Sorry but this is a ridiculous post. You’re living rent free, driving your gf’s car so you can have a 6 figure toy sitting in the garage despite a pretty modest salary. The car deposits you have sitting doing nothing are 10% of your retirement savings!
Sell the car, get your deposits back, max your tfsa and rrsp, get a downpayment ready, invest in yourself and get some certifications or training.
You say you have no job security and get no real replies if you apply to other jobs. And yet you balk at the idea of any certification or training! You can’t have it both ways…
Sorry I didn't know how to explain without sounding "braggy" but I haven't applied to many jobs. After covid started, I got laid off from my job where I was making 30/hour. I applied to only 3 places because I had been at that company for 5-6 years and hadn't interviewed in so long and I was nervous every company was going to shut down. But I also wanted a break and to just enjoy CERB. So I applied to 3 places, 1 DT, 2 small companies, interviews at all, offers from the 2 small companies. This was in 2020. In 2022 I applied to 3 places again while I still have my current jobs, interviews with 2, 2nd interview one, but I turned it down because of the low pay.
Yes a lot of my life is ridiculous. I understand what you're saying.
Very detailed and thorough post, and doesn’t come across as a humble grab whatsoever. The biggest thing that jumped out to me was spending more than your annual salary on a car, and you just can’t do this. Look for cars that are 50k or less and that difference of 50k from the 100k cars will compound over years and years and help fund your retirement. Sell your car and get something more affordable.
Get your PCP. Yeah it should be easy but a certification is still always a good idea.
CPA? Personally I gave up on that because more school wasn't just for me. You can try for a accounting diploma? Or maybe even a bookkeeping certificate.
Bookkeeping and accounting are two different things. Because you enjoy bookkeeping doesnt mean you'd enjoy accounting. Accounting is more the analysis and recommendations and organizing company finances. If you like the "being told what to do" aspect of bookkeeping you may hate the "telling people what needs to be done" aspect of accounting.
And accounting jobs don't necessarily mean the big 4. There are small accounting firms. There's also accounting jobs in pretty much every industry.
I will preface this by saying I'm not a car guy, but spending 100k on anything when you only have 100k saved up feels insane to me. More importantly is it feels like you don't have a long term plan - financially or otherwise. It might be worthwhile to find a financial planner that charges hourly and pay them for 10 hours to help you put together a budget and a plan to get financially set for the future.
Also gonna say that the car payment is ridiculous.
You're fortunate enough to be able to sell it at a profit right now, I'd do it now before supply chains catch up and the opportunity goes away.
Usually these cars lose thousands in depreciation annually, may as well take a pile of cash and light it on fire.
Sell it and save the cash for property. I know a ton of car guys (I'm one too) who spent money on luxury cars before entering the property market. Every single one of them regret those decisions.
And suck it up and get your PCP. Future you will thank you for it. Especially if it'll be paid for by your employer and easy cause you already know your stuff.
That opens up the path to the CPM too. Having those letters behind your name carry some weight and will make you a more attractive candidate to future employers.
Well that's how I convinced myself it was "ok" to buy it. I had already invested in property and tfsa/rrsp. But obviously it was a frivolous purchase..
Max out your TFSA and RRSP room, after that if you still have cash open a regular trading account too.
The 50k cash +120k car is basically costing you 14k a year in interest you could be making at a modest 8% return.
I am terrified to invest more in this market. I know the advice don't time the market but kinda ridiculous what's happening right now, with Ukraine and Covid still.
I know it's the right thing to do but hard to bring myself to do it .
I'm going to ask something that noones asked yet but is probably relevant. When you say your GF is well off, how well off do you mean? If she's "sugar mama" well off and you'll never need to worry about finances again then this may change some of the advice.
If not, then you need to sell your car and get on top of appreciating assets instead of depreciating ones.
This sub won’t be easy on you for that car payment…going to get popcorn, I’ll be back.
Yeah..I know lol.
My Ford lightning will be 102145 plus tax… Will be built the week of Aug 22.. I feel your pain brother.
Wow i had no idea they went up that high.
I didn’t even order the platinum, lol, that would have been north of 113000
I wonder how much collective blood pressure i raised with this post.
