Young adults 'feeling the squeeze'

[AstulzerRZD]

Originally Posted by azndude69

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.

As a current grade 10 student, I was assigned a budgeting project in Business Education 8 as well as Planning 10. I'm in the enriched program at my school and work rather hard to achieve my 89% average. I have noticed that many don't even try to pay attention in class. On several occasions, some have asked me why I try hard in school instead of going out and enjoying myself. It is clear that the value of hard work and education does not apply to many in today's society. Some see the need to spend 80% of their paycheck buying said clothing accessories because of the following reasons.

1 : They want them. Some of their friends are wearing them, some rather popular people in the school are wearing them. They believe that it can cause them to feel secure about themselves. 2 : Bad parenting, I was at a cadet function once where I won a hat from the free raffle. I then overheard a parent telling their child to not win a hat but something better. At the time, I thought it was absurd as the hat was a bonus for attending the event. 3: Spending the maintain appearances and give other the impression that they are rather wealthy

But those kinds of habits will only lead to an unsustainable lifestyle. As mentioned in this thread several times, the majority of us are facing pressure to complete our education to a high standard and attain a good paying job. In science, we were learning about Natural Selection which favors those who adapt well to surviving and reproducing. This can be applied to an individual's financial situation in the way that those who manage money will eventually have the money to get married and create the future generation. In conclusion, it is the social factors and environment around us which cause some of us teenagers to irresponsibly spend 80% of our paychecks on Trues/Yoga Pants, etc.

[iEatClams]

Originally Posted by AstulzerRZD

In conclusion, it is the social factors and environment around us which cause some of us teenagers to irresponsibly spend 80% of our paychecks on Trues/Yoga Pants, etc.

That's a nicely written piece for a grade 10 student, and I agree completely with your conclusion.

This Planning 10 class, is every student required to take it?

[bloodmack]

Originally Posted by Mr.HappySilp

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.

i think in the "digital era" we live in, having an up to date computer it a must. Sure it still falls under the "want" category but without one you wont get very in the world today.

[hotjoint]

Originally Posted by Mr.HappySilp

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.

This. I'm one of the few people in of my group of friends that really has any savings, I'm not talking about 1000+, I'm talking about 100,000+. The rest are too concerned with having the latest electronics, clothing etc.... It's amazing how the media has brainwashed everyone into thinking that they "need" certain things. It's sad seeing all these people who make good money struggle because they live a lifestyle beyond their means.

[Great68]

Some sort of financial planning/management course should be worked into the high school curriculum. I realize that there are plenty of resources out there for self education, but not enough people do that.

My parents were very responsible with their money, but they never sat down and explained how it all worked to me.

I have savings and no debts (I'm debtphobic) but I think that if I had known more about investing etc back when I was a teenager, that I'd have an even bigger leg up today.

[tiger_handheld]

Originally Posted by AstulzerRZD

As a current grade 10 student, I was assigned a budgeting project in Business Education 8 as well as Planning 10. I'm in the enriched program at my school and work rather hard to achieve my 89% average. I have noticed that many don't even try to pay attention in class. On several occasions, some have asked me why I try hard in school instead of going out and enjoying myself. It is clear that the value of hard work and education does not apply to many in today's society. Some see the need to spend 80% of their paycheck buying said clothing accessories because of the following reasons.

1 : They want them. Some of their friends are wearing them, some rather popular people in the school are wearing them. They believe that it can cause them to feel secure about themselves. 2 : Bad parenting, I was at a cadet function once where I won a hat from the free raffle. I then overheard a parent telling their child to not win a hat but something better. At the time, I thought it was absurd as the hat was a bonus for attending the event. 3: Spending the maintain appearances and give other the impression that they are rather wealthy

But those kinds of habits will only lead to an unsustainable lifestyle. As mentioned in this thread several times, the majority of us are facing pressure to complete our education to a high standard and attain a good paying job. In science, we were learning about Natural Selection which favors those who adapt well to surviving and reproducing. This can be applied to an individual's financial situation in the way that those who manage money will eventually have the money to get married and create the future generation. In conclusion, it is the social factors and environment around us which cause some of us teenagers to irresponsibly spend 80% of our paychecks on Trues/Yoga Pants, etc.

Very well written response; I see how you get 89% now. Like how you applied a concept from Science 10 to the "real world" - well done!

