Audrey’s world

Meet Audrey. Cheeky Millennial. Ambitious. Upwardly mobile. House proud. Compared to most of her cohort, doing okay. Big spender, though. She’s okay with that. But not with me.

This is her letter (lightly edited). Please join me for a trip into A’s world…

Ok, Boomer. I am writing you to follow up on your current TFSA theme of the week. I wish money grew on trees right about now because TFSA contributions are a very distant dream for us…and a lot of my entourage.

Here’s our scenario. I am 31 and my husband is 34 with a 4.5-year-old child. I’ve been with the same company for 8+ years and make $100,000 (with room to grow), hubby makes $50,000 (paid hourly) and supports my career/crazy overtime schedule (because it’s 2020 as per T2).

Housing – bought a townhouse at the age of 23 (with a loan from the parent bank) outside of Hamilton. Sold it 4 years later and bought a blue print for a very narrow house in an “up and coming” neighborhood in Hamilton. We stayed for 2.5 years and flipped it when we got tired of the abandon shopping carts on the road and found our dream place. In 2019, we bought a house for $700,000 and we have a mortgage of $520,000. Monthly payment of $2,000. We bought on a whim and carried two mortgages for 3 months because apparently, you can’t bridge your mortgage loan if your current house isn’t even on the market. What a discovery. I also discovered it was a bad idea to ask for a $180,000 loan from your parents by text message. We paid them back in full with interests, of course.

Investments – $70,000 in pension fund from work and I’ve been contributing to hubby’s RRSP for the past 2.5 years for a total of $36,000 because he’s so supportive and I want the tax break. Hubby gets the tax break of $8,000 from the daycare cost of $12,000+ a year. He also wants to buy out the current owner of his security company in a few years (around $250,000), so we are planning to use his RRSPs to cover any shortfalls, as required. We have $7,000 in RESP for junior.

Debt – We have $45,000 in LOC debts because of our recent real estate flip with two mortgage payments, wedding in 2019 and mat leave, $35,000 car loan (single car household) and a $15,000 RRSP loan for hubby (I really wanted that tax break)..oh and the mortgage. It’s all very manageable given we are paying it down.

I work long hours and outsource a lot because time is money and I prefer to pay a cleaner vs. fighting over chores.  As a true millennial, we pay $4,500/year for weekly cleaners and outsource our laundry (wash/fold) for $1,500/year (they even remove the food stains!). It’s a small price to pay to climb the corporate ladder in a job you love and have a happy hubby take care of junior. Also, I haven’t been to a grocery/clothing store in 4 years – but free shipping is a thing.

Now tell me, boomer – where am I supposed to find “a hundred bucks a week” for our TFSA with our debt? With his plan to buy out the company? With our RRSP/RESP contributions? Daycare costs? Overtime hours = outsourcing costs? Hubby finishing the basement?

Also, why would I spend my 30s cleaning and folding clothes when I’ll have plenty of time when I’m retired at 65… I love your posts but I couldn’t contain myself with all the TFSA emphasis this week. Now…time to get back to my work…

So, in summary. Household income, $150,000. Debt, $615,000. Equity, $180,000. Investments, $43,000. She, modest pension plan. He, none. Goal – find $250,000 to buy his job. Goal – she wants to be a CEO.

Audrey thinks they’re doing okay and dudes like me should shove a pickle in it. When can people get a hundred bucks a week for a TFSA when there’s dry cleaning to pay for? Seems like a fair question.

But, of course, you learn stuff as you age. Like risk. If either A or her squeeze lose their job, they’re pooched. If another kid materializes and a mat leave punctuates her career path, there could be an income interruption. A mortgage renewal at a higher rate would hurt. And if he really wants to buy out his boss, that investment could wipe out all savings and add to the debt. Is a $50,000 job worth spending five times that amount, plus the obligations and hassles of a business?

It also sounds like eight years of real estate ownership/flipping – maybe the best ones ever for price appreciation in southern Ontario – haven’t exactly lined their pockets. But, hey, they have some equity – more than most moisters can claim these days.

Actually I like this woman. She gets it. Spirited. Aspirational. Reads a pathetic financial blog. Splits income. Respects her partner. And her parents. Pays her debts. But, Audrey, reign in the spending! Would it kill your hubs to turn on the washing machine while he’s looking after the squirt? Real men vacuum, too. And understand the house doesn’t cost you $2,000 a month – add in property tax, insurance, utilities, renos and the cost of the downpayment. (Imagine if you rented – no debt and a hundred grand closer to hubby’s target.)

