We Make $300,000 and We’re Struggling

[@jerzsubbie]

"We make $300k, bought way too much house, bought expensive cars, and don't understand why we're struggling!"

[@tkdevlop]

Yaa I wonder why

[@roadrunner9622]

And he also isn't going to take any of their advice.

[@1timothydillon]

Totally going to make it work, though, I just need to get enough write-offs.

[@leonoza7]

they dont "make" 300k .. 300k is gross annual income .. in Vancouver the effective tax rate on 300k a year is taxed at aprox 38.7% leaving net income at around 187k a year .

[@carpediem6431]

My brother-in-law is a tradesman. He normally makes very good money in Northern Canada. A few months ago his employer begged him to go to Vancouver for a big job that they couldn’t get people for. They added a big per diem . He pays $2200/month for a single bedroom with SHARED washroom and kitchen. Even great salaries most other places are average in cray cray Vancouver.

[@roadrunner9622]

This is one of those calls where you can tell the caller isn't going to use ANY of their advice.

[@tracynorman4883]

Exactly what I was thinking!

[@sweendawg1984]

100

[@davidperlman1697]

Because selling is terrible advice

[@HotMustard420]

@@davidperlman1697 What do you suggest? He starts a meth lab in the basement? Maybe then he can write off the expense?

[@LatiaDavis-jz8qu]

Yep EGO!

[@Peterjohan2308]

Blows my mind how many people call into this show thinking that they can get a magic bullet solution that requires zero sacrifices. Some people just can’t be helped.

[@ruthirwin8222]

300k a year and cant manage...im stunned

[@BrianW211]

Yeah, those people usually have million-dollar homes, luxury cars, a live-in nanny, kids in private schools, kids on traveling sports teams, etc., and they just don't see where they could cut their expenses.

[@raemaxey3401]

Exactly! He has no clue but yet is drowning…smh!

[@josealeman1331]

He is not serious…

[@1timothydillon]

You can help the helpless, you can't help the hopeless.

[@sirheisenberg4459]

Success depends on the actions or steps you take to achieve it. Building wealth involves developing good habits like regularly putting money away in intervals for solid investments. Financial management is a crucial topic that most tend to shy away from, and ends up haunting them in the near future.., I pray that anyone who reads this will be successful in life!!

[@PremSteve-yg4de]

Starting early is simply the best way of getting ahead to build wealth , investing remains a priority . I learnt from my last year's experience , I am able to build a suitable life because I invested early ahead this time .

[@Tanner-c2m]

It's often true that people underestimate the importance of financial advisors until they feel the negative effects of emotional decision-making. I remember a few summers ago, after a tough divorce, when I needed a boost for my struggling business. I researched and found a licensed advisor who diligently helped grow my reserves despite inflation. Consequently, my reserves increased from $275k to over $750k.

[@dengdelun3109]

Could you possibly recommend a CFA you've consulted with?

[@Tanner-c2m]

She's known as “Rebecca Nassar Dunne”. One of the finest portfolio managers in the field. She's widely recognized; you should take a look at her work.

[@belobelonce35]

I looked up her name online and found her page. I emailed and made an appointment to talk with her. Thanks for the tip.

[@ThatBaseballGuy13]

No sympathy for people like this. If you can’t make it work on 300k you’re a fool

[@97nikolamilojevic]

I agree!

[@giantpune]

Well for one, he's not in the US and not use US dollars. There's a whole thing with different currencies and exchange rates. I have a coworker who gets paid in NOK (Norwegian Kroner). kr300k to him is really just $27k in US dollars.

[@xmusic2049]

​@@giantpune300k in CAD is still $218k in USD

[@aolvaar8792]

@@xmusic2049 But Canadian TAXES

[@shirlot]

​@@aolvaar8792and? Because of that we don't have to pay or budget other things, like medical expenses. 300k is still more than enough

[@BrokeMillionaire1]

It’s not what you make. It’s what you DON’T spend.

[@KathleenMcNe]

Exactly. And don't fall into the lifestyle-creep trap when you start bringing in more money.

[@taylorsmith9629]

No it’s BOTH. You can live as cheap as possible on 30k a year and you will never be better than paycheck to paycheck in this economy.

[@speedyfeint]

if you make minimum wage and don't spend it at all, you are not getting rich.. so not quite, but i know what you are trying to say.

[@Joce123]

Even in Canada a mortgage payment of $7200 is outrageous.

[@Gondaldin]

It's both

[@k_kelsey]

I’m grateful for my simple life.

[@KathleenMcNe]

I have zero debt and a hefty net worth because I have always lived a simple life, for which I am grateful.

[@JGComments]

Amen. No debt and no stress.

[@michaellawrence3345]

🤣🤣

[@jason91205]

Absolutely. I am 41 and am same. Admittedly, it wasn’t always like this. I stopped all the bs and am debt free. No house payment or car payment. I feel far less stressed daily.

[@sherridevries9144]

Same🎉

[@joelproulx6352]

This man is so confused by everything it's incredible. Calls for help and gives an explanation for everything. Doesn't listen and want to do his plans nonetheless. That call was insane from start to finish.

[@nicodemus7784]

Dunning Kruger effect in full color textbook.

[@sophie20001]

Will never admit HE is the problem.

[@Bir_Singh]

He didn't wanted a solution just wanted someone to listen him

[@heels4lifx]

Leave it to the brain dead Ramsey followers to think there is only way to do things. I could think of 5 scenarios off the top of my head to help this guy but the hosts are only interested in selling the house.

[@GoodDaySir]

I think it's because the idea of selling the house is terrible advice. The panel doesn't know the market where the guy is. The other advice of trying to get rid of car payment etc. is fair.

[@gimcrack555]

I always live within my means. I making $48,000 yearly and I'm doing fine. No debt and I own my home out right. If I ever reach a 6 figure income. I'll feel like a millionaire.

[@TMPS93]

At the end of the day the problem is people with 6 figure incomes refuse to make sacrifices. They act like they're above cutting back on costs. 100% a people problem not a money problem.

[@smart127]

Been there, yep. I’ve had to look at the guy in the mirror quite often!!

[@kbanghart]

Not just people with 6 figures, anybody.

[@TheEnkrypted1]

Yessir, they would probably be in the same position if they brought in a million per year

[@treasurethetime2463]

Yep. You start to think you are "rich". There are levels to everything, including wealth. A millionaire and a billionaire have less in common than people think.

[@connorroyale1875]

Taxes in Canada are about 50% on that income

[@Lemariecooper]

Recently bought some recommended stocks and now they are just penny stocks. There seems to be more negative portfolios in the last 3rd half of 2023 with markets tumbling, soaring inflation, and banks going out of business. My concern is how can the rapid interest-rate hike be of favor to a value investor, or is it better avoiding stocks for a while?

