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Old 02-05-2024, 04:14 PM   #641
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Did you get a ChatGPT subscription or something?
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Old 02-05-2024, 04:19 PM   #642
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What kind of help? Like Go fund me?

Using the word ruined is a bit overdramatic on my behalf.

I'm not missing payments or behind on my mortgages. Still buying my own food and paying my utilities. But the $1300 a month I was able to save until this past year is now being used to pay for increases in Mortgage payments, grocery costs, property taxes, and Insuance. If those same things go up that much again on me in the next couple of years, than I'll be panic selling some so called assets.

I'm the dumb first wave of idiot who got to feel the brunt of the post Covid interest rate environment. With a family...didn't get my houses paid off by age 45 which will draw a lot of contempt from people in this forum as being terribly irresponsible. I'm stretched hard byalm these recent increases and zero personal wage growth. If a pro can help me double my wages...that would be nice...but I can't see how that happens unless I severely upgrade myself to move to a completely new field of work.
Ignore the posers on here. Getting your house paid off by 45 is a pipe dream for the vast majority of people. Anyhow, it is much, much more important to save money when you are young for retirement, than paying off debt, even your CC debt.

If you need more money, your best bet is to get a new job somewhere else.
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Old 02-05-2024, 04:37 PM   #643
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If you are still making monthly payments switching to semi-monthly or bi-weekly will also knock some time off your mortgage.
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Old 02-05-2024, 04:37 PM   #644
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Did you get a ChatGPT subscription or something?
No... I just have many ideas and talk a lot/too much in real life.
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Old 02-05-2024, 04:38 PM   #645
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Anyhow, it is much, much more important to save money when you are young for retirement, than paying off debt, even your CC debt.
That would scare the hell out of me. Short of pay day loans, holding credit card debt was always the boogie man for me.
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Old 02-05-2024, 04:48 PM   #646
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No... I just have many ideas and talk a lot/too much in real life.
This is acceptable.
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Old 02-05-2024, 04:49 PM   #647
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That would scare the hell out of me. Short of pay day loans, holding credit card debt was always the boogie man for me.
Live poor, save money.

I know it's really tough nowadays.

But the time value of money in your 20s is ludicrous.

Live with roommates. Don't have a car. Don't eat out.
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Old 02-05-2024, 05:07 PM   #648
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So you're basically borrowing all the money you can from your credit cards (at 15% to 20%+ a year) to invest in your 20's?
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Old 02-05-2024, 05:23 PM   #649
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So you're basically borrowing all the money you can from your credit cards (at 15% to 20%+ a year) to invest in your 20's?

Most definitely not a good idea. Why borrow at 20% if your investments only make 5-10% on average. Simple really. No math required.



As always, do the debt snowball - list all your debts and interest rates and most aggressively tackle the highest interest rates first. When done that first move to the 2nd highest, then 3rd, etc... and don't forget to pay your future self as well. And no harm with debt-consolidations as long as you don't overall increase your interest, and you don't p*ss away the "extra" money, and you stay diligent and focused.
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Old 02-05-2024, 05:27 PM   #650
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Tbh I wouldn't be too interested in life in my 70s+ with limited mobility unless I was in particularly good health/shape.

Would rather go out before then on my own terms.

Maybe that sounds dark but I value things like independence.
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Old 02-05-2024, 07:03 PM   #651
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If you don't mind me asking, how many years left on your mortgage amortization?
I have two of those...both renewed last year. I didn't add any extra years to the Amortization or money on either. Primary residence renewed in May, and the Rental was October. Both were amortized to 20 years. I was on variable for the primary residence and went to fixed in May as I could get out of the variable 3 months early penalty free and fix at 4.19 for 5 years. I also did up my payment by 15%. So on this house we are paying an extra $210 biweekly on the original principal. So over 5 years it will add up to 27 and change.