Pensions, retirements and other adulting stuff may seem distant at the moment, but that’ll change. As I’ve shown, TFSAs are money machines. Do what you must to fund yours. And never dis folding, princess.

206 comments ↓

#1 Captain Uppa on 02.06.20 at 2:57 pm

Interesting situation.

I am in the exact same position as Audrey in terms of having to take two mortgages when I moved up. However, one (original) is at 2.5% and the other (much a quarter of the first mortgage in amount) at 2.79%. Didn’t really affect me at all.

#2 Democracy Is Mob Rule on 02.06.20 at 3:01 pm

Pre-Budget Consultations 2020

Take our surveys and share your ideas for Budget 2020

https://budget.gc.ca/2020/prebudget-prebudgetaire/index-en.html

Have a big idea, or more to say?
Share it with us by email and add your voice to #YourBudget

—————————

If you click on the Survey button and select Strengthening the Middle Class, one of the questions is how to make housing more affordable. It is a multiple choice survey. If you choose “Other”, you can type in your own idea instead of selecting one of theirs.

The very last question is whether you have any additional comments. You can type in whatever you think they should do in the 2020 budget.

#3 Swanson on 02.06.20 at 3:06 pm

The funny thing is, the amount she spends on outsourcing chores is exactly the TFSA contribution limit.

#4 crowdedelevatorfartz on 02.06.20 at 3:13 pm

“As a true millennial, we pay $4,500/year for weekly cleaners and outsource our laundry (wash/fold) for $1,500/year (they even remove the food stains!).”
……..”Now tell me, boomer – where am I supposed to find “a hundred bucks a week” for our TFSA with our debt? >>>>>”

+++++

My Gawd. Painful.

#5 Chris in Edm on 02.06.20 at 3:19 pm

BAHAHAHA. My family is similar in age and income and let me tell you all something you already knew – This chick is living on Mars! $6k a year for laundry and cleaning services? That’s what we pay (0% financing) for our main vehicle. We also have zero debt except for our $300k mtg on our $450k house, and about half a million in assets, investments, maxed out TFSA and RESP, etc… Plus the equity in our house. I bet she also stops at Starbucks on her way to work every day, and if they’re too busy (err some would call that lazy or entitled?) to wash their own cloths, I’m willing to get if they cook their own food, it’s through companies like hello fresh, so she’s also probably not brown bagging it to work every day. There’s $600/month in savings right there.

#6 Josh in Calgary on 02.06.20 at 3:19 pm

The answer to her question is so painful it’s obvious. Where to find $100/week when you’re spending $6,000 a year “outsourcing” chores that most people do themselves? I don’t know … how about just doing the chores yourselves? I personally try to “insource” as many things as possible, which includes car maintenance and as many of the fix-it projects as I can. But pick what you’re good at and DIY. Also, here’s a spoiler alert, you’ll feel less like doing the menial tasks when you’re older and hurt everywhere.

Here’s another place to get $100 a week for TFSAs: you know that tax break you got for your RRSP? Straight into the TFSA.

#7 Shawn Allen on 02.06.20 at 3:29 pm

Nothing to See Here

… although cue the insults to Audrey… who’s doing okay although, yes, she should try and feed that TFSA. She needs to understand that the RSP refund is not free money but rather more like the government becoming a partner in her RRSP. On an after-tax basis an RSP refund adds zero to net worth because it creates a liability of equal size. It may be that a 40% RSP refund can result in less than 40% tax later but that remains to be seen. See Kommy Kim (I think it was) post late yesterday’s topic.

Speaking of insults. Trump had a few today.

He may be the “sorest winner” in history. Can you imagine what he would say if he ever loses an election or a big court case?

#8 Kurt on 02.06.20 at 3:33 pm

Audry has no imagination.

#9 Yukon Elvis on 02.06.20 at 3:33 pm

Dear Audrey,
It was tough when I was young too. I couldn’t save a dime until I paid off the mortgage. Now I am mortgage free and will never pay rent in my old age. Once the mortgage was paid off I was able to invest with a vengeance, which I still do at 70 years of age, for the grandkids. Patience grasshopper, you will be ok. Elvis

#10 DM in C on 02.06.20 at 3:36 pm

Wow. Just.

