Hi,
I'm a fairly new forum member, and I have been a reader so far.
Apologies in advance for my rather long message.
Currently looking for some advice in terms of management of my finances, but more on a macro level. Simply put: what would you do financially, if you were me?
I'm 45, married with 2 kids (aged 11 and 14), sole breadwinner (wife has an Engineering degree like me, but lacks authorization to work in the U.S.).
My wife and I have dual citizenship (European and Canadian).
Currently in the U.S. with a non-immigrant visa (previously TN / Trade NAFTA and recently H-1B).
I am a massive saver (about 70% savings rate) - that's the only thing I am super-good at, with the money. Managed to accumulate mid six-figures cash capital in Canada, and another mid six-figures capital in the U.S. The Canadian money are still in Canada, as right after the time when I came to the U.S. (end of 2013) the CAD started to lose parity against USD. So now I'm kind of waiting for it to gain some parity back - well, to be more correct, it's a decision that depends on whether or not my residence situation here in the U.S. becomes more stable - we are all currently considered "Resident Aliens" but with me having work authorization (but only for a specific employer).
I have a SSN and the rest of the family ITINs.
It is only me mostly making all the financial decisions in the family.
Back in Canada, I've managed to buy our own house without borrowing.
I had to sell the house after moving to the U.S.
I've been reading a ton of books on investing, and I had some stock-based investment portfolio back in Canada (was consisting of index ETFs and also some individual stocks from TSX60 - mostly dividend payers like banks, utilities, etc). I was considering myself an optimist, but after the 2008's big recession, I've got to know myself (from a financial risk perspective), better. I haven't made money on stocks (even tried bonds for a while, but again, no financial satisfactions). After reading so many books on investing, I kind of consider them decoupled from reality (or to be more blunt - more like financial porn in a way). Especially after reading Richard Ney's book "The Wall Street Gang".
I've generally come to the mindset that I should never speculate, live within my means, and seek ways to PRESERVE the fruits of my hard work. Nothing more, nothing less. You know, something like those grandma's jars from the pantry...
Currently renting. No debt (I told you, saving is the best I know to do).
I was sitting on the sidelines whether or not I should buy a house. About 2 years ago I was almost to pull the trigger on that, mostly due to seeing the rent prices increasing like crazy (in Denver / Boulder, Colorado area). But after reflecting on my current residence situation, I changed my mind.
More recently, with the interest rates coming to almost 0 and the private FED mafiosi pumping money like crazy, the savers are deeply penalized.
What would you do if you were me (i.e. neither a U.S. citizen, nor a U.S. permanent resident, but you residency status hanging on your current job, and an employer potentially willing to sponsor you for permanent residence / green card but with a future very unknown, covid-1984 and other economy dynamics):
1. Would you buy a house? What to do in a worst-case scenario i.e. permanent residency not materializing within 3-5 years, also possibly being laid off, unable to find a new work visa and being forced to leave U.S. possibly for Canada or even Europe? Would I be able to sell the house quickly enough and not at an unfavorable price?
2. Would you continue to keep mid-six-figures capital in Canada in savings accounts earning 1.3%, and another mid-six-figures in American savings accounts earning 0.67% ? (SFGIdirect.com rate just went down from 0.8%, but I found yesterday National Cooperative Bank offering a 0.9% Money Market account).
3. Or would you invest in stock market but with a fairly short horizon (3-5 years), which is kind of an oxymoron
. Even after 30 years the wall street gangsters could potentially bring the market down on purpose, so that they can benefit from a "fire sale", for some big-cheese having a great opportunity to enter the market (No, I don't believe the stock market is a really free / uncontrolled market). Would I be able to regain confidence in stock market?
4. Should I buy gold bars from Schiff Capital instead? (and possibly filled with Tungsten inside?
)
5. Other investment advice?
Unfortunately I'm not good at being entrepreneurial (didn't have great teachers throughout my school education including the University). Otherwise, the today's times would constitute a great opportunity for opening up a business in IT.
Btw, there is a 401k match with my employer, but considering my rather unstable future / residence status, I am reluctant in investing in 401k. As opposed to its Canadian equivalent (RRSP), one cannot withdraw from 401k at any time, without an additional surtax penalty (in Canada they can be a great investment strategy - for example withdrawing in years with no or low income).
Not sure if you get my feeling: uncertain future, not being able to reach a full potential, feeling like being caught between many worlds and constraints etc.
The kids future may be uncertain as well - due to know being anchored into U.S.-based education, it would obviously make a potential leave of the country even more painful. In a way, this aspect acts as a "stabilization factor" as it makes me thinking about their education and future and kind of discouraging any intention of leaving (even though, it all depends, on rather objective and hard factors like keeping the job secure, and employer willing to proceed with next steps for immigration sponsorship).
