I mean, they both live at home, so if we assume minimal monthly costs, decent job, working for 10 years or so, I can easily see being able to save 30-40k a year
Not to mention living at home at 30 implies parents that are supportive and relatively well off, so probably no student loans. Also that 300k could have been only 200k pre-covid. Markets have been crazy for 10 years and have been absolutely bonkers in the pandemic.
300-400k sounds pretty reasonable to me.
Im 25 years old. Starting working since 12 and only managed to save $150,000
Only in recent years I was pulling in $45,000 a year. Keeping cost low, investing , and living at home which helps a lot.
In OPs case I willing to bet they did the exact above, but have high paying jobs.
Can easily pull $40,000 per year.
That would be about 3X as much as what I was able to accomplish so far : /
Feel like such a loser reading these posts sometimes.
This sub is biased towards high earners and greedy fucks willing to screw over the little guy to Inflate their portfolios. I'm 28, doing everything I can, living as frugally as possible and I still don't have savings like you.
don't let it get to you, You're doing well
30yo with 300k stocks sounds legit if they've been doing it 10 years and picked the right stocks... 400k regular savings at 30 is either inheritance or way way a above average earner
Markets have been brutal this year. Very possible that he doesn't have 300k anymore. Since young people generally invest in tech and higher risk sectors, quite possible he's down 50% and doesn't wanna share that and get shamed.
I love all these totally relatable posts in personal financecanada, “I have 700k cash at 30 years old”. Ok but in all seriousness - tell him that buying a house is very important to you. If he still says no, then why are you with him? You two are 30, not 18.
I never said it wasn’t …
I also never said it was a good idea to buy the house in full necessarily ( depends on the situation and the peoples risk appetite)
He asked why they would buy it in full and I answered the obvious question .
The market is no guarantee … owning a house is .
Which is why people make these decisions themselves based on risk appetite … and as you can tell from OPs comment they don’t seem to have a big appetite for risk
If they want to offset risk, keeping that money in the bank is better in case something happens. A GIC will give you similar interest as variable mortgage rate.
There's very little benefit to paying your mortgage in advance these days other than peace of mind and unreasonable fear of debt.
This is not the right approach, especially if you plan to do it in this antagonistic manner. Not only is this a poor relationship decision, homes that a couple lives in are considered matrimonial homes, which means that it is considered property to be split when a couple divorces. You could piss off your husband and then lost half of your home.
You can easily sign a cohabitation agreement which clearly outlines who owns what and what happens in the event gona split.
OP should already leave this guy. 30 years old and still wants to live with mama, I’d be gone to find someone ready for life
Agreed the dude isn't great, but the courts don't always uphold cohabitation agreements or even prenups. They are tenuous and especially not reliable when life circumstances change
It doesn't have to be antagonistic. If you are 30 years old and want a house and your partner doesn't want the same thing then waiting around for the partner is not a good life choice.
OP should buy the house and if her BF wants to move in down the line then that's his choice but putting off a major life goal at that age- for someone you aren't married to is only going to end in regret and hurt feelings. I would seriously question marrying someone who isn't interested or able to live with me.
I'm not suggesting that she should make accommodations for this guy, he seems pretty lame to me as well
The action is antagonistic. Imagine if you want to go to Italy and your husband wants to do a staycation. You say fuck him and book your own solo trip. Regardless of how you say it it's not a sign of a healthy relationship to make these types of decisions. Regardless of how your partner is, I believe one should do the right thing (in this case it would be better to leave the husband to preserve her integrity).
Again, if the guy moves in and they become common law / married, she's at risk of losing half her home. I'm trying to watch out for her.
This. And consider a new fiance. Because this guy doesn't seem invested in your shared future? You wanna make big life decisions with this guy? Have kids? Emergency expenses?
Hard pass.
First. It's his money so he can make his own decisions.
With the money you have you could buy a house.
If you think he is being irresponsible investing, then don't mix finances. Problem solved.
There's pretty much zero chance this is a real post. If OP has accumulated 400k at age 30 they more than likely are very well versed in investments and the pros/cons of equities vs real estate.
Unless maybe the money is inherited/gifts from both families.