Wow.

#11 Sail away on 02.06.20 at 3:38 pm

Aspirational Audrey. Such energy. Probably a great employee and great as well for the economy.

She reminds me a lot of myself in earlier days. If that comparison holds, she may achieve CEO-ship while becoming skeptical, curmudgeonly and crafty. And happy.

Audrey, if you’re an engineer, I’ll pay 10% more if you come work for me. But you’ll have to accept a more relaxed and flexible work schedule and live in an area with better climate and affordable housing. There is a downside: Your extended family will always seem to be at your place for their vacation…

#12 Bob on 02.06.20 at 3:41 pm

I’ve got no sympathy for Audrey. My wife and I both max out our TFSA’s while supporting three kids on less income. Why is living beneath your means such an alien concept these days?

#13 #millennialtide on 02.06.20 at 3:43 pm

Hey Audrey

My wife and I make 3x your household income with two kids. We are mid 30s. I iron my clothes and wash my own underwear. I hand scrub the carpets. I scrub the toilets.

Our net worth is also low 7 figures.

Get off your entitlement soapbox. You aint never gonna make it blowing money left right and centre

#14 The Wet One on 02.06.20 at 3:44 pm

The “OK Boomer” start to that post was chef’s kiss as they say: https://gph.is/1Q7c4eV

Your closing “princess” comment was pretty solid too, but I’m a big fan of “OK Boomer” as a Gen X’er myself.

Lol.

https://i.kym-cdn.com/photos/images/original/001/650/589/4a0.jpg

#15 Lesser Ape on 02.06.20 at 3:45 pm

Even without any tax breaks, Audrey’s after tax income is $111K. It really isn’t difficult to find $6000 in savings from a $111K net income. Even $12K for both ought to be possible. (Personally, I’d cut the laundry and cleaning, and that would get the first $6K but Audrey’s priorities might be different.)

Like, five years ago, were they both making the same amount, or, say, 12K less? If the latter, Audrey can just return to that lifestyle for a couple years until her income grows enough to spend another $12K again.

That said, I understand people have different priorities. For Audrey, the short-term perks she’s spending that $12K on is worth more to her the satisfaction of securing her family’s financial future. That’s a totally reasonable decision for her to make.

All that said, it’s a bit unfair for $150K gross income Audrey to be the “counterexample” to Garth’s TFSA advice. It would be more interesting for someone who’s making $40K gross in Vancouver to rough out their budget, and see if there’s actually a way to squeeze out $6K there.

#16 Linda on 02.06.20 at 3:48 pm

So it sounds like Audrey & spouse are earning $150K & live in Ontario. They should be netting about $100K on that gross. Mortgage, child care, house cleaning & laundry swallow $42K of that amount leaving $58K for all other expenses. I agree that the sooner they begin to fill up a TFSA with revenue spawning ETF’s etc. the better, but seems to me that debt reduction should be a priority right now. Though it wouldn’t hurt to reallocate funds currently used for house cleaning & laundry towards a TFSA contribution instead.

#17 KS on 02.06.20 at 3:50 pm

I’m a cheeky Millennial too and this stuff is painful to read.. “life’s so hard, I can’t find any money to save, but obviously I drive around in a brand new car – duh”.

There’s a good $1000-ish / month walking out the door.

#18 I'm figuring .. on 02.06.20 at 3:51 pm

Audrey is in for a GF trashing today …

#19 Raging Ranter on 02.06.20 at 4:01 pm

“Actually I like this woman.”

Can’t say that was my first reaction.

But does anyone doubt that the TFSA’s days are numbered? Audrey votes. And she’s part of the biggest generation in history.

How to find $100 per week to put in TFSA:

1) Clean own house (savings $4000, allowing for $500 cleaning supplies annually)
2) Do own laundry (savings: $1000 per year – I’m allowing $500 for detergent, hydro and machine depreciation)
3) Hubby can do shopping (savings unknown, but not zero). Delivery might be free but there is usually a markup on delivered vs. purchased in store
4) Don’t buy 3 houses before age 31. (Savings: too much to calculate)

#20 Ed on 02.06.20 at 4:02 pm

My daughter has a gov job paying $120k/year , pays a nanny 36k/year and doesn’t have a TFSA.
Priorities of young uns lol.

