I used to work with Colin. We got along really well and he’s a good guy. If you ever read this Colin, hope all is well with you and hopefully you guys made it through this rough patch in your lives.
This show makes you realise why the 2008 crash happened - the banks were giving everyone money without any consideration of their capacity to pay back loans - they paid their house deposit with credit from the bank 🙈🙈🙈🙈🙈
“Accidentally bought a house” 😂😂😂 as an escrow officer, that really got a laugh out of me lmao! The fact that you could put a new build deposit or earnest money on any form of credit blows my freaking mind. I’ve had to return anywhere from $1k to $18k back to buyers at closing because the funds weren’t able to be verified as the buyers’ cash, not any form of credit or gift from an outside party without lender approval.
It also GOBSMACKED me that anyone can buy a house on credit. Don't the sellers worry about having to reposes the home more likely than not. I've seen so so many foreclosures in my neighborhood, in the SF Bay Area, that it's beyond silly. The house next to us has had four owners in less than 10 years, and the house across the street about the same. Sadly it's ALWAYS young first time buyers.
@@youtubeacc Housing market doesn’t allow for this. I make 6 figures and can’t afford an entry level home in my state. The lowest homes I can find (old 800sf 1bdrm homes) are about $400k which at 6.5% interest is ~$3200/month payment. Which means you’d need to net $9124/month income to afford it by the 35% rule. Bottom line: entry level 1bdrm homes in my state require a $150k annual income to afford at 35% of take-home.
He’s wanted to be a cop since he was seven but they are buying new furniture and $1800 vacuums instead of putting their money toward whatever courses he needs to become a cop? 🤯
Why do you have to pay to be a cop anyway? In my country it’s a paid 3 year training. You get paid (not much though) to get trained … I am mindblown that this is not standard
@@allisonwillcox9393 I don't know whether it's legal, but in modern times, there is no bank that would ever in a million years approve you for a mortgage if you need credit for the down payment.
In the US it was the government's dumb 1999 Affordable Housing Act, whose intent was to make housing costs available to people who couldn't afford it before. Add idiot banks, Stock Market new types of instruments, including CDC swaps, which I still don't understand and, of course, the flipping Houses "fad" HOUSING used to be a stable business section but no more. Just as unstable as the stock market. Never trust your government. All those bills that sound great usually end up as disasters.
What she doesn't mention is that the marshmallow challenge was skewed by financial status. The kids that waited were from higher socioeconomic backgrounds and knew there would always be "marshmallows", the poorer kids knew that they may not get more and what they had would likely be taken away. That definitely skewed the long term outcome in terms of future success too.
That's so true. For people that have very little, when they are offered something free they will take it whether they need it or not. My mum was a single parent with 3 kids and a mortgage left for her to pay with 3 under 3 year olds. We always accepted everything offered. However, we were taught "if you don't have the money you can't have it".
Actually that isn’t accurate. It was proven that socioeconomic status could be a factor, along with several other things including cognitive development or early upbringing. So yes the results were flawed but not just by “financial status”.
That's easy enough to check. Run the same experiment with children who are all of the same socioeconomic status. I think you'd find that, regardless of their family's money, some children would devour the marshmallow while others would wait on it. In my own family, my brother and I are delayed gratification people. Our sisters are into immediate gratification.
I had never heard that, that's interesting to know. I was brought up in a household where we were "always broke", our parents declared. We thought we were poor, yet my brother and I are examples that it was more developmental over socioeconomic status (in our case). My brother couldn't spend his money fast enough (we always said "it burnt a hole in his pocket"). I, however, was a natural saver, almost a hoarder when it came to money. Thirty-plus years later, we exhibit similar behavior, where my brother relies on pay day loans and buys frivolous toys, then let's his utilities get shut off--and I watch my husband's and my savings and retirement accounts grow and grow. My husband and I make a modest income also (we've never transitioned into a higher socioeconomic tier).
This couple is so sweet!! They were humble and ready to receive the wisdom and corrections and it paid massive dividends. So happy to see them getting along better and looking forward to a bright future!
We are trying to live on cash basis. When our credit cards went to 3 (total 12k credit limit), i was always anxious. We slowly paid it and now we only have 1 cc at 4500credit limit and thats it. Sometimes i feel poor because we dont have many stuffs. When we moved to our new home, we agreed no expensive furniture. We buy one a time an item. It helps we have a small, modest home so we try to keep our stuffs minimal. I keep on watching minimalism/simple living videos and i learn a lot from this show of Gail.
@@markcritic2409 I see her just being really young and perhaps sheltered, still learning how life works. I will say I preferred the husband, and that’s a departure from the norm for me, so maybe that’s what I was responding to the most
I consider myself a ln economical person and I spend much of my free time reading and watching financial videos and books. But I am still so shocked that people use credit cards for their home down payments. Like my mind cannot wrap itself around negative equity
If you can’t survive on $90,000 a year…you really need to look at your whole lifestyle ! That’s an awful lot of money !! This is just ridiculous 🤷🏻♀️🤷🏻♀️🤷🏻♀️
I have an old couch a 2005 old car ,l do my own hair and have a second hand store business but l owe nothing and both my daughters graduated collage and have another one in a private high school ,so there you go !!
