In Africa, we don’t get mortgage . We build our houses from scratch to finish with zero mortgage, yet people who live on mortgages and credit cards in the West call us poor people. What an irony of life? Living within your means is crucial for wealth creation. Jobs are not permanent no matter how good you are. Plan and save for the rainy season.
Hmm, the truth is there are poor people everywhere. Jesus said - you will always have the poor with you. The problem we have in Africa is the huge gap between the rich and the poor as well as the multitude of people who are barely surviving. What proportion of the population have those mortgage free houses in Africa? That is the question. Thanks for watching🙏🏾
@@josefelfinito6925 It all depends on what you call poverty . When measuring poverty rates, take away all the mortgages and , students’ loans and credit cards, you will realize which continent is richer. It calls for a thorough debate.
@@OChem928 A continent or country is richer doesn't make the people rich. That's the problem with Africa and you know why it's like that. We have almost everything yet the level of poverty is still very high Africa. Don't know what else you want to call poverty.
My Advise for canadians peaple is Rent a one bedroom apartment in a small city leave big city sell your car live simple life stock food save cash for trouble time . your car and your home will not give you money or Food . stock food for one year we are in a Deficult time . pray to God and take care of your physical and mental health take care of your parents and families
Mortgage payments and any other type of installment or monthly payments are bondage. We may not realize it at the time because this is how things are done in the West, but a job can easily be lost so we live very stressed lives. One of the problems is that people want a brand new, beautiful home so they get themselves into extreme bondage to have them. Buy something more modest that you can pay for very quickly and you will have more peace in your life.
True. It is a hand up though to owning a home. If that's what you desire (some people don't want to own one and that's ok) as long as you take steps to avoid getting into this kind of situation and work towards paying it off. The advice in this video as well as in other videos on my channel on mortgages can help. Thanks for watching!
With rent you get ZERO money back when you move...with a mortgage if you sell you can get back what you paid and the bank gets paid off if you still owe on it and havent made a foolish decision like taking another loan on your home @romeoandjuliet6522
We've reach baby step 7 couple of years ago before we even turned 40. Just by following Ramsey's baby steps, we are about to hit our first million $ networth. Not bad for a couple of immigrants who moved to Canada with nothing 18 years ago, and still working 9-5 jobs.
Congratulations 🎊! We have a similar story. My hope is that more immigrants will take advantage of such programs to get themselves out of the narrative that they can not be successful because they are immigrants or with just their 9-5 jobs. We are living testimonies that it is possible. Thank you so much for sharing your experience🙏🏾
Love this new channel I have found. Great discussions on here... As someone who was homeless once and now owns a home without mortgage (Big blessing from God) its not easy in Canada....you have to do major research about where you want to live and how much you can TRULY AFFORD before buying a home....I had to leave ON and my husband had to leave a good job so we could move a cross the country to buy a home outright we could raise our kids in and never have to worry about paying rent or dealing with a landlord or even the bank....you have to be realistic if you want a "soft life" in Canada....but if you try to keep up with the Jones and live OUTSIDE your means you will be in serious debt purchasing overpriced homes in expensive cities or province's. You have to be willing to determine what you are willing to sacrifice to have a proper home (not owned by bank or landlord). I had to sacrifice fast convenience of city life for rural living so I never have to worry about where I will lay my head at night til the day I die. ..and as a person who literally slept outside on electric boxes and behind gas stations it was worth the sacrifice
My theory is that when people earn a substantial amount of money (like when they work with Microsoft), they rationalize such purchases (houses, cars etc.) in terms of the monthly payments instead of looking at the whole cost and tell themselves they can pay the monthly amount, meanwhile they are being fleeced as in this case, paying 50% over the asking price. My 2 cents. I appreciate you watching and commenting. Thanks!
The asking price is not how much a house is "worth". Sometimes, the asking price is under market average in order to incite a bidding competition between interested buyers.
Most peaple in canada spend whole life to pay of thier morgage but very few peaple who paid of their homes let me tell about them . they are mostly Retired peaple thier kids Dont live with them and thier pension is not that much they have to pay 700$ dollers monthly property tax .if they don't pay government take thier home . then water electricity heat bills they are also high. Winter time 700 $ for heat easy . then mentinance repairs from thier pocket .grass cutting snow removal and they can get ticket if they don't remove snow . with pension amout they can't afford thier own home but if they rent apartment its more cheap . so either they give their property to thier children or sell it . they end up in nursing homes so my advise don't buy home in west .canada uk austrelia usa all have same system you own nothing in other words just stay on Rent don't buy home or condu and live stress free life don't sell your back home house buy property thier
I hear you. But, it is possible to pay off your mortgage before retiring. I have, and many other people have too. Check out my video about it at ruclips.net/video/MJAmrmnsIgk/видео.htmlsi=HDwblN89IylEbo3R . If you want to own your home here (some people don't and that's fine), it is possible. Thanks for watching!
