Quote:
Originally Posted by blankall
If spent a year or two up north in the oilfields at the right time and then invested in the housing market (and pulled out at the right time), you could easily make a lot of money quickly. I wouldn't call it luck, but more good timing.
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Yeah I would agree that the timing thing was there. Lets face it for someone trying to get started today with say that NAIT Petroleum Engineering degree vs someone who started out 10 years ago. The guy starting out 10 years ago gets a job pretty easy, makes a good wage within 2 years, can buy a decent house for $150 grand, has his house increase in value by about 35% in 3 years to the point where he can leverage his equity to buy 2 or 3 more properties with 0-5% down and still rent them out for a positive cash flow. Two years later these properties have gone up in value an additional 50%, as well as his primary residence. So no doubt there were oppurtunities to create a lot of wealth....I don't think that same method is going to work very well in the next 10 years, unless you're buying that property outside of Canada.
The guy graduating today...he'll have to do something different to create that type of wealth for himself.