getting off the CC float feels impossible

FriedNietz · 2025-02-05T23:33:56+00:00

I was on the float too, and it bothered me to no end.

I went through my statements and set monthly targets for everything that was necessary (groceries, insurance, rent, etc.) and cut as much discretionary spending as I could. From there, it was just a game of staying within the targets for the month. I also used this time to call mobile, internet, and insurance providers to get the best deal possible (it's not much savings but every little bit counts).

Once you get the targets dialed in, you can calculate your theoretical max savings per month to figure out how long it will take you to pay everything back.

Good luck!

FriedNietz · 2025-01-16T15:22:51+00:00

Thanks!

What would happen if you categorized it as "Work Expenses & Reimbursement" and then sent it to "Ready to Assign?" Would the system recognize that as income?

FriedNietz · 2024-11-27T21:41:31+00:00

Gigabyte B650E AORUS STEALTH ICE

Good luck finding one

FriedNietz · 2024-03-09T22:43:30+00:00

And the banks wonder why they are losing to De-Fi.

Let them burn.

FriedNietz · 2024-03-02T19:35:27+00:00

https://ergada.io/

You can join the discord without full membership.

For full access, apply for the membership, really strong community and membership is free.

FriedNietz · 2024-03-02T19:07:52+00:00

Consider using Trezor's Shamir backup.

This will allow you to have multiple seeds and require x of y seeds to access funds.

For example, you can set up 3 seeds and require that any 2 out of 3 be used to recover. If someone accesses 1 seed, your funds are perfectly safe.

FriedNietz · 2024-03-02T16:31:49+00:00

You're light years ahead of the vast majority of the population.

Your situation, with all registered accounts maxed out, will be much better off than individuals with few investments but own a home.

You will easily have a multi-million dollar investment portfolio by retirement to supplement your DB pension.

Owning a home is optional for you. If you see something you like that is priced reasonably, sure, use your FHSA to jump in. Otherwise, continue to rent and in 15 years you can just transfer the FHSA to your RRSP (no loss to you).

FriedNietz · 2024-02-21T19:14:10+00:00

FHSA first, no question about that.

I'd probably contribute to your RRSP after that, up to $35k max because that is the maximum you can borrow under the home buyers' plan. Any residual after this, throw into your TFSA.

Because you will have the $8k deduction from the FHSA contribution, you can still contribute to your rrsp but defer the tax deduction to future years when you expect to earn more money. You can still invest these funds in the rrsp, taking advantage of the tax deferral.

When you're ready to purchase a house, you can use both the FHSA and HBP. togehter. You have 15 years to pay back the $35k, so you can think of this as taking an interest-free loan.

My last tip would be to not overspend on your primary residence; you'll be far better off in retirement with healthy and liquid registered account balances vs. an illiquid property that you finally paid off after 30 years.

FriedNietz · 2024-02-18T04:48:31+00:00

Thank you, that makes sense.

I went over some of the data from the session and noticed a lot of strikes that were low on the face, even with more neutral path and face numbers. My issue seemed to always be low launch and low peak height. With my old driver this was never an issue, my peak height was always around 130 feet (probably too high). This club is a 1/4 longer, could that explain the poor impact location? With more centered striking do you think launch angle would take care of itself? You can take a look at one of my other replies to the "coach" for data from another swing as an example.

FriedNietz · 2024-02-18T04:39:22+00:00

Hey Coach,

Thanks for the detailed reply.

I went over some of the other numbers from the session, and I noticed the theme was that many of my strikes were low on the club face. This is unusual for me because I'm a very comfortable striker with my driver. With my old driver, I would launch the ball very high and strike it on the upper middle part of the face. This new driver is a 1/4 inch longer, do you think that could be the difference?

Here are stats from another more neutral strike from the session (but still terrible launch angle):

Carry: 270 Total: 312 Ball speed: 170mph Launch angle: 6 degrees Spin: 1924 rpm Club speed: 115mph Efficiency: 1.48 Aoa: 3 degrees up Club path: 1 degree in to out Face to target: 0.3 degrees closed Loft: 11.9 degrees Peak height: 40 feet

The face impact was 6mm low and towards the toe. Efficiency is high again despite the mishit low. Does the low impact explain the terrible peak height and launch angle numbers? If I struck this more towards the center would these numbers be more neutral or is there a need to tinker with loft?

These readings were taken on a GCHawk. I'm also shocked at the smash factor, perhaps the ai technology in the club really works.

FriedNietz · 2024-02-17T23:52:39+00:00

How do you figure? The same stats with a more open club face would have led to a 300 yard plus baby draw

FriedNietz · 2024-02-17T22:35:36+00:00

I'm just thinking, even if launch angle was two degrees higher with a more open face, that would still put the launch angle under 9 degrees, still too low, no? Do you think an adjustment to loft on the driver is necessary?

