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SERIOUS life path question- ADVICE NEEDED, BROTHERS!!!

Discussion in 'The Lounge' started by Can Can, Nov 18, 2005.

  1. Can Can

    Can Can Pusher Man Staff Member Super Moderator

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    I'm in a bit of quandry right now, so I'm looking for some input. Please take a minute and read through this before you offer your opinion.......

    Kim and I bought our place in Canmore over 7 years ago. Our town has become a worldwide known destination in the last while, and as a result, property values have doubled in the last 3 to 4 years. Right now I'm sitting on a goldmine, and have less than 4 years left on the mortgage.

    I also have an awesome job that pays really well and offers topnotch benefits and a pension. I'm willing to bet that my pay rate is in the top 5% as far as skilled trades go in this area.

    Right about now some of you are saying "Sooooooooo? What's the problem???" Well, read on........

    I'm a simple guy. Kim isn't a fancy girl. We really don't "fit in" in Canmore, where a good 70% of the population are millionaires(I'm not kidding!!!) and drive $70K vehicles to their coffee dates and golf lessons. Our kids are starting to wonder why we don't have a "big house" like their friends do(some of the homes owned by people I know are worth $1.5 million and up). In fact, it's not unusual to have the ol' K5 surrounded by over half a million bucks worth of vehicles at a red light. I think you get the point.

    Some of you know that Kim and I also have a 5 acre recreation property across the Rockies in British Columbia. We spend every spare weekend we have out there from around the middle of March to the middle of October. For 7 months of the year my life revolves around that place, and when I'm not out there all I can think about is GETTING OUT THERE!!!! I would really like to move out there someday, hopefully sooner than later.....

    Once again, you might be saying "WOW!!! That Can Can dude has got it good!!!". Okay, here's where I need your advice about the following scenarios:

    1. Kim and I could sell our place in Canmore tomorrow, move to our property in BC, throw down an awesome modular home, pay off EVERY BILL WE HAVE and end up with a huge chunk of change in the bank. I'm talking like more than $100K huge....... The downside is that I would have to quit my job, which I've been at for almost 18 years. I've got it down pat, and am in a position to be promoted within the next 5 years. Another big one is that I would have to find a new(read lower paying) job and I'm so comfortable where I'm at that this prospect is, to be quite honest, scary!!!! The upside? No debt, a real possibilty of being able to work part time to support the family, and a lifestyle that I've dreaming of for years.......

    2. Kim and I could decide that we have it damn good where we're at, both in location and in life in general. We have a place that, chances are, could be worth a lot more than it already is within a few more years and would be PAID OFF. I have an awesome, SECURE job where I pretty much plan my day to day activities. The downside: We would, however, still have to deal with serviceable debt for the next 10 years or so. The people in town are going to get richer and richer, to the point where I am literally going to be one of the "Last of the Bluecollars" in the forseeable future. And all those rich dinks piss me off.......... The upside? Potentially bigger gains in equity, a good job, and a secure lifestyle, surrounded by some of the best scenery in the world.

    I'm sorry, brothers, this turned out a lot longer than I had originally planned. If you've made it this far, I would appreciate your insight. Thanks for reading, my friends........:bow:
     
  2. Can Can

    Can Can Pusher Man Staff Member Super Moderator

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    Sorry, I just realized exactly how GAY the term "life path" sounds.........:rotfl: :rotfl:
     
  3. big pappa b

    big pappa b 3/4 ton status

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    I say stay where you are at unless you get a line on a better job. When you get use to a set dollar amount for income and then take a big paycut that can be rough. Granted you say you won't have any bills
    Besides, once you move you won't have anywhere to go "get away" from things
     
  4. Can Can

    Can Can Pusher Man Staff Member Super Moderator

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    Wow, thanks for clearing that up for me, Bryan..........:surepal:






    :rotfl: :rotfl: See?????? There's no easy answer, is there?:doah:
     
  5. kyser_soze

    kyser_soze 1/2 ton status

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    Take the blue pill.

























    Stay where you're at, let the property increase while your debt decreases. With all of this money coming into the community the schools are probably doing pretty well. Even though rich people are coming into the community they bring money as well. More money more work. Get your hard earned promotion. Eventually, when your kids move out, sell out and live comfortably.
     
  6. Cricket

    Cricket 3/4 ton status

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    Stick with Canmore and the good job with potential.

    Your taking an awful gamble that you'll be happier in the grass that looks greener on the other side of the fence. when you jump over it may turn out to be cheap astroturf.
     
  7. Can Can

    Can Can Pusher Man Staff Member Super Moderator

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    What happens if the market somehow crashes before then and I lose all the equity I've gained in the last couple of years? I'd hate to get greedy only to have it come back to bite me in the ass.........
     
