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 Posted: Tue, 15th Jul 2008 17:38 Post subject: |
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| nouseforaname wrote: | the fact that we have to pay so much of post-secondary education out of our own pockets here in Canada pretty much puts us on par with 3rd world countries.
for me 60K in debt (for a BSc + MSc) and I will work in public service (where I want to work) probably for most of my life. |
Holy shit. You know what sucks the most is that you expect to have a decent life after all that school. Be able by a modest house, maybe go on vacation once a year but no. To be lucky is that you have parents that are going to leave you something after they die. Even then tho that is hard. Extended care is super expensive and if you have the money you have to pay. Second properties have capital gains which basically means for the average person you have to sell it. Then the other fees assoc with it like real estate fees. Split with a sibbling and you have next to nothing.
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nouseforaname
Über-VIP Member
Posts: 21306
Location: Toronto, Canada
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| Posted: Tue, 15th Jul 2008 19:08 Post subject: |
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lol, I still have a decent life, it's just expensive living in the city ... not to mention I spend too much going out (dinner/drinks etc.). Plus we like to go away on trips every now and then.
but hey, I've been getting constant raises in my job (started at 52K in 05, now at 61K) so it keeps getting a little easier to pay the bills.
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| Posted: Tue, 15th Jul 2008 20:30 Post subject: |
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| nouseforaname wrote: | lol, I still have a decent life, it's just expensive living in the city ... not to mention I spend too much going out (dinner/drinks etc.). Plus we like to go away on trips every now and then.
but hey, I've been getting constant raises in my job (started at 52K in 05, now at 61K) so it keeps getting a little easier to pay the bills. |
you got that right....living in da city is expensive as hell.....
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Phluxed
VIP Member
Posts: 4911
Location: Oakville, Ontario, Canada
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| Posted: Wed, 16th Jul 2008 02:07 Post subject: |
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I sort of missed out on those years a bit myself, i'm going strictly for the education.
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Przepraszam
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Posts: 14517
Location: Poland. New York.
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| Posted: Wed, 16th Jul 2008 12:51 Post subject: |
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i was supose to write something but eventually i forgot ><
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| Posted: Wed, 16th Jul 2008 17:27 Post subject: |
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| nouseforaname wrote: | lol, I still have a decent life, it's just expensive living in the city ... not to mention I spend too much going out (dinner/drinks etc.). Plus we like to go away on trips every now and then.
but hey, I've been getting constant raises in my job (started at 52K in 05, now at 61K) so it keeps getting a little easier to pay the bills. |
That is a good wage. I find debt really stressfull. Education should be affordable imo. Post secondary stuff anyway. Aparently you can get free school in collage for any high school course. That is new of this year I think.
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nouseforaname
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Posts: 21306
Location: Toronto, Canada
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| Posted: Wed, 16th Jul 2008 17:50 Post subject: |
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yeah, that's my main problem. knowing that I have so much debt really weighs in on my mind sometimes. especially considering I don't have a single asset (car is leased and I rent) :/
I have disability and life insurance, so at least I know if I'm injured/killed my debts should still be manageable.
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Cohen
Posts: 7155
Location: Rapture
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| Posted: Wed, 16th Jul 2008 18:15 Post subject: |
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how did you get into debt?
troll detected by SiN
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nouseforaname
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Posts: 21306
Location: Toronto, Canada
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| Posted: Wed, 16th Jul 2008 18:53 Post subject: |
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| nouseforaname wrote: | yeah, that's my main problem. knowing that I have so much debt really weighs in on my mind sometimes. especially considering I don't have a single asset (car is leased and I rent) :/
I have disability and life insurance, so at least I know if I'm injured/killed my debts should still be manageable. |
My advice is to elope when you get married. So expensive now for only one day.
kaeye
That is normal for Canada. For the average person Uni is outta reach.
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nouseforaname
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Posts: 21306
Location: Toronto, Canada
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| Posted: Wed, 16th Jul 2008 19:02 Post subject: |
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yeah for sure we're planning on getting married elsewhere and just having a reception here.
we're both of the same mindset that we don't want to spend $$$ on a wedding.
still gotta come up with the cash for a ring though :/
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Phluxed
VIP Member
Posts: 4911
Location: Oakville, Ontario, Canada
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| Posted: Thu, 17th Jul 2008 05:31 Post subject: |
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| nouseforaname wrote: | yeah for sure we're planning on getting married elsewhere and just having a reception here.
we're both of the same mindset that we don't want to spend $$$ on a wedding.
still gotta come up with the cash for a ring though :/ |
Do what I did, see if you can't find her grandmothers/mothers ring and get it sized.... It's pretty romantic. Of course, you need the blessing of the family, and you need to make sure the idea would actually work for your girl, but sometimes that kind of gesture is nice 
On the topic of finances, I'll be paying roughly 5k/yr for my education over 4 years. I make 45k/yr right now. Of that 45k, 5k is tax deductable for school, another 1k for buspasses (from Oakville to campus, cheaper than driving), and I've got 10k/yr going into RRSPs (also deductable). This drops my tax bracket down and my tax return yearly will be in the neighbourhood of 3-4k, which then gets put towards short term investments.
