I’m not claiming to be an expert here, but if you look at the logic...
A tax ID is essentially what you need if you're filing as a taxpayer in Canada. My take is that anyone should be able to walk into a bank and open a non-resident account without much fuss.
And what exactly do you mean by a foreign currency account? They use the Euro in Canada.🙂
Everything has to be paid back. That’s why when the market tanks like this, banks just send out notices telling clients they need to cough up more cash—either by buying more fund shares or padding their loan principal.
nimblefox13 said:I’m seriously leaning towards just cutting a check to Ford Motor Company for my policy, but now I’m second-guessing everything. Has anyone actually dealt with Ford Motor Company before? What’s the deal? Like, when you look at the pricing, it’s not even a huge difference anyway.
These houses smell like fraud. It all started back in the 90s when that first insurer began handing out bonuses like candy. That was the mistake. They didn't build up enough reserves, which led to the mess we see now—lowball payouts and endless delays on claims. Eventually, the competition had to play by those same dirty rules just to stay in the game, tossing bonuses around to anyone who would take them. The end result? Insurance premiums skyrocketed for everyone. Just when America started handing out bonuses, Ford Motor Company went and kicked up a massive dust cloud. Now the oversight is tighter than ever. Typical.
And one more thing. It’s a mistake to think that way. We should just go with the cheapest option.
It doesn't matter to you if Ford Motor Company, Allstate, or some other random carrier takes two days or two years to settle the claim. You aren't the one waiting on the check. If you're the one at fault in the accident, that payout goes straight to the other driver, not your pocket.
Mandatory coverage almost always includes accident insurance for the driver and passengers. For me, that’s the non-negotiable part. I need to know that if something goes sideways, my passengers and I are covered by a company I actually trust.
pj zeko You aren't going to land a mortgage if you don't actually own the property yet. If you're looking at commercial space, you can pull it off with a creditworthy co-signer. Alternatively, if your business plan is solid—and that depends on the industry, obviously—check out http://www.sba.gov/
Look, let me break this down for you, plain and simple: 1. The first pillar. Every employee shuffles 15% of their paycheck straight into a federal fund to cover current retirees. Don't hold your breath waiting for that money to come back to you; it’s already gone, spent on the people ahead of us in line. 2. The second pillar. You set aside 5% of your pay into a personal account. Whatever manages to pile up over your career is supposed to be your little safety net for when you retire. Of course, that assumes they don't scrap the whole system before then—in which case, you might get some scraps from the first pillar, taken directly from the younger generation. 3. The third pillar is voluntary. You contribute whatever you can afford, whenever you want. You get the tax breaks and the benefits of a 401(k), but you can't touch it until you hit age 50.
Henry Parker7 said:Hey there. So, I’m looking at owning half of a house and some land, and honestly, I’m not really feeling the whole co-signer thing. I’d much rather just go out and grab a mortgage on my own. Does anyone know if a bank will actually even consider giving me a mortgage based solely on my portion of the property?
The plan is to renovate the place, and while the other owner is totally on board with the upgrades, they’ve got their own separate cash pile and don't want to be tied down to a mortgage right now.
No bank is going to touch a partial interest in a property. If you default, trying to sell off a fractional share of a home is a legal nightmare. Look into a home improvement loan instead. But if you go the mortgage route, you’ll have to put up the entire property as collateral, and you'll need signed consent from all other owners.
What kind of loan are we talking about here? If you're looking at this for business purposes, you might want to dig for some info over at: http://www.bloomberg.com/
Mortgage loan with a EUR currency clause; creditworthiness assessment not required
REQUIREMENTS: Adult U.S. citizens with permanent residency in the United States Steady employment for at least 12 months prior to application Borrowers must be under age 70 by the time the final annuity payment is due LOAN AMOUNT: Minimum $15,000, maximum $108,000 (USD equivalent)
Mortgage loans with EUR currency clauses—no credit assessment required.
REQUIREMENTS: Adult US citizens residing in the United States Steady employment for at least 12 months prior to application Borrowers must be under age 70 by the time the final annuity payment is due LOAN AMOUNT: Minimum $15,000, maximum $108,000 (USD equivalent)
Look, friend, you aren't looking for a mortgage; you need a home loan. Head over to the housing subforum if you want more details. Here is the basic breakdown: A mortgage—you put up property you already own as collateral to get cash in hand. It's basically just a general-purpose loan. A home loan—it's specifically for buying, building, or renovating. Because it's purpose-driven, the interest rates are much lower.
Spot on. I appreciate the insight. It’s an essential service, sure—but the real question is who’s actually doing the work and how they’re pulling it off.
If people didn't feel the need to hunt for advice, this whole forum would be pointless.
Bradley Bishop58, I see where you're coming from, but let's be real: how many economics professors actually make it in the business world?
Brandon Thomas89 said:What if you're working abroad on a fixed-term contract and want to take out a mortgage back in the States to buy an apartment here? Does it vary from one bank to another? For instance, what if the bank you're applying to also has branches in the country where you're currently working?
