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Gen X ain't got no time for retirement! So, who here is thinking about retirement? :awwyeah: Quote:
TL/DR: Those born from 1960-1976 were the last generation with a low asset to debt ratio. 1977-1990 is not quite as lucky. 1991-present is fucked. |
pssh, I doubt anyone on RS can relate. We all make over 100k living in million dollar townhouses drivin' the latest luxury cars while munchin' on all day McDicks' breakfast. Try Reddit. |
It's ok...WW3 will fix everything. |
just pop over to the RE thread, everyone owns a place in coal harbor |
How much does the first woman make in that she can't carry a 130k mortgage? 25 year amartization on 130k is like 1000 a month, you could probably even go lower than that if you wanted to. Rent and build onto your savings and RRSP's. I think sooner than later a shift has to occur where the dream of owning a "home" is gone and renting is seen as a completely viable option for life. The definition of home has changed over the last 10 years from a detached home in Vancouver to a condo in maple ridge. Live within your means and be smart with your money. Imo the first woman's surrey condo probably didn't appreciate at all and may even be worth less than when she bought it so a depreciating asset doesn't help |
My work has an RSP for me, but realistically I have zero private retirement savings, and same goes for every single friend I know. If I want to live now, then I just won't later. |
Population goes up Jobs don't Cost of living goes up Wages don't Invest in school Can't find job --- I found the only way to put money into savings / investments is to live cheap and be on a strict spending budget. Monitor your income and expenses. Don't buy unnecessary shit to get that 15sec high of showing people your new swag. Make sacrifices. I find the job scene in Vancouver to be utter shit. 5 years experience to make $19 hour when the industry standard is at least $24? Yeah, fuck you. BUT DAT SUNSET DOE |
^ Honda Racer -- very true. Looks like the only retirement plan she has now is selling the old Surrey condo. I used to work in the healthcare industry for a government agency in a position of hiring. They are underpaid and overworked! Based on the financial information listed above, it's very unlikely she is a nurse. She is probably a Residential Care Worker or Community Support Worker. They make 17-18/ hour. Just a guess! That comes out to give or take 35k gross a year. Approx 28k net. 1000 a month mortgage sounds about right lets do a quick sum of basic expenses - I will try to stay conservative where possible. 1000 monthly mortgage 125 property tax spread monthly 150 monthly strata 200 car insurance (business required in healthcare industry for RCW/CSW's) 200 gas 400 food 100 misc/going out 50 cellphone 50 internet/subscriptions 50 emergency Total: 2325 monthly payments or 27,900 annually. TL/DR - Renting and cutting out driving is perfectly normal. Opting to rent in an older one bedroom Vancouver apartment (850/month and taking transit can save you lots. My friend is renting around Fraser and 44th inner street) it beats paying strata and taxes on a run down depreciating Surrey Condo. |
She doesn't really seem too financially responsible. She was living at home and was already battling debt at that point even before getting her mortgage. I think it's time for her to move back home and get her finances in order first. Also, with housing prices and rental availability the way it is in Vancouver, it certainly seems more logical living at home while putting money aside for the future. (or in her case, paying off her debt) Many employers do RRSP matching and if you're in this situation, it's well worth it to scrape together any money you might have and contribute to your RRSP so that you can get this extra bit of "free money". |
The 47-year-old health care worker had been battling debt even before she bought a condo in Surrey more than a decade ago. But carrying a mortgage — even one for $130,000, a paltry sum compared with today’s norm — almost proved too much. That's her problem. Have debt issues? Ok! Let's lay on more debt. |
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people gotta know that in another 20-30 years (maybe sooner), pension/cpp (gov't funded )and/or others will not exists anymore. lol .i really like it when RRSP ads from bank take returns at >5%/ seriously? |
I went to work two jobs while in university to try and borrow as little as possible. Got good grades and in effect got some scholarships to help pay for school. I came out of school debt free WITH savings. You want something, work for it. I don't think it's so much of a problem with the system, it's just that there are too many people expecting a handout. How many university students do you know eek-in then take the most useless courses to fulfill the credit coming out expecting a 100K job? I knew too many people who went into university asking "What's the easiest course to get my upper-div credits? Oh philosophy 300? okie dokie." |
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I have a haiku for this..... No need to working Great day to drive Italian car Prince of Vancity :troll: Quote:
Couple that with their 1995 Porsche worth $100k, and a Fendi man purse. Quote:
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My buddy owns a company that makes displays for supermarkets. He had 5 welders, about a quarter of his crew call in sick yesterday. These guys are not educated, but they run a welding machine and make $24/hr. If you show up sober, and you're not an utter idiot, it's fucking impossible to not make money in the trades these days. There is a shortage of people willing to work hard. |
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One of her downfalls during her peak earning years was not getting married or securing a long term relationship and acquiring or building assets through that. Her ace in the hole is an inheritance from her parents. |
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Hey baby, wanna enter a long-term cohabitation agreement so that we can build assets and leverage our peak earning years to secure a greater retirement income? :love::love::love: |
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Mine work does that and what happens is they deduct it off your pay cheque depend on how much you want them to deduct (I set my to 10% every pay cheque and the my company will contribute up to a maximum 5% each pay cheque). The amount is so little that you don't even notice that that money is missing and when year end comes you will be surprise how much money you save for RRSP. I do the same thing with savings every time I get pay 30% of it gets transfer to my investment acct so I don't even see it. It works for me since I know what i have left is to pay bills, spend etc etc so I can spend all I want. |
another tip/note for workplace RSP matching. try not to get locked into contributing into some sort of portfolio/fund with your monthly deductions (investments), as that seems to be what happens to most of my coworkers who don't know any better. these tend to have huge fees (2%+) and you won't be left with much growth. choose to have your contributions put into a self directed account, do a bit of research, and dump into low fee ETF(s) of your choice, or what have you. |
If people think this generation is fucked, wait a couple of more when only rich people's parents own a property here and everyone else rents. Sorry kiddos but no cool million dollar property to pay off all your debts. |
“I decided I needed to move out of my mom and dad’s place and I didn’t want to rent, so I managed to save up enough and with a little help from my mom and dad, I had enough for a down payment for a home,” says Yan. Great decision. “At the time, I didn’t think about the debt load I was already carrying and got myself into trouble.” Thinking, what's that. |
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First of all, maybe those savings could have paid down interest incurring debt, second her credit is probably shit, third, goes to get a mortage on a place. Lastly, not moving home so she can have at least another source of income. What people fail to understand is that a person can have more than one source of income and one occupation is not an end all, be all. Why do people have assets? To generate income. There are many, many people who come from far worse off situations who have made it because they make smart decisions. Kinda hard when she doesn't think about the shit hole she's already in. |
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Why pay 5 people a normal wage when you can pay 15 people a sub-normal wage? <3 :awwyeah: |
I'm convinced retirement will only be for the well-off for millennials and beyond. We'll be working until we're literally physically unfit for work. Most of us will probably have better life balance throughout our careers though, so it's not sucha gloomy outlook. Anyways, am I the only one who feels kinda bad for her? closing in on 50's and struggling with a 130k mtg? This is without a children in the picture. before all perfect examples here go 'lol should've stayed at home'...just put yourself in her shoes for a split second. We don't even have the full picture here...let's not be so quick to judge? Quote:
amazing it worked out for you...those trying to do more than 10-15 hours a week on top of full-time studies is generally at the expense of their grades. Not every program is equal either...In my third year I had 40+ credits while others had 25. and there are students who not only have no family support but may have dependents...a child..a sick parent, etc. refer to the image I posted in the 'where should I send my kid to kindergarten' thread |
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