Personal Finance

Wish I'd Known

  • Last Updated:
  • Mar 22nd, 2019 5:28 pm
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Member
Jul 28, 2012
206 posts
42 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: 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
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Jun 26, 2005
10111 posts
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Toronto
aspen300 wrote: 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.
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Nov 15, 2004
21786 posts
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Toronto
aspen300 wrote: 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.
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Mar 7, 2008
721 posts
196 upvotes
Leask
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.
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Jul 25, 2018
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Milton, ON
Everything you need to know about your career, personal finances and student life are on RFD.
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Dec 14, 2007
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Cover the link between between the gambler's bias and investing.

If you've flipped a coin 10 times in a row and it's been heads 10 times, what's the chances of it being tails on the next flip?
1) 50%
2) Higher than 50%
3) Lower than 50%
4) 100% ( it must be a double-headed coin )

The answer is #1 ( or maybe #4 if you're a conspiracy theorist )... still 50%... as the fundamentals didn't change... each coin slip is an isolated event.

When investing, if you see a market going up and up, you might tend to think that the market HAS to go down as it's been going up too much. Same thing when it's going down. So you may ignore fundamentals and invest with your gut based on that. If the fundamentals that underpin a market or a company are strong generally, it will continue to increase... unless the market's rigged ( which admittedly it is in some cases... at least for the short term )
I'd love to write history... in advance.
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Aug 1, 2006
2716 posts
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Toronto
bbbc wrote: I wish I would have known that the simplicity of the Saskatchewan Pension Plan is available to every citizen and permanent resident of Canada and could be funded via a credit card. The SPP's maximum 2019 contribution is $6,200.
Great advice, but if you are in a low income bracket first maximize your tax free savings account ( TFSA ). If you want the equivalent of Saskatchewan Pension Plan within a TFSA open up a TFSA with Questrade discount broker and buy either Vanguard Balanced ETF ( VBAL ) or Vanguard Growth ETF ( VGRO ) . You can set up regular contributions with them.
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Aug 1, 2006
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Toronto
OttawaGuy2 wrote: You can talk about little things and then grow from there.
Examples:
1) No Fee banking
2) Cell phone plans
3) Taking care of maintenance of your own car.
4) Passive investing.
5) Getting best bang for your buck by avoiding expensive brands but still focusing on quality.
etc. etc.
Can I add don't have kids or get a pet ?

Just kidding......
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Feb 19, 2014
3352 posts
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Langley
bbbc wrote: I wish I would have known that the simplicity of the Saskatchewan Pension Plan is available to every citizen and permanent resident of Canada and could be funded via a credit card. The SPP's maximum 2019 contribution is $6,200.
What's the benefit of this sort of account?
Banned
Jun 6, 2016
361 posts
257 upvotes
Scarborough, ONT
rfdrfd wrote: 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.
My buddy is a RN just finished school... Can confirm, he loved class. Face With Tears Of Joy
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Nov 8, 2017
1556 posts
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Meh. I didn't get career minded until 35 or so. Before that , I just kinda floated around sold weed and traveled around alot . Went to school @ 35, upgraded from grade 11, and went to university for 3 years .

I now work in the medical\ substance misuse counseling field

Recession proof career $$$
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Nov 8, 2017
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Bull Dog wrote: Can I add don't have kids or get a pet ?

Just kidding......
or get married.

It amazes me when I see "frugal" minded people waste so much $$$ on weddings and honeymoons.
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Dec 16, 2005
6905 posts
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User455957 wrote: or get married.

It amazes me when I see "frugal" minded people waste so much $$$ on weddings and honeymoons.
What is your threshold for "waste"?
Deal Addict
Jul 3, 2017
3859 posts
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bbbc wrote: I wish I would have known that the simplicity of the Saskatchewan Pension Plan is available to every citizen and permanent resident of Canada and could be funded via a credit card. The SPP's maximum 2019 contribution is $6,200.
It appears to be just another RRSP-eligible investment fund with a 1% management fee, no special tax benefits or anything. Am I missing something?
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Sep 29, 2007
2265 posts
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Mississauga
jacnel wrote: lucky you
That was not due to luck... He WORKED hard for it.
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Dec 14, 2004
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Waterloo
Exp315 wrote: It appears to be just another RRSP-eligible investment fund with a 1% management fee, no special tax benefits or anything. Am I missing something?
I’m trying to understand this too. What makes this special and something to consider?
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Dec 3, 2017
3175 posts
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madara wrote: That was not due to luck... He WORKED hard for it.
You can work hard and get nowhere. Lots of work =/= success...

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