Quote:
Originally Posted by CliffFletcher
You realize that the median individual income in Canada is $27 k, don't you? Let's say we have a couple with typical incomes, so $55 k household income. And let's assume this couple takes your advice and lives within their means - so they decide to buy a dilapidated duplex in a sketchy part of a medium-size city for $180 k. Assuming this couple gets together at 25 (which is very young for this day and age), how long until they can save that $180 k and buy a house?
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It will likely take several years.
Or maybe they can't ever buy a house. And that's okay too. Not everyone should be, or needs to be, or even wants to be, a homeowner.
Quote:
Originally Posted by CliffFletcher
And what if they want kids at some point there? How does that affect your model? It costs $245 k to raise a child in Canada, and that's before factoring in university. So $500 k for two kids, and more like $600 k if you set aside the recommended amount in RESPs.
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I believe that I've said this in the American Politics thread, but if not...
I do not believe that someone should have children until they are fully capable of supporting the child for at least 18 years. I get that people may want to have a child, but that doesn't mean that should have a child.
Quote:
Originally Posted by polak
Didn't it come out in another thread that he got a big inheritance or something?
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Perhaps you have me confused with someone else.
Quote:
Originally Posted by ranchlandsselling
And there's always the satisfaction of a drive-by humblebrag that likely provides additional satisfaction.
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Honestly, I see no point in trying to brag about anything financial. Money is just a tool, it isn't a measurement of self-worth or superiority.
My entire point and goal is to try to get people to become better savers, to become more financially independent, and to become more financially resilient. The simple truth in life is that you likely won't be able to have everything, and that everyone really needs to plan for the future.
I don't dispute that people should enjoy today and I certainly don't discourage people from spending money on things that they find enjoyable. But if you can save just a bit more money that you currently are, well, won't your older-self thank you more than they would if you spent that same amount of money today on something that you end up rarely using in a few years? And besides, wouldn't you really rather end up having more money than you need, than not having enough and having to work when you are 80?