My first house was 1000 sq feet with 3 bedrooms could have easily raised a family there. New layouts are about luxury not usefulness. No one likes 10x10 bedrooms now but they work fine.
Over 1000 sq ft and lots more space starts going towards hallways, foyers, etc. Feels bigger but a lot of money spent on spaces that you just pass through. I will say that with kids, moving up from 1000 sq ft made a very positive difference in our lives. Having the kids play area in the living room/passage to dining room was a constant battle/chaos. Having extra space for kids/storage means the house feels less chaotic.
Over 1000 sq ft and lots more space starts going towards hallways, foyers, etc. Feels bigger but a lot of money spent on spaces that you just pass through. I will say that with kids, moving up from 1000 sq ft made a very positive difference in our lives. Having the kids play area in the living room/passage to dining room was a constant battle/chaos. Having extra space for kids/storage means the house feels less chaotic.
Small houses made sense when the kids turned 18 and GTFO. Now lots of kids staying until they are mid 20's because they can't afford to leave. Now you've got 3 or 4 adults living in a house, and you'll need more than 1000 sq ft for that.
When I was young, my uncle asked me how I'm living, and I replied with "I live within my means".
He responded with "Wrong answer"
He told me that I should always live "Below your means". Living "within your means" is just getting by. Living below your means allows you to save a lot more for those rainy days.
That talk with my uncle still resonates with me to this day.
100% it's not pleasant. For us we have 3 adults and 3 kids under 6 in 1600sqft. It can be tough at times but we make it work because we have to, and can't really afford to move. Plus we love the area and don't want to really move.
There is a disconnect right now between reality and necessity for many . My kids would like a house and cars and maybe a boat like me. But mine took 30yrs , they envision having that now. And there are thousands like them which is part of our bigger issue.
I just watched the tv news and they discussed people turning to CCs to make month end. There’s a slippery slope that you often can’t come back from. If your answer to hitting groceries and insurance is a super high interest loan ? Keep help now
There is a disconnect right now between reality and necessity for many . My kids would like a house and cars and maybe a boat like me. But mine took 30yrs , they envision having that now. And there are thousands like them which is part of our bigger issue.
I just watched the tv news and they discussed people turning to CCs to make month end. There’s a slippery slope that you often can’t come back from. If your answer to hitting groceries and insurance is a super high interest loan ? Keep help now
I still remember my cousins' son recently saying outright 'why should I bother working? when you die I'm going to take over the 3-plex, house and everything else anyway. No stress.'
I find that this attitude is becoming more prevalent, but let's just say the answer was 'well what if I choose to sell it all today and just live life without working. What will you do then?'
Well , that’s a plan, and I have seen some friends kids coast thinking there is a bag of cash coming my way. But come from a family like mine where people live into thier 90s , and if they go to a $5k a month home , the bag gets smaller fast.
Best to have a plan B , unless your like my in-law family with some third generation dead beats , then you get to watch plan C and laugh out loud .
So I guess I'll ask as I've been wondering recently...with recent inflation, and incoming recession...is it a good time to hop jobs? Or should I stay put?
I'm a little disenchanted w/ working for the gov't and thinking it's time to jump back into private sector as it's more exciting and think I can learn more before going back to gov't. Higher salaries now to build up net worth, and then going into gov't later on.
Thoughts?
I'm in heavy civil construction, and love the field.
Indexed pension? Chance of being laid off almost impossible? Decent benefits ?
Unless you could become a partner or owner of an engineering firm, I’d sit tight .
Happy to take on some boredom for the upside of a govt pay check .
100% it's not pleasant. For us we have 3 adults and 3 kids under 6 in 1600sqft. It can be tough at times but we make it work because we have to, and can't really afford to move. Plus we love the area and don't want to really move.
I moved from 3500sq' 2 story in Newmarket to a 1600sq 4br bungalow in Markham when my kids 3 were young. We did it so the kids could grow up in a better community with great schools.
Wife initially hated it, too small, but after a couple of years it became home -- we adjusted fine and stayed, when I bring up the subject of moving, she shuts me down instantly, we're not likely to move again.
2 of my kids live in compact homes, one in a 450sq 1br condo, the other in a 750sq 2br house. They are fine with them, housing costs are reasonable and the money they save goes toward enjoying life.
Indexed pension? Chance of being laid off almost impossible? Decent benefits ?
Unless you could become a partner or owner of an engineering firm, I’d sit tight .
Happy to take on some boredom for the upside of a govt pay check .
Good way to put it. Maybe I just need a change within this group that I work in.
Trying to climb to the next level, but that level is reserved for friends of friends of the upper echelons...so it's tough to break in.
Once there though...it's a nice long climb and I'm not interested in moving beyond it.
EDIT: if a company offered me shares in the firm then def would be more sway. Did the math and to make up for the OMERS removal from my financial plan id need a 35% bump in pay. Not likely.
Indexed pension? Chance of being laid off almost impossible? Decent benefits ?
Unless you could become a partner or owner of an engineering firm, I’d sit tight .
Happy to take on some boredom for the upside of a govt pay check .
I cant function in a system that is designed to get as little done as possible to protect the wanker lifers. That being said, your financial logic is very sound. I dont think mp's position is quite that bad but govt has a tendency to head down that road.
I worked in a bad department in a good company for a while. In less than two hours a day I exceeded the work quota for the day and was told to stop working (but remain at my desk looking busy in case mgmt stopped by). Ooof. Did that for a few months and couldnt deal with it anymore. I had read a literal library of tech documentation and was out of interesting things to look at on the internet (many years ago so internet was less expansive).
There is a disconnect right now between reality and necessity for many . My kids would like a house and cars and maybe a boat like me. But mine took 30yrs , they envision having that now. And there are thousands like them which is part of our bigger issue.
I just watched the tv news and they discussed people turning to CCs to make month end. There’s a slippery slope that you often can’t come back from. If your answer to hitting groceries and insurance is a super high interest loan ? Keep help now
I think all young people want houses, toy stuffs, and/or pricey experiences, the secret is balance AND doing what it takes to make a decent living. My kids did what it took to find careers that afford them and they are all in pretty good financial shape.
I drilled personal finance into them starting when they were old enough to handle money, helping them understand debt, credit cards, and savings. Key things I constantly reinforced:
- Pay your credit cards off every month
- If you need to make a big purchase, use a LOC (not credit card) and convert the purchase to installment credit so you can budget to pay it off over a fixed period of time.
- Go modest with the big ticket stuff -- accommodations, vehicles, large toys, and travel experiences -- until you're in a position to pay cash for luxuries.
- Save 20% of your paycheque using automatic contributions to low risk RRSP/TFSA investments. Play higher risk investment games with spare change.
- Do an annual personal budget when you do your annual taxes. Planning works, planning helps with financial decisions.
A friends says "borrow for what you need and pay cash for what you want". That's really great advice if you have a firm grip on what is a want and what is a need. You want a full sleeve tattoo. You don't need it.
A friends says "borrow for what you need and pay cash for what you want". That's really great advice if you have a firm grip on what is a want and what is a need. You want a full sleeve tattoo. You don't need it.
Not a bad starting point but again made greyer by housing that is normally part need, part want and part investment. If you wait for the cash pile to be large enough to buy the dwelling you want, high probability that you can't afford it anymore. For spending that lights money on fire (trips, tattoos, etc), I entirely agree with your theory.
I would love to be able to do this but between taxes (almost 50%) and RSP contributions I am left with about 30% of my monthly income to cover my living expenses and about 15% of that is for mortgage and property taxes..
I love when people say I make "good money" I typically respond that it LOOKS like I make good money..
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