Thank you in advance for your feedback.
I'm a fairly new forum member, and I have been a reader so far.
Apologies in advance for my rather long message.
Currently looking for some advice in terms of management of my finances, but more on a macro level. Simply put: what would you do financially, if you were me?
I'm 45, married with 2 kids (aged 11 and 14), sole breadwinner (wife has an Engineering degree like me, but lacks authorization to work in the U.S.).
My wife and I have dual citizenship (European and Canadian).
Currently in the U.S. with a non-immigrant visa (previously TN / Trade NAFTA and recently H-1B).
I am a massive saver (about 70% savings rate) - that's the only thing I am super-good at, with the money. Managed to accumulate mid six-figures cash capital in Canada, and another mid six-figures capital in the U.S. The Canadian money are still in Canada, as right after the time when I came to the U.S. (end of 2013) the CAD started to lose parity against USD. So now I'm kind of waiting for it to gain some parity back - well, to be more correct, it's a decision that depends on whether or not my residence situation here in the U.S. becomes more stable - we are all currently considered "Resident Aliens" but with me having work authorization (but only for a specific employer).
I have a SSN and the rest of the family ITINs.
It is only me mostly making all the financial decisions in the family.
Back in Canada, I've managed to buy our own house without borrowing.
I had to sell the house after moving to the U.S.
I've been reading a ton of books on investing, and I had some stock-based investment portfolio back in Canada (was consisting of index ETFs and also some individual stocks from TSX60 - mostly dividend payers like banks, utilities, etc). I was considering myself an optimist, but after the 2008's big recession, I've got to know myself (from a financial risk perspective), better. I haven't made money on stocks (even tried bonds for a while, but again, no financial satisfactions). After reading so many books on investing, I kind of consider them decoupled from reality (or to be more blunt - more like financial porn in a way). Especially after reading Richard Ney's book "The Wall Street Gang".
I've generally come to the mindset that I should never speculate, live within my means, and seek ways to PRESERVE the fruits of my hard work. Nothing more, nothing less. You know, something like those grandma's jars from the pantry...
Currently renting. No debt (I told you, saving is the best I know to do).
I was sitting on the sidelines whether or not I should buy a house. About 2 years ago I was almost to pull the trigger on that, mostly due to seeing the rent prices increasing like crazy (in Denver / Boulder, Colorado area). But after reflecting on my current residence situation, I changed my mind.
More recently, with the interest rates coming to almost 0 and the private FED mafiosi pumping money like crazy, the savers are deeply penalized.
What would you do if you were me (i.e. neither a U.S. citizen, nor a U.S. permanent resident, but you residency status hanging on your current job, and an employer potentially willing to sponsor you for permanent residence / green card but with a future very unknown, covid-1984 and other economy dynamics):
1. Would you buy a house? What to do in a worst-case scenario i.e. permanent residency not materializing within 3-5 years, also possibly being laid off, unable to find a new work visa and being forced to leave U.S. possibly for Canada or even Europe? Would I be able to sell the house quickly enough and not at an unfavorable price?
2. Would you continue to keep mid-six-figures capital in Canada in savings accounts earning 1.3%, and another mid-six-figures in American savings accounts earning 0.67% ? (SFGIdirect.com rate just went down from 0.8%, but I found yesterday National Cooperative Bank offering a 0.9% Money Market account).
3. Or would you invest in stock market but with a fairly short horizon (3-5 years), which is kind of an oxymoron
4. Should I buy gold bars from Schiff Capital instead? (and possibly filled with Tungsten inside?
5. Other investment advice?
Unfortunately I'm not good at being entrepreneurial (didn't have great teachers throughout my school education including the University). Otherwise, the today's times would constitute a great opportunity for opening up a business in IT.
Btw, there is a 401k match with my employer, but considering my rather unstable future / residence status, I am reluctant in investing in 401k. As opposed to its Canadian equivalent (RRSP), one cannot withdraw from 401k at any time, without an additional surtax penalty (in Canada they can be a great investment strategy - for example withdrawing in years with no or low income).
Not sure if you get my feeling: uncertain future, not being able to reach a full potential, feeling like being caught between many worlds and constraints etc.
The kids future may be uncertain as well - due to know being anchored into U.S.-based education, it would obviously make a potential leave of the country even more painful. In a way, this aspect acts as a "stabilization factor" as it makes me thinking about their education and future and kind of discouraging any intention of leaving (even though, it all depends, on rather objective and hard factors like keeping the job secure, and employer willing to proceed with next steps for immigration sponsorship).
Thank you in advance for your feedback.
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