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56 and Unemployed

  • Last Updated:
  • Dec 21st, 2018 12:44 pm
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Deal Expert
Dec 4, 2010
19536 posts
2260 upvotes
Quarantine Bubble
tmkf_patryk wrote: Is OP a driven man is the question. If he was driven, don't you think he would reaping the rewards by the ripe old age of 57?
That's harsh and sounds like something blunt and sage commentary out of Jordan Peterson's mouth.
Jr. Member
Feb 18, 2007
188 posts
24 upvotes
I'm actually impressed that OP managed to save up 400k even at 56.

Many people wouldn't be able to do that I don't think.
Deal Addict
User avatar
Sep 9, 2007
2153 posts
225 upvotes
Toronto
I would probably invest 300k, buy a house somewhere in the Caribbean for 100k, live off the fixed income and enjoy retirement at 56.
Deal Addict
Jan 5, 2006
1054 posts
253 upvotes
Mississauga
You have 400K savings and you are not financially in a hardship right now, so look into college programs. If you've got a solid base of science, apply for a Pharmacy Tech program, and become a REGULATED technician within 2 years. You can look into getting a pharmacy tech job once you're accepted into the program. Google "Second Career" on the Ontario website, there's funding available for going back to school. When you graduate, you can start applying to hospital jobs, even if it's on a casual basis first (you'll likely get more than casual hours despite that title). Show drive, always be willing to learn, and you get to make a difference in a patient's life. Some of my best techs cut their teeth on manual labour and were similarly forced into a career change like you.
"If one's conviction is strong enough whether you're a bear or a bull, you should put your money where your mouth is. Otherwise, you don't have skin in the game, and you are nothing more than a cheerleader in the stands" - SamInfinity
Jr. Member
Nov 8, 2006
181 posts
8 upvotes
I haven't gone through the whole thread but what about driving for uber? Based on my chat with Uber drivers, I have met one who used to be in construction and another one who is retired and supplementing her income by driving for uber. You do need a newish, decent car... probably less than 5 years old.
Deal Expert
Jun 26, 2011
15096 posts
5413 upvotes
GTA
cyclocommuter wrote: I haven't gone through the whole thread is but what about driving for uber? Based on my chat with Uber drivers, I have met one who used to be in construction and another one who is retired and supplementing her income by driving for uber. You do need a newish, decent car... probably less than 5 years old.
I'm convinced people driving Uber aren't factoring in maintenance and depreciation. Love it as a consumer though
Newbie
User avatar
Dec 6, 2018
2 posts
4 upvotes
Canada
Op doesn't drive and doesn't own a car. Common for folks in the big city.
Personally, I question the 400k he says he's saved by "being frugal". His desperate actions and refusal to better himself educationally speak more of someone living day-to-day.
Deal Expert
User avatar
Apr 21, 2004
58648 posts
24637 upvotes
RolandCouch wrote: I'm convinced people driving Uber aren't factoring in maintenance and depreciation. Love it as a consumer though
Still from the airport to my residence, it's about $70 for half an hour's worth work. Of course the driver may not get a passenger where I live but even at a moderate $35 an hour, it's a pretty decent income even with all the costs that can be written off to generate improved cash flow.

Of course the more drivers, the more competition and the less the income potential.
Deal Expert
Jun 26, 2011
15096 posts
5413 upvotes
GTA
alanbrenton wrote: Still from the airport to my residence, it's about $70 for half an hour's worth work. Of course the driver may not get a passenger where I live but even at a moderate $35 an hour, it's a pretty decent income even with all the costs that can be written off to generate improved cash flow.

Of course the more drivers, the more competition and the less the income potential.
Remember the nice long ride you are giving the is the exception not the rule.

Then take that $70 and knock off (25%?) for Ubers cut. I think it's at least that. So now 52.50 minus gas, maintenance per km/depreciation on newish vehicle, insurance/increased insurance if they even pay for rideshare insurance, the list goes on.

Not to mention the dead time waiting between rides and driving to pick you up unpaid for that time and mileage
Deal Expert
User avatar
Apr 21, 2004
58648 posts
24637 upvotes
RolandCouch wrote: Remember the nice long ride you are giving the is the exception not the rule.

Then take that $70 and knock off (25%?) for Ubers cut. I think it's at least that. So now 52.50 minus gas, maintenance per km/depreciation on newish vehicle, insurance/increased insurance if they even pay for rideshare insurance, the list goes on.

Not to mention the dead time waiting between rides and driving to pick you up unpaid for that time and mileage
fk. i just applied. day trading didn't pan out too well haha.
Deal Fanatic
User avatar
Dec 27, 2009
7941 posts
5483 upvotes
Victoria, BC
MissMaple1978 wrote: Op doesn't drive and doesn't own a car. Common for folks in the big city.
Personally, I question the 400k he says he's saved by "being frugal". His desperate actions and refusal to better himself educationally speak more of someone living day-to-day.
He is of the age that the $400K likely includes some inheritance also on top of his own savings (parents probably have passed). I don't doubt that he has it.

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