Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Old 08-13-2011, 03:25 PM   #21
Recycles dryer sheets
Nobulife's Avatar
 
Join Date: Aug 2011
Location: Nicola Lake
Posts: 53
Quote:
Originally Posted by Ed_The_Gypsy View Post
Nobulife, I do not think you can cut down a tree in White Rock, even if it is on your own property. In San Francisco, however, some property owners have committed 'arborcide' (coined by eco-activists) by arranging for the tree in the way of their view to die. Impossible to prove, in most cases.

What do you think your condo would rent for? Make your own annuity. Be very careful about annuities. Do a lot of research before you commit.
Not about to commit any act that ends in "cide"!!!! We have a no rental by law for our strata building so it is stay or sell.

As for investing, I am inclined to see less risk in putting it in a sock under the mattress than playing the market. In Canada we have RRSPs and I wonder if that would be a better way to go with some of it, DH and I would both have a lot of unused capacity in that area. I am leery of being sold a product though I do trust the people at the credit union over the banks.
__________________

__________________
Nobulife is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 08-13-2011, 06:19 PM   #22
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Jul 2006
Posts: 11,014
Quote:
Originally Posted by Nobulife View Post
As for investing, I am inclined to see less risk in putting it in a sock under the mattress than playing the market. In Canada we have RRSPs and I wonder if that would be a better way to go with some of it, DH and I would both have a lot of unused capacity in that area. I am leery of being sold a product though I do trust the people at the credit union over the banks.
Welcome Nobulife. I am concerned that you are describing RRSPs as if they are the opposite of "playing the market". RRSPs can contain practically any type of securities. They work best when you invest within them early in your career and get the early tax benefits. Don't forget that the income tax has to be paid when you take the money out. In your case, you would have a relatively short period of time before you need to withdraw, and therefore little opportunity to grow the investments in your RRSPs. TFSAs might be another vehicle to consider. You don't get any immediate tax breaks, but you never pay taxes on the earnings.

Your initial idea about selling the high priced condo in White Rock and buying a trailer makes financial sense, but it seems like you two are not emotionally ready to do it, nor do you have a detailed plan. Selling and renting may be a good option. In any case, I think you need to do a more detailed analysis of your finances and options before you make any irrevocable decisions. How much pension will you both have? What are your expenses now? What will they be in retirement? How much will you need to draw down on your savings to supplement the pensions? Is that withdrawal rate sustainable? How much cushion do you need to cover contingencies?

I second the recommendation to check out the Financial Webring Forum, which has some very sophisticated Canadian expertise. Another site to check out is the Canadian Money Forum Canadian Money Forum - Powered by vBulletin. Also take a look at Jim Otar's book and retirement calculator at otar retirement calculator. You owe it to yourselves to be as informed as possible. Use financial insitutions but don't rely on their advice alone.
__________________

__________________
Meadbh is offline   Reply With Quote
Old 08-13-2011, 08:16 PM   #23
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Ed_The_Gypsy's Avatar
 
Join Date: Dec 2004
Location: the City of Subdued Excitement
Posts: 5,292
Quote:
We have a no rental by law for our strata building so it is stay or sell.
Bummer. That limits your options. You are wise to look before you leap.

Meadbh is right about RRSPs. They are just an account, not an investment product.

Meadbh is also right about the Tax-free Savings Accounts. They are a gift from God! By all means, use them fully. They are like our Roth IRAs, except that if you do not use all your entitlement one year, you can carry it over! If we do not use our entitlement for this year, we lose it. You are very fortunate!

You may be thinking of GICs--Guaranteed Investment Contracts, I think they are. Like Certificates of Deposit, except issued by insurance companies. When you buy such a product, always diversify. Buy from several companies, not just one. You should be fine, but not much protection against inflation.

Would you consider living on a boat? It might be cost-effective in BC.

I do not understand why property is so expensive in Canada. With 1/10th of the population of the US and about the same about of area, why should that be? Somebody wants it to be expensive, I think.

I believe that property was down in parts of Abbottsford. Might be worth a look.