[@jessicasquire]

Just ''buy the dip'' man. In the long term it will payoff. High interest rates usually mean lower stock prices, however investors should be cautious of the bull run, its best you connect with a well-qualified adviser to meet your growth goals and avoid blunder.

[@Erikkurilla01]

The truth is that this is really not as difficult as many people presume it to be. It requires a certain level of diligence, no doubt, which is something ordinary investors lack, and so a financial advisor often comes in very handy. My friend just pulled in more than $84k last month alone from his investment with his advisor. That is how people are able to make such huge profits in the market.

[@user-xp6sc6su9c]

I'm intrigued by this. I've searched for financial advisers online but it's kind of hard to get in touch with one. Okay if I ask you for a recommendation?

[@Erikkurilla01]

I've experimented with a few over the past years, but I've stuck with ‘’Nicole Anastasia Plumlee” for about five years now, and her performance has been consistently impressive. She’s quite known in her field, look her up.

[@user-xp6sc6su9c]

Wow, her track record looks really good from what I found online. I'll take a chance and see how it goes. Thanks for the info

[@jimmymcgill6778]

2k an food? 1.4 million house? That's the problem.

[@alanj9978]

1.4 million in Vancouver is a starter home. No one can afford to live there.

[@donaldlyons17]

@@alanj9978 There are those who can afford to live there just not everyone can.

[@alanj9978]

@@donaldlyons17 Meh my wife and I make over $200K and we realized we were never going to afford a house in the lower mainland, so we left.

[@donaldlyons17]

@@alanj9978 Everyone can't just leave but sounds like it worked out for you.

[@miketheyunggod2534]

97% of houses are over $1.4M.

[@JWM1984]

Fellow Canadian here with a scary stat: That house value is currently in the bottom 3% of Vancouver's single family homes available for sale. Let me read to you differently: 97% of detached homes in Vancouver are MORE than $1.4 million dollars.

[@tammylirette6988]

Yeah, our country is a joke.

[@tristan2332]

Well unless your making 500k+ a year which is very rare what's the point. Live someplace else.

[@SS-fs3wo]

I'd keep the house and get rid of some other thinks. 2k groceries for 2.2 people??? what are they buying? cars, go down to one or go cheaper.

[@BradKandyCroftFamily]

Trudeau is a WEF lackey, he want's everyone to own nothing and force a smile about it.

[@KennedyIvy]

Canadas whole economy is over inflated real estate and Tim Hortons

[@ryankaeser8082]

This guy isn't going to listen to one word they say

[@tegan-x6r]

My life changed too when I started doing this and putting money in stocks. The first few years it as really great, but this year I haven't felt like my portfolio is doing well. I have lost more than $40,000 from my portfolio the past four months, and it's now very worrisome.

[@lucetta-v7v]

Mind if I ask you to recommend this particular coach you using their service? Seems you've figured it all out.

[@lucetta-v7v]

I appreciate it. After searching her name online and reviewing her credentials, I'm quite impressed. I've contacted her as I could use all the help I can get. A call has been scheduled.

[@trex7359]

Diversity in the market is key, S&P 500 well balanced portfolio of stocks Bonds and cash . If your single stocking that's a sure way to take a hit with the economy down right now. Talk to an advisor.

[@Shi_Shei]

it's just the market it's on a downtrend. time in the market is what helps. so keep the investment long term if you are in good investments

[@conservativepersonnel8458]

Shutup

[@BuppHives]

*Our God indeed is a covenant keeping God. Has he said a thing and not perform it? I watch how things unfold in my life, from penury to $356,000 every three months and I can only praise him and trust him more. Hallelujah 🙌🏻🙌🏻🙌🏻*

[@pslove-zm4vd]

Hello how do you make such monthly?? I'm a born Christian and sometimes I feel so down🤦🏼of myself because of low finance but I still believe in God🙏.

[@Asad-qs4ji]

Thanks to my co-worker (Alex) who suggested Ms Susan Jane Christy

[@Doucette-ju3hb]

She's a licensed broker here in the states🇺🇸 finance advisor.

[@Doucette-ju3hb]

After I raised up to 525k trading with her I bought a new House and a car here in the states 🇺🇸🇺🇸and also paid for my son's surgery (Oscar). Glory to God.shalom.

[@EzechuHeadd]

Can I also do it??? My life is facing lots of challenges lately

[@caroldonohoe2092]

Calls for help, has an explanation for everything and doesn't want to change a thing.

[@iStorm-my5fp]

He doesn't want any help that requires he change his spending habits

[@beaniemac]

Canadian real estate is nuts with the mortgage adjusting every five years. It seems to disincentivize owning a home. Also Vancouver is ENORMOUSLY expensive.

[@strngenchantedgirl]

America has a very unique mortgage system compared to the rest of the world. It is backed by our government that allows banks to give us these long term low interest loans. It’s too much risk in other countries. We are blessed by the strength of our government and our economy.

[@jordanbranum327]

Germany has 99 year mortgages it not just America. Adjusted rates every 5 years doesn’t make sense for normal people, the bank of Canada loves it

[@anttoronto3202]

Doesn’t matter. They made a bad choice. Nobody forces anybody to buy a 1.4 million dollar house and 2 expensive cars leased. And, sorry, 2k in groceries a month. 2 people. Bet you they order in a lot. No sympathy.

[@JewelBlueIbanez]

Not really. My rent goes up $200+/month every year. My wages don’t. It’s now cheaper to get a mortgage than to rent. It’s the down payment that’s the problem.

[@joejohn.]

@@JewelBlueIbanez Where is it cheaper to get a mortgage than to rent? Not within 100 miles of where I live.

[@lennoxmutterick6434]

Amazing video, A friend of mine referred me to a financial adviser sometime ago and we got to talking about investment and money. I started investing with $150k and in the first 2 months, my portfolio was reading $274,800. Crazy right!, I decided to reinvest my profit and get more interesting. For over a year we have been working together making consistent profit just bought my second home 2 weeks ago and care for my family.

[@caseycantrell-gh6fg]

Hi. I’ve been forced to find additional sources of income as I got retrenched. I barely have time to continue trading and watch my investments since I had my second child. Do you think I should take a break for a while from the market and focus on other things or return whenever I have free time or is it a continuous process? Thanks

[@lennoxmutterick6434]

@@caseycantrell-gh6fg However, if you do not have access to a professional like Clementina Abate Russo, quitting your job to focus on trading may not be the best approach. It is important to consider all options and seek guidance from reliable sources before making any major decisions. Consulting with an AI or using automated trading systems can also be helpful in managing investments while balancing other commitments.