Major banks have specific programs tailored for expats and maritime workers. These involve unique terms, and every application is handled on a case-by-case basis. It’s much simpler if you have a co-signer in the US with solid credit. Without one, expect them to ask for life insurance, a larger mortgage margin, or even a significant deposit. Shoot me a private message with the specifics of what you need.
I think I’ve been down this road before. I picked a Goldman Sachs mandatory fund because a buddy of mine—who was actually working there at the time—told me to. Then, just two weeks ago, I jumped ship to a Federal Reserve fund based on that same friend's advice. When you look at the returns comparing JPMorgan Chase versus the Federal Reserve funds, or even the voluntary and investment funds... it’s pretty obvious people at the Federal Reserve are pulling better numbers and seeing higher yields. But how long does that last? Looking closer, Bank of America has taken over the lead. They have significantly fewer members and manage much less total capital, yet... The exit fees kick in for the first three years, which basically means I'm stuck switching funds every three years just to stay ahead. 😕
electricsailor13 said:They’d take a lump sum over a 10-year span, then you’d pay in $2000 annually. So we give them $20000. How much would they actually pay us back once that term ends? I don't need exact math, just a ballpark figure.
Roughly speaking, a 10-year life insurance plan isn't worth the effort. The payout will likely be less than what you put in, and even if there's a profit, it's questionable at best. Forget about banks; inflation will eat whatever interest you make alive and well. A high-yield savings account or CD is a safe bet with an effective rate around 7% annually, but those rates drop the longer you lock your money away. Not recommended for anything over five years. "Some mutual funds" offer the highest long-term returns, but that comes with the most risk. 401(k)s, Social Security, yields, tax breaks... your mother won't be using those. You can only pull out 30% at maturity; the rest is paid as an annuity. That's the whole point of that kind of saving—retirement.
My suggestion: $667 Put some in life insurance until you're 65 (maybe Mercury) $667 Put some in a 401(k) (like Vanguard) $667 Put some in a fund (like Goldman Sachs or similar)
Depending on whether you're playing it safe or gambling, you can adjust those amounts accordingly.
Just take out a loan through Hypo. Hit up Walmart. Make sure you hold that savings steady for at least five years, then pull your cash out and dump it into an index fund. In about ten years, grab the money from the fund and pay off the mortgage in one shot.
I once saved a single client over $65,000 just by providing the right advice and a solid range of services. One move was all it took.
Fair enough.
Financial planning within the complex web of the financial services industry is serious business. When done right, it benefits both the client and the advisor. Those who underestimate the weight of that responsibility—or dismiss the necessity of professional stock market guidance—clearly have a dysfunctional relationship with their own bank accounts.
Agreed.
And then there are the ones who think they can just "test" an agent... those are my favorite.
Glad you think so. 🙂 Every advisor needs a few years under their belt to actually know what they're doing. Everyone starts somewhere, and sure, rookies are going to trip up occasionally. But if someone starts lecturing me about financial planning when they only understand two or three basic fee structures—and they're clearly just pushing one specific product because it’s the only contract they know how to process—then they aren't advising. They're just selling.😬 Of course I’m going to run my own tests. If it doesn't pass, the contract is dead to me. I'll just take my business elsewhere and get a second opinion.
Advisor: Any questions? Me: Hmm, there’s a catch. That salary—what actually determines if it hits $3,000 or $5,000? Is it just based on the hours clocked? Advisor: No, I'm talking about performance. Later.
Smart move. You saved yourself a lot of wasted time and effort by consulting that advisor at Charles Schwab. If you think walking across that stage at graduation means landing a job where your performance doesn't actually matter, you're dead wrong. I learned that the hard way early in my career. You step into the workforce thinking the degree is a shield, but the market is much colder than academia. It’s all about results. Period. Commission-based work is the only honest way to do it. You get exactly what you earn. No fluff, no handouts. Just pure meritocracy.
Smiley said:Gerald Thomas11, go ahead and flesh out that concept you mentioned... there's potential there. That's how insurance brokerage firms get started in the first place. I haven't come across any legitimate Charles Schwab-style advisory services around here either. Let's see what kind of regulatory hurdles we'd actually face if we tried this. And do these kinds of agencies exist outside of America?
I wasn't trying to be snarky, but I'm open to developing this idea. Let's call the firm "Idea Corp" just to get things moving.
To start, let's narrow the scope strictly to insurance. There are about 25 major providers in the US. Would an agency like ours even need all 25 of them?
Idea Corp wouldn't have direct contracts with any carriers; we'd just need to master everyone's terms and rates. Is that data even accessible? Would insurers even give it to us? There's a new insurance law recently passed. We'll need to study it to figure out how to register Idea Corp properly. Liability? What happens if someone gives a client bad advice? Pricing. I might have overshot the mark in my last post. We’d need a proper fee schedule—hourly rates for consultations, prep work, research, field visits...