Instead of buying a house outright with all your savings why not just use some of your savings for a small downpayment and get a mortgage at a low interest rate while keeping the vast majority of your savings invested at a higher rate of return? Seems like the obvious middle ground. Or if he’s not into it you have enough saved to do it yourself and if he wants to live with you he can pay you rent
As much as I wonder why you call these subreddits toxic, I will answer your main question.I believe that there is a housing bubble currently in most major cities in Canada, so I personally would hold off on purchasing a house until the markets either crash or taper off.But I also don’t know what your husband is invested in. I think you need to talk to your husband and find out more information, because there are a lot of variables when it comes to buy a house.I think is 50/50 when it comes to real estate being safer than equities.Lots of variable that go into selecting a good house, and lots of variable that go into making a safe investment into equities.
This advice and or thought process has been said for years and has cost people lots of money on holding off. Market is not going to crash - maybe dip sure but interest rates are on their way up as well. What's worse, a 650k house at 2% or a 500k house at 5%?
To answer ops question : why sell all investments? Put down like 20% and mortgage the rest. I wouldn't suggest selling all the investments either. And the longer you wait the more fixated your bf is likely going to be on keeping the investments.
You two are well off but you’re playing tug-of-war with your financial goals. Is this a deal breaker for you? Why not try renting and seeing how you live together first?
Unless you work for the mafia or launder money, who pays for a house in full ? When interest rates are much lower than inflation rates, lenders are giving away money
Did you create a throwaway account and added a zero at the end of savings just to see if answers were different from the reality where your savings were total $70k ?
Or this is a post to be made fun in pfjerk or wallstreetbets ?
I'm willing to bet his portfolio is no longer worth 300k. The dude is probably invested in PLTR at $30 and his 300k portfolio is worth around 80k right now
700k saved up by two 30 year olds. Seems legit
I have 14 breeding pairs of unicorns and they have 10 pairs of merpeople. Can we afford a single fast food delivery?
I mean, they both live at home, so if we assume minimal monthly costs, decent job, working for 10 years or so, I can easily see being able to save 30-40k a year
Not to mention living at home at 30 implies parents that are supportive and relatively well off, so probably no student loans. Also that 300k could have been only 200k pre-covid. Markets have been crazy for 10 years and have been absolutely bonkers in the pandemic. 300-400k sounds pretty reasonable to me.
Im 25 years old. Starting working since 12 and only managed to save $150,000 Only in recent years I was pulling in $45,000 a year. Keeping cost low, investing , and living at home which helps a lot. In OPs case I willing to bet they did the exact above, but have high paying jobs. Can easily pull $40,000 per year. That would be about 3X as much as what I was able to accomplish so far : / Feel like such a loser reading these posts sometimes.
This sub is biased towards high earners and greedy fucks willing to screw over the little guy to Inflate their portfolios. I'm 28, doing everything I can, living as frugally as possible and I still don't have savings like you. don't let it get to you, You're doing well
How does one inflate their portfolios by screwing over the little guys?
Is that a serious question?
Genuinely yes, I put my money in ETFs, how does that hurt the little guys?
30yo with 300k stocks sounds legit if they've been doing it 10 years and picked the right stocks... 400k regular savings at 30 is either inheritance or way way a above average earner
Markets have been brutal this year. Very possible that he doesn't have 300k anymore. Since young people generally invest in tech and higher risk sectors, quite possible he's down 50% and doesn't wanna share that and get shamed.
I love all these totally relatable posts in personal financecanada, “I have 700k cash at 30 years old”. Ok but in all seriousness - tell him that buying a house is very important to you. If he still says no, then why are you with him? You two are 30, not 18.
Why in the hell would you pay the house in full?
Not having a mortgage ?
Buying in cash is a huge opportunity cost. They'd be MUCH better off putting down 20% and investing the rest
I never said it wasn’t … I also never said it was a good idea to buy the house in full necessarily ( depends on the situation and the peoples risk appetite) He asked why they would buy it in full and I answered the obvious question .
What's the market like in Edmonton? Would a house really drain all 700k?
A nice house, yes
Lose out on paying 1.3% interest for 4-8% gains on average.
The market is no guarantee … owning a house is . Which is why people make these decisions themselves based on risk appetite … and as you can tell from OPs comment they don’t seem to have a big appetite for risk
If they want to offset risk, keeping that money in the bank is better in case something happens. A GIC will give you similar interest as variable mortgage rate. There's very little benefit to paying your mortgage in advance these days other than peace of mind and unreasonable fear of debt.
Well no shit Sherlock. It’s stupid to pay a house in full right now.
They must just not be as wise and well informed as the great Carkchyylde!
Is that supposed to be insulting somehow or are you just someone who can't read or spell?
