Mortgage Paid Off? Now What?

[Chester]

Congrats man. Only 15 more years for me, yay

[Buster]

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Right now I’ve put my money on the Aventador replacement so we’ll see how that one goes. Waiting for the used market to cool off before betting on anything else

V12 dead?

[TomcoPDR]

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Congrats man. Only 15 more years for me, yay

What! I totally see you as someone with paid off mortgage.

[Chester]

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What! I totally see you as someone with paid off mortgage.

haha I wish, if only I was smarter when I was younger and didn't spend all my money on cars and vacation.

[Khyron]

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Dope. Thanks for all the info. So I dont have to do nothing then. Never touched/used the HELOC before so lets roll TRACKHAWK huh

It's actually pretty smart to use some of your house equity (which is doing nothing) and invest in some safe boring ETFs. Plus a bear market is a great entry point.

The interest on the HELOC is then tax deductible at your marginal rate so it's pretty easy to make it work out. I'm using about 30% right now and taxes are dead simple 1 line to get the deduction.

[suntan]

That's the Picard Maneuver.

[BavarianBeast]

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V12 dead?

Nope, will still be V12 but will be a hybrid of sorts unfortunately. It’s supposed to be 900-1000hp though, and I don’t think it burns any less fuel, so I’m sure it will still be a blast to drive

[max_boost]

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It's actually pretty smart to use some of your house equity (which is doing nothing) and invest in some safe boring ETFs. Plus a bear market is a great entry point.

The interest on the HELOC is then tax deductible at your marginal rate so it's pretty easy to make it work out. I'm using about 30% right now and taxes are dead simple 1 line to get the deduction.

Yup and it makes bag hodl a bit tolerable haha

[sabad66]

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It's actually pretty smart to use some of your house equity (which is doing nothing) and invest in some safe boring ETFs. Plus a bear market is a great entry point.

The interest on the HELOC is then tax deductible at your marginal rate so it's pretty easy to make it work out. I'm using about 30% right now and taxes are dead simple 1 line to get the deduction.

Technically only if you bought equities that pay dividends. Or did that rule change?

[Buster]

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Always good to have the funds available to you if an investment opportunity rolls around. Use the HELOC for that. Don't listen to these people telling you to HELOC a supercar. A depreciating asset should never be purchased using your primary residence as collateral. That's just asking for trouble.

You should never purchase depreciating assets. It doesn't really matter where they sit on your balance sheet.

[shakalaka]

Well technically yes, but gotta live a little at the same time.

[Buster]

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Well technically yes, but gotta live a little at the same time.

yeah, but leasing, heloc, piggy bank. it's all the same shit.

[max_boost]

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yeah, but leasing, heloc, piggy bank. it's all the same shit.

Same same diff pile

[killramos]

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yeah, but leasing, heloc, piggy bank. it's all the same shit.

Same shit. Higher interest rates

[shakalaka]

I guess I am talking in terms of liability.

HELOC a car, can't pay off the HELOC the liability extends to the personal home.

Have your corp lease a car, corp cant pay for it, the car gets repo'd and liability ends at you whatever your corp owns. No one come after your personal home.

[Buster]

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I guess I am talking in terms of liability.

HELOC a car, can't pay off the HELOC the liability extends to the personal home.

Have your corp lease a car, corp cant pay for it, the car gets repo'd and liability ends at you whatever your corp owns. No one come after your personal home.

I still don't know how your accountant gets away with leasing a car through the business.

[bjstare]

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I still don't know how your accountant gets away with leasing a car through the business.

You can get away with anything until you get audited.

[killramos]

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I still don't know how your accountant gets away with leasing a car through the business.

I think he has a unique gravy case because he routinely works away from his main place of business ( court ).

How he gets away with assigning a high% to 100% of his lease as business use versus realizing personal benefit from the lease on the other hand I can’t imagine how you justify.

[Buster]

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I think he has a unique gravy case because he routinely works away from his main place of business ( court ).

How he gets away with assigning a high% to 100% of his lease as business use versus realizing personal benefit from the lease on the other hand I can’t imagine how you justify.

The CRA figured out how to close this loophole ages ago.

[suntan]

The CRA are idiots.

Be aggressive with your deductions. They don't give a shit unless it's massively egregious.