RE: A Choice Between Eating or Having a Roof Over Your Head
Hi @chekohler,
(You better light a bowl. Lol!)
Thought I should chime in too, since I live in Canada and am about a 2 hour (by auto) drive east of TO.
I’m 47.
Bought my first house when I was 19.
That was in 1991 and the interest rates were high. 18, 19 % high. I bought that house for $50,000 and it was 150 years old, then. Yeah, it was a “fixer upper”. Sold and repeated that process 3 times so far...but the most recent time (which was 4 years ago) instead of buying “up” which is what the bank and all my colleagues recommended, I bought “down”.
Approved for 1 million and spent $150,000 because I have paid those high interest rates in 1991. (I also saw what happened in 2008 and it’s about to happen again, but this time in Europe.)
Over time, media exposure convinces you that you’ll be happier “if” you acquire XYZ and it also convinces you to measure your worth, your success, your productivity, and your personal goals against what you are shown and told, other people are doing or achieving.
The XYZ things are called the trappings of life for a reason...read: whatever the golden carrot is, it’s an enslavement trap.
Why the hell do I need a 4,000 square foot monster of a house with 4 bathrooms, 2 kitchens and room for 3 cars in a garage?
Just because I can, wasn’t a good enough reason for me to sell my soul to compounding interest.
And now...and now negative interest rates? (Pardon my French but tabernack!!! Lol!)
My current house is 1 bathroom, 1 kitchen and 850 square feet. There’s 2 people in my household...
In my humble opinion, China now owns the USA and Canada. The Chinese have put their wealth into real estate and as their Yen is inflated, they’ll continue to do that, buy precious metals and crypto.
Trump’s USD will be the last fiat that people will trust. Fiat from around the world will pour in to the US along with the people themselves...the wall isn’t to keep people out, it’s to keep people in. It has the makings of a cage fight the likes of which, the world has yet to see.
My strategy is to keep my debt load either non-existent or as low as I can until the new financial blockchain system is unleashed and the dust settles...
This is a huge discussion topic!
Great conversation. Thanks for tabling it. ;)
This post is like the gift that keeps on giving, so many great responses it’s going to smash 50 comments easily I’m so take by it, love it!
Interest rates here for a home loan are 10-11% so you were really on the high end back in the day, wow how your economy has changed in a short period of time
I think buying down shouldn’t be seen as that buying responsibly. I get that people are aiming for opulence and think that will bring happiness and if that’s your shtick by all means but many like you’d say get court in the consuming debt trap, get more, debt more and continue on
If I look at the prices you mention and I Know the CAD is 10 to the Rand if you get even half or a 3rd of that 1 million you would be in a pretty fancy neighborhood here and basically live pretty well off!
My ideal situation would be to live here but earn more USD, GBP and EUR lol and then spend some time abroad I don’t really feel I need to put down major multi million dollar roots down
I laughed so hard at Tabernack
Another steemian also spoke about the Asian influence in BC! I don’t know much about it and if it’s the same as in Africa, China will offer to give you insane things like build new malls, ports, and all sorts of infrastructure and then when you pay back you default and they start setting up military bases or take charge of mines or state owned landed as collateral for the debt! They starting to own large parts of Africa now due to this method
It’s an interesting theory you have there, and I wouldn’t rule it out! I also think that this blockchain fueled economic reset will also bring about new migration patterns too!
I think (eventually) off planet too (migration patterns) and that’s one of the reasons why we need to move to a completely digital system and a one world government without boarders.
“Yeah, let’s invite the human representative to sit at the Galactic 2000 summit.” said no higher intelligence being diplomat ever...
Who’s going carry gold to another moon, planet or universe?
That's a good point, interplanetary travel can't rely on fiat money or physical money it needs to be something that can be tapped into anywhere which is what crypto offers us.
If I look at the advances in AI technology I can pretty much see that has the self-correcting species that make our way of life obsolute. In a way, all these technologies are a building block for something far greater than we can even imagine.