[drunkrussian]

never had debt in my life and dont plan on having any and im 25 so just within this range. i live by myself fairly comfortably (knock on wood) and put aside decent savings but still enjoy life. however, realistically i would need to marry and move away from this province if i ever want to own a house or condo. it is just not possible to own and live comfortably as i am when renting in this province. and renting is overpriced as hell so thats saying something.

Originally Posted by AstulzerRZD

1 : They want them. Some of their friends are wearing them, some rather popular people in the school are wearing them. They believe that it can cause them to feel secure about themselves. 2 : Bad parenting, I was at a cadet function once where I won a hat from the free raffle. I then overheard a parent telling their child to not win a hat but something better. At the time, I thought it was absurd as the hat was a bonus for attending the event. 3: Spending the maintain appearances and give other the impression that they are rather wealthy

worst part is how a 15-22 year old sees someone with overpriced jeans on and this for them means theyre rich. they dont realize that most of us could easily afford 100 pairs of these jeans and choose not to buy them because we're not idiots. pretty much relates to both your points #1 and 3. fools spend their paychecks to come off as cool and rich when in reality the guy with the levis is buying a condo
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[Mr.C]

Originally Posted by Ludepower

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?

I am making less that that, and I pay a Mortgage, have a car, and pay all my bills on time. Perfectly possible.

[604nguyen]

it all really depends on how you live your 'lifestyle'....

In not trying to brag, but giving you guys an example,

Im 27, moved out at 22, never received a dime from my parents since high shcool......own a 380k townhouse, a 5 series and an rx7, no debts other than my mortgage. I vacation at least once a year.
No I don't buy fancy clothes, eat out everyday, or party 3 times a week, some people call me cheap, but hey.... im comfortable

an acquaintance of mine, same age, makin the same amount of flow, if not more...
still lives at home with mom, cant afford a car, or pay off his credit card debts, but hes flashy as hell, buying $400 jeans, spending $100s on drinks trying to pick up LG's every weekend blowing paycheque to paycheque, like money aint a thaaaang...
On top of that he complains how hard financially life is.






Alot of times its these people who 'feel the squeeze'

[CorneringArtist]

Originally Posted by azndude69

That's a nicely written piece for a grade 10 student, and I agree completely with your conclusion.

This Planning 10 class, is every student required to take it?

Planning 10 has been mandatory since they changed the graduation requirements in 2005 I believe. Before I started Grade 8 that year in the fall, they dropped Planning 10 on the Grade 10 students that year.

Personally, I intend on being able to move out by the time I'm 22 or 23, but I'm making manageable payments on my newly financed car, with enough money left to save for my level 2,3, and 4 apprenticeship courses, saving for the down payment on a home, and I've started a TFSA and RRSP (although, I started both rather late since I didn't have much money).

Despite living at home for now and choosing not to spend my cash on hookers, blow, and LGs, I understand the value of money since I started working full-time, and with the way things are going, my goal seems realistic barring unexpected expenses (knock on wood).

[xyz123]

Like wise, article is pretty bias, but at least they put it out there as an eye opener for young adults who read the newspaper.

I think we're heading into something rough for our generation. I mean if you think about how the world economy is going, we may find ourselves a lost generation. Now when i say this, i'm not saying everyone in our generation is going to be without jobs but majority will globally. Also i'm talking about the people who have the potential to obtain a comfortable job but can not due to the economy being pretty bad.

[1exotic]

Originally Posted by 604nguyen

an acquaintance of mine, same age, makin the same amount of flow, if not more...
still lives at home with mom, cant afford a car, or pay off his credit card debts, but hes flashy as hell, buying $400 jeans, spending $100s on drinks trying to pick up LG's every weekend blowing paycheque to paycheque, like money aint a thaaaang... On top of that he complains how hard financially life is.

You just described every wannabe baller faggot in Vancouver

lol

[dark0821]

I am currently 23 and Being Asian I get to live at home with my parents but honestly speaking moving out is not even possible with my current situation. It's sad but it's true

Because of the lack of living expenses I am able to put something like 700 a month into savings (after spending the rest of my income on phone/Internet bills, car insurance and gas, tuition) but honestly even at 700 that will still take me a good 6 years to save up 50,000.

I don't think there is any old studio/ 1 bedroom apartment that sells for 150,000 but even at that. Taking a 100,000 25 year mortgage from the bank yields something like 650 a month which is close enough of what I am putting aside every month right now... Ya I am feeling the squeeze alright...