I should be able to retire by the time I'm 50 extremely comfortably as well as buy a house immediately after school (and finding a job).
This of course, comes at the sacrifice of starting school 4 years late, and putting my life behind a bit AND working 40 hours a week while going to school... thus losing out on that university life you mentioned earlier.
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nouseforaname
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Posts: 21306
Location: Toronto, Canada
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| Posted: Thu, 17th Jul 2008 05:41 Post subject: |
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that sounds way too optimistic, you're expecting 100% return on what you spend on school, it reality it's 15.5% when all is said and done.
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Phluxed
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Posts: 4911
Location: Oakville, Ontario, Canada
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| Posted: Thu, 17th Jul 2008 05:44 Post subject: |
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| nouseforaname wrote: | | that sounds way too optimistic, you're expecting 100% return on what you spend on school, it reality it's 15.5% when all is said and done. |
You forget I'm talking about taxes I pay towards from work. I am in the second tier of tax bracket, however due to RRSP and school being tax claimable, it drops my taxable income down significantly. My paycheques have tax deducted from them already thus, my return is mighty large.
I have an accountant doing this all for me.... Its not optimism, its a big excel sheet with numbers... |
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nouseforaname
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Location: Toronto, Canada
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| Posted: Thu, 17th Jul 2008 05:51 Post subject: |
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no there are very well monitored laws... once I get a chance tomorrow I'll spell out what I got for being a full time student with maximum return. sorry to say it won't be much.
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Phluxed
VIP Member
Posts: 4911
Location: Oakville, Ontario, Canada
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| Posted: Thu, 17th Jul 2008 05:55 Post subject: |
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| nouseforaname wrote: | | no there are very well monitored laws... once I get a chance tomorrow I'll spell out what I got for being a full time student with maximum return. sorry to say it won't be much. |
I'm not saying its against the law.. RRSP input is NOT COUNTED against your taxable income nor is school. So when I file my taxes and put in my income at roughly 44,849, and then put in my RRSP contributions as well as my school, my income taxable becomes roughly 29k, which is in the first level of taxable income. Then calculated is how much I have paid to taxes throughout the year, which I have already paid through my paycheques at work having that amount deducted already, which does NOT take into account any sort of tax write offs. If you have paid TOO MUCH in taxes (which I will have paid significantly due to contributions) the money is returned, with just 5k in RRSP contributions last year, I got 1.2k back. |
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nouseforaname
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Location: Toronto, Canada
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Phluxed
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Posts: 4911
Location: Oakville, Ontario, Canada
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| Posted: Thu, 17th Jul 2008 09:09 Post subject: |
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| nouseforaname wrote: | for sure RRSP ftw
but you can really never take that shit out until retirement  |
Lol, well, after 25 years you can take it out tax free or if you want, you can take it out at any point tax free in order to buy a house, but you have to pay it back over 10 years... so you just leave your contributions the same, and they dont know if youre paying back the loan or youre paying into it 
Im 21 and probably can retire before I'm 50 |
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| Posted: Thu, 17th Jul 2008 10:39 Post subject: |
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nouseforaname
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Posts: 21306
Location: Toronto, Canada
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Przepraszam
VIP Member
Posts: 14517
Location: Poland. New York.
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| Posted: Sat, 19th Jul 2008 13:00 Post subject: |
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fuck uncle sam
i hate that guy
i hate working for checks
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nouseforaname
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Posts: 21306
Location: Toronto, Canada
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| Posted: Sun, 20th Jul 2008 07:10 Post subject: |
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Yea, I know that place. It is a good one. We have it here too.
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MAD_MAX333
Moderator
Posts: 7020
Location: Toronto, Canada...eh
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| Posted: Tue, 22nd Jul 2008 12:48 Post subject: |
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mmmm grave yard shift... welcome to my life
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Phluxed
VIP Member
Posts: 4911
Location: Oakville, Ontario, Canada
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| Posted: Tue, 22nd Jul 2008 12:51 Post subject: |
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Ya, but you're out and about - and protecting Toronto!
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MAD_MAX333
Moderator
Posts: 7020
Location: Toronto, Canada...eh
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Phluxed
VIP Member
Posts: 4911
Location: Oakville, Ontario, Canada
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| Posted: Wed, 23rd Jul 2008 01:20 Post subject: |
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lol, I'd be happy to go downtown and do some shit in your area as long as you dont drag me in for it
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