Ramit Sethi's insights on achieving financial freedom are truly remarkable. His content has helped me feel more at ease, especially when considering buying property in today's economy, particularly in Canada. I've witnessed family members struggle with being 'house poor,' constantly working to pay off their mortgage debt, leaving little time for themselves. Some day I do aspire to own property without sacrificing my quality of life or becoming enslaved to debt. I believe in enjoying life while maintaining financial stability. Don't worry about not owning a condo yet; the right time will come. And when it does, you'll be able to afford it without the stress. Remember, a delay doesn't mean denial. ❤️❤️
You are so right! We weren’t put on earth to just buy a house lol it’s to live and I want to responsibly enjoy my hard work by improving my quality of life!
First of all, congrats on paying down so much debt and your aggressive savings goals! I live in LA so I totally understand ridiculous housing prices. Even rent is becoming almost unsustainable to live here. I think though, we are often told if we don't buy we are throwing our money away, and I'm glad there are podcasters like the one you listened to and Ramit Sethi debunking that myth. It doesn't always make sense. For me, it was about having a place I could do things with to make it my own and I get frustrated with the limitations there, but also, I have a LOT more freedom when things go wrong. For instance, if there is a two-year construction project about to start across the street, I'd have a lot easier time moving, and I love that I don't have to pay to get things fixed, and I have found ways to make the inside my own with my own personal touches. Things like removable wallpaper, for instance, can add those personal touches. Best of luck to you!
Right! There’s pros and cons and after being really honest with my own skills and situation I’m not in a place where I can either fix something on my own or cough up the money immediately to fix something huge like a roof or whatever. Rent is definitely insane here too. Not looking forward to that 👎🏼
Im so glad you made this video, because I'm in the exact same position as you with the exact same thoughts. I don't make $100k (so you are super lucky!) But I do have a pretty good amount saved for a down payment, but regardless, I'm still really stressed about maintaining the property with all the cost, especially since I don't make as much. I swear, unless you have a partner, it is SO hard to buy and maintain a property on your own, but just like you said, I don't want to rely on anyone else for that. Thank you for sharing this video, makes me feel like I'm not alone!
Deciding not to buy a place at the moment has definitely rocked my world haha I’m not quite sure what direction to go in. I’ll buy in the future I’m sure but I think investing in stocks is my best bet right now hoping to get a better return that way. But who knows what will happen! Good on you for saving up a good amount for a down payment! That’s hard work!
@@DajanaCoric Thank you! Honestly I think you're doing great and that's a good idea! I would just save more for your down payment and then once you have that, I think you'd be completely fine to be qualified for a mortgage
Ramit Sethi talks about this in one of his vids, that owning a house can eat all your wealth if you don’t do it carefully. Also I’m sorry but 5% down on a house just doesn’t seem like enough as a first down payment 😞
Definitely not enough with interest rates. I was just trying to get enough as fast as I could so I could buy before bidding wars started when rates went down. Oh well no condo for me haha I like Ramit! Im going to read his book next!
The best advice I've ever got was from a boomer. He said, "You just need to pull yourself up by your bootstraps." Ever since that, something changed. I was able to pay off debt, buy a house with cash, and retire at 35. Thank you boomer!
I would go with a place that's a bit older and a bit further away if I were you. You're so young, and a first place does not have to be be new, or perfect, or nearby to all the things you want. Rest assured there will come a time in your life, your late twenties, early thirties, mid thirties, whatever, where your life will change, and your needs will change and you will likely be able to afford something bigger, or closer to where you want to be at that time. I've never rented a place that was in the area I truly wanted to be because I genuinely couldn't afford the areas I wanted to be in. Even my first house (which I got before covid, I was very lucky) is in a very old neighborhood, and it's a very small house, good for a single person or a childless couple. But I'm able to put money into the property and plan to use that later on the perfect home for a family.
I think I commented on an earlier video. And I’m sure it’s upsetting, but just imaging feeling as intense about the debt that you have now. But you wouldn’t have that for 5 years, but for 30. If I were you, I would focus on one goal now, enjoy the fruit of your Labour of being debt free and then Re-evaluate what you want after. Also I think - some things are out of your control - and it causes you suffering because you are of the impression, that you can change them - like the housing market, cannot be countered by working more and more. To me it feels like you just came to that realization and that hurts but from an outside perspective it’s also your chance to decide what could be other goals that would serve you well. From the little glimpse I get through UA-cam you’ve done incredibly well and you initiated a lot of positive change in your life in a very short time-span - so be proud of yourself, lean back and let the things come to you a bit more maybe. 🩷🩷🩷
I think you hit it right on the nose. I was going through phases of first thinking it was impossible to then getting use to the market being the way it is and just thinking well just gotta make it work to being like wow I’m kinda wasting my life here stressing about this money. My whole point of going back to school was to have better income and not have to stress about money haha yet here I am.
Ramit Sethi's insights on achieving financial freedom are truly remarkable. His content has helped me feel more at ease, especially when considering buying property in today's economy, particularly in Canada. I've witnessed family members struggle with being 'house poor,' constantly working to pay off their mortgage debt, leaving little time for themselves. Some day I do aspire to own property without sacrificing my quality of life or becoming enslaved to debt. I believe in enjoying life while maintaining financial stability. Don't worry about not owning a condo yet; the right time will come. And when it does, you'll be able to afford it without the stress. Remember, a delay doesn't mean denial. ❤️❤️
Is Ramit's content relatable to Canadians in the sense of advice regarding our housing market?