Not all canada is the same across Saskatchewan has low property tax. I pay 1800 a YEAR for my property tax....Ontario and b.c is a different story all depends on the town/city you choose to live...do your research before purchasing a home
It drives me crazy people buy a house that they know is way over priced. There should be no market for buying a 1500 square starter at 650 thousand dollars. HOW STUPID CAN U BE? A 100k income is not gonna do it. The banks will run you into the grave in any mortgage. That 650k they lend you needs 1.5 million of your after tax dollars to pay off. It's just insanity.
Yes, people get caught up in the fear of missing out, but unfortunately they do it with hard earned money which they may end up losing. Thanks for watching!
Yes, you could do that first and then get a house in cash, but that is difficult for most people to do. , Alternatively, get a mortgage, pay it off, and free up that money to invest. Either way works. Thanks for watching!
Enjoying watching you share wisdom in the space of personal finance! Thank you!! Spot on 😍
Thank you for watching! I appreciate your comment, Margaret!
In Africa, we don’t get mortgage . We build our houses from scratch to finish with zero mortgage, yet people who live on mortgages and credit cards in the West call us poor people. What an irony of life? Living within your means is crucial for wealth creation. Jobs are not permanent no matter how good you are. Plan and save for the rainy season.
Hmm, the truth is there are poor people everywhere. Jesus said - you will always have the poor with you. The problem we have in Africa is the huge gap between the rich and the poor as well as the multitude of people who are barely surviving. What proportion of the population have those mortgage free houses in Africa? That is the question. Thanks for watching🙏🏾
Do you really want to compare the level of poverty in Africa with that of the West?
@@josefelfinito6925 It all depends on what you call poverty . When measuring poverty rates, take away all the mortgages and , students’ loans and credit cards, you will realize which continent is richer. It calls for a thorough debate.
@@josefelfinito6925 We don’t buy cars or anything with loans, we buy them in Africa by paying completely through bank transfers or cash.
@@OChem928 A continent or country is richer doesn't make the people rich. That's the problem with Africa and you know why it's like that. We have almost everything yet the level of poverty is still very high Africa. Don't know what else you want to call poverty.
My Advise for canadians peaple is Rent a one bedroom apartment in a small city leave big city sell your car live simple life stock food save cash for trouble time . your car and your home will not give you money or Food . stock food for one year we are in a Deficult time . pray to God and take care of your physical and mental health take care of your parents and families
That's a little extreme 🙂, but I appreciate the comment. Thanks!
Mortgage payments and any other type of installment or monthly payments are bondage. We may not realize it at the time because this is how things are done in the West, but a job can easily be lost so we live very stressed lives. One of the problems is that people want a brand new, beautiful home so they get themselves into extreme bondage to have them. Buy something more modest that you can pay for very quickly and you will have more peace in your life.
I agree. Definitely cut your coat according to your size (of your wallet), and you should be fine. Thanks for watching!
👏👏👏
Paying 200k over asking for a house is just crazy..
I agree. Thanks for watching!
I feel sad for her. This can happen to everyone. This system is not easy. Thank you for sharing. 😁👍🏽👍🏽
Thank you for watching! Hopefully, we all learn from her mistakes like she wants us to.
People have to realize that a mortgage isn't owning a home, u own a bill not a home.
True. It is a hand up though to owning a home. If that's what you desire (some people don't want to own one and that's ok) as long as you take steps to avoid getting into this kind of situation and work towards paying it off. The advice in this video as well as in other videos on my channel on mortgages can help. Thanks for watching!
Even if you paid of house you still can't afford it you gotta pay lot of property tax bills and Rent is cheaper less tension
With rent you get ZERO money back when you move...with a mortgage if you sell you can get back what you paid and the bank gets paid off if you still owe on it and havent made a foolish decision like taking another loan on your home @romeoandjuliet6522
I cried for her. It shall be well. May she find her footing again. It's also a good point to save for the raining day.
Thank you!
We've reach baby step 7 couple of years ago before we even turned 40. Just by following Ramsey's baby steps, we are about to hit our first million $ networth. Not bad for a couple of immigrants who moved to Canada with nothing 18 years ago, and still working 9-5 jobs.