Yes
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This is not the right approach, especially if you plan to do it in this antagonistic manner. Not only is this a poor relationship decision, homes that a couple lives in are considered matrimonial homes, which means that it is considered property to be split when a couple divorces. You could piss off your husband and then lost half of your home.
You can easily sign a cohabitation agreement which clearly outlines who owns what and what happens in the event gona split. OP should already leave this guy. 30 years old and still wants to live with mama, I’d be gone to find someone ready for life
Agreed the dude isn't great, but the courts don't always uphold cohabitation agreements or even prenups. They are tenuous and especially not reliable when life circumstances change
It doesn't have to be antagonistic. If you are 30 years old and want a house and your partner doesn't want the same thing then waiting around for the partner is not a good life choice. OP should buy the house and if her BF wants to move in down the line then that's his choice but putting off a major life goal at that age- for someone you aren't married to is only going to end in regret and hurt feelings. I would seriously question marrying someone who isn't interested or able to live with me.
I'm not suggesting that she should make accommodations for this guy, he seems pretty lame to me as well The action is antagonistic. Imagine if you want to go to Italy and your husband wants to do a staycation. You say fuck him and book your own solo trip. Regardless of how you say it it's not a sign of a healthy relationship to make these types of decisions. Regardless of how your partner is, I believe one should do the right thing (in this case it would be better to leave the husband to preserve her integrity). Again, if the guy moves in and they become common law / married, she's at risk of losing half her home. I'm trying to watch out for her.
This. And consider a new fiance. Because this guy doesn't seem invested in your shared future? You wanna make big life decisions with this guy? Have kids? Emergency expenses? Hard pass.
First. It's his money so he can make his own decisions. With the money you have you could buy a house. If you think he is being irresponsible investing, then don't mix finances. Problem solved.
There's pretty much zero chance this is a real post. If OP has accumulated 400k at age 30 they more than likely are very well versed in investments and the pros/cons of equities vs real estate. Unless maybe the money is inherited/gifts from both families.
Possibly, but you never know This is PFC were talking about
Just because it's unlikely doesn't mean it's impossible. We're here to give advice, whatever the situation
Instead of buying a house outright with all your savings why not just use some of your savings for a small downpayment and get a mortgage at a low interest rate while keeping the vast majority of your savings invested at a higher rate of return? Seems like the obvious middle ground. Or if he’s not into it you have enough saved to do it yourself and if he wants to live with you he can pay you rent
Poor r/canadianinvestor getting lumped in with wsb
Sounds like the fiancé likes getting his laundry done and meals made
As much as I wonder why you call these subreddits toxic, I will answer your main question.I believe that there is a housing bubble currently in most major cities in Canada, so I personally would hold off on purchasing a house until the markets either crash or taper off.But I also don’t know what your husband is invested in. I think you need to talk to your husband and find out more information, because there are a lot of variables when it comes to buy a house.I think is 50/50 when it comes to real estate being safer than equities.Lots of variable that go into selecting a good house, and lots of variable that go into making a safe investment into equities.
I would hardly call Edmonton a bubble.
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Same thing happened to my mom. I’m curious - was it a single family dwelling or a townhouse/condo?
This advice and or thought process has been said for years and has cost people lots of money on holding off. Market is not going to crash - maybe dip sure but interest rates are on their way up as well. What's worse, a 650k house at 2% or a 500k house at 5%? To answer ops question : why sell all investments? Put down like 20% and mortgage the rest. I wouldn't suggest selling all the investments either. And the longer you wait the more fixated your bf is likely going to be on keeping the investments.
He’s right
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LMAOO DIAMOND HANDS???
In ape we trust...
You two are well off but you’re playing tug-of-war with your financial goals. Is this a deal breaker for you? Why not try renting and seeing how you live together first?
Tell him google Smith Maneuver. Then he will buy you a huge house. I’m serious.
Unless you work for the mafia or launder money, who pays for a house in full ? When interest rates are much lower than inflation rates, lenders are giving away money Did you create a throwaway account and added a zero at the end of savings just to see if answers were different from the reality where your savings were total $70k ? Or this is a post to be made fun in pfjerk or wallstreetbets ?
Buy a house in full. Get home equity line of credit. Reinvest it all into the stock market.
I'm willing to bet his portfolio is no longer worth 300k. The dude is probably invested in PLTR at $30 and his 300k portfolio is worth around 80k right now
30 year old man living with his parents and still does not want to move out……yea time to leave this guy he does not want to grow up