She's in control cos she earns 3 times what he earns. It's difficult to say no to her when it's really her money. Doesn't work the other way round I've noticed...
big man offering to pay for the whole table when he only makes $26,000 a year.I think they're just young and need to learn more life lessons but they are a cute couple their dogs are adorable
Okay, it is WILD to me that people were able to buy a house using credit for the down payment! This was definitely pre-2008, or they do things differently in Canada….it took my husband and I 6 years into our marriage to buy a house.
I wish I had this opportunity when my husband and I started out to learn this!! Instead of parents just saying save. Your directions and tasks are great!!
How did they use credit as a down payment? Large credit card debt usually screws up your debt to income ratio and lowers your ability to secure a mortgage.
It sounded like she knew they were going there to sign papers but he didn’t. She tried to make it sound like an accident and she had no idea but no one is that stupid.
How is this not debt in the real sense of things? If you owe money to a creditor, you are in debt to them. Owning $10K to a credit card company is no different than owing $10K on a medical bill - it’s still debt. You can be sued in either instance and get a judgement against you.
Wow Gale really attacked him on how much he didn’t make and yes I already knows before she said anything. He probably barely barely covers his hockey addiction and nothing else besides that. It is pathetic of what he makes
In fairness, the hiring process and how long it takes isn’t in their control. I’ve been stuck in the same dead end job for 8 years because I needed to be hired fast to pay bills. Now I can’t afford to miss work for interviews..
Contact a recruiting agency. They might have something that you like better. Perhaps working for a different company would be better if they allow you to move within the company. Best of luck.
Even if she has impulse purchasing problems, she seems like a sweet person and I admire her for not holding it against her husband for making significantly less.
I would never pay for a group of people, I take cash with me when I’m going with a group I don’t pay for anyone I don’t like people, not even my family sometimes
It’s clear after watching numerous episodes that Gail wisely forces them to think long term. I can attest my own life got better once I woke up and made some intermediate and long term plans. That was decades ago, but I stuck to it and have had a good life since then.
Got to say that I'm currently financing new kitchen appliances and a new hide-a-bed couch. But everything is on a 1-yr or 2-yr no interest period, and my monthly payment is slightly greater than what I need to pay off the balance in time.
To join the NYPD the policy academy is free, I believe. However, you need an associate's degree (60 Credits) first. In New York City, we have the City University of New York available to residents, where the entire Associate's degree would cost roughly $10,000 before the cost of books and miscellaneous fees. I wonder what Colin had to pay in his part of Canada?
I don't know if anyone could answer this question but I'm so confused about bankruptcy from what I've seen and heard it's like all your debt gets wiped out and you could start over so wouldn't everybody love to do that is there a catch I'm just confused
There are a lot of consequences to bankruptcy. For instance, they’ll come and take any assests you own. For example in Ontario, you’re only allowed to keep a car worth no more than 7k. If your car is worth more than that, they’ll seize it and sell it. So if you own expensive purchases like a car or home, it may not be worth it. The next problem is for at least 6 years, you have no credit. That means no one will loan you any money. No car, no houses, no credit cards, no expensive phone plans. A bankruptcy even shows up when you try to rent a house, so even renting can be difficult. Life is hard when you can’t even get a phone plan without someone signing for you. Lastly, not all debts are forgiven. Mortgages, student loans, and car loans are secured debts, so they are not forgiven.
"It was an $11,000 downpayment, all on line of credit" - I'm crying because that's so cheap to get a house. If I save $20K my parents can help with $20K, then MAYBE I can talk to the bank.
You don’t just want to be a cop you need university education volunteer work courses physical fitness not be in debt give to the community and I don’t know how they will view in recruiting seeing him on this show 😢
Whoa whoa whoa, only a few minutes in but not cool how Gail is ragging on Collin’s income so much, especially since, from what I’ve seen so far of the episode, Shannon seems to be the one with the spending problem.
another selfish husband. no yoga= 4 hockey teams, wings and drinks after every week . make it make sense. im not saying she's any better but that particular things seems a little selfish.
I play hockey on 6 men's teams and a women's tournament team... I also joined a men's tournament team this fall, too! I have 6 guinea pigs and 4 dogs. I pay my bills on time and do UBER for a living. Haha. Single life is the best life! Good on him for the hockey! He deserves that! What the hell does he do that he makes $25K? I make $60+K driving food around! LOL! I work 35 hours a week and sleep 70 hours a week! these idiots need a life!
@@youtubeacc I take care of my disabled roommate to sell the flexibility in the schedule is necessary due to her doctors appointments, and other things that she needs. She can’t drive herself because she has seizures so I help out and do all that kind of stuff as well. I don’t get paid for and I don’t want to be paid for it. It’s just something you do for a friend.
