27, no debt, car, mortgage. My net worth is around 165k
I understand that the market could have a really bad year in the middle and wipe away half my savings, but I’m also worried about getting a high interest mortgage and then getting laid off(I work in tech)
The biggest concern with this strategy is I rent a 1+1 condo for $3k in DT Toronto. I like living downtown and don’t need to own a car, and the condo is rent controlled. But if I need a bigger space when I have kids(I’m engaged) I’m concerned about a market crash/layoff when I really need more housing space. Similar condos now go for $3.6k so I can’t move to a cheaper one easily either.
Getting on the property ladder in Toronto seems extraordinarily difficult without taking a lot of risk(in terms of debt and high interest rates) or moving to a distant suburb unfortunately
- 137k in Nasdaq and S&P 500 ETFs. TFSA and FHSA contributions maxed out
- 12k in bonds
- The rest in cash, haven’t checked my RRSP amount but company matches upto 4%
I understand that the market could have a really bad year in the middle and wipe away half my savings, but I’m also worried about getting a high interest mortgage and then getting laid off(I work in tech)
The biggest concern with this strategy is I rent a 1+1 condo for $3k in DT Toronto. I like living downtown and don’t need to own a car, and the condo is rent controlled. But if I need a bigger space when I have kids(I’m engaged) I’m concerned about a market crash/layoff when I really need more housing space. Similar condos now go for $3.6k so I can’t move to a cheaper one easily either.
Getting on the property ladder in Toronto seems extraordinarily difficult without taking a lot of risk(in terms of debt and high interest rates) or moving to a distant suburb unfortunately