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Thread: Man pays mortgage in 3 years. He's 30!

  1. #16
    Mastermind Natalka's Avatar
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    Quote Originally Posted by annedougherty View Post
    In my experience I can tell you that many men that age are not even anywhere near ready for that sort of thing. LOL
    Must be a prairies thing - lots of nice, decent guys like the comfy life of being settled down. Half a dozen of my nephews all married by mid-twenties (one at 20) and have great families, homes, jobs, etc.

    My son is 24 and knows it's what he wants some day, but knows it will be a bit longer because he's in an apprenticeship, so wants to get his career all set first.


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    How is it that the entire upstairs of a $425,000 house in Toronto only generates $18,600 in yearly income?That's only$1550. a month.Suites here in nojobsland rent for that much,and more.Also,where'd he get the ginormous downpayment?Will have to find out when the book is released,I guess.
    Seriously though,good for him.We have about 1/2 the income and a similar mortgage,and are looking at being paid off in 10 years-3 to go.It can be done and doesn't even require such extremes,but mega discipline and budgeting is a must.He's an example for the Millennial generation,for sure.
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    Mastermind Shwa Girl's Avatar
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    Quote Originally Posted by secheltsaver View Post
    How is it that the entire upstairs of a $425,000 house in Toronto only generates $18,600 in yearly income?That's only$1550. a month.Suites here in nojobsland rent for that much,and more.Also,where'd he get the ginormous downpayment?Will have to find out when the book is released,I guess.
    Seriously though,good for him.We have about 1/2 the income and a similar mortgage,and are looking at being paid off in 10 years-3 to go.It can be done and doesn't even require such extremes,but mega discipline and budgeting is a must.He's an example for the Millennial generation,for sure.
    About the down payment, he payed about$ 600 rent living in his family's basement , I think and saved since he got his first job after graduation.
    the 1550 rent for the main floor, the house is not too large. The house is in the Scarborough area I think.

    This is the house
    Name:  sean-cooper-morgage-burning.JPG
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    He said his inspiration for renting main floor and living in the basement was the show Income Property (Shawn McGillvery) where the host of the show started by buying his first income property and living in the basement.
    Last edited by Shwa Girl; Fri, Nov 6th, 2015 at 04:56 AM.
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    momof5boys
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    Quote Originally Posted by secheltsaver View Post
    How is it that the entire upstairs of a $425,000 house in Toronto only generates $18,600 in yearly income?That's only$1550. a month.Suites here in nojobsland rent for that much,and more.Also,where'd he get the ginormous downpayment?Will have to find out when the book is released,I guess.
    Seriously though,good for him.We have about 1/2 the income and a similar mortgage,and are looking at being paid off in 10 years-3 to go.It can be done and doesn't even require such extremes,but mega discipline and budgeting is a must.He's an example for the Millennial generation,for sure.
    Parents need to teach their kids to save from a very early age. Paper routes make for great education on budgeting. Our kids first jobs were paper routes and berry picking and it was mandatory that they give, save and only spend a little. They also knew that it was they who would be responsible for their own university education. From berry picking, it was other work like green house jobs, farm work, etc. It is amazing what they can accomplish if they learn to save and work hard. One of our kids had a bit of a loan to pay off after 6 years of university which he paid off within they year. Another had savings well into the double digits while attending university. The trick is to teach them that 'keeping up with the Joneses' doesn't matter (we told our kids that they were the Joneses lol). Who cares what car they drive as long as it gets them from A to B and is reliable. I have a good feeling that this young man grew up in much the same way - just making good choices and saving from very young is HUGE.

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    Dancing bean paste bun Ciel's Avatar
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    Quote Originally Posted by Shwa Girl View Post
    A 255000 mortgage is paid in 3 years, by a 30 year old man!
    He lived in the basement and rented the main floor
    He worked full time and had a part time job at No Frills, working up to 80 hours per week.
    He rode his bike rather than use a car and kept his grocery budget in check.


    http://www.milliondollarjourney.com/...-by-age-30.htm
    His part-time job landed him with up to 80h per week? Was he keen to sign a waiver at work to allow over 44h/week? I'm seeing variations of what employers consider part-time. It's not just 24h anymore. The thing is, if one has a changing retail work schedule, and yet is over 20h/w one week or more, that can impact access to certain employment centre programs.
    He must have relied on secondhand shops for clothing if he did not buy new. Maybe he has some insights on where his best finds were! Not sure if he will share how many work days he went in sick too!
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    Good for him! He should be proud of himself for everything he's done to be mortgage free.
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    Quote Originally Posted by Ciel View Post
    His part-time job landed him with up to 80h per week? Was he keen to sign a waiver at work to allow over 44h/week? I'm seeing variations of what employers consider part-time. It's not just 24h anymore. The thing is, if one has a changing retail work schedule, and yet is over 20h/w one week or more, that can impact access to certain employment centre programs.
    He must have relied on secondhand shops for clothing if he did not buy new. Maybe he has some insights on where his best finds were! Not sure if he will share how many work days he went in sick too!
    He had 2 part time jobs. Freelancing and No Frills. 20 hours each per week plus his regular 40 hour job = 80 hours easily.
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    KanewtZ kanewtz's Avatar
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    Good for him.