  8. nc87k5

    nc87k5 3/4 ton status

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    tough decision my friend. I can't really honestly say what I would do. on one side, like it was said, if you sell and move to the property, then where would you go then? on the other, living debt free sounds pretty awesome.

    I know!!!! sell and move you ass closer here :D :D
     
  9. Silver84k5

    Silver84k5 1/2 ton status

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    if you go to your vacation property for.... vacation. Then being out there all the time might not make the place so special to you... then again it might not...

    Whatever you do, ponder it till you are sick, then think about it some more. How would your kids feel about moving out into the sticks? (im assuming youd be near a small town or something?)
     
  10. kyser_soze

    kyser_soze 1/2 ton status

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    You have to ask yourself;

    1: Why are all these people moving into the community.

    2. What will change this.

    3. What are the projected growth plans are for the city..

    4. Over what period of time.

    5. What would make people leave the area.

    6. What is keeping me in this community.

    7. Would I be happier with a new job and some money in the bank.
     
  11. gjk5

    gjk5 3/4 ton status

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    My .02 on this is as follows:

    Unless your real estate market is in a seroius bubble right now the likelyhood is that the home will continue to appreciate, but worst case may see a slow down in appreciation, especially with your proximity to a resort area, those areas rarely lose any value. Plus lower end homes in high end areas are typically the most highly marketable.

    A good job is hard to find, a good job that you like is even harder.

    Your oldest is well into school, your youngest just starting. You are in a high income (which usually means high tax) area in which they are very likely to get a superior educational experience, not to mention your family reaps the general community benefits of a wealthy community.

    You have the great place in BC which is also bound to be appreciating as well, which sounds like it's where you would want to retire anyway.


    My advice would be to at the very least stay in Canmore for a few more years and get a little more value accrued in your place and some more $$$$$ tucked away for retirement, maybe even start throwing $$$$ at the BC place after your Canmore home is paid for, you could even have Canmore place paid for and a home built in BC in 7-10 years and the sale proceeds of your townhome would be free for you to reinvest or retire on.



    Hope that all made sense.
     
  12. ntsqd

    ntsqd 1/2 ton status

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    Why not use some of your time "over there" to look for a similar position? I don't know exactly what you do, but from what I gather of it I'd think that similar positions exist where ever you want to go. You might take a drop in pay, but if your bills are significantly lower you might not feel it at all.

    I'm not seeing a time crunch anywhere, so you have time to work out the bugs of moving to where you want to go.

    Depending on your employers' outlook on employees, they may be willing and able to help you find such a position. If not, a top notch resume' would be a good investment.

    Good luck and keep us informed.

    TS
     
  13. gjk5

    gjk5 3/4 ton status

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    I almost forgot:


    Go make yourself a drink, it's Friday night and you're falling behind!!!!!!!!
     
  14. surpip

    surpip 1 ton status

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    stick it out, like any good investment it will only get better and richer for you ar your family with time, plus im am shure where you are at now the schools are real good, a real plus for your kids.
     
  15. Resurrection_Joe

    Resurrection_Joe 1 ton status

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    MINUS FIVE POINTS

    Carry on...
     
  16. Can Can

    Can Can Pusher Man Staff Member Super Moderator

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    Thanks for all the advice, brothers. One big issue I forgot to mention that my childrens' age is a big factor right now. IMHO, we either move soon(before the kids are in their teens), or we wait until they have left the house. If we wait until they go out on their own, I'm gonna be digging ditches for another 15 years..........:doah:

    BTW, David, I'm well on my way.:whistle:
     
  17. 89GMCSuburban

    89GMCSuburban 1/2 ton status

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    I'd stay in Canmore. Think about you when you retire, and your kids. To have everything paid off....with TWO properties....it just makes more sense to stick with the great job and pay off bills in time, ya know? It's like people who buy property in Estes Park here....when they sell it, they will regret it, because land value keeps going up, so if you ever want a place there later....it's just gonna be more expensive.

    I wouldn't worry about Canmore losing value.....no way. People will ALWAYS dish it out to be in a place like that...regardless of economic situation.
     
  18. Resurrection_Joe

    Resurrection_Joe 1 ton status

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    Stay in Canmore, you'd have to change your screen name
     
  19. Can Can

    Can Can Pusher Man Staff Member Super Moderator

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    Heck, 90% of people call me Can Can anyways........I wonder where that name came from, anyways?????:shame: :haha:
     
  20. TSGB

    TSGB 1 ton status

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    For a long time I thought Canmore was your name...
     

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