Yes your right but, buying a house is an investment. Paying rent is not an investment and that is why you should save at least 2-3 months of expenses before buying a house
Hey Gabrielle! Thanks for this informative video. Reminds me of the baby steps by Ramsay. I purchased your budget sheet and it's going well. 2nd month coming up and can't wait to review the transactions lol. I feel like I'm doing well, put 20% down with my partner on a home in FY22, no debt, cars are paid off and half way to my 6month emergency fund! I like your financial audit video. Maybe do another lol! Thanks for being a financial guru for Canadians! Looking forward to investing shortly!
While saving and not having debt are important to reach financial freedom, increasing your incomes is essential. My wife had a major in history in college. Yet, she got her master degree in computer science. She only needed to work ~10 years as an engineer before she retired at an age of 40 because my single engineer salary is more than sufficient to meet our financial needs. The money she made was fully invested in real estate and stocks. When we travelled during those years, we mostly drove and camped. We never have any debt except mortgage. We fully funded our retirement plans and still had money to support our parents. After she retired, she focused her life on raising our sons. We never live rich in material but our home has been just wonderful. In fact, our sons grew up, thinking we were poor. At ages of ~30, both of them are doing well financially already because their upbringing made them appreciate the power of investments.
I really like your content. As a first-time home buyer Canadian I want to purchase a property hours outside of Toronto , immediately flip it and roll the funds into a home closer to Toronto, and repeat that til I can afford something in Toronto. But I don't want to pay capital gains tax each time. So the USA has a 1031 but as far as I can see Canada only has section 44 of the Canadian Income Tax Act but it seems I have to rent it out for some time to show rental income...is that correct? For how many months, before I can flip it?
"Fixed Cost like your mortgage..." is not always constant. You ideally hope the cost per month stays constant throughout the 25-year, 30-year mortgage but with rising interest rates, the 'fixed cost' can fluctuate if you're on a variable-rate mortgage, or it can lead to higher refinancing costs if you're locked into a fixed rate and need to renew at a higher rate later on. Not saying home ownership is not good, but it's not as fixed as all had hoped.
Great video! Now how do I make more money? 😅 My partner and I have completed Step 2, Step 4, and most of Step 1, we're slowly working on Step 5, but we still feel like we're coming up short despite both working full time. Together we don't make 6 figures, but we're in the arts so it will be a while until we're paid a lot. Is it time for a side business?
One of the best ways is to invest in yourself and to upskill so you can negotiate for a higher paying salary/job, or even start your own service based business - I have a couple of videos on increasing your income potential and starting side hustles!
What step are you in? Let me know below!
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Step 6 really depends on the interest rates u are paying for your home. if u get 1-2% on your mortgage, just take ur sweet time to pay off.
Having a mortgage doesn’t guarantee a roof over your head. Similar to renting, if you can’t make payments, you’re out.
That's way it's important to have an emergency fund and not be too leveraged before purchasing your home!
Yes your right but, buying a house is an investment. Paying rent is not an investment and that is why you should save at least 2-3 months of expenses before buying a house
It does if you can afford it
Hey Gabrielle! Thanks for this informative video. Reminds me of the baby steps by Ramsay. I purchased your budget sheet and it's going well. 2nd month coming up and can't wait to review the transactions lol.
I feel like I'm doing well, put 20% down with my partner on a home in FY22, no debt, cars are paid off and half way to my 6month emergency fund!
I like your financial audit video. Maybe do another lol!
Thanks for being a financial guru for Canadians! Looking forward to investing shortly!
Aww thanks Jordan! Glad to hear you are on track and doing well!
I am in step 2. Long way to go
Hi Gabrielle :) Is "having a line of credit" without using it considered debt?
No. You don't have any repayments to be made, which is considered debt.
Love your videos. Learned a lot with money sense. Thank you.
Sorry this might be a little bit out of your wheelhouse, but I was wondering how much cash do you recommend for a 65-year-old retired?
While saving and not having debt are important to reach financial freedom, increasing your incomes is essential. My wife had a major in history in college. Yet, she got her master degree in computer science. She only needed to work ~10 years as an engineer before she retired at an age of 40 because my single engineer salary is more than sufficient to meet our financial needs. The money she made was fully invested in real estate and stocks. When we travelled during those years, we mostly drove and camped. We never have any debt except mortgage. We fully funded our retirement plans and still had money to support our parents. After she retired, she focused her life on raising our sons. We never live rich in material but our home has been just wonderful. In fact, our sons grew up, thinking we were poor. At ages of ~30, both of them are doing well financially already because their upbringing made them appreciate the power of investments.
Is this the exact same as Dave Ramsey baby steps and the barefoot investor plan?
I really like your content. As a first-time home buyer Canadian I want to purchase a property hours outside of Toronto , immediately flip it and roll the funds into a home closer to Toronto, and repeat that til I can afford something in Toronto. But I don't want to pay capital gains tax each time. So the USA has a 1031 but as far as I can see Canada only has section 44 of the Canadian Income Tax Act but it seems I have to rent it out for some time to show rental income...is that correct? For how many months, before I can flip it?
"Fixed Cost like your mortgage..." is not always constant. You ideally hope the cost per month stays constant throughout the 25-year, 30-year mortgage but with rising interest rates, the 'fixed cost' can fluctuate if you're on a variable-rate mortgage, or it can lead to higher refinancing costs if you're locked into a fixed rate and need to renew at a higher rate later on.
Not saying home ownership is not good, but it's not as fixed as all had hoped.
How much is your net worth?
Great video! Now how do I make more money? 😅
My partner and I have completed Step 2, Step 4, and most of Step 1, we're slowly working on Step 5, but we still feel like we're coming up short despite both working full time. Together we don't make 6 figures, but we're in the arts so it will be a while until we're paid a lot. Is it time for a side business?
One of the best ways is to invest in yourself and to upskill so you can negotiate for a higher paying salary/job, or even start your own service based business - I have a couple of videos on increasing your income potential and starting side hustles!
❤🖒💏
you're cute... you're my crush
Step 1: Vote Trudeau out
Step 2: Tax reform