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  • Mar 11th, 2019 11:40 pm
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Deal Fanatic
Oct 7, 2007
5100 posts
1779 upvotes
I can't believe how many new taxes are being added to our plate every day in B.C. Not sure why anyone would want to retire here just to keep the government funded. Property tax will be going up almost 10% if you add up the increases from last year (4.24%) and (almost 5%) this year. Then there is the newly added "school tax" which isn't really a school tax but an asset tax, the first of its kind in Canada. Then there is the excessive gas tax and even cost of gas. Car insurance through ICBC is being jacked to cover for a billion dollar shortfall. Today our provincial politicians are excited about bring in some new carbon tax on natural gas which will make natural gas unaffordable. Meanwhile B.C. Hydro is trying to put in a 40% rate increase and we will all be forced to dump our natural gas and move to hydro by which time they will need new infrastructure that will require even more increases. This is completely insane! Meanwhile the government workers are getting paid in the hundreds of thousands of dollars while services are shrinking. Something is seriously wrong here.

Don't think I'll ever be able to afford to retire at this pace of increased taxation.
Deal Addict
Mar 7, 2011
3463 posts
1608 upvotes
Vancouver
porticoman wrote:
Nov 27th, 2018 11:06 am
once again, just wanted to add, starting at age 20 newly married my wife & I were mortgage free at age 27, starting from zero, no hand-outs, we saved our deposit for a Toronto 5 room rental income property in one year.
As slumlords - we lived in it rented out rooms by the week - from then on it was easy street, oh & we did not have out first child till we were 31
different time, yes maybe, but just work the numbers, work hard, two, even three jobs for a short period, be frugal & modest ....
that's like saying "the world before measles vaccine, different time, yes maybe" Face With Tears Of Joy
Image
Deal Addict
Mar 7, 2011
3463 posts
1608 upvotes
Vancouver
porticoman wrote:
Nov 27th, 2018 11:46 am
there are folks on RFD that subscribe to 'giving their children all the toys, the latest in clothing, extra curricular activity sports, holidays to paying for their post secondary education (with or without RESP) as well as buying their kids cars ... all of that takes a lot of money
If your kid would be killed at 16 in a bus crash like some of the Humboldt Broncos players, or shot in the head at 12 while shopping for ice cream in downtown Toronto, your perspective on life would change a little. You only live once. Your kids also only live once. Why not make their life easier/nicer since YOU brought them into this shitty world?
ps : I hope you notice that I've bolded only some things, I also don't agree with buying kids the latest iCrap or Beats headphones
Deal Addict
Mar 7, 2011
3463 posts
1608 upvotes
Vancouver
choclover wrote:
Dec 6th, 2018 11:00 am
I can't believe how many new taxes are being added to our plate every day in B.C. Not sure why anyone would want to retire here just to keep the government funded. Property tax will be going up almost 10% if you add up the increases from last year (4.24%) and (almost 5%) this year. Then there is the newly added "school tax" which isn't really a school tax but an asset tax, the first of its kind in Canada. Then there is the excessive gas tax and even cost of gas. Car insurance through ICBC is being jacked to cover for a billion dollar shortfall. Today our provincial politicians are excited about bring in some new carbon tax on natural gas which will make natural gas unaffordable. Meanwhile B.C. Hydro is trying to put in a 40% rate increase and we will all be forced to dump our natural gas and move to hydro by which time they will need new infrastructure that will require even more increases. This is completely insane! Meanwhile the government workers are getting paid in the hundreds of thousands of dollars while services are shrinking. Something is seriously wrong here.

Don't think I'll ever be able to afford to retire at this pace of increased taxation.
We found the BC Liberals supporter ! Face With Tears Of Joy
Member
Dec 13, 2017
209 posts
141 upvotes
batcave wrote: Getting out of the Rat Race is determined by how fast you can run. If you spend the same amount of money when you make $150k/yr as you did when you made $50k/yr, you wil pull ahead. But if you spend a proportional amount more, then you will fall behind.

It really depends on how much you spend and what you want out of life. I worked for less than 20 years and crossed the finish line. I live on about $2k per month, and I can probably go lower. For me, it was part planning, part discipline and part luck.

As for a dollar amount you can retire on as little as $200k if it pays you $25k a year in revenue.
Can tou tell me which investments are paying $25k in a $200k investment
Member
Jul 31, 2006
260 posts
7 upvotes
Downtown Toronto
STP123 wrote:
Nov 27th, 2018 11:39 am
Its difficult to explain, but I/we just can't shift that mindset. My spouse still clips coupons and enjoys looking at what on sale for the week at the grocery store. We've kept our financial situation a secret from our kids and they really don't see evidence of it in our daily lives and routine because I believe that such an awareness will destroy their motivation and the willingness to establish themselves in their own lives.
porticoman wrote:
Nov 27th, 2018 11:46 am
there are folks on RFD that subscribe to 'giving their children all the toys, the latest in clothing, extra curricular activity sports, holidays to paying for their post secondary education (with or without RESP) as well as buying their kids cars ... all of that takes a lot of money

then there are the group that are building a retirement fund to leave to their children

is there a happy medium?
charlesd79 wrote:
Mar 6th, 2019 1:48 am
If your kid would be killed at 16 in a bus crash like some of the Humboldt Broncos players, or shot in the head at 12 while shopping for ice cream in downtown Toronto, your perspective on life would change a little. You only live once. Your kids also only live once. Why not make their life easier/nicer since YOU brought them into this shitty world?
ps : I hope you notice that I've bolded only some things, I also don't agree with buying kids the latest iCrap or Beats headphones
Grinning Face With Smiling Eyes

I am one of those who subscribe to giving my only child extra curricular activity sports, vacations, and we will be paying for his post secondary education. At 9 years old, my son knows enough about our family finances.

