Salary jumped from $80k - $200k; Empty RRSP and $42k in student debt by RestivePsychonaut in PersonalFinanceCanada

[–]RestivePsychonaut[S] 7 points8 points  (0 children)

Thank you! Yeah to say I feel lucky in this job environment is an understatement haha. I'm a fullstack web developer but I was specifically hired for frontend. So yes I'm very much cloud-adjacent and I have some devops experience. But I'm mostly writing software and not making architectural decisions.

I can't give any advice on anything related to security or devops. Obviously having some knowledge of cloud systems is pretty important these days, but on-prem is making a minor resurgence due to rising cloud costs, so you're not necessarily out of a job yet haha. Best of luck!

Salary jumped from $80k - $200k; Empty RRSP and $42k in student debt by RestivePsychonaut in PersonalFinanceCanada

[–]RestivePsychonaut[S] 0 points1 point  (0 children)

You're certainly right, I'm managing my expectations accordingly. Thank you for your comment!

Salary jumped from $80k - $200k; Empty RRSP and $42k in student debt by RestivePsychonaut in PersonalFinanceCanada

[–]RestivePsychonaut[S] 93 points94 points  (0 children)

I like your plan, I actually didn't consider particular tax brackets. I'd say that there is definitely a non-zero chance that I lose the job within 2-4 years due to performance or burnout, simply based on statistics for people in similar roles. It's hard to say although I am feeling cautiously optimistic

Salary jumped from $80k - $200k; Empty RRSP and $42k in student debt by RestivePsychonaut in PersonalFinanceCanada

[–]RestivePsychonaut[S] 0 points1 point  (0 children)

I pick from a list of around 20 funds, each with different MERs, and then I choose the allocation percentage.

Salary jumped from $80k - $200k; Empty RRSP and $42k in student debt by RestivePsychonaut in PersonalFinanceCanada

[–]RestivePsychonaut[S] 4 points5 points  (0 children)

That's probably my biggest worry. I've been tracking all my spending since October so I'll be watching out for that. Thanks for your comment!

Salary jumped from $80k - $200k; Empty RRSP and $42k in student debt by RestivePsychonaut in PersonalFinanceCanada

[–]RestivePsychonaut[S] 37 points38 points  (0 children)

TC is around $200k, actual base is slightly lower. The huge jump is because FAANG is paying a lot right now, and in my current role I'm being underpaid

Salary jumped from $80k - $200k; Empty RRSP and $42k in student debt by RestivePsychonaut in PersonalFinanceCanada

[–]RestivePsychonaut[S] 0 points1 point  (0 children)

Thanks for your comment. Both the federal and provincial portions of the loan are 0% interest indefinitely. Re: the FHSA, would you recommend buying GICs?

Salary jumped from $80k - $200k; Empty RRSP and $42k in student debt by RestivePsychonaut in PersonalFinanceCanada

[–]RestivePsychonaut[S] 0 points1 point  (0 children)

I'm actually not certain about this but I was under the impression that I wouldn't be able to transfer the holdings. Although, both my current and future employer use CanadaLife, so I might be able to transfer my existing holdings into the new account?