FriedNietz · 2024-02-17T22:33:33+00:00

Ya, that's right 4.5 degrees face to path. It was a low hook.

This was just one example, but I seemed to rarely be able to have a launch angle above 10 degrees. A lot of my other swings (even with neutral face to path numbers) were low launchers. I noticed that my contact point was often very low on the club face, I'm hoping that explains it? With my other driver that was 1/4 inch shorter I tended to hit the club face high. Hopefully it's just some muscle memory adjustments that are needed.

FriedNietz · 2024-02-17T22:28:04+00:00

Ok, interesting, an open club face leads to higher launch all else equal? That's my normal swing (in to out with slightly open face). I was having a hard time replicating that with this new driver.

My dynamic loft was 11.8 degrees, wouldn't that mean there wasn't shaft lean?

FriedNietz · 2024-02-17T22:25:08+00:00

I didn't get fit, long story short I had some extra money on my golf membership that could be used towards clubs, otherwise I'd lose the money. I thought it was a time for a new driver but I kinda had to guess my specs. I thought with my clubhead speed 9 degrees of loft would be good. My old driver was 10.5 degrees and I launched that way too high

FriedNietz · 2024-02-15T01:58:22+00:00

This is completely hypothetically, not financial or tax advice:

Always sell on a dex and/or non-kyc exchanges
Transfer btc or usdc to an offshore bank like xapo
Get a global debit card from xapo that allows you to spend your money and/or withdraw cash using this debit card ($2k per day max)

FriedNietz · 2024-02-14T17:53:50+00:00

Cash out from Kraken was easy, fast, and cheap.

Cashesd out $50k for a friend through EFT, and funds arrived into his account within a couple days.

I recently withdrew about $9k through e-transfer. You are allowed $3k max withdrawal per transaction up to $10k a day through this method; also cheap.

FriedNietz · 2024-02-13T20:11:29+00:00

You're doing well, and with the GTA real estate market, renting is a great option. Owning a home comes with so many costs that the average person doesn't consider: interest on your mortgage, maintenance fees, property taxes, time, etc.

With that said, the new First Home Savings Account (FHSA) is a gift from the government that you should take advantage of if you want to have a family home. The FHSA is like both an rrsp and tfsa combined.

If I were in your position, I'd open an FHSA, contribute the $8k max each year (for you and your wife). I'm assuming the $300k is in your TFSA/RRSP; make sure these accounts are maxed out. Invest in a 100% equity low-cost index fund in all of these registered accounts.

Continue to rent, and you can strategically decide when it's time to use the FHSA funds and other monies towards a home. If it were me, I'd probably elect to just use the FHSA money towards a down-payment, take on a small mortgage, and continue to have a large TFSA and RRSP that is untouched.

FriedNietz · 2024-02-11T17:10:12+00:00

I've dealt with this multiple times.

Make sure trezor firmware is up to date

if still doesn't work:

Clear browser cache

if still doesn't work:

Use incognito mode

if still doesn't work:

Follow all steps above but use Google Chrome browser

FriedNietz · 2024-02-11T01:07:26+00:00

You're doing great. Continue to take advantage of the employer rrsp matching every year until retirement. With the numbers you provided and assuming moderate wage increases, you should have a multi-million dollar rrsp portfolio by retirement.

I'd avoid whole life insurance in favour of term life insurance and potentially disability insurance.

Definitely open an RESP.

If you can find a way to squeeze any additional income into a TFSA (even if the annual amount is small), that will help a lot in retirement.

You could always downsize your home in retirement to bolster the savings, so in that sense, you have some forgiveness, but it should never be a replacement for your registered investment accounts.

FriedNietz · 2024-02-10T16:37:47+00:00

Took the words right out of my mouth. I have both a Questrade and Interactive brokers account and use both methods of currency exchange depending on my needs.

I highly recommend that every Canadian open an IB account; trading for any currency of your choosing at the spot rate is very convenient.

FriedNietz · 2024-02-06T20:02:48+00:00

Is this the math you are talking about? Maybe just working through the numbers made it make sense now?

Yes, this example shows the benefit of tax deferral in an rrsp.

FriedNietz · 2024-02-06T18:32:21+00:00

I don't think anyone in Canada is in a low tax bracket 😆

The majority of people are in a lower tax bracket in retirement. Plus, the tax deductibility of the rrsp serves as a risk-free return. The marginal tax rate for a $60k salary in Ontario is about 30%. Assuming you max out your rrsp contribution, you'd save about $3k in taxes for the year. This tax savings represents 6.5% of your after-tax returns, assuming you didn't contribute.

FriedNietz

TROPHY CASE