tell me about it...I used to work for this lady that when they're having a party at home...she and her husband would buy a complete patio set at home depot or canadian tire an return it after the party....LoL...the lengths peple go to just to show off...
people want to look important... aka have status.
one million would be consider rich depending where you live.
problem with a house in yyz is that all your equity is locked up in the house and not able to being able to cash flow. now a million in blue chip stock and dividends to boot. thats impressive. sell the house move to a lower cost area and live off the proceeds.
If you are free of a mortgage, set up a HELC. Great when you need quick cash (escorts, dancers, etc.)
That's why I moved to New Brunswick. Bought a single family house for $80,000. Fixed it up, and it's perfectly fine. Now valued at double that, and will rise more and more due to the huge influx in this province. $80,000 in Toronto or Vancouver can't really buy you a house with a 5000 sft lot, minutes from the downtown. Moncton is rapidly growing city, but I have to admit, there's a lot that I miss from the big cities. However, there's no way it's worth the extra cost of living, and my money is growing in the stock market. Well, maybe not recently.
This is TERB. Toronto Escort Review Board. Hence Toronto is the reference. Any other would have been stated.
it is terb; however, not every person on this board resides in toronto, ontario or even canada.
you could when the rates were low. I thought of doing the smith maneuver myself before but at todays rates the numbers just suck.
You are right finances should be taught in high school but they teach useless courses like art and music.
Most high schools have courses in accounting but it doesn't teach how to manage your finances, make a budget, how the stock market works, effects of inflation.
yes! and at that point you can leave it to your children who will proceed to snort it up their noses
There are thousands of people who live way beyond their means and buy shit they do not need.
I would say if you had $1 million in liquid wealth, meaning what you have in the bank and what you have in your portfolio that can be turned into cash quickly you are in the top 1%. This is on top of your home and possession. Providing you have no debt, you can live very comfortably without worry.
Well, technically that's not 1 million. That's 2 million or mult-million if you're including a debt free average home in "Toronto" (had to add that in in case anyone is thinking about the Praries). How bout someone who doesn't own a home, homeless if you will, but has a million in liquid assets. Would you consider that person rich? Would you consider someone who owns a million dollar home debt free but nothing else rich?
Sure, but most people know it's Toronto we're talking about so I don't know where you're going with this.
