Struggling financially and getting frustrated? | Page 4 | GTAMotorcycle.com

Struggling financially and getting frustrated?

jc100

Well-known member
I try not to be too judgmental about stuff like that, but sometimes can't help myself.

Financial acumen is like anything that involves impulse control and prioritization.

It's exactly like diet and exercise, things that I do very poorly on.

I like eating junk and not working out. I know if I ate well, I wouldn't be so doughy in the middle. I know if I exercised more, I wouldn't be so out of breath walking up stairs. But sitting on a motorcycle is more important to me. So is over-indulging on sour cream'n onion Pringles.

I'm sure people who over-indulge on spending know they are screwing their future selves, when the bills start coming in. It's just not a priority for them. Owning cool sh*t is more important.
I usually do a cost benefit analysis for my poorly thought out financial decisions. I ask myself the question “is the joy of owning this shiny new thing worth the horrendous fees and financial pain?”
 

george__

Well-known member
Under 30 here...

In a twisted way living big while times are good might make sense.... Some sort of economic collapse seems to happen every couple years and just wipe out our savings anyway...........

Financial PTSD

@canada ... Want to help us by wiping out student loans for students :] ? A lot of recent graduates are diverting retirement money towards loan debt ........
 

PrivatePilot

Ironus Butticus
Site Supporter
I like eating junk and not working out. I know if I ate well, I wouldn't be so doughy in the middle. I know if I exercised more, I wouldn't be so out of breath walking up stairs. But sitting on a motorcycle is more important to me. So is over-indulging on sour cream'n onion Pringles.
Are we related? :LOL:
 

black_CG2

Well-known member
@POWERMAN ive got a similar internal struggle. Went to check out some cars. Found the one I wanted, price was meh, shape was good, some minor issues I could deal with.
But my stupid brain was ‘wait...what if you lose your job? You don’t need that car now...a civic is the answer’ and I’m still on the fence. Mind you my purchase is sub 20k. Ugh. Wish I was a bit reckless with my cash.
I wish I was a bit reckless and risk taker. I am too scared of ****. Yes, I am debt free and sleep very well at night. But life also has hit me hard in the sense I still do not have a home. Looking forward to moving out of GTA soon.

So the big question is how do I get into car financing? No, not getting myself into car payments but getting in the business of arranging car loans? :)
 

mimico_polak

Well-known member
Site Supporter
So the big question is how do I get into car financing? No, not getting myself into car payments but getting in the business of arranging car loans? :)
Easy. Offer up cash to people hard up for money. There’s plenty of people looking for cash that can’t / won’t go to the bank.

obviously you risk losing your cash...but it’s no different than my ex-realtor offering cheap financing for bridge loans....they don’t pay....he keeps the house.
 

GreyGhost

Well-known member
Site Supporter
I wish I was a bit reckless and risk taker. I am too scared of ****. Yes, I am debt free and sleep very well at night. But life also has hit me hard in the sense I still do not have a home. Looking forward to moving out of GTA soon.

So the big question is how do I get into car financing? No, not getting myself into car payments but getting in the business of arranging car loans? :)
I know an accountant that started handing out higher risk car loans as a side business. Each car gets a GPS tracker/remote disable. Crazy interest rates. Sure some get repossessed but it paid for a Lambo for him in not much time at all.

I think you are interested in lending out other people's money, not your own. We have a few gtam members in car sales and at least one that manages or owns a used car lot. They might be able to point you in the right direction. From what I have seen of finance staff in new car dealerships, sadly you are at a distinct disadvantage as I dont think you are a super hot woman.
 

Allistonfjr

Well-known member
If you have money that you would like to lend out, contact a lawyer. They all have a list of lenders. Yes the rate's will be worse than a bank.
 

nobbie48

Well-known member
Site Supporter
I wish I was a bit reckless and risk taker. I am too scared of ****. Yes, I am debt free and sleep very well at night. But life also has hit me hard in the sense I still do not have a home. Looking forward to moving out of GTA soon.

So the big question is how do I get into car financing? No, not getting myself into car payments but getting in the business of arranging car loans? :)
Would you make your money strictly from successful connection or from a fee for doing the leg work, successful or not?

The biggest problem I see is the risk if you ended up dealing with people desperate for money.

I know zero about the business but expect there is paperwork up the wazoo due to money laundering risks etc.
 

black_CG2

Well-known member
I know an accountant that started handing out higher risk car loans as a side business. Each car gets a GPS tracker/remote disable. Crazy interest rates. Sure some get repossessed but it paid for a Lambo for him in not much time at all.

I think you are interested in lending out other people's money, not your own. We have a few gtam members in car sales and at least one that manages or owns a used car lot. They might be able to point you in the right direction. From what I have seen of finance staff in new car dealerships, sadly you are at a distinct disadvantage as I dont think you are a super hot woman.
Not a hot chick but super friendly guy who people trust. Which GTAM members? Please let me know and I will connect with them.

