Living off one income question

[suntan]

Mortgage: $121K
Car: $16K
LOC: $11K

I have about $100K in cash right now.

Savings: $600K

I should buy some property in Calgary.

[jwslam]

My personal balance sheet says I have an equity of -$500k. Am I doing it right?

[Mitsu3000gt]

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My personal balance sheet says I have an equity of -$500k. Am I doing it right?

Probably better than a lot of people to be honest haha.

I'm curious how many people in this city would be completely screwed if mortgage rates went up even 2-3%.

[pheoxs]

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My personal balance sheet says I have an equity of -$500k. Am I doing it right?

Technically isn't your house worth something though?

Like if you have a 500k mortgage on a 600k house thats still +100k overall. Unless you have a quadruple doctorate and 500k in student loans?

[Buster]

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Mortgage: $121K
Car: $16K
LOC: $11K

I have about $100K in cash right now.

Savings: $600K

I should buy some property in Calgary.

gettin' that mortgage down!

[rx7boi]

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Technically isn't your house worth something though?

Like if you have a 500k mortgage on a 600k house thats still +100k overall. Unless you have a quadruple doctorate and 500k in student loans?

If we're purely talking semantics, house isn't his until it's paid off. It's the bank's.

Most people aren't even in the black, let alone your average millionaire-next-door whose net worth is mostly tied to house equity/paid off mortgage.

[jwslam]

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Technically isn't your house worth something though?

Like if you have a 500k mortgage on a 600k house thats still +100k overall. Unless you have a quadruple doctorate and 500k in student loans?

2 properties to my name, and both are underwater.
But yes technically you are right. Thanks for sensing the sarcasm in my -$500k equity comment

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If we're purely talking semantics, house isn't his until it's paid off. It's the bank's.

Most people aren't even in the black, let alone your average millionaire-next-door whose net worth is mostly tied to house equity/paid off mortgage.

By semantics, the way I would need to get to -$500k equity would be if I had bought a $2m house, $1.6m mortgage left after my 20% down, and the house is only worth $1.1m now.
In accounting terms the amount of "equity" I have is far different than what I own in "assets" though the property is titled to "a bank"

[max_boost]

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I'd be more interested in who's overleveraged lol.

What you make doesn't matter as much because overall you can't outearn stupidity.

The Dirty on Beyond lol

[killramos]

As for who is over levereged, If Canadian debt statistics are to be believed, everyone is.

- - - Updated - - -

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If we're purely talking semantics, house isn't his until it's paid off. It's the bank's.

Most people aren't even in the black, let alone your average millionaire-next-door whose net worth is mostly tied to house equity/paid off mortgage.

I wouldn't say that either of these statements are true...

[Buster]

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If we're purely talking semantics, house isn't his until it's paid off. It's the bank's.

Most people aren't even in the black, let alone your average millionaire-next-door whose net worth is mostly tied to house equity/paid off mortgage.

This isn't true. You own the property, the bank has a registration against it.

Why do people confuse an obligation with ownership?

[ExtraSlow]

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This isn't true. You own the property, the bank has a registration against it.

Why do people confuse an obligation with ownership?

As we prove almost daily, people are terrible at financial math.

[max_boost]

The only math I know is, how much I have and how much she charges.

[Tik-Tok]

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The only math I know is, how much I have and how much she charges.

See, I knew it!

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I don't think he's ever been shy about his business, I figured we all knew by now.

He runs a Chinese Escort business out of Riverfront.

[rx7boi]

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This isn't true. You own the property, the bank has a registration against it.

Why do people confuse an obligation with ownership?

I stand corrected re: ownership vs registration.

I made a couple of incorrect assumptions about jwslam and phoexs' post but what I was poorly trying to get at as an off-tangent point was that a mortgaged home is both an asset and liability with separate line items. Don't ask me how I came to think about that because I realize they weren't even talking about net worth

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As we prove almost daily, people are terrible at financial math.

I like this passive aggressive jab.

We also recently proved that some Beyonders misuse and toss the word racism around like Subway napkins.

[Buster]

It's probably more accurate to say that the CITY owns your home.

Home ownership is largely a myth.

Try to stop paying your property taxes, and you'll find out who REALLY owns your home and land.

[ExtraSlow]

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I stand corrected re: ownership vs registration.

I made a couple of incorrect assumptions about jwslam and phoexs' post but what I was poorly trying to get at as an off-tangent point was that a mortgaged home is both an asset and liability with separate line items. Don't ask me how I came to think about that because I realize they weren't even talking about net worth



I like this passive aggressive jab.

We also recently proved that some Beyonders misuse and toss the word racism around like Subway napkins.

No matter what else we've proven, I think we have conclusively proven that I only mean about 50% of what I type and only 23% of anything I type is worth reading. However, I post so much, I still have more useful info on this forum than anyone else. #lifehacks.

[killramos]

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No matter what else we've proven, I think we have conclusively proven that I only mean about 50% of what I type and only 23% of anything I type is worth reading.

And that 23% is limited to the topics of trucks and beer

[ExtraSlow]

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And that 23% is limited to the topics of trucks and beer

accurate.

[rx7boi]

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No matter what else we've proven, I think we have conclusively proven that I only mean about 50% of what I type and only 23% of anything I type is worth reading. However, I post so much, I still have more useful info on this forum than anyone else. #lifehacks.

It's a numbers game. I know you weren't serious. Ironically it was likely also that same comment that set off the epic derail that was to come.

Numbers are still better than mine. Sometimes I post with 100% inaccuracy

[ExtraSlow]

I do attempt to let a new thread at least have a few helpful honest replies before I personally derail. Although, that's just a goal, not a hard and fast rule. This thread isn't going to get more helpful, that train has sailed.