FAQ: What do you think about this $250k investment plan? | Gold ...

Q: What do you think about this 0k investment plan?

So I?m in Toronto. I was struggling for some time now. This is pretty much love money from my parents, I feel very depressed when I realize that I?m spending more than I?m making.

Right now $ 200k is in form of physical gold and $ 50k in cash. My family has 0 tolerance for risk. I have a sales job and a base pay of only $ 25k, everything else is commission. My paycheck after taxes is $ 1650 per month.

I want to have a savings cushion is case someone gets sick or looses a job. So I want to buy a $ 200k apartment and have a $ 1000k per month mortgage, using gold as a collateral potentially. Spend $ 20k fixing it up. Make a nice shower room, quite windows, more sound insulation. The most important thing is that the building is solid and has no wood support beams. Than $ 30k will get invested into stocks that I can keep for like a decade.

Even if this apartment blows up or my future wife takes it, there will be little invested into it because it will be a 25 year mortgage; and I would have been paying $ 1000 rent anyway.

So in the end I will be invested into property, gold, stocks. Even if Apocalypse happens I can easily sell one of the assets to back up another. Or take my gold and hide in Mexico. My goal is to wait through the recession and have a 7 digit bank account by 30. Now I?m 25.
Now my rent alone is $ 800. I?m looking into moving up to $ 1000. Either I pay rent or mortgage. I have a business degree and good experience I?ll always be able to find another job. And I like having a modest lifestyle.

Goldsenze Answer:

Ignore your huge cash reserves for a moment. Even with a safety net that size, $ 1000 per month is too large a part of your paycheck. You won?t have much left in your pocket after utilities, food and expenses. You may be used to living on very little, but you shouldn?t have to keep living on very little or drawing from your savings. All you?d have to show for your hard work would be a nice condo, with no lifestyle to speak of and no new investments from your leftover pay.

Think more modestly until your work and investments start to pay off. Loan guidelines say your mortgage payment should be no more than 28% of your gross pay, which probably means a loan closer to $ 100,000 for you.

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