I am not afraid to teach him about a comfortable lifestyle, and he knows we work hard for it. We talk to him about hard work, and living with a financial plan.

He asks about money and investing, because he believes that investing wisely will allow him to continue having the comfortable life he is accustomed to now, and be able to be generous to others.

I guess my point is... Kids are smarter than we give them credit for, and including them in the family finance discussions help them learn.

I'd much rather give my son the info, and then be the one to help him digest, process and manage the information, than keep our financial affairs a secret.

P/S: I also don't believe in buying the latest gadgets and stuff that will clutter the house. But I totally believe in paying for experiences that he can write and talk about. Grinning Face With Smiling Eyes
Deal Addict
User avatar
Nov 14, 2003
3358 posts
1653 upvotes
Everywhere
DontCareyou wrote:
Mar 6th, 2019 7:39 am
Can tou tell me which investments are paying $25k in a $200k investment
Real estate. I bought a condo for less than $200k and collect $2k+ in rent monthly. Smiling Face With Sunglasses
Deal Fanatic
Feb 9, 2009
7818 posts
4802 upvotes
Personally for me I don’t mind just chilling in south Florida or Southern California.

I don’t care about Asia or South America or any of that. South Florida for real estate will be cheaper on average. 6 months there in the winter. I have a small child still so this plan couldn’t come to fruitation until she’s at least in high school and mature enough (tho likely will be after high school when I start this).

Since I got like 15 years left I was thinking of buying a property down there and rent it out. Then I can sell it and upgrade with equity or Reno it and move in.

We will see.
Deal Fanatic
Oct 1, 2004
5860 posts
511 upvotes
Toronto
Bullseye wrote:
Nov 26th, 2018 1:02 pm
You shouldn't let your ignorance lead to false assumptions. Have you ever even been north of Barrie? My kids school in Muskoka is better funded than their city school, and has fantastic teachers. Every kid gets a Chromebook to use, and a veggie tray daily. If I thought moving here would be worse for my kids, I of course would never have done it. There are pros and cons of every place, but I feel on balance, they will have a better overall lifestyle here. Which is why we moved here. I was mortgage free in the GTA, we didn't move to save money, we moved to be near nature, which is our passion, and to give the kids a shot at owing a house one day without a million dollar mortgage.
What makes you think their going to stay in a small town when their done school? I have never met anyone from a small town and went back after uni.
Newbie
Mar 4, 2019
10 posts
2 upvotes
Well, the amount will vary according to the choices and living the people have.
Deal Fanatic
Feb 1, 2006
9530 posts
678 upvotes
Muskoka
greg123 wrote:
Mar 6th, 2019 6:03 pm
What makes you think their going to stay in a small town when their done school? I have never met anyone from a small town and went back after uni.
They are free to move anywhere, of course. Muskoka is different than most small towns, though, most people living here have intentionally moved here from somewhere else, because it is like a mountain town in the west in a lot of ways. Most of the kids go get their city fix for a few years and then come back when they realize overall quality of life is better here. This is what I have seen so far, anyway and what people living here longer tell me.

So I guess our plan is to let them grow up here and see how great it is, and then they can decide for themselves if they want to go be mortgage slaves commuting for hours every day instead.
Deal Fanatic
Oct 7, 2007
5100 posts
1779 upvotes
charlesd79 wrote:
Mar 6th, 2019 2:02 am
We found the BC Liberals supporter ! Face With Tears Of Joy
You have got to be kidding!!!! I did not vote for them in the last election and would not even consider voting for them until they got rid of all of the people that appear to have been involved in the money laundering scheme and related housing crisis. Not a big fan of the NDP either. I think it might be time for the people of BC to rethink who should lead our province. Looks like both big parties are not working hard at holding each other accountable...not like what we are seeing today with the feds.
Deal Addict
Dec 16, 2005
4522 posts
2243 upvotes
batcave wrote:
Mar 6th, 2019 10:29 am
Real estate. I bought a condo for less than $200k and collect $2k+ in rent monthly. Smiling Face With Sunglasses
that's a lie. you aren't making $25k on $200k. You've got expenses to deduct.
Deal Addict
User avatar
Nov 14, 2003
3358 posts
1653 upvotes
Everywhere
mech9t5 wrote:
Mar 7th, 2019 11:39 am
that's a lie. you aren't making $25k on $200k. You've got expenses to deduct.
Please go read post #110 about the question and answer that was being asked and responded to.
Deal Addict
Dec 16, 2005
4522 posts
2243 upvotes
batcave wrote:
Mar 7th, 2019 12:31 pm
Please go read post #110 about the question and answer that was being asked and responded to.
I did. and you are intentionally misleading.

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