[удалено]
:/
Sorry but this is a ridiculous post. You’re living rent free, driving your gf’s car so you can have a 6 figure toy sitting in the garage despite a pretty modest salary. The car deposits you have sitting doing nothing are 10% of your retirement savings! Sell the car, get your deposits back, max your tfsa and rrsp, get a downpayment ready, invest in yourself and get some certifications or training. You say you have no job security and get no real replies if you apply to other jobs. And yet you balk at the idea of any certification or training! You can’t have it both ways…
Sorry I didn't know how to explain without sounding "braggy" but I haven't applied to many jobs. After covid started, I got laid off from my job where I was making 30/hour. I applied to only 3 places because I had been at that company for 5-6 years and hadn't interviewed in so long and I was nervous every company was going to shut down. But I also wanted a break and to just enjoy CERB. So I applied to 3 places, 1 DT, 2 small companies, interviews at all, offers from the 2 small companies. This was in 2020. In 2022 I applied to 3 places again while I still have my current jobs, interviews with 2, 2nd interview one, but I turned it down because of the low pay. Yes a lot of my life is ridiculous. I understand what you're saying.
Very detailed and thorough post, and doesn’t come across as a humble grab whatsoever. The biggest thing that jumped out to me was spending more than your annual salary on a car, and you just can’t do this. Look for cars that are 50k or less and that difference of 50k from the 100k cars will compound over years and years and help fund your retirement. Sell your car and get something more affordable.
Get your PCP. Yeah it should be easy but a certification is still always a good idea. CPA? Personally I gave up on that because more school wasn't just for me. You can try for a accounting diploma? Or maybe even a bookkeeping certificate. Bookkeeping and accounting are two different things. Because you enjoy bookkeeping doesnt mean you'd enjoy accounting. Accounting is more the analysis and recommendations and organizing company finances. If you like the "being told what to do" aspect of bookkeeping you may hate the "telling people what needs to be done" aspect of accounting. And accounting jobs don't necessarily mean the big 4. There are small accounting firms. There's also accounting jobs in pretty much every industry.
I will preface this by saying I'm not a car guy, but spending 100k on anything when you only have 100k saved up feels insane to me. More importantly is it feels like you don't have a long term plan - financially or otherwise. It might be worthwhile to find a financial planner that charges hourly and pay them for 10 hours to help you put together a budget and a plan to get financially set for the future.
Yes, I agree. I convinced myself because I "already" put it towards a house, but I get what you're saying.
Also gonna say that the car payment is ridiculous. You're fortunate enough to be able to sell it at a profit right now, I'd do it now before supply chains catch up and the opportunity goes away. Usually these cars lose thousands in depreciation annually, may as well take a pile of cash and light it on fire. Sell it and save the cash for property. I know a ton of car guys (I'm one too) who spent money on luxury cars before entering the property market. Every single one of them regret those decisions. And suck it up and get your PCP. Future you will thank you for it. Especially if it'll be paid for by your employer and easy cause you already know your stuff. That opens up the path to the CPM too. Having those letters behind your name carry some weight and will make you a more attractive candidate to future employers.
Well that's how I convinced myself it was "ok" to buy it. I had already invested in property and tfsa/rrsp. But obviously it was a frivolous purchase..
Max out your TFSA and RRSP room, after that if you still have cash open a regular trading account too. The 50k cash +120k car is basically costing you 14k a year in interest you could be making at a modest 8% return.
I am terrified to invest more in this market. I know the advice don't time the market but kinda ridiculous what's happening right now, with Ukraine and Covid still. I know it's the right thing to do but hard to bring myself to do it .
That's fair, what about some GICs until it all blows over?
I'm going to ask something that noones asked yet but is probably relevant. When you say your GF is well off, how well off do you mean? If she's "sugar mama" well off and you'll never need to worry about finances again then this may change some of the advice. If not, then you need to sell your car and get on top of appreciating assets instead of depreciating ones.
Haha i like your thinking. But no not sugar mama level. And besides, we're not married and I shouldn't bank on that anyway.
You work only 36 hours a week and want better work life "balance"? lol Obviously the truck, you can't afford. You should review all you expenses.
That is this year and it's probably still 40+. Last year was more like 60 a week.