Comments on: Thank You, Yahoo!, for Perpetuating the Use of Home Equity as Cash http://genxfinance.com/2008/04/14/thank-you-yahoo-for-perpetuating-the-use-of-home-equity-as-cash/ Helping a unique generation achieve financial independence. Sat, 20 Mar 2010 15:15:15 +0000 http://wordpress.org/?v=2.9.1 hourly 1 By: DonWest http://genxfinance.com/2008/04/14/thank-you-yahoo-for-perpetuating-the-use-of-home-equity-as-cash/#comment-76316 DonWest Tue, 10 Jun 2008 03:03:32 +0000 http://genxfinance.com/2008/04/14/thank-you-yahoo-for-perpetuating-the-use-of-home-equity-as-cash/#comment-76316 "Similarly, I cringe every time I see the Scotiabank “you’re richer than you think” ads. These guys are apparently still offering 40-year no-downpayment loans. I’m glad I don’t own any Scotiabank stock." Warning: CIBC is starting to do the same. Arguing it's a means for us under 30's priced out of the local housing market to get a home despite our huge student loans. The truth of the matter is, we Gen-Xers in Canada are priced out of house and home in cities like Vancouver, Victoria, and Halifax, because these cities are retirement heavens for wealthy baby boomers who drive up the cost of land values, and thus real estate. These cities then become "tourist towns" with low level service industries being developed to supply the wealthy retiree community, yet high housing costs. The existing boomers already there make things just as awful, as they want to use that house they fortunately bought in the 1970's as a retirement fund rather than saving, so they too, can be like the wealthy retirees they see moving into our "tourist towns". Today is a horrible time to be young. Savings doesn't actually do anything. There are no tangible goals to accomplish with the savings you can/could accumulate as a young working man. You can't save for a down payment, it is simply too much and too far out of reach in a reasonable amount of time. I'm confused exactly what a young person such as myself is supposed to do with 10K savings in my bank account. I'm very poor, I need help right now. I want to invest that money towards immediately short/medium term investments that can help my situation, but can't find any use with these savings so I continue to horde more and more cash without purpose... “Similarly, I cringe every time I see the Scotiabank “you’re richer than you think” ads. These guys are apparently still offering 40-year no-downpayment loans. I’m glad I don’t own any Scotiabank stock.”

Warning: CIBC is starting to do the same. Arguing it’s a means for us under 30’s priced out of the local housing market to get a home despite our huge student loans.

The truth of the matter is, we Gen-Xers in Canada are priced out of house and home in cities like Vancouver, Victoria, and Halifax, because these cities are retirement heavens for wealthy baby boomers who drive up the cost of land values, and thus real estate. These cities then become “tourist towns” with low level service industries being developed to supply the wealthy retiree community, yet high housing costs.

The existing boomers already there make things just as awful, as they want to use that house they fortunately bought in the 1970’s as a retirement fund rather than saving, so they too, can be like the wealthy retirees they see moving into our “tourist towns”.

Today is a horrible time to be young. Savings doesn’t actually do anything. There are no tangible goals to accomplish with the savings you can/could accumulate as a young working man.

You can’t save for a down payment, it is simply too much and too far out of reach in a reasonable amount of time. I’m confused exactly what a young person such as myself is supposed to do with 10K savings in my bank account. I’m very poor, I need help right now. I want to invest that money towards immediately short/medium term investments that can help my situation, but can’t find any use with these savings so I continue to horde more and more cash without purpose…

]]> By: JLP’s Roundup (April 26, 2008) | AllFinancialMatters http://genxfinance.com/2008/04/14/thank-you-yahoo-for-perpetuating-the-use-of-home-equity-as-cash/#comment-71852 JLP’s Roundup (April 26, 2008) | AllFinancialMatters Sat, 26 Apr 2008 16:09:18 +0000 http://genxfinance.com/2008/04/14/thank-you-yahoo-for-perpetuating-the-use-of-home-equity-as-cash/#comment-71852 [...] rants on Yahoo’s silly advertisement. - You don’t borrow against your house to take a vacation! That’s just [...] [...] rants on Yahoo’s silly advertisement. – You don’t borrow against your house to take a vacation! That’s just [...]

]]> By: Weekly Roundup: Car Scam Edition http://genxfinance.com/2008/04/14/thank-you-yahoo-for-perpetuating-the-use-of-home-equity-as-cash/#comment-71394 Weekly Roundup: Car Scam Edition Wed, 23 Apr 2008 13:51:55 +0000 http://genxfinance.com/2008/04/14/thank-you-yahoo-for-perpetuating-the-use-of-home-equity-as-cash/#comment-71394 [...] Thank You, Yahoo!, for Perpetuating the Use of Home Equity as Cash at Generation X Finance Carnivals [...] [...] Thank You, Yahoo!, for Perpetuating the Use of Home Equity as Cash at Generation X Finance Carnivals [...]