[@caseycantrell-gh6fg]

@@lennoxmutterick6434 Oh please I’d love that. Thanks!

[@lennoxmutterick6434]

​@@caseycantrell-gh6fg Clementina Abate Russo is her name

[@lennoxmutterick6434]

Lookup with her name on the webpage.

[@saelaird]

How can somebody so inarticulate earn so much money?

[@reese85]

Easy, go to work

[@breezybre2670]

It's called a language barrier

[@austineromosele8481]

He is far from being inarticulate. The problem I see here is someone who is consumed in his own world that he doesn’t, listen to advice at all.

[@Yogastrong908]

You need to get the hell out of there. You can’t afford to live there. The salary means nothing if you can’t pay the bills with them.

[@nicodemus7784]

not to mention he said he is a traveling salesman who is on the road a lot, it doesnt sound like he needs to be where he is.

[@RemixerDarken]

plus Vancouver is a cesspool

[@in4theride75]

Yes, leave Canada completely and move to a good country like Costa Rica. None of this garbage of the crap countries like Canada or USA.

[@joshmiller3673]

​@nicodemus7784 A traveling salesman who spent 75 grand on a car he is destroying. He should be buying a 2 year old car every couple years for 15 grand instead.

[@gessrinky9129]

This guy is gonna chase his tail Into bankruptcy

[@zenlife321]

He’s going to write off his taxes into bankruptcy

[@hkiajtaqks5253]

I think his wife is also creating part of the problem. You can't just stop earning while building flamboyant expensive life style.

[@giantpune]

Why did this guy even bother to call in? He didn't want to entertain any of their advice.

[@melaniegenuinely]

That's the thing I always wonder too.

[@DonDiego724]

Groceries $2000? Bro is feeding the neighbourhood.

[@Mark-gk3hh]

? That’s what I pay

[@ToastbackWhale]

@@Mark-gk3hhIt’s not, and if it is, then you’re also feeding the neighborhood.

[@eff9266]

yep. restaurant food is expensive nowadays. but who would cook on their own at home, right? some insane idea, innit.

[@penguin12902]

@@Mark-gk3hh $66 dollars a day? For how many people? Are you eating steak every day?

[@dacokc]

i caught that too.... he goes out to eat for every lunch... takes wife out to eat a couple time per week... then regular grocery expense... but it's all the going out to eat that kills people's budgets after housing and then cars..

[@okaydamian]

I’d be retiring or working less in 5 years, and curious to know how best people split their pay, how much of it goes into savings, spendings or investments, I earn around $250k per year but nothing to show for it yet.

[@arlenehill4ril]

money advice is subjective, what works for you may not work for me. I would suggest getting rid of any unnecessary purchases, especially things that cost you monthly, or better still consider financial advisory

[@heatherholdings]

Agreed, I'm quite lucky exposed to finance at early age, started full time job at 19, purchased first home 28. Going forward, got laid off 36 amid covid-outbreak and at once consulted an advisor. As of today, I'm barely 10% short of $1m after 100s of thousands invested.

[@pluto1of1]

@@heatherholdings retired in my 40s after inheriting money from a childless relative, traveled overseas and found a girl almost my age, happily married but only issue is how to grow and preserve our wealth... think your advisor can be of help?

[@heatherholdings]

Karen Lynne Chess is my FA. Just google the name and you’d find necessary deets. To be honest, I almost didn't buy the idea of letting someone handle growing my finance, but so glad I did.

[@Johnny-se8hk]

excellent share, curiously inputted Karen Lynne Chess on the internet, spotted her consulting page ranked top and was able to schedule a call session. Ive seen commentaries about advisors but not one looks this phenomenal

[@FUNNYBUNNI1]

$2k in groceries and $150 in gym membership? Yeah…that tells me a lot about their lifestyle

[@stud6414]

$2K is reasonable for groceries in Canada

[@nicodemus7784]

$150 for a gym membership they probably rarely use. and its canadian dollars, they are worth less than US dollars, but 2k is still alot

[@fionagallagher984]

$2k is insane for two adults and a baby.

[@kbanghart]

​@@stud6414for two people?

[@jml9550]

SF Bay Area here and this area is expensive as it gets. Family of 4 with 2 teenagers. We sure don’t spend $2k in groceries that’s for sure.

[@stud6414]

Oh, Canada. His taxes are eating all of his income. Plus, his mortgage is considered reasonable for Vancouver, CA.

[@NobodySpecial509]

43% of our income now goes to taxes… 💸 Cannot WAIT to vote out Trudeau… 🥾 🗳️

[@thedopplereffect00]

But "free" health care. Amiright?

[@moosejawrobinson]

@@thedopplereffect00 by free healthcare do you mean no healthcare and seniors dying while waiting in the hallway outside the ER for 36 hrs? I’m from Ontario and had to wait 1yr for a hip MRI. Travelled abroad and got the MRI and surgery before getting a letter in the mail (months after surgery) telling me I could finally have my free MRI. Medicare for all = medicare for none. US healthcare for the win.

[@thedopplereffect00]

@@moosejawrobinson exactly. I've had no problems with my HSA plan paying for my needs after the modest deductible.

[@DennisMaddox3]

So true! Wealth has no shortcuts, here are ways to acquire it..🔥

[@DennisMaddox3]

The first step to acquiring weaIth is figuring out your plan and goaIs, with the heIp of a financiaI pIanner and following through with best ideas, you will acquire weaIth in no time & enjoy the benefits of managing your finance

[@DennisMaddox3]

I am fortunate I made decisions that changed my finances for the better (acquired over 1M in 2years) through my financiaI planner. Got my 2nd house in July and hoping to retire nxt yr.

[@DennisMaddox3]

Elizabeth Greenhunts get to her with the name

[@geraldwalker7609]

Why don't people understand write offs are not income!?!?!?!?!

[@robloxvids2233]

Tell that to Cosmopolitan Kramer.

[@sheilar.n.4919]

Write-offs

[@geraldwalker7609]

@@sheilar.n.4919 you got it!

[@hkiajtaqks5253]

I think he's probably going to use the house as business office, wife pays rent to husband for office, show that as business expense. You know, shady illegal stuff.

[@agathacolleen]

I lost over $80k when everything started to tank. Not because I was in an exchange that went belly up. I was just stupid to hold and because that's what everyone said. I'm still responsible. It just taught me to be a better investor now that I understand more of what could go wrong. It took me over two years of being in the market, I'm really grateful I found one source to recover my money, at least $10k profits weekly. Thanks Charlotte Miller.

[@aarizphilip]

She is my family's personal broker and also a personal broker in many families I'm United States, she's a licensed broker and a FINRA AGENT in United states

[@JohnKenneth-f7w]

I'm surprised that you just mentioned and recommended Charlotte Miller, I met her at a conference in 2018 and we have been working together ever since.

