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Old 11-12-2011, 07:58 PM   #26
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^That's what I was kind of hoping for when I posted this article. Maybe it'll snap some people back to reality.

If you don't mind, could you describe in more detail how you became indebt in the first place? Did it have to do with a young adult mentality and poor financial planning?

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I want this article to quote stats can figures, interview a recent graduate overwhelmed by debt now regretting those frequent trips to starbucks, use an example of an individual who had to declare bankruptcy, or someone who lost their job and is in crisis because they have no savings.
I would've liked to see this as well in the article. However, it wasn't featured. But that doesn't stop members here from reading the article and posting their own stories about how they fell in a hole and how they got out.
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Old 11-12-2011, 08:08 PM   #27
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The girls mom gave her a minimum of a $150,000 to put towards a condo, and she's criticizing parents who financially support their children.

She is talking about kids using their parents as an ATM to do discretionary spending. Helping kids to buy property and other investable assets like shares is a good way for parents to help their kids take on more financial responsibility.
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Old 11-12-2011, 08:56 PM   #28
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Everyone's pretty much summed it all up already, good topic, serious issue, dumb article.

There are a lot of people who know what they are doing with their money, there is often much bickering about on RS about who doesn't know about their money, who's being stupid, but a lot of the people here have a clue. Every few weeks we see a thread of some guy selling their car to go back to school. There are many on here who live on their own and pay for their own schooling. But sadly, many more who have no clue whatsoever.

I am in school right now and still manage to scrape together enough every month to put some aside to save for a downpayment much later down the road, and some more for an emergency fund in case an accident happens I have to live without a job temporarily. This is while paying my way through school. Thankfully my parents didn't kick me out of the house.

There are friends of mine who decided school is not for them and worked since highschool, makes approx 3 times as much as I do right now and have less savings than me. These are the people that this article should be reaching out to, but don't. Not to be biased, but most of these lavish spenders don't read the news anyways and won't come across an article like this. Not to mention they think their way of life is completely fine and there is no point to change it. This friend of mine has made something to the tune of $250,000 in the last few years and yet has less than 5k in savings. Nothing we said to him has managed to make him change his habits.
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Old 11-12-2011, 10:01 PM   #29
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how many losers I see in downtown/metrotown trying to look baller in their true religion,ed hardy whatever and then I see them take the skytrain or drive a 1995 civic/leased 323i.

Although I too, love cars I've seen people spending 60-70% of their paychecks on monthly payments and car modifications !
I think the concept, value of a dollar is disappearing with our generation

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Old 11-13-2011, 12:48 AM   #30
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Maybe because most people in my generation are content with having balances of zero. Everybody is so concerned about "looking rich" (flashy cars,clothes,bottle service, etc, etc). I blame all the rap music videos we watched growing up . The ones currently doing well are doing well because they thought about their future, and didn't piss away all their cash on "lifestyle".
As harsh as it sounds, this statement is very true.
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Old 11-13-2011, 01:20 AM   #31
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I did the math when I was in first year. The cost of living is rising too rapidly for the wages to increase and level out. Buying a car or a house/shelter is going to be pretty hard to come by sooner or later. I've planned on not staying in Vancouver after I have finished school, but I mean that's only my projected plan, I'm not set on it yet. Probably move to Asia countries and settle down there.
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Old 11-13-2011, 05:01 AM   #32
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I did the math when I was in first year. The cost of living is rising too rapidly for the wages to increase and level out. Buying a car or a house/shelter is going to be pretty hard to come by sooner or later. I've planned on not staying in Vancouver after I have finished school, but I mean that's only my projected plan, I'm not set on it yet. Probably move to Asia countries and settle down there.
you'll feel the squeeze there too

inflation
medical bills
money not going as far as canadian dollar
daily pressures from work and society
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Old 11-13-2011, 11:31 AM   #33
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I'm currently getting my pilots license and I know for certain that I will be coming out with huge debt (aprox. 20-40k). However, if worst comes to worst ill just go get a job in alberta for a season or so and come back debt free.
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Old 11-13-2011, 11:46 AM   #34
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She is talking about kids using their parents as an ATM to do discretionary spending. Helping kids to buy property and other investable assets like shares is a good way for parents to help their kids take on more financial responsibility.
I understand the difference, but the Mother literally bought the daughter a condo. In my eyes that doesn't teach financial responsibility, other than perhaps how to set aside money each month for property taxes, and that's done at the expense of the daughter learning how to save long term, through the experience of setting money aside each month for a down payment. Of course, without significant financial support, it would be impossible to save long term making $13 an hour and living alone in Richmond, but I digress. A condo that's not being rented out or renovated is hardly an investment, because it will see very minimal growth over the long term.