    I'm 31, married for four years with a 2 year old son.

    We bought our house together Nov 28, 2010....our final mortgage payment will be on Nov 28, 2015....and it will be done.

    Five years...not many sacrifices...and my wife was on Mat leave for a year without a top up (just EI).

    Can be done...could share how if anyone wants to...still put money into TFSAs, RESPs, RRSPs, etc.
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    Matt

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    This and all the posts in this thread are very inspirational! My plan for the future is to get a mortgage for a home with a suite (with the help of my mom as a cosigner) and rent out either the upstairs or downstairs suite, depending on my needs at the time. I'll hopefully pay most of my mortgage off of rental income. If possible I'd love to go big and invest in something like a duplex that has suites on each side (4 'units') and rent out 3 of the 4 living spaces.

    Then when I'm ready to have a family, I'll move out, rent out the space I was living in, and buy another home. Make over and above my mortgage on house #1 and maybe even have extra to put towards my dream home. It's a rough plan at this stage, but I'm working on it slowly but surely to make it happen.

    I'm never going to eat KD every day or give up my car entirely (which is 100% paid off and is a 2009, I paid it off in 3 years rather than the 5 my loan was for) but kudos to this guy for doing something so unpleasant and sticking to it.
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    Yeah, I read that article as well - that's insane. Agreed with others comments on balancing life because tomorrow is never guaranteed.
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  11. #26
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    what an anazing feeling that must be.
    Last edited by emg; Thu, Nov 12th, 2015 at 10:53 AM.
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    Thinking of opening an ING account use this number 35728975S1 and both of us get a $50!! dollar bonus.

  12. #27
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    A few years of sacrifices makes for a stress-free financial future. He should be proud.
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  13. #28
    Mastermind Shwa Girl's Avatar
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    Quote Originally Posted by Frugalbigmama View Post
    A few years of sacrifices makes for a stress-free financial future. He should be proud.
    Agree.
    A Toronto Life blogger* read about the 30 year old home owner and blogged about her life. She is paying off debt. She is living with her parents. She is 35. She is unhappy (5 years living with parents). In 2014 she woke up and decided to pay off her $33000+ loan. By 2016. Hmmm. 2016. 3 years later.

    So he paid his house in 3 years.
    She is paying her debt in 3 years. Then she will start saving.

    Now, was the 30 year old homeowner sacrificing or is the 35 year old blogger sacrificing?

    *Quote from the 35 year old female blogger in debt

    By the end of 2014, I had an epiphany. I thought about my future and who I wanted to be. I realized that in two years I would be 40, with no retirement savings and a boatload of debt. “Never loan me money again,” I told my parents. “I need to learn how to get out of my own mess.” And in January 2015, I did. I committed to a year of no spending, aggressive repayment and simple living. I purged 50 per cent of my belongings—books, kitchen supplies, clothes—through donation and consignment. I cut cable, my home phone line and any other money-draining luxuries. It’s been a difficult change, with a few hiccups along the way. Once I bought a $90 set of makeup brushes, only to shake my head, wondering what I was thinking, and promptly return them.
    I no longer equate success with stuff, but with experiences—I spend time with friends and family, volunteer, meditate, and reward myself with days off from work instead of shopping sprees. I’ve been living with my parents for five years, and though they’d never say so, I know I’ve overstayed my welcome. I’m currently sitting on a $27,000 debt load. My goal is to move out by April 2016, rent my own place, have my debt repaid by the end of next year, and eventually make it to a $100,000 net worth. I’m just taking it one dollar at a time.
    http://torontolife.com/city/life/mem...nts-at-age-34/
    Last edited by Shwa Girl; Sat, Nov 21st, 2015 at 09:28 AM.
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  14. #29
    Mastermind Shwa Girl's Avatar
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    after paying your mortgage by age 30, what's the next step?

    write a book
    http://www.cbc.ca/news/business/sean...debt-1.3992278

    get a YouTube channel



    try to become a millionaire by age 35
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