Personal Finance

51% of Canadians living paycheque to paycheque. Are you?

  • Last Updated:
  • Sep 17th, 2014 12:56 pm
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Jan 15, 2009
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techcrium wrote:
Sep 17th, 2014 12:40 am
Lol why does it make u angry she is buying something she can't afford?

People buy BMWs when they can't afford it all the time.

Are you telling me u stand beside cash advance stores and yell at ppl too for making poor financial decisions?
No, I actually don't really care if they live beyond their means. What irks me is people making stupid decision, and find ways to justify their victim mentalities.
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Oct 26, 2003
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ksgill wrote:
Sep 17th, 2014 4:46 am
she's been without an income for almost 3 months (going into 4th month) with 2 kids to feed. She doesn't qualify for ei because of the type of job she has (guaranteed employment). I would be very curious to know how many here have enough money socked away that they can live 4 months without an income. If she didn't own the house, she still have to pay rent. It's easy to judge others i suppose but let's keep things in perspective.
heloc
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Mar 24, 2008
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divx wrote:
Sep 17th, 2014 10:54 am
heloc
No HELOC if the equity is < 35% (or is it 20%?). A lot of people put 5-20% down to buy their homes and by the looks of it, she didn't plan it too well.
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Oct 26, 2003
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ksgill wrote:
Sep 17th, 2014 11:07 am
No HELOC if the equity is < 35% (or is it 20%?). A lot of people put 5-20% down to buy their homes and by the looks of it, she didn't plan it too well.
she is a teacher who teaches home economics, give her some credit will ya
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Mar 24, 2008
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divx wrote:
Sep 17th, 2014 11:12 am
she is a teacher who teaches home economics, give her some credit will ya
lol
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Jan 15, 2009
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Just north.
divx wrote:
Sep 17th, 2014 11:12 am
she is a teacher who teaches home economics, give her some credit will ya
Mend her kids' clothes should save her money.
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Oct 26, 2003
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ksgill wrote:
Sep 17th, 2014 11:12 am
lol
you are thinking those who can't do, teach?
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Jan 7, 2014
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guyver0 wrote:
Sep 16th, 2014 10:38 pm
There isn't anything wrong with looking after No. 1, everyone does that, even the teachers who hide behind the banner of "students first!" What's wrong with the aforementioned teacher is her clueless attitude towards her finance. Buying a house with a job that doesn't sound stable is just plain asking for trouble. What part of "You can't FCUKING afford it!" does she not understand. If all her income goes to mortgage and her kids, there aren't any emergency funds then.

What happens next time when there's another strike, will we have to hear the same old poor-old-me story from some financial idiot? Or that she injured in a car accident?
ksgill wrote:
Sep 17th, 2014 4:46 am
She's been without an income for almost 3 months (going into 4th month) with 2 kids to feed. She doesn't qualify for EI because of the type of job she has (guaranteed employment). I would be very curious to know how many here have enough money socked away that they can live 4 months without an income. If she didn't own the house, she still have to pay rent. It's easy to judge others I suppose but let's keep things in perspective.
+1 with guyver0 and - 1 with ksgill
If someone has bought a house ( ofcourse using a mortgage) and just with 3 or 4 months of no-income he/she ends up on Road, I would consider him/her as financially illiterate. All these factors should be well thought off before making a buying decision.
Personally me.. I can afford my current lifestyle for at least a couple of years without income ( I am renting) but if I would never buy a house if I think that after paying for mortgage and all expenses I can't even sustain a 3 months joblessness. I don't know where is the basic dignity has gone for such people. You come on road because of your own stupid decisions then blame the system. I haven't looked into all details of this case but from guyver0's post it looks like "austerity" or "Living within your means" should be taught to this teacher and "Life" is the biggest teacher. There might be other factors to which I would definitely sympathies with her but her house buying decision is plain "Wrong" imho.
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Mar 24, 2008
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Asker123 wrote:
Sep 17th, 2014 11:55 am
+1 with guyver0 and - 1 with ksgill
If someone has bought a house ( ofcourse using a mortgage) and just with 3 or 4 months of no-income he/she ends up on Road, I would consider him/her as financially illiterate. All these factors should be well thought off before making a buying decision.
Personally me.. I can afford my current lifestyle for at least a couple of years without income ( I am renting) but if I would never buy a house if I think that after paying for mortgage and all expenses I can't even sustain a 3 months joblessness. I don't know where is the basic dignity has gone for such people. You come on road because of your own stupid decisions then blame the system. I haven't looked into all details of this case but from guyver0's post it looks like "austerity" or "Living within your means" should be taught to this teacher and "Life" is the biggest teacher.
Did you read the article? She can always sell the house and she'll have 4-5 years of living expenses (even if she put 15% down)... don't mean anything. She also has two kids to feed so you can't really compare with your own lifestyle. Granted, she should have been smarter about having better contingency plans but it's just too easy to judge others.
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I have been since the summer playign catch up on vacation and the fun we had, mostly on the credit card. Is what it is, but Im still paying myself first and all the bills, just want to get the CC paid down as fast as possible.