The rental was trickier due to lending options. Renewed it on the same prime-1% rate we had. Hoping that in two years rates might came back down. Unfortunately I could only squeeze for a $75 a month rent increase when the payment went up $460. So right now losing $250 a month on that property. But with a lease I really couldn't list until August, and that's when the market in St. Albert finally came to a halt. Next to nothing has sold since September in that neighborhood. So I think I'm losing less keeping it and waiting for the market to return to more normal conditions. If I listed it snd it was empty for 4 months not selling, I'd be out $10k instead of 1 and in a panic.

Than add in 6% increases in property taxes, insurance for the houses, plus vehicles. Utility bills going up at least that much, and food prices..the money I used to save is now keeping the things I used to have, and not getting saved. If the same cycle of events was to repeat itself in the next 2 years, that terrifies me...not a lot I can do about those costs other than move away from the rental property or downsize my family back to that house. If that happens I have to think it starts to hit a few more folks and really cause problems.
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Old 02-06-2024, 10:59 AM   #652
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So you're basically borrowing all the money you can from your credit cards (at 15% to 20%+ a year) to invest in your 20's?
Yeah you bet.

Very smart.
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Old 02-06-2024, 11:12 AM   #653
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If you are still making monthly payments switching to semi-monthly or bi-weekly will also knock some time off your mortgage.
This really doesn’t knock a meaningful amount of time off your mortgage. In a constant payment per month scenario the difference in payment frequency has little affect

If you switch to biweekly and pay at 1/2 the monthly rate or pay biweekly at the semi monthly rate you pay it off sooner but that’s because you are paying 13/12ths more not because of the payment frequency.
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Old 02-06-2024, 11:52 AM   #654
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I would strongly suggest, at minimum, having a professional review your situation would be valuable. I believe most quality professionals will give you some advice in hopes of getting your business, Iím positive my guy would. You can talk to various people in the industry and see if there is a common thread. You may even find someone you click with and who you want to do business with.

I guess because I saw it first hand early in my career when I was in the industry, Iíve never understood why someone wants to go it alone if itís not something one feels confident in. Getting advice from someone who will truly help will pay off. I call in construction experts, plumbers, car mechanics, doctors, et al when I need help in areas I have limited knowledge in. We should all feel comfortable doing the same with our finances too.
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Old 02-06-2024, 12:05 PM   #655
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I pay bi-weekly accelerated for the primary residence where the monthly payment is cut in half and paid every two weeks. So it's like one extra monthly payment against the principal. Mostly because the spouse and I get paid biweekly. If you can do that during the first 5 years of a 25 year amortization, it's a thing that gets you out of the mortgage quicker than doing it in the last 15 type of thing.

Like the inverse in investing...stock up money for 5 years and get returns for 40 years vs wait 30 and try to catch up in the last 15.
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Old 02-06-2024, 12:06 PM   #656
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Yeah you bet.

Very smart.
Are you trolling the forum?

If you can beat CC interest rates in the long run, you don't need to be taking out CC debt to invest, you need to be running the worlds best money management funds.

Seriously.
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Old 02-06-2024, 12:54 PM   #657
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Anyhow, it is much, much more important to save money when you are young for retirement, than paying off debt, even your CC debt.
Hard disagree that investing > paying off credit card debt. Paying off your credit card debt is a guaranteed ~20% rate of return. You're not going to get that in the market.
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Old 02-06-2024, 01:00 PM   #658
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You guys are missing an obvious death arbitrage trade, you can max out the CC to make some investment profits and they can't come after you with the bill if you die.
It's called the Coroner's Gambit I have realized a 40% ROI each time I do this.
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Old 02-06-2024, 04:18 PM   #659
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You guys are missing an obvious death arbitrage trade, you can max out the CC to make some investment profits and they can't come after you with the bill if you die.
It's called the Coroner's Gambit I have realized a 40% ROI each time I do this.
I would like to subscribe to your tiktok.
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Old 02-06-2024, 04:32 PM   #660
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Everyday I see this thread bumped.

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