#21 HH on 02.06.20 at 4:04 pm

I have to admit I am a TFSA lover. Save up the money, invest it in something – non-registered or my favourite, TFSA’s. When you have even a modest amount in a TFSA like $100,000 you can turn it into a monthly income if, let’s say, you need a bit more each month for a car payment. When the car loan is paid off you can stop the income from your TFSA. You can control your income as you wish without any income taxes. It’s magical.

#22 Mr Canada on 02.06.20 at 4:05 pm

Many people would give their right arm to have her cash flow. Good for her for investing in RE so early, I did the same 30 years ago and got a nice head start. If she is as determined to be a future CEO she will easily find the cash for the TFSA….

#23 Mr Fundamental on 02.06.20 at 4:06 pm

Do your own laundry and cleaning, and you’ve got that extra $6k per year to throw into the TFSA. If you do that for long enough, you might even reach 25x your annual expenses. At that point, you’ll have officially achieved “The Poverty Portfolio”.

Cheers

#24 Dups on 02.06.20 at 4:06 pm

Offcourse everyone wants to be a CEO or a Manger now days, no one wants to do real work anymore, they just want to make calls and be big shots. Line up with the rest of the crowd!!!

#25 the Jaguar on 02.06.20 at 4:07 pm

What a gem of a letter. A stellar advertisement for ‘schadenfreude’ if ever there was one and a complete affirmation of every misgiving and shortcoming one feels about this generation. ( not all, but a sufficient number that it is more or less considered factually accurate ). Even starts off with ‘O.K. Boomer’, which is a convenience given it immediately identifies the mindset of the other party which mostly allows for immediate dismissal of anything else that might come out of their pie hole.
The entitlement comes across loud and clear, but one wonders at the lack of critical thinking. Even if their realtor did a lousy job developing where their full down payment would be coming from, the lack of knowledge on how bridge loans “work” is a laugh. Not your first real estate purchase, correct? The need for instant gratification really dulls the thought process.
I especially love all the bits about household chores such as the folding of laundry cutting into their precious time. There are only so many hours in an evening when one can get caught up on the latest antics of the Kardashians.
I think of all the modest, hardworking, loving family units who may have elected to have one parent stay at home in formative years though they might be forced to do more with less, and who are grateful to have the opportunity to fold laundry and prepare meals for their family. Guess they rang up the conclusion that leading a meaningful and authentic life was more appealing than entering the race to be judged ‘highly stylish’ and obtain bragging rights among their equally competitive friends. There is some entertainment value here, but not much. Run, don’t walk, to the nearest exit.
Proud to be an “O.K. Boomer”.

#26 Sail away on 02.06.20 at 4:09 pm

And Audrey? If your hubs proceeds with the company buyout thing, post again for more discussion…

#27 dirtydebtor on 02.06.20 at 4:09 pm

Mr Hubby is dreaming about the possibility of the opportunity to buy the outfit he works for at 5X his annual salary. Why doesnt he quit, register a corporation, and hang his own shingle?

Millenials today complain about house prices, but they work so hard to pay those price tags. Fueling the great shift in wealth, from millenials to boomers.

The next great shift in wealth is going to come from millenials overpaying boomers for their disfunctional small businesses.

The largest ever generational transfer of wealth in recorded history is about to see another great surge this coming decade.

#28 Stone on 02.06.20 at 4:11 pm

Worst one yet. What an absolute loser. No sympathy here. She needs a reality check. So do the parents to raise such a “thing”. Shame on them.

But I had a good laugh reading this. Thanks for the shits and giggles.

Do you really think you can publish a worst one than this going forward? I think it may be a challenge, even for you.

#29 Shawn Allen on 02.06.20 at 4:17 pm

#5 Chris in Edm on 02.06.20 at 3:19 pm

BAHAHAHA. My family is similar in age and income and let me tell you all something you already knew – This chick is living on Mars! $6k a year for laundry and cleaning services?

************************
Yeah, but who is having more fun? And she’s gonna be a rich CEO anyhow. And the hubby is going to collect big in the probable eventual divorce settlement.

#30 Shawn Allen on 02.06.20 at 4:21 pm

Is this a good time to mention, my monthly payments for once a week doggie day care? And if I am busy he gets a bonus day most months.

Our cleaner is only once a month though.

I may need to look into that laundry and fold service.