Giving a child $10k worth of seed money to invest in shares and guiding them through their first purchases as they set up a portfolio is an entirely valid and valuable learning experience, the scenario in the article couldn't be farther from that imo.
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Old 11-13-2011, 01:03 PM   #35
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I do beleive that a lot of us do have our proities wrong. We get mix up from "Needs: and "Wants" and digging a hold for ourselves.

Do we need to pay $700 for an Iphone 4s when we just had the iphone4 last year? Or do we need a new laptop when we got one last year? Or even just we need need another pair of shoes when we already own 30 pairs of shoes? A lot of people will say We need it, but really we don't...........

Is just not happening to us but also to high school kids. I think we really have the media to blame for this. You seen on TV and ads is like people with all these net technologya nd is living the life carefree pushing us thinking into that way.

We also spend a lot of stuff we don't need! Do we need to have a $5 starbucks coffee every morning even though the office have coffee?

If people manage thier money well they can live just fine even making min wages. Well your life won't be in good shape but you can surive. But it is getting tougher everything is increasing in prices while wages don't increase so much.
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Old 11-13-2011, 01:18 PM   #36
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How much does one have to make an hour to pay monthly bills, buy food and own a 1 bedroom condo in the GVRD?

atleast $25/hr?
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Old 11-13-2011, 01:24 PM   #37
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How much does one have to make an hour to pay monthly bills, buy food and own a 1 bedroom condo in the GVRD?

atleast $25/hr?
Well first you have to have a downpayent say if the apartment is 320k I would say a good downpayment is 10% so your mortage is less and you could get a better interest rate. Then you need to have some money for move in (furniture........). I would say is a bet to say you need around 50k around to be on the safe side.

Then you have to pay bills and save and also put aside some money for RRSP, life insurance and energemcy funds in case you get fire or something major happens and you need money.
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Old 11-13-2011, 01:32 PM   #38
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Again, like I've said before in the past, too much 'entitlement' floating around young people. They feel it's their right to have a home, but aren't willing to do much about it, let alone save.....

It really irritates me. Like someone said before, these are the same people who will go and blow $700 on a iPhone when they have a perfectly good phone.

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Old 11-13-2011, 01:40 PM   #39
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I'm curious, how many of you guys are actively saving towards retirement already (not just general savings for a rainy day)? I'm 28 and my wife is 30, and she's already concerned with making sure we will have enough to retire on. So far we've been maxing out our RRSP and TFSA contributions every year.
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Old 11-13-2011, 01:46 PM   #40
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^^ maxing it everyday as well. I am pretty sure it won't last though.......
All the money we make towards CCP now I am pretty by the time we retire the gov won't give it back.
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Old 11-13-2011, 02:41 PM   #41
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But it is getting tougher everything is increasing in prices while wages don't increase so much.
This is the great lie that people like to tell. Here's a fun fact:
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If you strip away the impact of rising prices, the years between 1980 and 2005 turn out to be a dead zone for middle-class prosperity. During this period, in terms of inflation-adjusted dollars, the median annual salary for a full-time worker rose all of $53 — that’s right, $53 a year — to $41,401, according to Statistics Canada.
Our money today buys as much as it did 30 years ago - now someone tell me why this is a bad thing, and how the middle class is disappearing cause of it? It seems to me the middle class is exactly were they were 30 years ago, and will be 30 years from now: in the middle.

The problem is just housing. In the last decade housing inflation has been retarded, yet its the middle class that has been driving that via speculation trying to get rich quick. So we only have ourselves to blame.
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Old 11-13-2011, 02:49 PM   #42
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How much does one have to make an hour to pay monthly bills, buy food and own a 1 bedroom condo in the GVRD?

atleast $25/hr?
$250K for a cheap 1bdrm, 10% down, $225K mortgage @ 4% ~= $1K/mn + 50% of $150 condo fee + $150 taxes ~= $1225 / 44% TDS ~= $2800/mn income after taxes ~= $40K/yr or ~$20/hr

That's the bare minimum, no other debts/payments (ie no car payment) and you'd have to live off $1500/mn to pay car/gas/cell/internet/cable/... and try to save some $$$.

Yet I argue if you're stretching it that thin, there's no reason you should own. Keep yourself mobile so you can find a better jobs that pays more.
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Old 11-13-2011, 02:50 PM   #43
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Again, like I've said before in the past, too much 'entitlement' floating around young people. They feel it's their right to have a home, but aren't willing to do much about it, let alone save.....

