General Discussions => General discussions => ARGHHH! => Topic started by: tracy176 on November 08, 2014, 01:20:20 AM Return to Full Version
Title: Saving
Post by: tracy176 on November 08, 2014, 01:20:20 AM
Post by: tracy176 on November 08, 2014, 01:20:20 AM
So I have been transitioning for five years, life has had its ups and downs. Now I am finally in a position to save up money, I have a question should I go straight for srs or put the money into a house to flip what would you do
Title: Re: Saving
Post by: Ms Grace on November 08, 2014, 03:18:52 AM
Post by: Ms Grace on November 08, 2014, 03:18:52 AM
Having a house gives you stability and having a mortgage gives you something to borrow against for the SRS when you might need it. Of course, a mortgage can also be ball and chain. The choice should be guided by your financial realities.
Title: Re: Saving
Post by: Releca on November 12, 2014, 12:54:13 PM
Post by: Releca on November 12, 2014, 12:54:13 PM
Tracy house flipping can be profitable abut also time consuming and like Ms Grace pointed out if you mortgage one of them it can also leave you in debt. Now the flipside of this coin is are you financially stable enough for srs and still doing flipping.
I'd say the main thing to think about is how fast do you want it and are you financially secure enough to keep going with what you want to do if you jump straight in.
I'd say the main thing to think about is how fast do you want it and are you financially secure enough to keep going with what you want to do if you jump straight in.
Title: Re: Saving
Post by: ErinWDK on November 12, 2014, 01:23:11 PM
Post by: ErinWDK on November 12, 2014, 01:23:11 PM
Quote from: tracy176 on November 08, 2014, 01:20:20 AM
So I have been transitioning for five years, life has had its ups and downs. Now I am finally in a position to save up money, I have a question should I go straight for srs or put the money into a house to flip what would you do
Fiscally, I am a very conservative soul. House flipping is a risky undertaking and if you are not really aware of the market you can lose your shirt. In most of the US the housing market has not got past the slump yet, so it may not be possible to see the full hoped for gains. Believe it or not, at this point I am more comfortable with the stock market than the housing market. Yes, trying to save money in a bank at 0.1% interest has no appeal for me, so I don't recommend it to you.
You already work with the stock market, unless you know housing better I would put my bet there.
Just my $0.02 worth...
Erin