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A place for Get Rich Slowly readers to ask questions
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It is currently Fri May 27, 2016 3:20 am



Viewing profile - kombat

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kombat
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Joined: Tue Mar 11, 2008 12:19 pm
Last visited: Thu May 26, 2016 2:32 pm
Total posts: 1938
[2.18% of all posts / 0.65 posts per day]
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Most active forum: Personal Finance
[ 1329 Posts / 68.58% of user’s posts ]
Most active topic: ObamaCare (+Tangents Evolution, Religion, & Global Warming)
[ 33 Posts / 1.70% of user’s posts ]

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Location: Ottawa, Canada
Occupation: Computer programmer
Interests: Photography, finance
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kombat Posts

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 Forum: Fiscal Fitness Journals   Topic: My journal and the long way to financial freedom

Posted: Thu May 26, 2016 10:24 am 

Replies: 24
Views: 2235


The $2,791 includes FY2015 taxes ($364/yr), insurance ($771), and all repairs/expenses for FY2015. Right - for 2015. But what about the amortized costs of less frequent, big-ticket repairs, like the major ones I mentioned? The fact that in one single year (2015), you didn't have to replace the roof...

 Forum: Fiscal Fitness Journals   Topic: My journal and the long way to financial freedom

Posted: Thu May 26, 2016 6:17 am 

Replies: 24
Views: 2235


If I didn't have a mortgage I would be making 9.35% on my investment. But you do have a mortgage. So your calculation is invalid. It needs to include the mortgage interest you're paying. Also, I'm assuming the $2,791/year is property taxes? Do you include any utilities in the rental? What about amo...

 Forum: General Discussion   Topic: Minimum wage hike to $15

Posted: Wed May 11, 2016 10:46 am 

Replies: 21
Views: 2297


In preparation for future increases in the minimum wage, the McDonald's in my neighborhood has already introduced touchscreen kiosks, where customers can place their own order, complete with payment. They get a receipt with a number on it, and they move over to the counter and wait for their number ...

 Forum: Personal Finance   Topic: Secondary Income Source Assistance?

Posted: Sat May 07, 2016 9:29 am 

Replies: 14
Views: 6018


However at this point in my life, with my meager income, I believe I can get bigger bang from leveraging, rather than investing in indexes. Right. If you want bigger returns, you have to take bigger risks. That's simple economics. And leveraging certainly counts as risky. I'd prefer not to have to ...

 Forum: Personal Finance   Topic: Secondary Income Source Assistance?

Posted: Fri May 06, 2016 11:17 am 

Replies: 14
Views: 6018


It's also worth considering a market's prevailing rent-to-price ratio when deciding whether or not to purchase rental property in a given market. That is, if properties worth $750,000 are renting for $2,000/month (such as is currently the case in Vancouver, Canada), then the cap rate is dismal. You'...

 Forum: Personal Finance   Topic: Secondary Income Source Assistance?

Posted: Fri May 06, 2016 9:07 am 

Replies: 14
Views: 6018


Wouldn't you agree that it would be wise for potential real estate investors to calculate the potential cap rate prior to committing funds to an investment that could produce lower returns than other investments of comparable or lower risk?

 Forum: Tips, Tricks, Links, Pointers   Topic: How to buy the house of your dreams

Posted: Fri May 06, 2016 4:12 am 

Replies: 11
Views: 2615


The IRS calls it passive, regardless of what you or anyone else considers it. Right. But none of us here work for the IRS. So wouldn't it make more sense for us to adhere to the more commonly-used vernacular? The financial domain (apparently excluding the IRS) differentiates between "wage inco...

 Forum: Tips, Tricks, Links, Pointers   Topic: How to buy the house of your dreams

Posted: Thu May 05, 2016 11:26 am 

Replies: 11
Views: 2615


I also disagree that rental properties are "passive income." Delinquent tenants, maintenance issues, vacancies, property damage, etc. are not what I call "passive." My index funds are "passive." My S&P 500 index fund is never going to call me at 6:00 am about a clog...

 Forum: Tips, Tricks, Links, Pointers   Topic: How to buy the house of your dreams

Posted: Thu May 05, 2016 9:44 am 

Replies: 11
Views: 2615


Lots of problems with this idea. #1: You're forced to pack everything up and move every 2 years. #2: It ignores increases in the values of the homes. You may buy for $50k, but when you go to sell 2 years later, it may have increased in value to $60k, meaning a bigger down payment for the next house....

 Forum: Tips, Tricks, Links, Pointers   Topic: Ever use the Rule of 72?

Posted: Thu May 05, 2016 6:31 am 

Replies: 8
Views: 10102


You don’t help a friend by giving them charity or a hand out. I would much rather teach them financial security and sit down going over finances (credit, expenses, etc) and help their future. So you would prefer a relationship where you play the role of the wise mentor, and your "friend" ...

 Forum: Personal Finance   Topic: Pay Off Car Loan vs Savings vs Investing

Posted: Wed May 04, 2016 10:31 am 

Replies: 18
Views: 3549


I know my parents would lend me money, if I asked, because they love me.

They know I would never ask, no matter what, because I love them.

Grownups don't rely on the goodwill of others as a substitute for their own financial responsibility.

 Forum: Personal Finance   Topic: Pay Off Car Loan vs Savings vs Investing

Posted: Wed May 04, 2016 7:44 am 

Replies: 18
Views: 3549


Gifting is one thing - loans are another thing entirely. I would have no problem gifting money to a friend/relative who was truly in need, but there would be no expectation of it ever being paid back. Indeed, we would refuse a payback. We would make it clear that it is a gift. Loans, however, poison...

 Forum: Tips, Tricks, Links, Pointers   Topic: Ever use the Rule of 72?

Posted: Wed May 04, 2016 7:40 am 

Replies: 8
Views: 10102


It helps me determine if I take an interest rate at 5% from the bank for an investment venture, put money in a savings account (0.1-1%), how much to lend money to a friend (8-15%) I would never lend money to a friend. What do you do if they miss a payment? Complain about the interest rate? Lose the...

 Forum: Personal Finance   Topic: Pay Off Car Loan vs Savings vs Investing

Posted: Wed May 04, 2016 6:18 am 

Replies: 18
Views: 3549


Borrowing money from friends and family is an absolutely terrible, terrible idea. It drives a wedge between relationships. I also agree with Vintek: Grown ups stand on their own feet and don't rely on Mommy and Daddy to bail them out into adulthood. Mommy and Daddy made their own way - you should too.
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