[@shandegabrielrojas9350]

The very first time we tried, we invested $1000 and after a week, we received $5500. That really helped us a lot to pay up our bills.

[@mikesnoek]

I'm new at this, please how can I reach her?

[@jadewashington7]

Really you people know her? I was even thinking that I'm the only one she has helped walk through the fears and falls of trading

[@DF-199X]

2k a month on groceries? $120 on a gym membership? These folks have no idea what normal really is for those of us making less than 6 figures, and he has no real desire to change. Blows my mind how some people can make so much money without knowing how it really works.

[@crimson1504]

1. He talks in CAD not USD 2. He is in Vancouver, which is comparable to NYC or SF for cost of living 3. Inflation on groceries in Canada is terrible. When I moved to US the first few months I was so happy about the grocery cost.

[@davidbrayshaw3529]

@@crimson1504 I'm in Australia. We have some or the highest grocery costs in the world. $2k Cad. here and you'll be eating fillet steak 31 days of the month. My grocery budget is $880 Cad. for two adults and two dogs and we eat well. These people can't cook or meal plan. They've got no idea.

[@Krrish85]

3:12 -"Our perimeter for housing is 25% of take home pay.". Not sure if this is applicable anymore. Definitely not in Canada unless you're willing to rent just a room.

[@crhayes]

Agreed. I’m not sure why he bothered calling in. They don’t have enough context to provide helpful advice for him.

[@JustinCase780]

Caller: Here's my story in Vancouver. John: Sell your house!!! 😅😅

[@JonathanIvy221]

John is not wrong though. Quit trying to shift the blame to John. The caller is a clown.

[@JustinCase780]

@@JonathanIvy221 The caller is not a clown. It's Vancouver and to sum up the immediate response with "sell your house now" demonstrates who the clown is.

[@Calypso-rb9sf]

Sorry I listened to that whole call and the caller is a clown. His home is eating up 80% of his take home pay and he’s got a pile of luxuries he’s not willing to give up. Then instead of his wife going back to work at a real job, he wants her to start a business (risky) so he has somewhere to write off expenses. He’s watched too many idiots on KZbin playing money games and thinks he knows something. I don’t even understand why he called in because he doesn’t want to hear any of their answers. Guess he just wanted sympathy.

[@UKRenna]

How does this guy earn so much, but seem so simple?

[@lindacondilli6494]

@@UKRennahe is in sales.

[@jimroscovius]

We make just over a third of that, and have a paid-off house and no debt. STOP SPENDING!!

[@siva47931]

Why are you bragging about only making $100k combined? Get your income up

[@greggpurviance7252]

They are in Vancouver with Canadian dollars. Sell & stop spending like crazy. Has explination for everything. Crazy

[@reese85]

Your also prob twice his age, so your house should be paid off

[@momof2momof2]

Good for you ! Me too !

[@aolvaar8792]

@@reese85 When you're old, the house should be in an irrevocable Trust. You should NOT own a house when old. If you get hurt and have to go to a nursing home>>> lose your home.

[@BrianMiller1973]

That’s about $218,000 USD. And Vancouver housing prices are insane.

[@giantpune]

Thank you for being the one in the comments that realizes this guy is not talking in US dollars. People down here losing their minds at that number, not realizing that 300k canadian pesos is not the same as 300k US dollars.

[@alanj9978]

Yeah well the average Vancouver family is making about $80,000 a year, so $300K is still a lot of money even there. His problem is the interest rate spike killed him.

[@giantpune]

@@alanj9978 Yep. I've got coworkers in dozens of different countries. One thing that I notice from talking to them is how fixed rate mortgages are not even an option in most places. If you want a mortgage, its adjustable rate or nothing. And they don't just adjust it a couple times like the ones we are seeing in the US, they adjust them every few years.

[@alanj9978]

@@giantpune This guy could have gotten a 5-year fixed at probably around 3% but decided to take a 1% percent floating variable instead. And then interest rates went from 1 to 6% in like a year. He still would have been screwed when he had to renew, but that would have been in probably 2 more years.

[@taylorsmith9629]

@@giantpunepesos is Mexican money. Canada has dollars. It’s just different than US dollars.

[@qjc2300]

Debt slaves 101= he's not selling that house😂

[@JK20239]

His property tax bill is a minimum of 30k a year. 😂😂😂😂 . Govt is milking him dry...

[@Leo-yoo]

He truly thought he was going to use the government but they turned around and got him. 😂😂😂😂

[@qjc2300]

Lmao 😂 facts ​@@Leo-yoo

[@qjc2300]

​@@JK20239😂 facts

[@luminous6969]

Imagine being so foolish that describing your financial situation involves using the words "struggling" and " we make $300,000 a year" in the same sentence 🤣🤣

[@fdsfklnslnlknlkn8884]

1) That's $300K Canadian, which is $218K USD. 2) Canada has way higher than taxes in the US. Let's assume that federal, provincial, and local taxes are ~50%. That means that after taxes, they have about $109K. 3) Vancouver has some of the most expensive housing in the world. A modest house there can easily go for well over $1M. So their $109K post-tax income is likely not getting them much house, to say nothing of their other living expenses. I live in NYC and visited Quebec last year and was shocked to see that grocery prices there are comparable to my (expensive) NYC neighborhood (I say this not to boast but just as a point of reference).

[@nicodemus7784]

well, the fact is that it was actually PAST tense, that is where it breaks down. they USE TO MAKE 300k, now they DO NOT, and seem shocked that they cant afford to live the same way. They were over extended and continued to make poor choices. it is also telling that they did not plan for their child correctly either and have the savings set aside to cover the wife's delta in lost income after her maternity leave payments, let alone the financial buffer to afford child care when she does go back to work. this guys story is problems on top of problems and he has too much pride in his choices to see the reality he is in and that those choices were bad. i mean they have a variable rate mortgage for crying out loud, 2008 showed that those things should have been outlawed and people are still buying them.

[@lucaspm98]

As crazy as it sounds they are middle class at best assuming they have to live in the Vancouver metro area. They can afford a modest 2BR apartment, 2 inexpensive used cars, and a simple lifestyle. Outside of a major housing crash they will never be able to responsibly buy a single family home in Vancouver.

[@nicodemus7784]

@@lucaspm98 the issue is they had a kid without planning ahead and over are extended with their cars, and are obviously spending too much on food. the house wasnt that big of an issue with both of their incomes. but when you dont save ahead of having a child and then decide to take 18 months off in maternity leave without planning for it ahead of time, you have big issues. then to cap it off, you have people who are in denial of how they put themselves in that situation.