Lol end rant/

I know I am better off than a lot people who had to fend for themselves since high school but come on, living in Vancouver is ridiculous

[drunkrussian]

^agree. on the upside when u save enough in five years and buy a place ull. e making more than what you are now. so the entire 700 will NOT go towards the mortgage. some will go towards car payment and strata fees and bills as well :-p
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[Jassanova]

I have to say kudos to all who work hard and save money and pay for everything themselves. You guys are few and far between and if there were more of you in the lower mainland it would be a great place to live.

I'm lucky enough to be in a profession where my starting pay after being called to the bar, even in a smaller center like Kelowna, was a lot more than most people my age make. I'm moving back to Vancouver soon and while I'll get a significant pay raise, bills are also going to be raised significantly and my wife and I will be feeling the squeeze, albeit a bit more comfortably than the 30k millionaires do.

I'll never understand why people would pay $1500 / mo to rent downtown when they bring home $2000 a month.

[rslater]

Originally Posted by dark0821

I am currently 23 and Being Asian I get to live at home with my parents but honestly speaking moving out is not even possible with my current situation. It's sad but it's true

Because of the lack of living expenses I am able to put something like 700 a month into savings (after spending the rest of my income on phone/Internet bills, car insurance and gas, tuition) but honestly even at 700 that will still take me a good 6 years to save up 50,000.

I don't think there is any old studio/ 1 bedroom apartment that sells for 150,000 but even at that. Taking a 100,000 25 year mortgage from the bank yields something like 650 a month which is close enough of what I am putting aside every month right now... Ya I am feeling the squeeze alright...

Lol end rant/

I know I am better off than a lot people who had to fend for themselves since high school but come on, living in Vancouver is ridiculous

I presume you have to look at the fact that your living wage should be a fair bit more in 5 years. So while it may take 6 years to save, I don't think you'll be feeling the financial squeeze the same as your feeling now.

[AstulzerRZD]

Originally Posted by azndude69

That's a nicely written piece for a grade 10 student, and I agree completely with your conclusion.

This Planning 10 class, is every student required to take it?

Hi azndude, and sorry for the late reply.

Yes, all students today are required to take Planning 10 before attaining eligibility to graduate. However, Planning is geared towards discovering more about the adult workplace and post secondary opportunities.

We are also required to do Graduation Transitions which forces us to think about our current lives, and write out exactly what we plan to do with it after we graduate.

There isn't really a course which focuses upon getting "prepped" for financial responsibility or "running your own life" in high school. Not even Business 10.

I personally keep track of all my purchases and expenses through an online service called the Birdy and manage most of my own money.

[Mr.HappySilp]

sigh... Got an ipad2 around Chirstmas and still refund it in the end..........

It was fun to have around I have to be honest. I spend nights just watching netflix, pps play games on it...... but for $700 I could have saved it......

I guess is the right thing to do though.....

[LiquidTurbo]

If there's something you want, ask your self. In 10 years, am I going to look back and regret that I bought this thing?

[z-33]

YOLO.

[flagella]

Well... she's a fucking pastry chef. That explains.

[Gerbs]

I was just wondering, at the age of 15 what would be a reasonable amount to throw into rrsp every month?
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[NLY]

Start with a small amount (ie. $50/paycheck biweekly) and then as you make more income, increase the amount you contribute!

You have to remember you cannot spend that money (put away for long-term) and if you do there's a penalty so manage your finances wisely

Props for thinking about retirement at 15 years old.

[q0192837465]

Originally Posted by Gerbs

I was just wondering, at the age of 15 what would be a reasonable amount to throw into rrsp every month?
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There's not really a point in throwing money in RRSP if u aren't paying taxes. I don't know how much u make but it's unlikely that u need to pay any income taxes from ur part time job at age 15. Save ur room till ur in a full time position.
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[melloman]

Honestly thinking retirement @ 15 years old..?

I would start to consider retirement once I have purchased my first apartment/condo/home. Unless your going to use the RRSP for a down payment in a "Home Buyers' Plan" yet even then, that's only $25,000/year you can withdraw for it.. It'd put it in a TFSA or Mutual Funds, let it grow and withdraw when ready for the big purchase.. (Or atleast the TFSA/MF is what I'm currently doing while saving for a down payment for property.)