Beware of property on aboriginal lands, by the way. But if you read the papers, you know about that.
__________________
my bumpersticker:
"I am not in a hurry.
I am retired.
And I don't care how big your truck is."
Ed_The_Gypsy is offline   Reply With Quote
Old 08-13-2011, 08:46 PM   #24
Thinks s/he gets paid by the post
DblDoc's Avatar
 
Join Date: Aug 2007
Posts: 1,224
Quote:
I do not understand why property is so expensive in Canada. With 1/10th of the population of the US and about the same about of area, why should that be? Somebody wants it to be expensive, I think.
This may help explain why - the vast majority live in the very southern part of the country :

Population+desnity+map+2.gif

DD
__________________
At 54% of FIRE target
DblDoc is offline   Reply With Quote
Old 08-13-2011, 09:49 PM   #25
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Jul 2006
Posts: 11,014
....and in BC (which stands for Bring Cash), there are many Chinese expats who want a home here. There are also people like me who move here for the climate and the scenery. Heck, it's a great place to live.
__________________
Meadbh is offline   Reply With Quote
Old 08-14-2011, 11:22 AM   #26
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Jul 2006
Posts: 11,014
To Nobulife, here is a spreadsheet that can help you to evaluate the financial pros and cons of owning real estate as an investment. It's designed for people making the purchase decision but hopefully you can use the numbers you already have.

Rate of Return Evaluator ~ Canadian Housing Price Charts and Real Estate Evaluator Blog www.chpc.biz
__________________
Meadbh is offline   Reply With Quote
Old 08-14-2011, 11:59 AM   #27
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Ed_The_Gypsy's Avatar
 
Join Date: Dec 2004
Location: the City of Subdued Excitement
Posts: 5,292
Quote:
Originally Posted by DblDoc View Post
This may help explain why - the vast majority live in the very southern part of the country :

Attachment 12405

DD
It explains nothing. Property is insanely expensive up north in Calgary, Edmonton, Fort McMurray, where there are more moose than people.

There are exceptions from time to time. The last time I was in Uranium City, Saskatchewan, you could buy a house for $100. There were only 43 residents at that time. I understand that houses are more expensive now.
__________________
my bumpersticker:
"I am not in a hurry.
I am retired.
And I don't care how big your truck is."
Ed_The_Gypsy is offline   Reply With Quote
Old 08-14-2011, 12:30 PM   #28
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
haha's Avatar
 
Join Date: Apr 2003
Location: Hooverville
Posts: 22,380
Quote:
Originally Posted by Ed_The_Gypsy View Post
Bummer. That limits your options. You are wise to look before you leap.

Meadbh is right about RRSPs. They are just an account, not an investment product.

Meadbh is also right about the Tax-free Savings Accounts. They are a gift from God! By all means, use them fully. They are like our Roth IRAs, except that if you do not use all your entitlement one year, you can carry it over! If we do not use our entitlement for this year, we lose it. You are very fortunate!

You may be thinking of GICs--Guaranteed Investment Contracts, I think they are. Like Certificates of Deposit, except issued by insurance companies. When you buy such a product, always diversify. Buy from several companies, not just one. You should be fine, but not much protection against inflation.

Would you consider living on a boat? It might be cost-effective in BC.

I do not understand why property is so expensive in Canada. With 1/10th of the population of the US and about the same about of area, why should that be? Somebody wants it to be expensive, I think.

I believe that property was down in parts of Abbottsford. Might be worth a look.

Beware of property on aboriginal lands, by the way. But if you read the papers, you know about that.
Three factors in Vancouver. Chinese demand 2) the only place in Canada with bearable year-round weather 3)Topography. So many mountains and inlets and not a lot of plain old flat ground.

Ha
__________________
"As a general rule, the more dangerous or inappropriate a conversation, the more interesting it is."-Scott Adams
haha is offline   Reply With Quote
Old 08-14-2011, 09:35 PM   #29
Full time employment: Posting here.
 
Join Date: Apr 2008
Posts: 702
Sometimes when a change is forced upon us we get the unique opportunity to see things differently.

Congratulations on your retirement.
__________________
FreeAtLast is offline   Reply With Quote
Old 08-15-2011, 06:16 PM   #30
Recycles dryer sheets
Nobulife's Avatar
 
Join Date: Aug 2011
Location: Nicola Lake
Posts: 53
Quote:
Originally Posted by FreeAtLast View Post
Sometimes when a change is forced upon us we get the unique opportunity to see things differently.