[@clarifyingquestions]

In Vancouver, everyone has too much house ( even renters), one of the most expensive places to live in the world. Also, Canadian taxes are higher and now PM wants to tax our home equity ie capital gains on homes.

[@Big-Government-Is-The-Problem]

yeah taxes are insane. whats the national debt like in Canada? in the USA 76% of income taxes go to just the interest on the national debt, so paying taxes for us is pretty pointless, its not going to roads, schools etc like its supposed to. at this point taxes are just full on theft with no benefit. anyone paying attention knows the system will collapse soon with either a default on the debt or hyperinflation by printing 36T to pay it all off. we get 1T in new debt every 100 days...

[@annanymous.mp3]

I used to live in Vancouver, BC and moved away because the realities of owning a home in the city is ludicrous.

[@JGComments]

Smart move! People in LA and NYC need to learn this. Super high home prices is the economy’s way of telling you that there are too many people in a city with too few opportunities.

[@dm96177]

I don’t understand why it’s so expensive….? I’ve never been there. Is it a super desirable place to live? I always though CA was sunshine and rainbows 😅

[@annanymous.mp3]

@@dm96177 Wages to cost of living is not favourable in Vancouver. In Vancouver (particularly), cost of living expenses is relatively similar to metropolitan cities in the US but wages are significantly lower in Canada.

[@Datavendor3]

I'm favoured, $22K every week! I can now give back to the locals in my community and also support God's work and the church. God bless America,,

[@wllams]

As a beginner what do I need to do? How can I invest, on which platform? If you know any please share.

[@Davidsam900]

Investing in crypto/forex is a good idea, a good trading system would put you through many days of success.

[@Ebadmazumder]

Investing $15,000 and received $174,000

[@AmbroseFelix-nw9dv]

Same, I met Mrs Maria Daviz last year for the first time at a conference in Manchester, after then my family changed for good. God bless Mrs Maria

[@johnfrederick2944]

YES!!! That's exactly her name (Mrs Maria d) so many people have recommended highly about her and am just starting with her 😊 from United States

[@Sjmirando]

I’ve been watching for a while and this caller by far was the most immature person I’ve ever heard dare call in to your show.

[@Astro95Media]

I've heard way worse. But this was definitely a doozy. He wasn't going to do anything they recommended. People out there are still foolish enough to think there's a magic wand solution to financial struggles. It. Takes. Sacrifice.

[@kelsea16]

These hosts don’t understand living in Canada, land of taxes, and living in the Lower Mainland of BC. 1.4 million for a house is NOTHING! That’s a cheap house in the lower mainland.

[@Mavryck_Tha_Myghty]

What they DO understand is math. Geography doesn’t change the math. Perhaps in this case moving would be an effective solution?

[@ebullock1000]

Math is still the same though…

[@BrianW211]

Does it matter? If you can't afford your house payment, you can't afford your house.

[@sdmod1]

Some of these folks are so disconnected from reality, yet they live among us.....

[@BigMichael78]

A life of TV, video games and internet will do that to ya.

[@geraldwalker7609]

Why did the guy call? He has all the answers.

[@infernogamers168]

I know right? It’s so annoying when callers are like that

[@jacksonsplace9754]

It's a house of cards. Writing off thousands is not the solution of his behavior. Something tells me he won't do any of downsizing, selling the car and rental, unsubscribing gym or reducing spending.

[@CollegeBoyDeon]

$7200 on a mortgage is insane

[@tdiddy8989]

Not out of the norm in Canada.

[@user-jj4kl4ir4y]

For the Newbie if you are actually trading in the crypto space and you don't have a sound mentor. Then you are certainly going to get liquidated in 90% of your trades. Yeah that's sad truth. I remember when i just got into crypto back in 2019 but later in 2020 i ended up selling it because i have lost alot trading all by myself without a guide. Got back into crypto early in 2024 with $20k and I'm up with $232k in a short period of time .......

[@captain33q]

I'm new to cryptocurrency and i don't understand how it really works. How can someone know the right approach to investing and making good profit from cryptocurrency investments?

[@FavourGift-en6en]

As a beginner what do i need to do? How can i invest, on which platform? If you know any please share.

[@user-jj4kl4ir4y]

I started working with catherine back in February, and my financial goals have been clearer. It's like having a strategic partner for my money with a solid track record.

[@chinyerejoseph8004]

She is really a good investment advisor. I was privileged to attend some of her seminars. That is how i started my crypto investment

[@WilliamAMilley]

I've seen different people talking about this alice devion she must be very amazing for people to talk this good about her.

[@lmbarnes3]

If he has the answers, why call. Do what you want to do...or are you trying to convince someone that your moves make sense.

[@paddingtonbear760]

How can two adults and a newborn spend $2,000 a month on groceries?

[@goforbroke2]

Honestly it’s not hard, buy mostly organic. Grocery shop at Whole Foods or equivalent high end grocery store.

[@DoctorSmartyPants]

Who knows. They don't live in the US.

[@davidbrayshaw3529]

I'm struggling with that. I'm not in Canada, I'm in Australia. We have a sky high cost of living here. Our dollar is nearly the same as the Canadian dollar and I'm feeding 2 adults and 2 dogs well for about $800 per month. I pay a lot of attention to meal planning, to achieve that, and we do bake our own bread and brew our own beer, but we don't miss out on much. We even have a good cut of steak once a fortnight.

[@DoctorSmartyPants]

@@davidbrayshaw3529 Wow, I love homemade bread and beer! Can I move in?

[@davidbrayshaw3529]

@@DoctorSmartyPants A fresh loaf of bread just came out of the bread maker, then. It smells wonderful. We'll be eating a fair bit of that with the beef and Guiness stew that I made a couple of days ago. I must admit, I cheated and used my own homebrewed stout instead of Guiness, though. I didn't mention that our home brewed beer is on tap. Yep, draught beer right there in the kitchen. Two varieties on tap at all times. I'm not sure if you can afford the rent. We're pretty high end, here.

[@26point2madness]

This guy is going to call up again in 12 months in even worse condition. He does not want to change anything.

[@Shay-yg7nm]

300k and broke because you overspend and bad at budgeting. Who spends 2k on groceries a month???

[@rory644]

We do quite easily when you buy decent food and cook at home all meals, most people have no idea what they spend on food and discount all the food & coffees and brunches and Sunday meals as if that’s not groceries. Anything you eat or drink in a week is groceries

[@michelleh4717]

@@rory644 we do that living in vancouver and definitely don't spend that much a month

[@FreedomFighter485]

I spend $3k A month on groceries, what food are you eating Kraft Dinner for $1K a month?

[@davek2906]

I do! But I have a family of 8 - lol!