I thik its worse if you live paycheque to paycheque and dont put away for yourself. I used to live pay cheque to pay cheque but I also put money into RRSPs every check, and all the bills were always paid. I may not of had any money to have much fun, but I coudl always say everything was at least paid for that month
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Jan 7, 2014
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guyver0 wrote:
Sep 16th, 2014 10:38 pm
There isn't anything wrong with looking after No. 1, everyone does that, even the teachers who hide behind the banner of "students first!" What's wrong with the aforementioned teacher is her clueless attitude towards her finance. Buying a house with a job that doesn't sound stable is just plain asking for trouble. What part of "You can't FCUKING afford it!" does she not understand. If all her income goes to mortgage and her kids, there aren't any emergency funds then.

What happens next time when there's another strike, will we have to hear the same old poor-old-me story from some financial idiot? Or that she injured in a car accident?
ksgill wrote:
Sep 17th, 2014 11:59 am
Did you read the article? She can always sell the house and she'll have 4-5 years of living expenses (even if she put 15% down)... don't mean anything. She also has two kids to feed so you can't really compare with your own lifestyle. Granted, she should have been smarter about having better contingency plans but it's just too easy to judge others.
Allright Sir I went thorough the entire article and edited my previous post with this last line
"There might be other factors to which I would definitely sympathies with her but her house buying decision is plain "Wrong" imho. "

Accepted .. Put teachers to work and all that . Just fine.. Everyone needs job and people are free to show their anguish if they dont have jobs. Just fine...

but .. You don't have job for 4 months and you have 6 dollars in your account and risk loosing your house....so be it...
She shouldn't have bought that house at first place.
I have a child too . People with children should be "doubly" cautious about their financial actions.
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Oct 26, 2003
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ksgill wrote:
Sep 17th, 2014 11:59 am
Did you read the article? She can always sell the house and she'll have 4-5 years of living expenses (even if she put 15% down)... don't mean anything. She also has two kids to feed so you can't really compare with your own lifestyle. Granted, she should have been smarter about having better contingency plans but it's just too easy to judge others.
this is canada yo, the greatest country on earth, one of the few country where the government pays you to have kids, she doesn't need to feed her kids, the government already paying for that. You know, in some crappy 3rd world country where people pay their government to have kids, they still manage to feed them just fine...
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Mar 24, 2008
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Asker123 wrote:
Sep 17th, 2014 12:15 pm
Allright Sir I went thorough the entire article and edited my previous post with this last line
"There might be other factors to which I would definitely sympathies with her but her house buying decision is plain "Wrong" imho. "

Accepted .. Put teachers to work and all that . Just fine.. Everyone needs job and people are free to show their anguish if they dont have jobs. Just fine...

but .. You don't have job for 4 months and you have 6 dollars in your account and risk loosing your house....so be it...
She shouldn't have bought that house at first place.
I have a child too . People with children should be "doubly" cautious about their financial actions.
Agreed. Just for the record, I never said that she wasn't to blame at all. I just have a little more sympathy for her than most on this board. Life happens, we need to be prepared for such emergencies especially when there are dependents involved. This makes me wonder how much life insurance she has in case something happens to her... yikes!
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Mar 24, 2008
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divx wrote:
Sep 17th, 2014 12:18 pm
this is canada yo, the greatest country on earth, one of the few country where the government pays you to have kids, she doesn't need to feed her kids, the government already paying for that. You know, in some crappy 3rd world country where people pay their government to have kids, they still manage to feed them just fine...
Yeah, try paying for 2 kids for ~$1000/month that government hands out (only if she is low income). When she works, day care alone is ~$2000/month for two kids... clearly you don't have any kids or have a clue as to what it costs to raise kids.
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Oct 26, 2003
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ksgill wrote:
Sep 17th, 2014 12:22 pm
Yeah, try paying for 2 kids for ~$1000/month that government hands out (only if she is low income). When she works, day care alone is ~$2000/month for two kids... clearly you don't have any kids or have a clue as to what it costs to raise kids.
what daycare? she is not working. Also child benefit is available to everyone. Thirdly, your decision of having children does not constitute my sympathy.

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