Inflation

Jampy00 said:
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.. :p
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Our kids started playing monopoly. There are two squares that charge taxes (1M and 2M, passing go gives you 2M now). They ask what they get for the giant pile of money they just lost. It's an early lesson in disappointment.
 
Mad Mike said:
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.

Its working.
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I do my rrsp at the end of the year put in the max now I need a plan to get it out.

Sent from the future
 
my favorite rrsp conversations . Oh look how its grown!! its up over 50K!! yeah , I gave you 92K last yr. and its up 50K!! F'in yippy!!
 
Jampy00 said:
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.. :p
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The savings part includes RRSP. My lessons were geared toward young adults (my kids) as they started out. Being able to save 20% of a paycheque in an RRSP when you're young and single should be a no brainer -- get used to it and it becomes simple.

As obligations grow - family, partner, etc - then the 20% might not be possible for a while.

But when you're young, it might only be the difference between a BMW and Jetta.
 
GreyGhost said:
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.
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I'd feel safe calling housing a need and worthy of borrowing, just like I would a reasonable reliable vehicle in order to get to work.
 
crankcall said:
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


Sent from my iPhone using GTAMotorcycle.com
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Sounds like many of the new Canadians that have been here 2 or 3 years and want all that as well and resort to dishonest practices to obtain it, while others have worked 30 years or more for it. Punishment is a slap on the wrist so might as well try to get away with it, even if already out on bond for previous crime :D
 
mimico_polak said:
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.
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Definitely get out of snivel service and get into private. It's more of a meritocracy and if you're hard-working and smart, that's an environment where you'll stand out and thrive. Greater opportunity to parlay your skills into big dollars.

Is now the best time to be doing that though? Earnings are still relatively healthy, so companies aren't at the stage yet where they're tightening their belts and laying off people. I've been through several RIFs and if the corporate policy is to let go of the deadwood and keep the good workers, then you're golden. But if it's Last In, First Out, then that's not a position you want to find yourself in.

I don't have a crystal ball, so no idea if we're at the start, middle of tail end of the recession. If I was to lay bets, I'd say more pain is coming before it gets better.

JMHO.
 
Mikedezo44 said:
Sounds like many of the new Canadians that have been here 2 or 3 years and want all that as well and resort to dishonest practices to obtain it, while others have worked 30 years or more for it. Punishment is a slap on the wrist so might as well try to get away with it, even if already out on bond for previous crime :D
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New Canadians like immigrants?

There are dishonest people from all walks of life, but in my experience, most immigrants work harder than people who were born and bred here. They're the ones willing to work the sh!t jobs for sh!t pay, driving cabs, working at convenience stores, etc. while the "Old Canadians" look down at those same jobs and feel lke they are entitled to a high-paying cushy job without climbing the ladder from the bottom.
 
timtune said:
Been a long while since I've read this but I'm sure lots of if not most is still pertinent if you haven't.

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Flip side to the wealthy barber is the $30K millionaire:

$30K Millionaire: D-bags in the Mist

Elusive and, some say, mythical, the $30,000 millionaire is a creature of legend among the denizens of Dallas nightlife. Used frequently as a term of derision, the $30,000 millionaire is often referenced but rarely captured because it is a master of camouflage: $30,000 millionaires live above their means, usually with the aid of multiple credit cards and sympathetic family units, spending more money than they make on items such as leased luxury cars, designer clothing and $14 drinks.
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Lightcycle said:
New Canadians like immigrants?

There are dishonest people from all walks of life, but in my experience, most immigrants work harder than people who were born and bred here. They're the ones willing to work the sh!t jobs for sh!t pay, driving cabs, working at convenience stores, etc. while the "Old Canadians" look down at those same jobs and feel lke they are entitled to a high-paying cushy job without climbing the ladder from the bottom.
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I also wasn't a big fan of that part of his post. I have noticed that many ethnic groups are far more willing to work together and share successful strategies/loopholes within their social circles than Caucasians that prefer to sit and *****. I have friends from the middle east that are masters at having cosmetic procedures covered under health plans (they know where to go and what to ask for as others have passed the information along), who to talk to when you need a mortgage exceeds what a bank will provide, how to remain on government assistance while earning income etc. They have done amazingly well in Canada.