[@deborahmeek6529]

We do

[@Raegoul]

1.4 million CAD isn't a fancy house in Vancouver, BC. Where I live in Alberta it's a mansion.

[@davidharman7245]

If it wasn't so far away , I would like to visit Alberta

[@kendrapratt2098]

I like John’s boat illustration

[@analyticalchick3064]

It's from a Christian joke where someone prays to be rescued from a flood. A boat a helicopter and I don't remember come by to offer a way out and the person says no God will save me. The person dies and says why didn't you save me and God says I sent a boat, helicopter etc.

[@kendrapratt2098]

@@analyticalchick3064 Ah yes that’s sounds a little familiar, now. Thanks!

[@catdancerskaleidoscopeofbo8496]

This is Vancouver, BC. George and John do not know how to discuss what is going on in Canada.

[@Kaktus965]

Simple problem to fix though. Move.

[@FancyRPGCanada]

I’ve lived in Vancouver, the dude does NOT need 2 cars there. You can get almost ANYWHERE in the city via public transit. And if he’s an on the road salesman then he does not need to be living in a 1.4M house in Vancouver. He could be living down the road in Squamish or Mission City

[@SummaGirl1347]

His wife is used to the good life and now, that's what they consider the minimum requirements. He's probably afraid she will leave him if the party gets cancelled and she has to go back to real life.

[@FancyRPGCanada]

@@SummaGirl1347 perhaps, but they do have a renter. Honestly the best thing they could do is refinance the house for the shortest fixed mortgage term they can, move the whole family into the master bed room, and turn the baby’s room into another rental unit for students. Vancouver has several universities and getting a decent student renter is pretty easy there. But man does he need to sell his cars yesterday

[@michelleh4717]

@@FancyRPGCanada renting way below market rate. he's probably clueless

[@boredoreos]

People have to understand that 300k sounds like a lot, but it's not a lot. Especially in Canada.

[@ShonTolliverMusic]

It is a lot.

[@Illuvatar2k]

Lol, he is in Vancouver. A 2 bedroom house 1 h drive from downtown is 1.2 m

[@dacokc]

then maybe he can sell his home for a profit and move to a cheaper city..

[@travisbickle1455]

@@dacokc It won't be in Canada. Everywhere there is overpriced.

[@susannachua7305]

@@travisbickle1455you are so right!!! Our family had the chance to be sponsored (by my maternal uncle) to go settle in Raleigh, NC and my dad declined due to “gun violence” To date, none of my relatives in NYC, CA or NC were harmed/killed by guns

[@susannachua7305]

Oh how I wish to live in Miami, Boston or NYC!

[@travisbickle1455]

@@susannachua7305 Do you really want to live in Miami these days?

[@drewo6388]

I know this is stereotypical, but a lot of these Indian or Middle Eastern guys feel that they always have to make things very complicated in order to prove they are successful. They're always grinding and hustling and scheming to find ways to start businesses, buy rental properties, get into interesting investments, etc. It's as if just finding a good career and slowly moving up is a dull or "less than ideal" concept to them. I know several personally that are always jumping in and out of new businesses, getting into strange investments with other people, moving stuff around, etc. In doing this, they just make life more complicated and dig a deeper hole.

[@sheilar.n.4919]

I agree. I realized right away he is Indian and trying to impress fellow Indians and the rest of the world with whatever they could come up with in order to be seen as financially successful. This Indian-Canadian can not accept their recommendations because it would be deemed shameful to not make it "BIG".

[@ChaosAOE]

I'm sorry but did he say his grocery costs were 2000 dollars a month? What is he supporting, a family of 7 small killer whales on prime rib? If it's him and his wife + 1 child I can't believe that wasn't brought up as a cost factor as well. Maybe we don't have it so bad in the US after all if 2000 is normal grocery costs in Canada. He better not be including Fast Food in that grocery amount.

[@kendrapratt2098]

7 small killer whales 🤣🤣🤣🤣🤣🤣🤣

[@nicodemus7784]

if you are not paying attention, restaurants and take out can add up so fast its not funny. when my wife and i moved in together and we did our budget and started following Dave, and i was able to start taking lunch to work instead of buying it, suddenly $400 a month came free, groceries were probably $100 back, but i was eating the other $300 before that.

[@alberttang6955]

2000 Canadian dollars = $1457 US Dollars, which is still high for the groceries for 2 adults.

[@eff9266]

morning porridge soup and a meatball for lunch noodles and chicken for dinner are they so expensive to buy ingredients and cook every day? or not even cook - fry eggs or eat curd with sour cream or cheese with bread , or yogurts, or whatever self-cooked. what is so problematic? i honestly don't understand how they spend so much

[@rubytuesday4552]

Men complicate their lives then justify why they did it.

[@user-hv4hm7qr4w]

Just sell the house , get a small all paid house , sell the cars

[@jimroscovius]

Agreed!! It's an easy fix. Also, get out of Vancouver. And get wifey working. We did with two kids.

[@nathanielwiebe2257]

@@jimroscovius Vancouver is nuts. Its cheaper for some students in UBC to fly into Vancouver twice a week from their parent's home than to rent or live on campus. I believe there is a CBC or CTV news article about it.... I'm staying in Calgary lol

[@off-roadingexplained8417]

Guess what happens in the next chapter? Home values drop 30% or more ... He better hurry...

[@Lugnut64052]

They kept suggesting that and he kept pushing back against it. He ain't gonna do it.

[@breezybre2670]

​@@off-roadingexplained8417In Vancouver? Not likely.

[@BobDobbs681]

Peyton, do you want to be helped, heard or hugged?

[@Beloved_Boahemaah]

😂😂😂😂

[@theNorth473]

To be fair, a 1.4M house in Vancouver is a VERY modest house... you honestly can't go much lower than that without moving 2 hours out of the city

[@austinbar]

Invest judiciously, keep a stop loss figure. Shuffle between debt and equity wherever the ratio goes too off your target. As for the target, I recommend a Ratio like this Debt % should be equal to your age in years. If you are 20, debt is 20%, reset in equity. If the market falls or rises drastically, your debt % will change, which you should rebalance to 20% and bring back equity to 80%. Thus you would have bought low or booked profit depending on if it was a crash or a bull run.

[@rogerwheelers4322]

Effective personal finance management is more important than the amount of money saved, regardless of whether income is earned through job or investment. Individuals can seek counsel from a certified financial advisor to optimize financial outcomes, who can provide specialized advice and methods to decrease expenses and maximize income.

[@joshbarney114]

I'm sure the idea of an investment-Adviser might sound controversial to a few, but a new study by Motley-fool found out that demand for Financial-Advisers sky-rocketed by over 42% since the pandemic and based on firsthand encounter I can say for certain their skillsets are topnotch. I've accrued north of $880k within 16-months from an initially stagnant Portfolio.