#31 Sheesh on 02.06.20 at 4:22 pm

Audrey could EASILY come up with 100 bucks/week, she chooses not to. The entitlement is strong in this one.

#32 Shawn Allen on 02.06.20 at 4:24 pm

Aurora Cannabis has been halted half the trading day, “pending news”.

No press release yet.

Rumored 10% of staff to be cut.

Might we also see a humogous write-off?

Doubt it will be good news…

#33 Anonymous bro on 02.06.20 at 4:28 pm

On the flip side…

I am 32, and my wife is 34.

No house, we rent.
We do our own laundry.
We clean our own place.
We flip our winter tires.
We each work 40 hours a week. We like our jobs but don’t like overtime.
We take vacations. Last year we went to Seattle to see a fav band perform. Lovely city. Stayed downtown, ate out the entire time.
Each year I max out my TFSA, and put 10% in my RRSP. Any extra goes into a cash/margin account.
I pay for all the household expenses, and she pays off her debt.
I bought a brand new car last year in CASH, but it was not a fancy one (honda civic – good on gas, low maintenance). Only bought cause my previous car was totaled.
I dropped $3500 on a Martin D28 acoustic guitar a couple years ago. I dropped another $3500 on a Roland digital piano last year.
We don’t budget. We just don’t splurge all the time. It’s okay to let loose now and then. But you don’t need the fancy scotch all the time.

Household income is 135k.
She has 50k of debt (student loans + career didn’t pan out as hoped / gig economy)

And yet:

Our financial assets are worth a quarter million.

If folding laundry is too hard, imagine working until you’re 70+ because you have no other choice, Audrey. Imagine losing your job, and then your home because of your job, and then your hair because of your home!

#34 JacqueShellacque on 02.06.20 at 4:29 pm

Audrey,

Living on the edge just may end up putting you in the margins.
There’s no such thing as permanent work these days. You could walk into work one day and be told you’re no longer needed.
The 6K/year you spend to avoid fighting over chores is a very expensive truce. You will resent him for it one day, if you don’t already.
You’ll resent him even more when you bankroll his work. He could make 50K/year working at Sobey’s, and it wouldn’t cost you a dime.

#35 Guy in Calgary on 02.06.20 at 4:30 pm

Also a millenial. Had cleaners when we both worked but now with a little guy we cancelled them. So we did the opposite of Audrey and our savings rate has not changed.

Cleaning really is not that bad if you both tackle it together once a week lol.

#36 S.Bby on 02.06.20 at 4:33 pm

She is the product of credit distortion where money is cheap and “stuff” is easy to buy. There is no value placed on money any more. Back in the day when we had realistic interest rates and stuff was harder to buy, people had an appreciation of the value of a dollar, but this isn’t the case these days.

#37 Another Deckchair on 02.06.20 at 4:34 pm

Hey Aud;

When I was your age I managed to find the time/energy to look after 2 kids as a single parent, plus work, plus do the cleaning/laundry/groceries. I did have a teenager come in after school though to “do homework” with the kiddies until I got home. Did this for a couple of years.

For the first little while, used a bike, and bike trailer, as I did not have the $$ for a car. Was in great shape.

Now, I know I’m now a boomer, and, yes, after a couple of years I did find another partner (a real keeper, whew) and do things like interior decorating (Drywall, paint, I know the electrical code book inside and out) etc, etc.

Yeah, I know, “Ok Boomer”. But, during that 25 years, with a great partner, we’ve gone from close to zero $$ to a SWR of 2%.

Was it easy? Nope. This was about 25 years ago, and I *still* can’t sit through a movie, as a little voice in the back of my head keeps saying “you’re sitting – there’s something else that needs to be done” so I guess it did scar me. ;-)

Worth it? You betcha! Do you have the guts to do it??

Ok, Boomer out.

#38 Lisa on 02.06.20 at 4:34 pm

I swear you made this one up! C’mon, fess up, Gartho!

#39 Jeff on 02.06.20 at 4:39 pm

Hey Audrey,

My wife and I are Gen-Xers. Our household income is twice yours with 4 kids. We,
* Never pay for laundry (wash our own clothes),
* Never pay for a Cleaner (clean our own home),
* Eat at home every night (and brown bag lunches),
* Do our own groceries
* Pay cash for our cars
* Our house is fully paid (no mortgage)

Its hard work, but you can do it. Life wasn’t supposed to be easy. But then again, we live in pretty easy times – no world wars, industrialized economy, etc. No reason for any of us to complain.

