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Originally Posted by afc wimbledon
Well that and not sticking all the money up your nose or on dodgy 'companions' when you get back to town!!!  |
On a serious note, I saw many a teenage kid fall into exactly that trap. Difficult to do when you're working a job that sucks surrounded by people having fun doing exactly that.
Quote:
Originally Posted by Sylvanfan
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.
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I would agree with this. For the next 10 years the person graudating today will probably be paying off the debt created by people from the last 10 years as a result of their "profits".
The real estate market will be especially speculative. The whole sub-prime crisis and skyrocketing in values has essentially create a giant pyramid scam where people were gaining money off lending etc.. without the actual increase in value actually occuring.
I'm at the point now where I can afford real estate, but will probably just rent for the next little while.