OT: high interest savings accounts - banks without branches
#31
#32
Rennlist Member
Hmmm one day when I have time to review my finances I really want to look into this 1st mortgage option. Sounds interesting, but a little risky.
But to put in my 2c for the OP. Why not something simple and flexible like an S&P500 ETF? That's where the bulk of my money is. Yes there is short term risk, but over the long run you'll average 6-8% returns per year and it's 100% liquid. No locking in, can place a sell order from your smartphone and have cash in hand tomorrow if need be.
Check out stock tickers ZSP-U or ZSP. Managed by BMO, little fees and I've returned ~7.83% over the past 6 months.
But to put in my 2c for the OP. Why not something simple and flexible like an S&P500 ETF? That's where the bulk of my money is. Yes there is short term risk, but over the long run you'll average 6-8% returns per year and it's 100% liquid. No locking in, can place a sell order from your smartphone and have cash in hand tomorrow if need be.
Check out stock tickers ZSP-U or ZSP. Managed by BMO, little fees and I've returned ~7.83% over the past 6 months.
#33
Drifting
Thread Starter
followup, making 2.3% with eqbank.... had to go to the US and find my SSN... apply and just put some of my money in cyberspace.
#34
Nordschleife Master
imho this sounds very fair and reasonable, from both a risk + rewards perspective - provided the market is stable.
imho they cant, and also spend more then they earn; and simply don't care what the interest is that they pay as long as they get 'approved'... and the B-lenders absolutely LOVE these types of clients. never forget that the credit industry to those types who fundamentally shouldn't have access to more money is very, VERY lucrative.
Mortgage broker has a client that can't get a first mortgage from a bank because he has bad credit or does not show enough income on his T4. He needs 350,000 for a 500,000 dollar house. Yes its reputably appraised value is 500,000. so I lend the guy 350,000 at 8% and have the first mortgage on the house. If he stops paying me I do a power of sale and just need to sell it for less than 400,000 to get my money plus expenses and penalties. With A second there is more risk but you can get 10-12 depending on how much risk. Typically I never go more than 75% of the appraised value.
imho they cant, and also spend more then they earn; and simply don't care what the interest is that they pay as long as they get 'approved'... and the B-lenders absolutely LOVE these types of clients. never forget that the credit industry to those types who fundamentally shouldn't have access to more money is very, VERY lucrative.
2 questions.
How do people with bad credit afford 6-8% mortgages? I admit, I was pretty much born with a silver spoon in mouth (my dad worked as a physician for 40yrs) and I came out of university debt free, but even if your family is broke, the choice to go out and get a mortgage that high is a little shocking.
Anyone have a good book recommendation on how to manage your money for dummies?
Peter
How do people with bad credit afford 6-8% mortgages? I admit, I was pretty much born with a silver spoon in mouth (my dad worked as a physician for 40yrs) and I came out of university debt free, but even if your family is broke, the choice to go out and get a mortgage that high is a little shocking.
Anyone have a good book recommendation on how to manage your money for dummies?
Peter
Last edited by myw; 10-31-2017 at 11:16 PM.