It really irritates me. Like someone said before, these are the same people who will go and blow $700 on a iPhone when they have a perfectly good phone.

I couldn't have said it better myself.

Too many people I know don't understand saving for the future, they blow everything on new technology or car parts, then turn around and cry when they can't pay their phone bill at the end of the month.

Some people's idea of "saving" is to put money into a savings account until they reach enough to go to vegas/mexico or buy a "new" car. They don't know about TFSA, RSPs, or any long term investments that are set up to help them in the future.

It irritates me because a lot of these people are friends I know. They come ask me to help them budget for them, then turn around and call me a cheap-ass for setting up a budget that allows for them to save for the future, at the expense of drinking/eating out/clubbing.

Then they whine when their car won't start and they haven't put any money away for emergencies, and I'm like
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Old 11-13-2011, 02:50 PM   #44
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have not read the article in full detail - but this guy was my Finance Instructor at Kwantlen. Awesome dude!

He explained options using puppy dogs - VERY EPIC!
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Old 11-13-2011, 02:55 PM   #45
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Then they whine when their car won't start and they haven't put any money away for emergencies, and I'm like
and I bet they are mad at you then too

This is why I think Disney's The Ant and The Grasshopper did a disservice to society. In the original printed version the grasshopper dies, teaching a lesson that if you fuck around and don't plan ahead, you suffer the consequences. Instead people learned that they could fuck around and someone will always bail them out.
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Old 11-13-2011, 03:04 PM   #46
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I think the mentality of saving for the future has a lot to do with your upbringing. If your parents set aside money for you at a young age (i.e. trust fund, RESP, etc) they will most likely emulate these types of habits onto you. They wouldn't go through all the trouble of saving their own money for you just for you to grow up to be a reckless spender.

These are the type of people who look at RSPs and go when they hear that they money the put in there will be penalized if taken out at the wrong time. When the TFSA got initiated, most people were because this removed some restrictions that deterred young people from saving.

still....most people i know either don't know about TFSAs or are
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Old 11-13-2011, 04:12 PM   #47
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So glad I never went to a civy college.

Debt?
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Old 11-13-2011, 04:30 PM   #48
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how many losers I see in downtown/metrotown trying to look baller in their true religion,ed hardy whatever and then I see them take the skytrain or drive a 1995 civic/leased 323i.

Although I too, love cars I've seen people spending 60-70% of their paychecks on monthly payments and car modifications !
I think the concept, value of a dollar is disappearing with our generation
I still don't know how kids can spend 80% of their paycheck buying $200 + jeans, or $200 designer bags. Boggles my mind.

It's been long while since I was in highschool, but I remember at one time in grade 10 or 11?? We had some sort of career course? I remember one week we did had a lesson on financial management.

We had to make budgets based on income, expenses etc etc. and how much you make/spend etc. how you should have at least 2 months income savings for emergency.

I thought this was a valuable course, do they still teach kids this stuff in highschool? Or are the kids not paying attention anymore?

If they don't they should.
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Old 11-13-2011, 04:38 PM   #49
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how many losers I see in downtown/metrotown trying to look baller in their true religion,ed hardy whatever and then I see them take the skytrain or drive a 1995 civic/leased 323i.

Although I too, love cars I've seen people spending 60-70% of their paychecks on monthly payments and car modifications !
I think the concept, value of a dollar is disappearing with our generation
just cause they don't have a flashy ride doesn't mean they aren't rich. I know a few very rich people who drive f150's but, wear high end clothing and accessories. The value of a dollar is an outdated term IMO it should be more like the value of 10 dollars cause nothing costs a dollar these days .

But yeah there are the majority who are like that tho.
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Old 11-13-2011, 04:51 PM   #50
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just cause they don't have a flashy ride doesn't mean they aren't rich. I know a few very rich people who drive f150's but, wear high end clothing and accessories. The value of a dollar is an outdated term IMO it should be more like the value of 10 dollars cause nothing costs a dollar these days .

But yeah there are the majority who are like that tho.
No way $1 still get u tons of stuff in the dollar store lol. If you haven't notice most vending machines sell a can of pop for $1.25 or 1.50 but if u go to dollar store it is sitll $1 even a pack of batteries is $1 lol.

But I know what you mean everyone have different vaule. I just upgraded my video card and a PSU and looking for a new computer case I guess is fine since I haven't purhcase anything in the last few months.
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