[@joshbarney114]

A lot of folks downplay the role of advlsors until being burnt by their own emotions. I remember couple summers back, after my lengthy divorce, I needed a good boost to help my business stay afloat, hence I researched for licensed advisors and came across someone of utmost qualifications. She's helped grow my reserve notwithstanding inflation, from $275k to $850K.

[@FabioOdelega876]

@@joshbarney114 I appreciate the implementation of ideas and strategies that result to unmeasurable progress. Being heavily liquid, I'd rather not reinvent the wheel, thus the search for a reputable advisor, mind sharing info of this person guiding you please?

[@joshbarney114]

Finding financial advisors like *Marisa Breton Dollard* who can assist you shape your portfolio would be a very creative option. There will be difficult times ahead, and prudent personal money management will be essential to navigating them.

[@Piccolo_Re]

It amazes me people who can obtain jobs that pay that much but can’t figure out how to solve their own money problems. How is that even possible?????

[@susansunflower]

Our utilities are $280/month in our sweet mortgage free 800 square foot home. We drive older cars, no payments. Simple is beautiful.

[@MOM09530]

Yes!!

[@Bestfriend-650]

I have lived in Canada and entire Canada runs on two things - Banks and real estate and everything else is there to support these scams. There is no 30 ye fixed rate, you have to refi every 5 years. The real estate prices are nuts. In 2018 a two bedroom flat in a high rise in Mississauga was 550k that my friend bought. And a simple old house was minimum 800k that my friend bought and spent another 100k renovation before moving in. All of that is good old days before 2020. Taxes are insane and property prices are through the roof. He is not wrong in having a business for tax deduction but I agree that is not a solution to his problem. Income tax is like almost 50% after all is said and done.

[@BradKandyCroftFamily]

Wow, I thought Canada was terrible just for it's human rights issues with squelching free speech & religion and jailing the people openly disagreeing with Trudeau during covid government lockdowns. But the financial crap is just as terrible. I don't know how there's anyone still in Cananda.

[@isay207]

Problem is people want to live in huge cities if you live in a smaller city houses are much more affordable

[@DannyBoy20802]

Renew, not re-finance.

[@Beginningtopeak]

He really thinks you hack your way to wealth and you don't earn it.

[@RockyMountainGardener]

Sadly, a 1.4 million house isn't much in Vancouver. He gets 2000 from renting two rooms. Demand for housing is INSANE in Vancouver, he isn't going to have any trouble finding a tenant. If he can get his mortgage payment down to 6000 that's a much better deal than renting and paying a realtor 6% to sell his house. The cars absolutely need to be sold.

[@oshkoshbegone]

Guys this is Vancouver, the cheapest detached house their is 1.6m and its a shack.

[@christos881]

$7200 mortgage, don't know why I'm broke.

[@joea9222]

He won't sell, he called to waste our time

[@IrishMexican]

Did he say $2,000 for groceries?! This guy eating filet mignon every night?

[@BrianW211]

Buys a $75K car because it gives a bigger tax write-off. Wants his wife to start a business instead of getting a regular job so they can have more write-offs. He's basically trying to figure out a way to write off his $1.4M house. I doubt he could write off enough to get out of his mess, but dang, would you really want to depend on tax write-offs to make ends meet?

[@rvog6584]

Kramer: 'they jus write it all off Jerry!' Jerry: 'do u even know wot a write off is?' [silence]

[@marcosct86]

He is not moving/selling nothing. He is in hongkcouver, it is a life style, that city is doomed

[@anthonybrown06]

He don’t want help. He wants sympathy and agreement

[@Danny...]

$2k Canadian is almost $1,500 in groceries for him, his wife and a baby per month. Maybe I'm wrong but that seems excessive.

[@CrazyMeCrazyYou]

I live in Seattle, and have many friends in Vancouver, BC. This is a very common situation, many folks are over spending on a home trying to get on the property ladder. standard mortgage which they all call 'fixed rate' is adjustable after 5 years. Everyone acts like it's normal, and is driving a luxury SUV.

[@DannyBoy20802]

Fixed rate means the interest rate is fixed for the duration of the term, vs. variable interest rate which adjusts with prime. 5-year term within a 25-year amortization is the most common option, longer and shorter terms are available but rates increase in both directions plus or minus 5-year.

[@sophiaimafidon6469]

As a Canadian living in the USA, This call was so painful to listen to. The host was extremely judgmental and did not consider that he lives in Canada. Sell your house like he could get something cheaper; the Canadian housing market is very expensive. Before you advise people, do some research👎👎👎👎

[@AveryMtlCa]

Exactly!! Their simple minded advice is really a menace to people's lives

[@sophie20001]

$2000 on groceries? Sounds like a lot of take out. Putting the financial burden on his wife is ridiculous. You can’t go through your life thinking $300K makes you smarter or better than other people. Also they finally admit housing costs are ridiculous. In Canada it’s because a lot of wealthy foreigners are buying property.

[@blueredyoyo]

Thank you for mentioning this (housing)! Esp. in Vancouver.

[@stevenmitchell9182]

I’m born American and it’s clear by the comments a lot of Americans never been to Vancouver. A 1.4million dollar house is damn there a 2bed, 1bath dump. Housing prices are insane in Canada.

[@lorithompson3165]

I live in Canada, only certain places are bad, like Vancouver, Toronto . Where I live, you can buy a nice 3 bedroom house for $300,000. If you paid a million here, you would be in a very nice mansion!

[@JewelBlueIbanez]

They live in Vancouver BC. That explains a lot. It’s the most expensive city to live in Canada. Housing is ridiculous. It’s so expensive that there was a university student who flew in from Calgary, AB for classes because it was cheaper than renting in BC.

[@lorithompson3165]

Yes, I remember hearing about that student! I live in Saskatchewan, and this is the place to be, or AB if you want to save $$$.

[@sf4769]

I'm in Canada and right now houses that were 1.4mill 2 years ago are starting to sell at 20% losses. Canadians love debt and refuse to believe that real estate could drop in a downturn. Our housing market is so screwed up. I'm glad I rent with no debt, Canadians think debt is the best thing ever, we hand out loans like candy

[@aliciaz4682]

Everyone, google the price of a home to purchase or rent in Vancouver, Canada. For reals. Buddy can tighten things up, but it IS crazy crazy expensive there.

[@Ninkendo64]

I live in Vancouver Canada as well. It is true that housing proces sre among the most expensive in the world. However most people who live here know that. You have to make hard choices. Keep the house or keep the cars.