]]> By: Spring Time Link Ups (Ask Mr Credit Card’s Blog) http://genxfinance.com/2008/04/14/thank-you-yahoo-for-perpetuating-the-use-of-home-equity-as-cash/#comment-70727 Spring Time Link Ups (Ask Mr Credit Card’s Blog) Mon, 21 Apr 2008 01:07:39 +0000 http://genxfinance.com/2008/04/14/thank-you-yahoo-for-perpetuating-the-use-of-home-equity-as-cash/#comment-70727 [...] Sacarsm at it’s best - Gen X Finance berates Yahoo for touting HELOCs. Whoever said that Yahoo has our interest in their hearts? After all, they are looking after their own wallets. [...] [...] Sacarsm at it’s best – Gen X Finance berates Yahoo for touting HELOCs. Whoever said that Yahoo has our interest in their hearts? After all, they are looking after their own wallets. [...]

]]> By: Missing Money, Multi-level Marketing and More @ The Roundup http://genxfinance.com/2008/04/14/thank-you-yahoo-for-perpetuating-the-use-of-home-equity-as-cash/#comment-70635 Missing Money, Multi-level Marketing and More @ The Roundup Sun, 20 Apr 2008 15:04:50 +0000 http://genxfinance.com/2008/04/14/thank-you-yahoo-for-perpetuating-the-use-of-home-equity-as-cash/#comment-70635 [...] cash was passe, especially now that we’re in the midst of the subprime mortgage meltdown. But given these advertisements, perhaps that’s not the [...] [...] cash was passe, especially now that we’re in the midst of the subprime mortgage meltdown. But given these advertisements, perhaps that’s not the [...]

]]> By: linklings, black hole earth edition http://genxfinance.com/2008/04/14/thank-you-yahoo-for-perpetuating-the-use-of-home-equity-as-cash/#comment-70515 linklings, black hole earth edition Sun, 20 Apr 2008 03:08:20 +0000 http://genxfinance.com/2008/04/14/thank-you-yahoo-for-perpetuating-the-use-of-home-equity-as-cash/#comment-70515 [...] Thank You, Yahoo!, for Perpetuating the Use of Home Equity as Cash [...] [...] Thank You, Yahoo!, for Perpetuating the Use of Home Equity as Cash [...]

]]> By: Patrick http://genxfinance.com/2008/04/14/thank-you-yahoo-for-perpetuating-the-use-of-home-equity-as-cash/#comment-70421 Patrick Sat, 19 Apr 2008 19:42:17 +0000 http://genxfinance.com/2008/04/14/thank-you-yahoo-for-perpetuating-the-use-of-home-equity-as-cash/#comment-70421 Similarly, I cringe every time I see the Scotiabank "you're richer than you think" ads. These guys are apparently still offering 40-year no-downpayment loans. I'm glad I don't own any Scotiabank stock. Similarly, I cringe every time I see the Scotiabank “you’re richer than you think” ads. These guys are apparently still offering 40-year no-downpayment loans. I’m glad I don’t own any Scotiabank stock.

]]> By: Sarlock http://genxfinance.com/2008/04/14/thank-you-yahoo-for-perpetuating-the-use-of-home-equity-as-cash/#comment-70002 Sarlock Fri, 18 Apr 2008 22:30:37 +0000 http://genxfinance.com/2008/04/14/thank-you-yahoo-for-perpetuating-the-use-of-home-equity-as-cash/#comment-70002 A local radio advertisement for a home equity lending broker (who charges high interest) has a catchy tune: "Making your home equity work for you..." And every time it's on, I sing over top of it: "Taking your home equity away from you..." A local radio advertisement for a home equity lending broker (who charges high interest) has a catchy tune:
“Making your home equity work for you…”

And every time it’s on, I sing over top of it:

“Taking your home equity away from you…”

]]> By: Mrs. Micah http://genxfinance.com/2008/04/14/thank-you-yahoo-for-perpetuating-the-use-of-home-equity-as-cash/#comment-69839 Mrs. Micah Fri, 18 Apr 2008 17:14:00 +0000 http://genxfinance.com/2008/04/14/thank-you-yahoo-for-perpetuating-the-use-of-home-equity-as-cash/#comment-69839 What confuses me is that some people don't understand that the bank doesn't have to give them back the money. A HELOC is a privilege (a questionable one), not a right. It's all based on what the bank thinks you're really good for right now...you paid the money to them fair and square in exchange for equity if you choose to liquidate (or sell part back to the bank). But the bank has every right not to buy this time. What confuses me is that some people don’t understand that the bank doesn’t have to give them back the money. A HELOC is a privilege (a questionable one), not a right. It’s all based on what the bank thinks you’re really good for right now…you paid the money to them fair and square in exchange for equity if you choose to liquidate (or sell part back to the bank). But the bank has every right not to buy this time.

]]> By: The Star, Twitter and More Reading | Million Dollar Journey http://genxfinance.com/2008/04/14/thank-you-yahoo-for-perpetuating-the-use-of-home-equity-as-cash/#comment-69742 The Star, Twitter and More Reading | Million Dollar Journey Fri, 18 Apr 2008 09:32:19 +0000 http://genxfinance.com/2008/04/14/thank-you-yahoo-for-perpetuating-the-use-of-home-equity-as-cash/#comment-69742 [...] Generation X Finance slams Yahoo for advertising home equity line of credit use as cash.  [...] [...] Generation X Finance slams Yahoo for advertising home equity line of credit use as cash.  [...]

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