Congratulations on your retirement.
The changes in my life have certainly forced me to view things differently and not all of it is bad. In fact a lot of it is completely awesome but I am my own worst enemy.
Do you remember Archie Bunker, confronted with Edith's difficulties due to menopause, hollering in frustration, "if you are going to change then change right now" or words to that effect. Well, that's me ..even though it makes all kinds of sense to take it slowly and sell our place next year, a part of me is wanting to move on now,right now.

So my new strategy is to distract myself by planning short term events such as a fishing trip next month. I need to tie a bunch of flies, stretch my lines, freeze some meals and clean out the rv. And being retired I don't have to fit this all in after a long work day...Yeaaaa.
__________________
Nobulife is offline   Reply With Quote
Old 08-15-2011, 06:32 PM   #31
Recycles dryer sheets
Nuiloa's Avatar
 
Join Date: May 2011
Posts: 496
Just curious..... where in the world are you going to find a lake-front residence that is cheap? Are you moving to Nunavut? (aptly named: when they asked the natives how much of that frozen land they wanted, they replied None Of It, and the name stuck)

You shouldn't have too much trouble selling a place in White Rock at top dollar, even with that pesky tree.
__________________
Inside me is a skinny person crying to get out, but I can usually shut the b*tch up with cookies
Nuiloa is offline   Reply With Quote
Old 08-15-2011, 06:42 PM   #32
Recycles dryer sheets
Nobulife's Avatar
 
Join Date: Aug 2011
Location: Nicola Lake
Posts: 53
Quote:
Originally Posted by Nuiloa View Post
Just curious..... where in the world are you going to find a lake-front residence that is cheap? Are you moving to Nunavut? (aptly named: when they asked the natives how much of that frozen land they wanted, they replied None Of It, and the name stuck)

You shouldn't have too much trouble selling a place in White Rock at top dollar, even with that pesky tree.
Not moving to a lakefront residence though we could have for only 130k...trouble was the place was rotting out. Down the road was lake front with an old mobile on an acre for 99k but two reasons for not buying ,,,it is a Native Band lease and there is no high speed internet available, With my kids thousands of miles away I need Skype capability.

No when we move it will most likely be to lovely Langley. The White Rock condo market is a unique entity that is not greatly influenced by general trends. We did sell the place once but the buyers backed out 2 hours before the subjects were due to come off. Then we had a low ball offer that we refused. But it has been a very slow summer for sales especially when you have restrictions on pets, rentals and age. It has all been for the best though as we were rushing it too soon after I was laid off , we now realise, so we are off the market until the new year.
__________________
Nobulife is offline   Reply With Quote
Old 08-15-2011, 06:59 PM   #33
Recycles dryer sheets
Nuiloa's Avatar
 
Join Date: May 2011
Posts: 496
Quote:
Originally Posted by Nobulife View Post
No when we move it will most likely be to lovely Langley. .
The problem with Langley is that it is on the other side of all the bridges. Once Port Mann comes in with its toll, it's going to be expensive to commute. There's just something so wrong about that!

I live in Port Moody, in what my realtor said is " Vancouver's best kept realty secret". You can still get 2-bedrooms for under $225K. It's old, but well kept and no bridges.
__________________
Inside me is a skinny person crying to get out, but I can usually shut the b*tch up with cookies
Nuiloa is offline   Reply With Quote
Old 08-15-2011, 10:18 PM   #34
Recycles dryer sheets
Nobulife's Avatar
 
Join Date: Aug 2011
Location: Nicola Lake
Posts: 53
Quote:
Originally Posted by Nuiloa View Post
The problem with Langley is that it is on the other side of all the bridges. Once Port Mann comes in with its toll, it's going to be expensive to commute. There's just something so wrong about that!

I live in Port Moody, in what my realtor said is " Vancouver's best kept realty secret". You can still get 2-bedrooms for under $225K. It's old, but well kept and no bridges.
No commuting in my life.... I am retired. Only direction I am going to be heading in is up the valley and up the Coq to my favourite lakes. We are planning on a 2 bedroom mobile home in a co-op no pad fees just $100 per month maintenance , no fear of assessments and the property taxes are typically around 400 dollars per annum with the senior discount. The units average around $200,000 or less which includes the price of the fraction of land you own as part of the co-op.
__________________

__________________
Nobulife is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


 

 
All times are GMT -6. The time now is 05:50 AM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.