The Ten Commandments of R/PFC

[estelee]

@louisew I read this whole post and I still don't know how to pay off my 100k debt.

Car loans: 99k

Other loans from parent: 1k

 

[karenseeker]

@estelee Consider getting rid of the car?

No

 

[leafis]

@estelee spend less on candles

 

[nalex1066]

@estelee Ask your parents if they'll do a trade. Loan for loan.

 

[jsea]

@louisew Also:
1) I don't have a crystal ball to tell someone if they should lock in on a fixed or variable rate.

2) I don't have a crystal ball to tell someone if it's a good time to convert USD to CDN or vice versa

 

[swc1293]

@jsea Don't forget the "should i buy a house now or wait?"

 

[jeanne7]

@louisew Okay, but can you tell me where all my money goes? I don't have a budget, I don't track anything and make 80k a year. I'm broke and have no savings. PLEASE HELP!!!

 

[christianityrocks]

@jeanne7 Ouch this one hit home

 

[lumpyoatmeal]

@louisew But I check Credit Karma five times a day and my score went from 817 to 768. How will I qualify for a mortgage in 3 years?

 

[cbaker000]

@louisew

5.) You must abandon Toronto. All family, friends, cultural ties orworkplace opportunities need to be sacrificed at the alter if you wantto realistically own real estate.

5b. Same goes for Vancouver.

 

[severina418]

@cbaker000 Also, if you want a decent salary you will have to move to GTA or GVA.

 

[twigagiraffe]

@severina418 Where 3/4 of said salary will go to rent.

 

[suzeh]

@twigagiraffe Yea the concept of balancing your lifestyle doesn't seem to click for many. A 250k income is all they hear, and not the "10k/month for a 1bd rental".

 

[twigagiraffe]

@suzeh This. Yeah a gf of mine makes 86k and is slowly draining her savings; because her fixed costs are too high. Complains whenever I mention that I’m trying to invest and don’t have enough money to. Then she goes on a $400 horse back tour.

 

[suzeh]

@twigagiraffe Lol sounds like a buddy of mine. Worries about his down payment and then goes out and blows $800 on bottle service...

 

[artb]

@suzeh It’s not 10k per month… yet. Give it another decade of inflation, mismanagement and unchecked population growth and we may yet get there!

 

[suzeh]

@artb This was an acquaintance in New York city core. She made it seem like she's killing it, but in reality she's getting slaughtered by her fixed expenses

 

[luzzie1308]

@severina418 Average salary is higher in Edmonton

 

[mrfuture]

@luzzie1308 Seems like they're both just over $70k based on a quick google, with Toronto being a few thousand more for average salaries

 

[micahissaved]

@severina418

Also, if you want a decent salary you will have to move to GTA or GVA.

Not really true if you're working remote.