A homeowner at 27, Ben is looking ahead to the future, already considering how he could upgrade to a larger home when it comes time to start a family.
He was able to save for his current home as he had no student loan debt, he says, and lived with his parents until he was 25 while he saved. “I almost always eat at home for breakfast and dinner, but go out with friends every other week, spending $35 for dinner and drinks,” he adds. And while he isn’t starting a family just yet, he’s preparing for the possibility. “I’m happy here for now, but if I start a family in the future, the half I live in will be too small,” he explains.
His short-term goal is to build up an emergency fund. If he does not already have a secured line of credit on his home, he may want to consider putting one in place. This can come in handy for unexpected home or car expenses as long as homeowners avoid the temptation to use it. If Ben does not have an emergency fund, I am guessing most or all of his net worth is made up of his London duplex. He may want to consider diversifying to build some other investments. He has a high tax rate of 43 per cent, and can save 43 cents for every dollar he contributes to his Registered Retirement Savings Plan .
GenZ don’t want kids though
Two problems: - Ontario/municipal governments fail to create high-quality public housing for 75% of population that needs it. - Renters fail to change lifestyles to save for home purchase (depend on other people's property)
Landlords are scum.
How is this ridiculous series continuing. Is it fact checked by anyone? How did a 27 year old save for a home in this market? Presumable he went to school at some point. You claim it was bc he lived at home until he was 25 but did his parents chip in. You say he makes 90,000 but
Yes.