How do you figure out what you want to do as a profession?

[ironpony]

50 minutes ago, basil67 said:

How did your investigations into subsidised housing for low income earners go?

Canadian affordable housing providers

I found an area that might be good for me I just need a better job for it. My friend got a house there just recently and she told me about it.

she has less money than I do, but still has the higher paying job so I would need something like that to get it.

There is another area of town with cheaper housing even, it's just the high crime area which I don't live in if I can avoid that.

Edited December 18, 2021 by ironpony

[basil67]

46 minutes ago, ironpony said:

I found an area that might be good for me I just need a better job for it. My friend got a house there just recently and she told me about it.

she has less money than I do, but still has the higher paying job so I would need something like that to get it.

There is another area of town with cheaper housing even, it's just the high crime area which I don't live in if I can avoid that.

But have you also looked at affordable housing providers?  They offer capped rents depending on one's personal income. 

[ironpony]

Oh okay.  I can do that.  Thanks.  But you mean for purchasing or renting?

[basil67]

I'm not in Canada, so I don't know what's on offer in your country.   And I'm not an expert, so I have no business advising you further.    

If you're interested, click on the link I gave you, select your state and go from there.

[Wiseman2]

13 hours ago, ironpony said:

Oh I see.  I thought the rent would still be out of my price range though, if the rooms were completely cut off but I can look into it.

Why aren't you looking at group homes? Ask your caseworker to help you based on your ability to manage finances and independent living.

You may qualify for discounted and affordable housing but you have to ask social services.

How come your 21 year old autistic GF can manage to live independently without parents or a very high paying job?

[ironpony]

2 hours ago, Wiseman2 said:

Why aren't you looking at group homes? Ask your caseworker to help you based on your ability to manage finances and independent living.

You may qualify for discounted and affordable housing but you have to ask social services.

How come your 21 year old autistic GF can manage to live independently without parents or a very high paying job?

She has a higher paying position than me, and a roommate.  But I don't want a roommate.  Also, wouldn't a group home mean a group and not living alone?

[Happy Lemming]

Affordable housing is a problem everywhere (not just in Canada).

In my state, thousands live in their cars and small RV's in Quartzsite, AZ.  They can pay $180 (US) for 7 months of "camping".  Those individuals are out of options and have no place to go.  Rents have "skyrocketed" here!!

I have a neighbor whose daughter got priced out of the rental market and was forced to move home (as a 35+ year old adult). 

My girlfriend was also priced out of the rental market and was forced to move-in with me.  As a bonus, she is saving all of that rental money for a much needed new or newer car.

But you are not alone, as you struggle to find affordable housing/rentals.

[ironpony]

4 hours ago, Happy Lemming said:

Affordable housing is a problem everywhere (not just in Canada).

In my state, thousands live in their cars and small RV's in Quartzsite, AZ.  They can pay $180 (US) for 7 months of "camping".  Those individuals are out of options and have no place to go.  Rents have "skyrocketed" here!!

I have a neighbor whose daughter got priced out of the rental market and was forced to move home (as a 35+ year old adult). 

My girlfriend was also priced out of the rental market and was forced to move-in with me.  As a bonus, she is saving all of that rental money for a much needed new or newer car.

But you are not alone, as you struggle to find affordable housing/rentals.

Oh okay.  I remember 10 years ago people kept telling me the stock market on housing is going to go down and people said to just wait, and the later they said the same thing and wait... But has it actually gone down much at all, like people predicted years ago?

[Happy Lemming]

As someone who has been playing with Real Estate (in the US) for just under 35 years, I've never lost money on a house (even during the 2008 housing crisis).  As long as the area isn't distressed or going blight, the price of houses goes up.  If someone told you that the price of housing was going to go down significantly, they were wrong. The home I'm working on now has more than doubled in value/price in 8 years.

If you had asked me about purchasing a home 10 years ago, I would have told you to go for it!!

As far as the stock market, yes I've lost money in the stock market.  I learned a valuable lesson. Personally, I'm not good at trading stocks, but I am good at fixing up and flipping houses. So I focused all my money and energy into real estate and have never touched the stock market, again.

 

[ironpony]

5 hours ago, Happy Lemming said:

As someone who has been playing with Real Estate (in the US) for just under 35 years, I've never lost money on a house (even during the 2008 housing crisis).  As long as the area isn't distressed or going blight, the price of houses goes up.  If someone told you that the price of housing was going to go down significantly, they were wrong. The home I'm working on now has more than doubled in value/price in 8 years.

