How to escape poverty

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you forgot no drugs, alcohol, cigarettes etc...
If I didn't smoke so much green I could have bought a brand new SS in cash from the money I've spent on it from 16-22...
 
Lower your expectations

If you can limit yourself living on basic needs, you'll survive just fine, and might be able to save up some extras cash
 
OP I'm gonna pick on your wording here. I wouldn't classify anyone with a motorcycle hobby and an internet connection as living in "poverty".

Keep some perspective, and truly be honest with what you can afford with your current finances.
 
Learn to cook, get some plastic containers, buy what's cheap that week at the grocery store and cook large batches of chili or spaghetti sauce or whatever and freeze small portions. If you need something shop around, I almost always never have to pay msrp for anything unless it's an emergency and I need it right then and there. Use RedFlagDeals or something like that to see whats on sale but don't use it to buy crap you don't need. Sell things you don't use on Kijiji....there's probably a ton of stuff you have hanging about that you never use if you're honest with yourself.
 
knowledge said:
But more than anything, work on your social skills and english (if that isn't a strong point of yours). Being able to shoot the **** goes a really long way imo. So many more opportunities become available and I think that's what screws up a lot of asian people (including some of my friends).
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This is good advice. I'm asian and I've always got top grades 90%er but now I'm realizing being in my mid thirties grades and working hard don't mean much when you don't have social skills. I've seen throughout my work experience so many promotions and jobs going to people that know how to brown nose their way even though they don't do a better job than most of their peers.

Well it's too late for me to change but at least when I have kids I'll make sure they have a social life and not just bury their heads in books all day.

Anyway Jin chime in what have you got from all these advice here? Have you considered coming out to Alberta even just for a year or 2? I said that myself but man I'm loving the people, lifestyle and landscape out here. It's so laid back and strangers will help you even when you don't ask for it.
 
Learn to say NO

getting sucked into dinners out, trips to the clubs, being in somebodies wedding and spending 3k at a 2k resort in the Islands..... keeping up is very pricey.
Between my wife and i, we make a comfortable living. Keeping up with my friends that make a really comfortable living would be crippling.
 
Jinster81 said:
Hi all. I don't need another lecture on the fact that I live in one of richest and safest place in the world and need to count my blessings. I do, just not that often.

I work full time and still struggling with financial issues. Any thoughts on how to escape this vicious cycle of poverty? Can we have a thread on tips to escape this disease?

My inputs:

1. Never finance/lease a car
2. Never upgrade i-device every time a new one comes out
3. ONE hobby is enough
4. Eating out should be limited
5. Be childfree.
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Make more money.......then you can even have a new car, hobbies and kids!
(Unless you already have kids)
But seriously, do you have a skill, trade, education that is in demand?
 
short stop said:
OP I'm gonna pick on your wording here. I wouldn't classify anyone with a motorcycle hobby and an internet connection as living in "poverty".

Keep some perspective, and truly be honest with what you can afford with your current finances.
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I believe the OP addressed that with their first line. The point is, we have a certain standard of living in this society. Things like internet are considered a necessity, and has often been talked about as being a "right" for all to have. Perhaps the better question would be to ask "can you survive with a 5mb connection versus a 50mb connection."?

Also, for lots of people, motorcycling isn't just a hobby, it is their only transportation. Sure, this climate makes that difficult, but it is not impossible to have 2-wheel freedom in the summer, and TTC limitations the rest of the time. It is clear from the OP's sig that motorcycles might be both, and it is quite a selection of older bikes!

The piece of advice I have to everyone, is to avoid using credit cards. They are a necessary evil it seems, but control them. Set a maximum limit that is small. An earlier post said to make it your monthly income...GREAT idea! Also, be sure to have only one. When they get maxed out, they add up. Miss a payment, and your interest can double. It becomes an inescapable pit, and it affects everything you are.
 
