http://www.theglobeandmail.com/globe-investor/personal-finance/mortgages/debt-doubts-cast-a-shadow-for-this-professional-couple-with-five-kids/article22496585/Oh, where to begin...
There are so many doozies here.
"He earns $200,000 a year
working one day a week in a medical clinic. But his real love is teaching, which he does one day a week at a university; this earns him $100,000 a year."
Looking at their expenditures of over $30k PER MONTH, the experts say the following:
"Eric and Ilsa’s expenses are likely the highest they will be and
they have not yet seen the long-term benefit of their education and the income it will generate for the rest of their lives, Mr. MacKenzie says. So, with five young children and a nanny,
they’re feeling strapped for cash."
"Eric and Ilsa are fortunate because
their parents are willing to put a home equity line of credit on their own home to extend them the $1-million they need to build, and to finance their annual deficit, the planner notes."
"
Monthly net income: $25,000
Assets: Cash in bank $6,000; his RRSP $180,000; residential building lot $1.1-million. Total: $1,286,000
Liabilities: Mortgage $800,000 at 2.6 per cent"
Discuss.