Would you make your money strictly from successful connection or from a fee for doing the leg work, successful or not?

The biggest problem I see is the risk if you ended up dealing with people desperate for money.

I know zero about the business but expect there is paperwork up the wazoo due to money laundering risks etc.
Yes I totally understand. Since I am in mortgage, I deal with paper work but everything is online and I strictly follow requirements.

Try Lending Loop

You can find some referral links online
I will look into it.
 

Mad Mike

Well-known member
I wish I was a bit reckless and risk taker. I am too scared of ****. Yes, I am debt free and sleep very well at night. But life also has hit me hard in the sense I still do not have a home. Looking forward to moving out of GTA soon.

So the big question is how do I get into car financing? No, not getting myself into car payments but getting in the business of arranging car loans? :)
Car loans are arranged by car dealers. They have relationships with lenders, it's pretty hard to get in-between that.
 

mbroyda

Well-known member
maybe someone that makes $60k isnt supposed to own a home, lets say you scrape enough for a down payment and are barley making your mortgage payments, property tax, and utilities, while keeping a reasonable amount of food in the fridge, what happens when the furnace ***** the bed in February and you dont have $$ for a replacement, and then the roof leaks in the spring while you're still making minimum payments on that maxed out credit card ?
why put yourself in that situation when you can rent worry free, and maybe invest some $$ in your education and training so you can make more than $60k a year
 

nobbie48

Well-known member
Site Supporter
maybe someone that makes $60k isnt supposed to own a home, lets say you scrape enough for a down payment and are barley making your mortgage payments, property tax, and utilities, while keeping a reasonable amount of food in the fridge, what happens when the furnace ***** the bed in February and you dont have $$ for a replacement, and then the roof leaks in the spring while you're still making minimum payments on that maxed out credit card ?
why put yourself in that situation when you can rent worry free, and maybe invest some $$ in your education and training so you can make more than $60k a year
Home ownership is the Canadian dream but maybe not the Toronto reality. To see serious drops in prices one has to go 1-1/2 hours out or more. If the commute is unreasonable one could buy out there and rent a spot in TO.

Rent out the place in Boonsville with enough down to break even and in time make money. If Boonsville isn't a bad place to live it can become a paid-for retirement home.

Some wouldn't be my pick but some, depending on the job skills needed in the area, are decent places to live. To me as long as the place has city water and sewers, medical facilities and basic shopping who cares if the place is worth a half million or a million and a half. The GTA is becoming a rabbit warren of agitated people.

Obviously pick a place with the necessities of life, medical etc.

Two years old but:

 

jc100

Well-known member
Home ownership is the Canadian dream but maybe not the Toronto reality. To see serious drops in prices one has to go 1-1/2 hours out or more. If the commute is unreasonable one could buy out there and rent a spot in TO.

Rent out the place in Boonsville with enough down to break even and in time make money. If Boonsville isn't a bad place to live it can become a paid-for retirement home.

Some wouldn't be my pick but some, depending on the job skills needed in the area, are decent places to live. To me as long as the place has city water and sewers, medical facilities and basic shopping who cares if the place is worth a half million or a million and a half. The GTA is becoming a rabbit warren of agitated people.

Obviously pick a place with the necessities of life, medical etc.

Two years old but:

so that’s why we have a lot of GTA imports here in Kingston
 

GreyGhost

Well-known member
Site Supporter
so that’s why we have a lot of GTA imports here in Kingston
Also people that owned something in GTA but were sick of being house poor. Sell the GTA house and often your bigger, nicer non-GTA house can be free and clear. My old house is up for sale again and the seller thinks they can get 200K more than they paid for it 18 months earlier. We'll see if that works.
 

Hack

Well-known member
I bought a fixer upper in 1999 that I almost tripled my money on In 9 years.

Well....You didn't.



Factor in the interest paid on your mortgage, taxes and inflation...
The number might be 3x the size, but relatively speaking you're not 3x ahead.
 

Trials

Well-known member
... Obviously pick a place with the necessities of life, medical etc. ...
Necessities :unsure: Water in the well, fish in the lake and plenty of motorcycle riding terrain What else could one want?

... oh ya! The heated garage :D
 

sburns

Well-known member
Well....You didn't.



Factor in the interest paid on your mortgage, taxes and inflation...
The number might be 3x the size, but relatively speaking you're not 3x ahead.
Also how much was spent fixing it up?
 

Evoex

The God
Site Supporter
Also people that owned something in GTA but were sick of being house poor. Sell the GTA house and often your bigger, nicer non-GTA house can be free and clear. My old house is up for sale again and the seller thinks they can get 200K more than they paid for it 18 months earlier. We'll see if that works.
exactamundo.

many co workers are selling their markham houses they bought 10+ years ago for 1.5ish mil, buying into Alliston area. 5 bedroom 3+ bath 'mansions' (pre construction was 550k) in cash and then 2 new cars and plenty of money in the bank.
 

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