If you had asked me about purchasing a home 10 years ago, I would have told you to go for it!!

As far as the stock market, yes I've lost money in the stock market.  I learned a valuable lesson. Personally, I'm not good at trading stocks, but I am good at fixing up and flipping houses. So I focused all my money and energy into real estate and have never touched the stock market, again.

 

Oh okay thanks.  Well people are now saying that there is going to be a stock market crash now coming up likely and I should wait for after that before I buy a place.  But is there going to be likely?

[basil67]

31 minutes ago, ironpony said:

Oh okay thanks.  Well people are now saying that there is going to be a stock market crash now coming up likely and I should wait for after that before I buy a place.  But is there going to be likely?

Have you got the deposit and income required to service a home loan?  If not, you don't have the option to buy a house now anyway.

[ironpony]

No I need a better job for it.  So I guess still live with my parents for now then, till I do?

[basil67]

Exactly. When you have an income to a level where the bank will approve a loan, then you can start thinking about where and when to buy

 

[ironpony]

6 minutes ago, basil67 said:

Exactly. When you have an income to a level where the bank will approve a loan, then you can start thinking about where and when to buy

 

I can do that.  It's just my friends through me sort of an intervention, saying you're getting your own place, and you're doing it now... I appreciate that they care about me but maybe I should wait?

[Happy Lemming]

40 minutes ago, ironpony said:

Oh okay thanks.  Well people are now saying that there is going to be a stock market crash now coming up likely and I should wait for after that before I buy a place.  But is there going to be likely?

I know nothing about the stock market, other than the fact I lose money every time I touch it.  As far as real estate, there was a famous quote and I can't find who said it -

"The best time to buy real estate is Yesterday" - Author unknown 

There really isn't a bad time to purchase a home, as long as that home is not in a distressed or urban blight area.

It is my opinion that no one can predict a stock market crash, so don't listen to the "talking heads" that say the stock market is going to crash or go low.

6 minutes ago, basil67 said:

Have you got the deposit and income required to service a home loan?  If not, you don't have the option to buy a house now anyway.

There are many factors that go into a home mortgage loan, down payment, price of the home, income, length of employment, credit score, other debt and the lender's requirements (which vary greatly based on the lender).  Even with a low income, if the borrower has a large enough down payment, the underwriters will approve the loan.

 

[Happy Lemming]

22 minutes ago, ironpony said:

No I need a better job for it.  So I guess still live with my parents for now then, till I do?

"Where there is a will, there's a way" - George Herbert

I truly believe if you focus on a goal, you will achieve it.

Will you have to work harder - yes... will you have to sacrifice to achieve your goal - yes...  

This is an obtainable goal - how bad do you want it??

I purchased my first home at 22...  I worked two low paying jobs to afford it, but after scrimping and saving for over 5 years, I put together enough of a down payment that a bank would write the mortgage.  It wasn't easy, but I succeeded.

[ironpony]

1 minute ago, Happy Lemming said:

"Where there is a will, there's a way" - George Herbert

I truly believe if you focus on a goal, you will achieve it.

Will you have to work harder - yes... will you have to sacrifice to achieve your goal - yes...  

This is an obtainable goal - how bad do you want it??

I purchased my first home at 22...  I worked two low paying jobs to afford it, but after scrimping and saving for over 5 years, I put together enough of a down payment that a bank would write the mortgage.  It wasn't easy, but I succeeded.

Oh okay.  Even though you had the down payment, why did the bank accept it when the jobs you had were low paying?

[basil67]

31 minutes ago, Happy Lemming said:

There are many factors that go into a home mortgage loan, down payment, price of the home, income, length of employment, credit score, other debt and the lender's requirements (which vary greatly based on the lender).  Even with a low income, if the borrower has a large enough down payment, the underwriters will approve the loan.

Yes, I've had more than one mortgage - bought my first home when I was 20.   I agree that getting a mortgage has a number of complexities....but as deposit (down payment) and income are two major parts of the criteria,  I was keeping it simple.  If he has neither, then it won't get off the ground and that's the end of that.  Or perhaps he could get it, but the lender would likely charge a small fortune in interest as it's such a high risk for them.

As far as underwriters approving a loan if there's a big enough deposit, where I live, you could have a $700K deposit for a $1mill home, a responsible lender still won't approve the loan if you can't demonstrate that you have the income to pay back the remaining $300K plus interest.   Thing is, if that $700K deposit was say, an inheritance, one can't demonstrate solid savings patterns.  

Also depending on where you live, there are lending guidelines which banks must follow.  

