Having spent too much time on this forum (both in years and in hours) there are a few often repeated, seemingly immutable answers to common questions that come up here in this group. Whether they are accurate or groupthink sometimes you can decide. It might be helpful to give a quick rundown for anyone new to this forum or who only checks it casually.
1.) If it involves gift cards, it is a scam. Late payment to the CRA? Scam. Friends needs cash but can only accept gift cards? Scam. Your uncle, who doesn’t speak to you often, awkwardly gives you 25$ worth of iTunes money because he didn’t know what to pick out for you? Probably a scam as well!
2.) The boyfriend (its always a boyfriend) who wants to “buy a property” with you but needs you to pay for the entire downpayment will inevitably leave you and try and wrongly claim half.
3.) The parents who want to add you onto their mortgage “to help you build credit” will leave you financially ruined and unable to qualify for a mortgage on your own.
4.) Sorry we don’t have magic advice for your parent who didn’t save anything, invest anything or contribute to CPP. I say magic because what you are really hoping for is for money to appear our of thin air here.
5.) You must abandon Toronto. All family, friends, cultural ties or workplace opportunities need to be sacrificed at the alter if you want to realistically own real estate.
6.) You trying to time the market is about as useful as my toddler trying to read the hands on clock, yeah she can you tell you if its currently pointed up or down but has no ability to know what that means.
7.) You can invest in either -EQT/-GRO ETFs, GICs or HISAs otherwise we will dance on your grave when you face inevitable ruin for your market speculation.
8.) Owning a rental property is the most labour intensive decision you can make and you are a veritable demon for what you have done to our housing market (…but we’ll just gloss over the fact that if you did it between 2008-2021 you were likely very successful and made off with boat loads of money from it)
9.) Instead of asking strangers what to do with you inheritance, it would be nice for just one person to offer to etransfer it to us collectively as a gift.
10.) If it has four wheels and carries you from point A to point B it better be a beige Toyota Carolla. This is the way.
/S (kindoff)
Obviously there is a lot of wiggle room for some of these to be removed, or added or deleted and would love to hear the hive minds collective approval or disapproval of them.
If this gains any traction I'll sub in the most popular commented ones for the least popular ones from above.
1.) If it involves gift cards, it is a scam. Late payment to the CRA? Scam. Friends needs cash but can only accept gift cards? Scam. Your uncle, who doesn’t speak to you often, awkwardly gives you 25$ worth of iTunes money because he didn’t know what to pick out for you? Probably a scam as well!
2.) The boyfriend (its always a boyfriend) who wants to “buy a property” with you but needs you to pay for the entire downpayment will inevitably leave you and try and wrongly claim half.
3.) The parents who want to add you onto their mortgage “to help you build credit” will leave you financially ruined and unable to qualify for a mortgage on your own.
4.) Sorry we don’t have magic advice for your parent who didn’t save anything, invest anything or contribute to CPP. I say magic because what you are really hoping for is for money to appear our of thin air here.
5.) You must abandon Toronto. All family, friends, cultural ties or workplace opportunities need to be sacrificed at the alter if you want to realistically own real estate.
6.) You trying to time the market is about as useful as my toddler trying to read the hands on clock, yeah she can you tell you if its currently pointed up or down but has no ability to know what that means.
7.) You can invest in either -EQT/-GRO ETFs, GICs or HISAs otherwise we will dance on your grave when you face inevitable ruin for your market speculation.
8.) Owning a rental property is the most labour intensive decision you can make and you are a veritable demon for what you have done to our housing market (…but we’ll just gloss over the fact that if you did it between 2008-2021 you were likely very successful and made off with boat loads of money from it)
9.) Instead of asking strangers what to do with you inheritance, it would be nice for just one person to offer to etransfer it to us collectively as a gift.
10.) If it has four wheels and carries you from point A to point B it better be a beige Toyota Carolla. This is the way.
/S (kindoff)
Obviously there is a lot of wiggle room for some of these to be removed, or added or deleted and would love to hear the hive minds collective approval or disapproval of them.
If this gains any traction I'll sub in the most popular commented ones for the least popular ones from above.