[@britneyog9537]

My family makes close to the same. My husband and I didn’t come from much. We live very comfortably. Bought way less house than we could afford, dependable mid vehicles, and live like mid to lower class. BUT, if we ever NEED anything, we don’t stress. Live below your means! Not flaunting your wealth to others and then struggling behind the scenes. Not worth it. Peace of mind, security.. nothing else needed.

[@BREEZYM6015]

I make 60k and don't struggle but I live alone. My take home pay is $3,600 a month. My mortgage and HOA combined is $1,850. There's no way I could find a place for 25% of my income.

[@aminonmiles8054]

Mr Right Off 😂😂😂😂😅😅

[@sheilar.n.4919]

Mr. Write-off

[@--.9394]

Moved from Vancouver to Grimshaw AB. Never looked back.

[@Pfitty24]

Giving up a 1.4 million dollar house to save you 1200 bucks a month is hilarious.

[@patriksavulic1697]

1.4 milion dolar house which have mortage maybe like 1.3 milion dolar house. Or maybe less but point is that it doesnt matter how much valie have the house if he dont own it with his money. Bank own it. He can either buy smaller house or rent some place. This is too expensive house for his income. Period.

[@suen5006]

He said he's spending 2K a month on food. Did no one catch that??? I mean I know food in Canada is expensive but not that much.

[@gm12551]

Dr. John’s body language 😂

[@BassBwoy3]

I live in Vancouver and have noticed an increase in Vancouver calls lately. I think people who used to be on top may be struggling now that inflation has eaten away at their above average income.

[@sminthian]

And they didn't even touch on the food. $2000 a month? Are they eating chunks of gold? I don't think I soend $2000 on food in a whole year.

[@Dynomo20]

Believe or not, grocery here in canada is way more expensive than in the US.

[@Buyitforwife]

Welcome to Vancouver. Housing is EXPENSIVE. people bought in, I don’t think they are Ramsey followers

[@fdsfklnslnlknlkn8884]

In the area of NYC where I live, a family raising two small kids would be broke on a household income of under $500K. Even if they lived modestly. $500K just covers your basic expenses here. Our household income is ~$500K (from our main jobs) and we both work extra jobs to keep our heads above water.

[@ewinslow822]

How is that possible? I'm honestly curious. Is your net worth increasing and you're just in a cash flow crunch, or something else?

[@fdsfklnslnlknlkn8884]

@@ewinslow822 I'll try to break it down: 1) We pay some of the highest taxes in the country. So after taxes, 401K contributions and insurance, our take home income is about $218K. 2) We live in a modest 2BR apartment that is partially subsidized by my partner's employer. Rent is $5K a month (if we were paying market rate, it would be ~$7500/month). Assuming we paid market rate, this would be $90,000 a year. So this bring post-tax income down to $128K.. 3) Childcare is a fortune. Daycare in our area averages ~$4K a month for 1 child. Daycares offer a 10% sibling discount. So for 2 kids, daycare costs $7,600 a month, which is ~$91K a year. Many people choose to use a nanny because this gives more flexibility with morning dropoffs and evening pickups. (Also many daycares here have a year-long waiting list) A nanny for two kids starts at $35 per hour (a nanny for one kid is $25 per hour). At 45 hours a week, that amounts to ~$60L - $80K (not including insurance, commuting subsidies, etc., which can tack on an extra $5K). So for two kids, childcare costs around $90K a month. So this brings post-tax income down to $38K. Our kids aren't old enough yet, but my sense is is that many parents here send their kids here to private schools, because public schools here can be so hit or miss. And unliek in most places, once children finish elementary school, they don't necessarily remain in their own neighborhood for middle or high school (kids can conceivably be assigned to a school on the side of the city). So private school here typically starts at $50K - $60K per student per year (our intent is to move out of NYC by the time our kdis are in elementary school) 4) Children's classes are another major expense. Each class is ~$200 - $250 a month. For 4 classes per child, that's about $1K a month for one child and ~$2K a month for two. So an additional $12K to $24K a year. Since this is totally discretionary, let's assume a family spends the lower range of this for two kids (i.e., $12K a year). This brings the post-tax income down to $26K. 5) Utilities, cell and internet, total ~$500 - $600 a month. Let's take the lower end of this range. That's $500 a month or $6K a year. Post tax-income comes down to $20K 6) Food is the last major expense item. We shop at 4 or 5 grocery stores to save money: basic non-perishable items we get from Aldi or Trader Joes; bulk items we get from Costco; produce we get from Whole Foods (buying non-organic or store brand, wherever possible); and if we need a specialty item not available at Trader Joe's or Aldis, then we get those from Whole Foods or Morton Williams (an NYC grocery chain). This allows us to optimize for value while not being constrained by the limited selection offered. Aside from the occasional bagel (maybe once every other week), we probably order out at most twice a month. So food expenses tend to range from $1800 to $2,500 a month. Let's say $2,000 a month. That's $24K a year. This brings our post tax income down to -$4K. Of course, some of these expenses are more discretionary than others. We could probably reduce our food bill by shopping exclusively at Trader Joes and Aldis or by not sending our kids to as many classes. But this is really shaving around the margins. It might save us a few thousand dollars a year, but really wouldn't impact the bigger picture all that much. (i.e., we would still be just about breaking even)

[@logdon17]

I make over $300k a year and would never think about buying a 1.4 million dollar house unless my down payment was 75%. And even then at today's rates I would have to think really hard about it.

[@James_Hough]

Oh...Canadian dollars...that explains a lot. eh. But that house payment....I'm sure someone has come out on an adjustable but I've never heard that story.

[@emoney1231]

Canada doesn't have the 30 year (or 15), fixed rate mortgage. Generally it's fixed for 5 years, and then you get another 5 years at the new rate. And you do 5 five-year loans.

[@markg999]

​@emoney1231 Well thats a big problem....sounds horrible.

[@pepperonish]

Canada doesn't have fixed rate mortgages

[@nicodemus7784]

only if they had invested cash on hand to pay the mortgage off the moment when the teaser rate died.

[@emoney1231]

@@nicodemus7784 I mean sure? Not exactly a relevation that having more money would fix their situation...

[@cater2myman]

I’ve lived in Vancouver and a 1.2 million dollar house is a very modest house. That’s the average house price there. Cost of living is ridiculous there!

[@danieljohnson4418]

Caller makes a valid point regarding refinancing at a fixed interest rate (thereby reducing his monthly payment to ~$6,000.00) and having a tenant rent one of the rooms for $2,000.00. Is the risk worth the reward (i.e., property value appreciation and homeownership)? I think so. Pointing to a once-in-a-lifetime event, such as the COVID-19 pandemic, to persuade the caller to sell the property because a future event may preclude his tenant from paying rent is a weak argument.