The Ten Commandments of R/PFC

[nalex1066]

@severina418 What are we considering decent these days?

 

[severina418]

@nalex1066 Dunno, really. It depends on what your costs are.

Enough to pay your bills without wondering if you've got enough, and still having enough to buy some fancy stuff every now and then.

 

[nalex1066]

@severina418 That's where I am. Always feel weird when I see those 'recommended' budgets that say spend x% on housing or food. And I can't follow any of that.

 

[chuckpwnsu]

@cbaker000 Simpsons did it

 

[stophurtingyourkid]

@cbaker000 Not happening. My life is here, my friends are here. I don't care about owning a house

 

[petermacwel]

@louisew But what do I do if my credit score dropped from 812 to 809?

 

[resjudicata]

@petermacwel It's bankruptcy time.

 

[suzeh]

@louisew 12) If it has anything to do with a bank or anyone giving/denying you approvals for this or that, go talk to the bank as it is highly unlikely that their employees sit on Reddit looking for your dumbass question and go "yes! the day that I've been waiting for has arrived and I can be helpful".

13) Realtors are shady crooks and the whole transaction is a cult enterprise. Get a lawyer and learn how to do it yourself. If you're not interested, then go with a realtor.

14) You and your new 60k job post graduation job don't deserve a BMW. We don't care how you feel and what entitlement might be pouring out of your rear end. Heed this warning, else one of us will happily scoop up your new ride for half the price when you can no longer afford rent/Chipotle.

15) Stop keeping up with the Joneses. You haven't a clue of their financials or how much debt they're drowning in. You don't need to do the same. The truly wealthy don't sit there showing off their house/car/boat/jet, they don't care about you and are enjoying their life for them, in spite of you.

16) Yes, you should accept whatever credit limit increase or line of credit you're offered. An emergency fund is always good to have.

 

[vvaughn]

@louisew Wait, what about having 15 years worth of cash for my emergency fund?

 

[daizthecute]

@vvaughn Only if you keep it in your mattress

 

[resjudicata]

@daizthecute Always max out your mattress before TFSA and RRSP

 

[laci55]

@resjudicata The CRA hasn't given me my mattress contribution limit yet. I keep telling them there's a stack of cash under there, but it's difficult to get a straight answer.

 

[montana88]

@louisew Don’t forget that unless you make $250k household income you may as well be a peasant begging for scraps on the street.

You’re also not allowed to spend or indulge on any fun activities or hobbies. Every cent of whatever you earn has to go towards expenses, debt and investments. Splurge on a vacation? Lol loser! Bought a new car? Lmfao might as well give me your money dude!

Oh and most importantly…helping friends or family with money? Wow, could you be any more of an idiot?

 

[andrewlikescars]

@montana88 "deposit all extra money into an ETF and pretend it doesn't exist for 20 years"

 

[amiaprophet]

@andrewlikescars Don't even think about touching that investment before 80

 

[jessisback77]

@amiaprophet You MUST be one joint replacement in before you touch it.

*Unless you need the money to pay for the joint replacement abroad.

 

[micahissaved]

@montana88

You’re also not allowed to spend or indulge on any fun activities or hobbies. Every cent of whatever you earn has to go towards expenses, debt and investments. Splurge on a vacation?

In all seriousness, a good budget should have allowances to live your life beyond the essentials. I have money allocated every month for my vacation fund, hobbies, takeout, shopping, etc. (And no, I'm not some 22 year old making $100k+)

The problem is that people can't prioritize their wants from their needs. We're constantly marketed to buy stuff that promises 'happiness', that we forget that it takes very little to actually be content in life. Indulgence can quickly go from a once and a while thing, to a lifestyle that can't be afforded.

 

[cheefzboy]

@louisew 11) the only car you should be driving is a beige 2008 Toyota Corolla regardless of income

 

[severina418]

@cheefzboy

2008

Real talk though, cars built after 2010 have significant safety improvements, especially with regard to side collisions from heavy vehicles.

 

[suzeh]

@severina418 My 1987 Chevy vs. 2010 civic.

I have a bent license plate.
He's got a toaster on the back of a tow truck heading for the scrap yard.
His wife is convinced she had a baby in her arms (you know - while driving...), so she's still screaming "where's my baby!" in both our ears.
He wanted my insurance info after he hit me while I was parked.