“We live in Vancouver I work full time, he works part time so that he can manage more of the house stuff, kids etc. We bought about 10 years ago and took about 9 years to renovate (we did most of the renos.. Blood, sweat and tears) It is now worth over a mil at least… We make about 85k (total combined salaries). We struggle most months to pay the bills. There are no extras, vacations, dinners out, babysitters etc. We are so careful with our $$ and it boggles our minds how most families (parents have regular jobs… Nurse, firefighter, teacher, med tech etc) in our circle take exotic vacations, shop at Whole Paycheck, drive expensive cars and have huge mortgages (the bigger the mortgage, the more exotic vacation it seems). We assume that they have parents with deep pockets… We can’t imagine they live off credit..heck these are educated people… Wtf??”
– Sandy at thethirtiesgrind.com 31 May 2012 8:17pm
Question: How long would it take this couple to save “over $1M”, after tax? A lifetime? Two?
That was a mental exercise to show how disproportionate the run-up in home prices has been compared with real actual money that people are capable of earning and saving.
If this couple do not realize their paper profits by selling, there is an extremely high chance they will be talking about this missed opportunity for the rest of their lives.