Congratulations 🎊! We have a similar story. My hope is that more immigrants will take advantage of such programs to get themselves out of the narrative that they can not be successful because they are immigrants or with just their 9-5 jobs. We are living testimonies that it is possible. Thank you so much for sharing your experience🙏🏾
Thank you for your advice. Going homeless is scary. I would not last a day on the street.
Me neither. May we all be wise. Thanks!
Love this new channel I have found. Great discussions on here... As someone who was homeless once and now owns a home without mortgage (Big blessing from God) its not easy in Canada....you have to do major research about where you want to live and how much you can TRULY AFFORD before buying a home....I had to leave ON and my husband had to leave a good job so we could move a cross the country to buy a home outright we could raise our kids in and never have to worry about paying rent or dealing with a landlord or even the bank....you have to be realistic if you want a "soft life" in Canada....but if you try to keep up with the Jones and live OUTSIDE your means you will be in serious debt purchasing overpriced homes in expensive cities or province's. You have to be willing to determine what you are willing to sacrifice to have a proper home (not owned by bank or landlord). I had to sacrifice fast convenience of city life for rural living so I never have to worry about where I will lay my head at night til the day I die. ..and as a person who literally slept outside on electric boxes and behind gas stations it was worth the sacrifice
Great story. Thanks for sharing, and welcome to the channel! Please check out my other videos as well.
Well said Ma.
Thank you!
A very helpful video for me personally!
I am very happy that you find it useful. Thanks!
The part of Don’t be House Feaver is a real point , one should always do what they can continue
Correct, never bite more than you can chew. Thanks Oby!
Great words of wisdom.
Thank you!
A Canadian citizen. Indigenous probably since she was probably born here and speaks the national language. That's indigenous.
Yes, we are learning from her experience. Thanks for watching!
I'm just here wondering why you would willingly pay 200k over for a house worth 450k
My theory is that when people earn a substantial amount of money (like when they work with Microsoft), they rationalize such purchases (houses, cars etc.) in terms of the monthly payments instead of looking at the whole cost and tell themselves they can pay the monthly amount, meanwhile they are being fleeced as in this case, paying 50% over the asking price. My 2 cents. I appreciate you watching and commenting. Thanks!
The asking price is not how much a house is "worth". Sometimes, the asking price is under market average in order to incite a bidding competition between interested buyers.
Thank you Diekola
You are welcome! Thank you for watching!
Good video. Thanks
Glad you liked it!
Most peaple in canada spend whole life to pay of thier morgage but very few peaple who paid of their homes let me tell about them . they are mostly Retired peaple thier kids Dont live with them and thier pension is not that much they have to pay 700$ dollers monthly property tax .if they don't pay government take thier home . then water electricity heat bills they are also high. Winter time 700 $ for heat easy . then mentinance repairs from thier pocket .grass cutting snow removal and they can get ticket if they don't remove snow . with pension amout they can't afford thier own home but if they rent apartment its more cheap . so either they give their property to thier children or sell it . they end up in nursing homes so my advise don't buy home in west .canada uk austrelia usa all have same system you own nothing in other words just stay on Rent don't buy home or condu and live stress free life don't sell your back home house buy property thier
I hear you. But, it is possible to pay off your mortgage before retiring. I have, and many other people have too. Check out my video about it at ruclips.net/video/MJAmrmnsIgk/видео.htmlsi=HDwblN89IylEbo3R . If you want to own your home here (some people don't and that's fine), it is possible. Thanks for watching!
@@ThisSideOfLifeWisdom but even if you paid off still so expensive to own a home unless rent gets 4000$ a month or more then it will be problem
Not all canada is the same across Saskatchewan has low property tax. I pay 1800 a YEAR for my property tax....Ontario and b.c is a different story all depends on the town/city you choose to live...do your research before purchasing a home
She paid $200k over asking? I love my assets owned in Nigeria
Yes, the currency difference is mind-blowing. Thanks for watching.
It drives me crazy people buy a house that they know is way over priced. There should be no market for buying a 1500 square starter at 650 thousand dollars. HOW STUPID CAN U BE? A 100k income is not gonna do it. The banks will run you into the grave in any mortgage. That 650k they lend you needs 1.5 million of your after tax dollars to pay off. It's just insanity.
Yes, people get caught up in the fear of missing out, but unfortunately they do it with hard earned money which they may end up losing. Thanks for watching!
Invest you money first
Yes, you could do that first and then get a house in cash, but that is difficult for most people to do. , Alternatively, get a mortgage, pay it off, and free up that money to invest. Either way works. Thanks for watching!
I'm just here wondering why you would willingly pay 200k over for a house worth 450k
Clearly you never heard of economics (manipulated or not)