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  • Jan 15th, 2019 6:20 pm
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Deal Addict
Feb 14, 2007
1313 posts
339 upvotes
1) Career
2) Personal Finance and
3) Student Life

Add this:
4) Social media - how not to lose your career
Deal Addict
User avatar
Mar 29, 2008
3053 posts
361 upvotes
Career - before deciding on a given field try to talk to those that love it and those that hate it
Personal finance - start saving/investing as early as possible
Student life - use protection
[OP]
Jr. Member
Jul 28, 2012
144 posts
25 upvotes
Thanks for the insight! Your reasoning is precisely why I'm making these videos. I just turned 30 and in hindsight would have done things different, Especially with respect to career and along the lines of what you said to focus on a combo of what you like + what pays decent.
jeff1970 wrote:
Dec 31st, 2018 8:09 pm
1) Career: Try to find a career that you'll actually like, and can be successful at and one that pays at least half decently. Not everyone can be a doctor or lawyer or sports star, but there a 'career' jobs vs 'paycheque jobs'. Crappy jobs are crappy (even if high paid) and will make you miserable and perhaps die early of a heart attack (if the job is stressful).
2) Personal Finance: Except if buying a house or car, and emergencies, run a financial surplus every single month. Avoid the credit trap. Debt will make you miserable.
3) Student Life: Get your sleep. Minimize alcohol and drugs. Study. And choose courses that will result in a job, as seen in my first point. Never be afraid to ask for help.

I am speaking from experience here: I wish I had found a career I wanted earlier, not while in my 40's. Took me to my 40's to figure out my finances. I did OK in school but never took it seriously as I should have. Now I have to go back to school. In my 40's. But at least I have a job I like, decent pay, decent finances, so no complaints. It just would have been better at 25 years old.
Sr. Member
Aug 5, 2008
702 posts
181 upvotes
Don't get credit cards as a student unless you really know how to manage your money.

I racked up a CC debt on partying before I understood implications (oh look, free money!)

Luckily I did well in my career and paid it off quickly, but it could have been crippling.
There are 10 kinds of people in the world... Those who understand binary and those who don't 💡
Newbie
Aug 27, 2018
93 posts
98 upvotes
Chickinvic wrote:
Jan 2nd, 2019 10:35 am
That's the problem though. The younger generation doesn't want to move out of mom's basement. "Mom" has made it far too easy/cushy/attractive. I couldn't wait to get away from the old bag (my mom), but not today's kids.
This is just a pathetic thing to say.

1. it's not true - the West is in a malaise after decades of voters voting for easy money via debt against land. this is the true hand-out. It's destroyed real jobs.

2. if it *were* true, you are basically blaming your generation for creating the circumstance ("mom")
Deal Addict
User avatar
Dec 23, 2008
4885 posts
938 upvotes
Milton
Some things I learned over the years with personal finance:

1. Emergency fund for 3 to 6 months in a High Interest Saving Account
2. Minimize fees with your investments. ETFs like vanguard have low MER and can be traded with no fees in Questrade.
3. Avoid bank fees with banking alternatives such as Tangerine or Simplii
4. Maximize your company's RSP contributions (its free $$) if possible.
5. Have a side hustle/job.
6. Have a financial goal (retire at this age, saving per month etc)
7. Don't be afraid to switch companies if the pay and/or quality of life is better (less pay but shorter commute)
Member
Nov 19, 2009
412 posts
83 upvotes
Windsor
Mitts87 wrote:
Dec 31st, 2018 5:02 pm
It is possible to lose 10 hands of blackjack in a row and if you keep doubling down every time you lose, you will end up 35k out of pocket and depressed in Vegas, eating a free (compensated) $500 steak in dirty clothes and flip flops.
When I was younger (and a little more naive), i thought I had 'discovered' this very system more or less. Just play something simple like Roulette and bet red/black, putting down $20 at time - put it away if you win, keep doubling down if you lose. Decided to do some quick computer simulation and couldn't get comfortable with the risk/reward ratio.
Member
Apr 29, 2017
271 posts
85 upvotes
ram77 wrote:
Jan 11th, 2019 3:02 pm
When I was younger (and a little more naive), i thought I had 'discovered' this very system more or less. Just play something simple like Roulette and bet red/black, putting down $20 at time - put it away if you win, keep doubling down if you lose. Decided to do some quick computer simulation and couldn't get comfortable with the risk/reward ratio.
It's not worth it for the risk of ruin. Over larger samples there usually comes a run where several hands in a row are lost. The amount of money you need to put up compared to reward isn't big enough or it would be common. Obviously if you have 1m to work with risk is lower but pay off is also lower and there is better things to do with that million then try win a couple hundred dollars per session while risking the whole amount.
Deal Fanatic
User avatar
Jun 26, 2005
8987 posts
1124 upvotes
Toronto
Best advice for career:

Somewhere that offers Defined Benefits. Eg. Pension at government jobs.

My friends at 45 already know they can retire at 55 and will get $60k per year for the rest of their lives.

Me? I don't even know if and when I can afford to
[OP]
Jr. Member
Jul 28, 2012
144 posts
25 upvotes
Are they teachers? If not, not sure if other defined benefit pension plans are as lucrative in terms of retiring with the amount of income you're stating right at age 55. That is unless they're getting paid closer to 150k a year in government at the moment.
rfdrfd wrote:
Jan 11th, 2019 4:30 pm
Best advice for career:

Somewhere that offers Defined Benefits. Eg. Pension at government jobs.

My friends at 45 already know they can retire at 55 and will get $60k per year for the rest of their lives.

Me? I don't even know if and when I can afford to
Deal Fanatic
User avatar
Jun 26, 2005
8987 posts
1124 upvotes
Toronto
aspen300 wrote:
Jan 14th, 2019 2:45 pm
Are they teachers? If not, not sure if other defined benefit pension plans are as lucrative in terms of retiring with the amount of income you're stating right at age 55. That is unless they're getting paid closer to 150k a year in government at the moment.
They are Registered nurses.

If I was to restart my career again, being a heterosexual male, I'd choose to be a nurse too! Almost everyone in the class would be female, hehe. And not as difficult as MD.
Deal Expert
User avatar
Nov 15, 2004
16091 posts
2246 upvotes
Toronto
aspen300 wrote:
Jan 14th, 2019 2:45 pm
Are they teachers? If not, not sure if other defined benefit pension plans are as lucrative in terms of retiring with the amount of income you're stating right at age 55. That is unless they're getting paid closer to 150k a year in government at the moment.
I'm guessing cops or firefighters. Those are the two biggest groups pulling in those sort of salaries with DB pensions.
Could HAVE, not could OF. What does 'could of' even mean?
Newbie
Mar 7, 2008
48 posts
10 upvotes
Saskatchewan
Focus on buying appreciating asset

Think three times before taking on debt that doesn’t make money

Don’t waste time. Be bold and don’t settle in life.
Jr. Member
Jul 25, 2018
132 posts
282 upvotes
Milton, ON
Everything you need to know about your career, personal finances and student life are on RFD.

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