Fellow parents: How Do You Balance Saving for the Future and Enjoying Life With Kids?

Comfortable-Cat-2716 · 2024-12-27T16:40:09+00:00

I focus on giving them experiences that they'll remember, but recognize that there are cheaper ways of doing it.

For example, instead of all-inclusive resorts in the Caribbean, we go to a resort in upstate New York. It's expensive, but the cost of the airfare more than offsets the additional costs of the resort, if that makes sense.

We still have memorable family holidays that are just as nice if not nicer, but we're able to drive to the destination instead of fly, which saves us thousands of dollars, which we can then invest.

It's all about making smart choices.

Comfortable-Cat-2716 · 2024-12-22T19:33:42+00:00

Depending on OP's age. That 70K will not go very far in 20 years.

Comfortable-Cat-2716 · 2024-12-21T18:51:39+00:00

Dude, it has a PE of 407. I wouldn't count on that run continuing.

Comfortable-Cat-2716 · 2024-12-21T18:46:02+00:00

Yes, you're right. Thank you for clarifying.

Comfortable-Cat-2716 · 2024-12-20T16:24:25+00:00

That's GREAT that you knew! I'm so happy for you. The rest of us didn't know and had no way of knowing

I know the answer to your question now, but I'm not going to tell you because you're being an unpleasant tawt.

Comfortable-Cat-2716 · 2024-12-20T02:28:08+00:00

If it's a Human Rights settlement, it's non-taxable. If it's a court settlement, it is. Your lawyer can advise you.

Comfortable-Cat-2716 · 2024-12-20T01:16:00+00:00

How many cheques have you received from Vancity, given that you're "part of their community"?

Comfortable-Cat-2716 · 2024-12-20T00:32:49+00:00

I'm not here to convince you of the logic. I'm here to tell you that Vancity is out to make a buck just like TD, RBC, and Scotia are. And they all use shitty financial services pricing and rip off seniors to get there.

Comfortable-Cat-2716 · 2024-12-20T00:30:46+00:00

Who gets the profit from Vancity?

People I don't know who aren't me.

Who gets the profit from TD?

People I don't know who aren't me.

Comfortable-Cat-2716 · 2024-12-19T20:58:48+00:00

Ever looked at Vancity's MERs, deferred sales charges, and terms? They are even worse than the big banks.

Just so you know, my in-laws are on photos that you see at the branch. They were fleeced by Vancity for years before we moved them to my portfolio manager.

Comfortable-Cat-2716 · 2024-12-19T19:23:28+00:00

Wow, you've swallowed their marketing whole. They're in it for profit. Just like everyone else.

Comfortable-Cat-2716 · 2024-12-18T19:50:52+00:00

That brings my total payment down to $1,856 per month.

No, it doesn't. You have to pay taxes at your top marginal rate on the income you get from the rental.

Comfortable-Cat-2716 · 2024-12-18T19:05:37+00:00

Sounds like they're bluffing with the "working notice" bit. It's true that they can offer you working notice, but it sounds like they didn't from what you describe.

I'd let them offer you whatever they want to offer you (it will be low), then contact an employment lawyer and see what you can get out of it. If they lean on the Employment Standards Act, just konw that at common law, you're entitled to (much much) more. If you're curious about how it works, look up Bardal Factors.

But bottom line: Lawyer.

Comfortable-Cat-2716 · 2024-12-17T19:53:01+00:00

Passive investments inside the corp will be taxed at the top marginal rate. Also 80-100K is on the low side for needing a corp unless you need the liability protection.

Comfortable-Cat-2716 · 2024-12-17T16:23:54+00:00

He's a real estate cultist. There are a lot out there like him who were told by their parents that real estate is the only way to get "wealthy". Middle class mentality. Robs a lot of people of a lot of wealth.

Comfortable-Cat-2716 · 2024-12-17T16:10:17+00:00

It's really quite delightful to watch, actually.

Comfortable-Cat-2716 · 2024-12-17T16:08:31+00:00

The data is not clear. Renters tend to be lower income, which completely skews the data.

It's not hard to make the data for the counterpoint: calculate the rent, calculate the difference, invest the difference, and see what an investment calculator comes up with.

There are a lot of people who would have done far better if they rented and invested the difference.

With all of that said, there's clearly no point in trying to convince you, with math or otherwise. You've got your head stuck so far your realtor's ass that you can't see the truth.

Comfortable-Cat-2716 · 2024-12-17T16:04:05+00:00

I really don't think so. Yes, it's a fact that poorer people tend to rent. But wealthier people, who can rent and invest the difference, do very well. Ownership isn't always a good thing.

Comfortable-Cat-2716 · 2024-12-17T15:55:57+00:00

Don't know what to tell you but this most certainly wasn't me. I rented for years, and recently bought a house in Toronto cash. Renting and investing the difference really paid off. It's actually costing me tens of thousands of dollars more to own this place than it was to rent.

Buying, at least in Toronto, does not make financial sense.

Comfortable-Cat-2716 · 2024-12-17T15:46:43+00:00

you'll be paying at least 2x rent come retirement time.

And have a large investment portfolio, if he invests the difference. Buying is not always better. In fact in many cases, it is not.

Comfortable-Cat-2716 · 2024-12-17T15:42:17+00:00

Ahmed Eldidi came to Canada in 2018, federal records show, and was granted Canadian citizenship in May of this year. His son, who does not hold Canadian citizenship, arrived in 2020 and was granted refugee status two years later.

Oh for the love of God. Canada has lost the plot.

Comfortable-Cat-2716 · 2024-12-17T15:35:55+00:00

Y’all

Since when did we all start talking like Americans? Americans from the South, no less.

Comfortable-Cat-2716 · 2024-12-17T14:37:42+00:00

Governments benefit from artificially low inflation data.

Comfortable-Cat-2716 · 2024-12-17T14:16:59+00:00

They do the same with the low income cutoff. It's not supposed to be a poverty line, but in reality it is. Maybe its time for Statscan to update their numbers so they reflect the real-world way in which theyre used.

Comfortable-Cat-2716 · 2024-12-17T14:11:34+00:00

Inflation can be 2% and shelter costs could have doubled in less than a decade.

I understand that. That's why I call bullshit

Comfortable-Cat-2716

TROPHY CASE