Read "Stop Acting Rich" by Thomas Stanley. Best book I've read on curbing one's spending. It's ironic that we spend so much of our money on stuff all to impress strangers.



stop-acting-rich.jpg
 
Best advise I can give.... stop renting, and buy a place...... doesn't have to be a fancy place, as long as it's in a decent location. Yes you expenses will be a bit higher than if you rent, but your property's appreciation will enable you in the future to buy a bigger place, and you might actually have "wealth" when you retire.
 
move out of toronto, i did, it's the best choice i've ever made.
 
easy_rider_77 said:
Best advise I can give.... stop renting, and buy a place...... doesn't have to be a fancy place, as long as it's in a decent location. Yes you expenses will be a bit higher than if you rent, but your property's appreciation will enable you in the future to buy a bigger place, and you might actually have "wealth" when you retire.
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Nothing wrong with renting IF you are investing some money. To me it's either rent and invest, or buy a house. The money saved on maintaining a house should be invested if you're renting instead.
 
Cut out the hookers, strippers and drugs; unless your pimping them or selling them.
 
easy_rider_77 said:
Best advise I can give.... stop renting, and buy a place...... doesn't have to be a fancy place, as long as it's in a decent location. Yes you expenses will be a bit higher than if you rent, but your property's appreciation will enable you in the future to buy a bigger place, and you might actually have "wealth" when you retire.
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This didn't work out too well for people in Windsor, ON and millions of folks to the south of us the last few years. I would be very nervous buying in at these levels.
 
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viccont said:
move out of toronto, i did, it's the best choice i've ever made.
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best thing i did was move into Toronto. cut my work travel time down to negligible amounts. i spend less on gas, insurance, and general wear on my car. I also have much more free time than had i had to commute, stuck in traffic, getting home by 7...

I think the advice here can be modified to live close to work.
 
psycho44 said:
move out to Alberta lots of jobs here that pays $20/hour + easily and lots of overtime on top of that. If you're big and strong you can make six figures easily doing brainless manual labour.

That's what I did after living pay cheque to pay cheque and my credit card slowly climbing higher and higher while having a mortgage.

I've got at least 20 family members tonnes of friends in Toronto and 0 in Alberta but I figured I've got to do something to break the cycle or I'd be in major debt trouble. When I lived in Toronto I never ate out, lived frugally never used a/c in summer always turned my thermostat down before I leave for work and all my furnitures were garge sales or handed down to me for free.

Now in Alberta I always eat out, making 3 times more what I made annually in the last 6 years in Toronto. My credit card is all paid off I've accelerated my mortgage payments 3 times the rate to pay it off and I've grown some muscles lol. Never worked manual labour before but I'm loving the job it's stress free as long you meet their productivity standards they'll leave you alone.
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Good to hear it working out for you. I've always heard people talk about Alberta in passing and it seemed too good to be true. Not a bad backup plan.

Out of curiosity...are you doing the oil thing?
 
knowledge said:
Good to hear it working out for you. I've always heard people talk about Alberta in passing and it seemed too good to be true. Not a bad backup plan.

Out of curiosity...are you doing the oil thing?
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The fact that you instantly save 8 % on all your **** is pretty significant.
 
Don't smoke
Don't do drugs
Don't drink alcohol, 3 expensive habits that give you nothing in return (except maybe alcohol lol)

If you ride, ride a cheaper bike better on gas and insurance. Don't drive a car, take the bus, in fact sell your bike too take a bus.

Buy groceries when on sale.
Don't eat out. EVER.
Only buy clothing on sale.

Try buy based on "value" and not just the cheapest thing.

There's an old english saying "I am not rich enough to be cheap"

But all in all it's about looking after your pennies and the dollars will take care of themselves.
 
Buy stick. Even if you replace the clutch three times its still cheaper than auto....and you save on gas. I roll to work most days, you would be suprised how poping into neutral down hills adds up. RPM drop from 2100 to >500. factor that out over the life of the car would add up.
Don't race to reds either :P
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