There seems to be far more trust given to strangers because their ancestors came from the same place. That sometimes helps them and sometimes hurts them. An old landlord of mine bought her first house in canada and the seller had removed every receptacle and light fixture and taken them with them. wtf. She intrinsically trusted her lawyer, RE agent and mortgage broker because of their heritage and they told her that was normal and nothing could be done. Grrr. Aholes regardless of ancestry.
 
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Lightcycle said:
New Canadians like immigrants?

There are dishonest people from all walks of life, but in my experience, most immigrants work harder than people who were born and bred here. They're the ones willing to work the sh!t jobs for sh!t pay, driving cabs, working at convenience stores, etc. while the "Old Canadians" look down at those same jobs and feel lke they are entitled to a high-paying cushy job without climbing the ladder from the bottom.
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I've heard that a thousand times, I don't buy it.

I get around Canada, and employ about 30 un/semi skilled workers in our operation. I see as many hardworking folks born and raised here as I see new comers. Same observations for those on the dole.
 
GreyGhost said:
I also wasn't a big fan of that part of his post. I have noticed that many ethnic groups are far more willing to work together and share successful strategies/loopholes within their social circles than Caucasians that prefer to sit and *****. I have friends from the middle east that are masters as having cosmetic procedures covered under health plans (they know where to go and what to ask for as others have passed the information along), who to talk to when you need a mortgage exceeds what a bank will provide, how to remain on government assistance while earning income etc. They have done amazingly well in Canada.
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My friend tells me about all these scams he hears about while at his temple. Funny I thought religion would teach hard work and honesty would pay off, seems to be the opposite, get rich quick by finding loopholes and ways to cheat the system. Seems to be the place to share how much you ripped the insurance company, or government off for.
My experience and about 50 news articles in the last 5 years of people ripping off the government and other agencies would show you something in common lightcycle. It is hard to deny. But yes, of course there are thousands of hard working/long hour/crap job workers mixed in there. Just go to any amazon warehouse or fastfood restaurant in the gta and that part is easy to see.
 
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GreyGhost said:
having cosmetic procedures covered under health plans (they know where to go and what to ask for as others have passed the information along), who to talk to when you need a mortgage exceeds what a bank will provide, how to remain on government assistance while earning income etc.
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Some of that just sounds like straight up fraud & more than fudging to me.

As mentioned plenty of people from all walks of life work hard & plenty are dishonest.

Mortage stuff reminds me of this marketplace piece I saw.

Edit: Clarification
 
tat2 said:
That all just sounds like straight up fraud to me.

As mentioned plenty of people from all walks of life work hard & plenty are dishonest.

Mortage stuff reminds me of this marketplace piece I saw.
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Yup. They view it as ok since it isn't enforced/helps them catch up to people that had easier lives. Courts may disagree. When was the last time you heard of an individual being prosecuted for any of those things though? They lightly slap the clinic/broker but everyone in the scheme is way ahead (at the detriment of everyone not in the scheme).
 
I can see both sides of it.. the number of Canadian born able-bodied people sitting at home collecting government cheques just like their parents have done probably outweigh the amount wasted on insurance fraud and other scams, but it is getting more and more equal in my eyes. Back to original point, none of which will help our inflation problem. I will just pray Justin can turn the ship around :)
 
Mikedezo44 said:
I can see both sides of it.. the number of Canadian born able-bodied people sitting at home collecting government cheques just like their parents have done probably outweigh the amount wasted on insurance fraud and other scams, but it is getting more and more equal in my eyes. Back to original point, none of which will help our inflation problem. I will just pray Justin can turn the ship around :)
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Justin is working on the Ross Chastain maneuver for the economy full speed and let Jesus take the wheel.

Sent from the future
 
Scuba Steve said:
Justin is working on the Ross Chastain maneuver for the economy full speed and let Jesus take the wheel.

Sent from the future
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Except that worked really really well and had been simulated hundreds or thousands of times prior to trying it irl. Not quite the same as the budget balancing itself.
 
My favorite inflation story of the day.
Canada puts out a RFQ and a bid to build a couple really soffisticated warships. The east coast Stinky rich Irving family shipyardc bids on the contract at around 34Billion. It got delayed for several years and didnty get built . Now its 84billion. A condition of the contract was to bid you actually had to be able to build the ships.
Now the Irvings would like 300m in govt financing to modernize the yard so they can build the ships.

see a pattern here? @mimico_polak , consider marine engineering , just ask for millions and billions more. While everyone is trying to figure out how catering on the governor generals plane came in at $93 thousand for one flight, this is goin on.....
 
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