I have been trying to present myself as intellectually superior, then you truly are a dimwit.
    Originally posted by Toma
    fact.
    Quote Originally Posted by Yolobimmer View Post
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    guessing who I might be, psychologizing me with your non existent degree.

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