 

[Happy Lemming]

36 minutes ago, ironpony said:

Oh okay.  Even though you had the down payment, why did the bank accept it when the jobs you had were low paying?

I applied for the loan, filled out the paperwork and was approved.  I had a small down payment that I scraped together from working those two low paying jobs.

Have you done any research for your area in Canada??  Have you talked to any mortgage loan companies to see how much you actually qualify for and how much down payment you would actually need??

I think you need to actually do some research for your area.  I have no idea how stringent Canadian law is regarding mortgages and mortgage lenders, so you really do need to educate yourself about your province/locality.

[Happy Lemming]

9 minutes ago, basil67 said:

As far as underwriters approving a loan if there's a big enough deposit, where I live, you could have a $700K deposit for a $1mill home, a responsible lender still won't approve the loan if you can't demonstrate that you have the income to pay back the remaining $300K plus interest. 

 

I don't think the OP is looking at 1 million dollar homes. 

Logic would dictate he will need a small starter home where he is probably financing something more comparable to his salary/earnings.

But yes, there are limits to how much a lender will lend based on his salary.  I don't know Canadian law, but I assume there are some predatory lending laws to prevent over-borrowing of funds and interest limits.

[basil67]

14 minutes ago, Happy Lemming said:

I think you need to actually do some research for your area.  I have no idea how stringent Canadian law is regarding mortgages and mortgage lenders, so you really do need to educate yourself about your province/locality.

This ^^ 

Work out where you want to buy, and research how much a simple house there would cost.   From there, talk to reputable lenders and find out what you need to do to afford something like it. 

[basil67]

8 minutes ago, Happy Lemming said:

I don't think the OP is looking at 1 million dollar homes. 

Logic would dictate he will need a small starter home where he is probably financing something more comparable to his salary/earnings.

But yes, there are limits to how much a lender will lend based on his salary.  I don't know Canadian law, but I assume there are some predatory lending laws to prevent over-borrowing of funds and interest limits.

Yeah, sorry - I forgot myself.  AU$1mill (US$750,000) is a starter home where I live.   We're up with Hong Kong, Vancouver and Toronto in terms of cost of housing. It's great for us old Gen Xers and Boomers, but terrible for young people trying to get a foothold.   

@ironpony What's the median house price where you want to live?  

[AngryGromit]

On 3/2/2021 at 7:12 PM, Dis said:

Yes but many of us start off with nothing. 

I almost had to repeat a grade in high school because I had so many issues going on at the time. I barely graduated. Then I went on to do short term retail jobs. Jumped around for place to place. I was still trying to figure my life out. 

Pretty much the same with me, i barely graduated high school, got like a C- average.  Initially did a job as a labor at the construction site, than later electrician helper  with a small residential contractor.  i had an interest in computers so i went to a paid 9k to go to tech school at night. Landed my first job as an computer operator at a company. Took a long time to work my way up, but now I work in Cyber Security at a Fortune 500 firm, still no college but I make over 120k a year.  Very surprised and a little lucky to got so far, almost being a high school drop out. My advise to you, do something that interest you and no playing video games isn't an interest.

 

Edited December 23, 2021 by AngryGromit

[AngryGromit]

On 3/2/2021 at 8:04 PM, basil67 said:

Ok, so going back to what @Dis wrote, where to you feel your strengths are?   

You clearly like the film industry, what about getting skilled up in one of the many fields which supports film or TV.  For example, one of my mates is a successful cinematographer.   His name is always popping in credits for series we watch.

For full disclosure, students that have film college degrees have 5 times more debt to income ratios.  It's not that the film industry pays poorly, more likely most can't land a full time gig in film, college degree or not.  They end up working at jobs that do not pay enough to cover they college debt.  While I would encourage people to follow there dreams,  try not to turn the dream into a nightmare. College debt is not something you can ever escape, it HAS to be paid back. Some people take that debt to the grave. 

Edited December 23, 2021 by AngryGromit

[AngryGromit]

On 12/12/2021 at 4:31 PM, Elswyth said:

This is such a strange take, lol. I have never known a programmer or a hospital worker to struggle to earn a living wage, and waiting tables is something that people generally do while going to school or saving to start their own business, not the main goal of their career.

Agreed, waiting tables, retail and grocery store work is teenager / early 20's jobs. If you still in these kinds of positions when you hit your 30's, you in major trouble of getting stuck in these kind of jobs for life. You need a career to earn the big bucks to get ahead in life. Otherwise your a few paychecks from homelessness. Not a good position to be in when your in your 40's and 50's.