You are so right! We weren’t put on earth to just buy a house lol it’s to live and I want to responsibly enjoy my hard work by improving my quality of life!
First of all, congrats on paying down so much debt and your aggressive savings goals! I live in LA so I totally understand ridiculous housing prices. Even rent is becoming almost unsustainable to live here. I think though, we are often told if we don't buy we are throwing our money away, and I'm glad there are podcasters like the one you listened to and Ramit Sethi debunking that myth. It doesn't always make sense. For me, it was about having a place I could do things with to make it my own and I get frustrated with the limitations there, but also, I have a LOT more freedom when things go wrong. For instance, if there is a two-year construction project about to start across the street, I'd have a lot easier time moving, and I love that I don't have to pay to get things fixed, and I have found ways to make the inside my own with my own personal touches. Things like removable wallpaper, for instance, can add those personal touches. Best of luck to you!
Right! There’s pros and cons and after being really honest with my own skills and situation I’m not in a place where I can either fix something on my own or cough up the money immediately to fix something huge like a roof or whatever. Rent is definitely insane here too. Not looking forward to that 👎🏼
Hang in there. You will get a place. The time to buy will never be perfect
Thank you! You're right and I just have to learn to go with the flow.
Consider moving to a cheaper part of Canada. And renting is OK too. It really is.
Im so glad you made this video, because I'm in the exact same position as you with the exact same thoughts. I don't make $100k (so you are super lucky!) But I do have a pretty good amount saved for a down payment, but regardless, I'm still really stressed about maintaining the property with all the cost, especially since I don't make as much. I swear, unless you have a partner, it is SO hard to buy and maintain a property on your own, but just like you said, I don't want to rely on anyone else for that. Thank you for sharing this video, makes me feel like I'm not alone!
Deciding not to buy a place at the moment has definitely rocked my world haha I’m not quite sure what direction to go in. I’ll buy in the future I’m sure but I think investing in stocks is my best bet right now hoping to get a better return that way. But who knows what will happen! Good on you for saving up a good amount for a down payment! That’s hard work!
@@DajanaCoric Thank you! Honestly I think you're doing great and that's a good idea! I would just save more for your down payment and then once you have that, I think you'd be completely fine to be qualified for a mortgage
Ramit Sethi talks about this in one of his vids, that owning a house can eat all your wealth if you don’t do it carefully. Also I’m sorry but 5% down on a house just doesn’t seem like enough as a first down payment 😞
Definitely not enough with interest rates. I was just trying to get enough as fast as I could so I could buy before bidding wars started when rates went down. Oh well no condo for me haha I like Ramit! Im going to read his book next!
Do you know which video?
@@ashleyh8352 “why I don’t own a house as a multi millionaire”
I love ur videos happy u stopped the loud music in backround after a few
Mins :)
Sorry about that! Im terrible with audio haha
The best advice I've ever got was from a boomer. He said, "You just need to pull yourself up by your bootstraps." Ever since that, something changed. I was able to pay off debt, buy a house with cash, and retire at 35. Thank you boomer!
This made me think about homeownership in a different way. Thank you for posting. Which episode of Money Feels talks about home ownership?
Oh I don’t think they’ve done a whole podcast episode but they mention it a bit on their instagram!
I am exactly in the same boat.
I would go with a place that's a bit older and a bit further away if I were you. You're so young, and a first place does not have to be be new, or perfect, or nearby to all the things you want. Rest assured there will come a time in your life, your late twenties, early thirties, mid thirties, whatever, where your life will change, and your needs will change and you will likely be able to afford something bigger, or closer to where you want to be at that time. I've never rented a place that was in the area I truly wanted to be because I genuinely couldn't afford the areas I wanted to be in. Even my first house (which I got before covid, I was very lucky) is in a very old neighborhood, and it's a very small house, good for a single person or a childless couple. But I'm able to put money into the property and plan to use that later on the perfect home for a family.
You look young... My advice would be to leave Canada... I used to live in Texas and coming back to Canada was the biggest mistake...
seems like you need a husband who can share such burdens with you. best of wishes there!
I think I commented on an earlier video. And I’m sure it’s upsetting, but just imaging feeling as intense about the debt that you have now. But you wouldn’t have that for 5 years, but for 30.
If I were you, I would focus on one goal now, enjoy the fruit of your Labour of being debt free and then Re-evaluate what you want after.
Also I think - some things are out of your control - and it causes you suffering because you are of the impression, that you can change them - like the housing market, cannot be countered by working more and more.
To me it feels like you just came to that realization and that hurts but from an outside perspective it’s also your chance to decide what could be other goals that would serve you well.
From the little glimpse I get through UA-cam you’ve done incredibly well and you initiated a lot of positive change in your life in a very short time-span - so be proud of yourself, lean back and let the things come to you a bit more maybe. 🩷🩷🩷
I think you hit it right on the nose. I was going through phases of first thinking it was impossible to then getting use to the market being the way it is and just thinking well just gotta make it work to being like wow I’m kinda wasting my life here stressing about this money. My whole point of going back to school was to have better income and not have to stress about money haha yet here I am.