You can do it, Snowflake.

#40 SS in MTL on 02.06.20 at 4:42 pm

Millenial here.
Switching job and about to get a 25k raise out of it. Already warned the gf that my lifestyle inflation would be 0% until I max out my registered accounts (had to help my parents last year). Ok maybe rent a fancier car when we travel to Portugal this summer.
We’re not all like Audrey (CEO ambitions or not).

#41 Shawn Allen on 02.06.20 at 4:45 pm

Aurora Cannabis

As such, when Aurora formally reports its fiscal second quarter 2020 results, it expects to report asset impairment charges on certain intangible and property, plant and equipment in a range of $190 million to $225 million and write-downs of goodwill in the range of $740 million to $775 million. Following these non-cash charges, Aurora expects to remain compliant with its revised total debt-to-equity covenant going forward.

**********************************

The write-downs are always “non-cash”.
But it was often cash that was paid to acquire the assets.

#42 Leftover on 02.06.20 at 4:49 pm

We “did it ourselves” for 30 years, and didn’t buy a new car until we hit our 50’s. Put the savings into RSP’s (now $1.25 million) then TFSA’s (now $180k). Paid the house off along the way (worth it when mortgages were 9%).

I think Audrey’s okay, same as Garth, at least she has a plan. Doesn’t mean it can’t be a better plan.

#43 dakkie on 02.06.20 at 4:50 pm

Canada’s CRIPPLING Debt Problem! – Why Canada Is Heading For COLLAPSE
https://www.investmentwatchblog.com/canadas-crippling-debt-problem-why-canada-is-heading-for-collapse/

#44 Mean Gene on 02.06.20 at 4:53 pm

So, she can’t find a $100.00 per week to stick into a Self Directed TFSA, but pays $115.00 per week to have someone else do the house work.

Hasn’t set foot inside a grocery store in 4 years, but certainly has seen the inside of Starbucks or Timmy Ho’s… I wonder how much is spent each year on eating out?

OK snowflake.

#45 Overheardyou on 02.06.20 at 5:03 pm

Sounds like she’s got no priorities in anything. Wonder how her kid will turn out…

#46 Renter's Revenge! on 02.06.20 at 5:13 pm

Silly Boomers! Audrey doesn’t want you tell her how to find $100 a week to fund a TFSA. She wants you to know that, not being a Boomer herself, she’s got more important things things to do than that. If she really wanted to do it, she would have already. (You gotta listen to the tone of the email, not the content.)

#47 BlogDog123 on 02.06.20 at 5:15 pm

That’s a lot for laundry services.

Too much house flipping with all those transaction fees. Can’t do that in Toronto with the double land transfer tax.

#48 Daycare costs on 02.06.20 at 5:27 pm

How exactly has the husband been getting an $8000 tax refund on $12,000 in child care costs when combined they make over 150,000 a year? While the one with the lower income gets to claim the child care costs when splitting income, this is way too high of a refund give a 150k combined income. Something does not smell right.

#49 CEW9 on 02.06.20 at 5:29 pm

Who takes out a car loan these days? 35k on a depreciating asset? Sell it. Lease or buy a good running 10yr old vehicle for less than 10k.

#50 Bert the millennial on 02.06.20 at 5:37 pm

I’m a “true millennial” too (i.e. a millennial) and that all hurt me deeply. She’s living in a fantasy world and is lucky someone pays her so much. My partner and my household income is 150k and we own a home (that we bought in 2018 in a major city so at post housing apocalypse prices) and $100 contribution each to TFSA is easy to make happen. Such an odd point to be making while also discussing outsourcing chores/rampant unnecessary spending… I used to think “OK Boomer” was kind of funny but you actually have to use it when the boomer is out of touch with current reality facing young generations… not when a boomer is giving super grounded financial advice…

#51 yorkville renter on 02.06.20 at 5:45 pm

“Help me save $$$ Garth, I’ve tried nothing and I’m all out of ideas”

Life is about choices… do you need a car with a $35k loan? if they had a car with a $30k loan (still too high in my opinion) they would have an extra $100/mo for the TFSA

#52 OK, Doomer? on 02.06.20 at 5:47 pm

When my wife and I got together we each had a VCR. mine could record two shows. Hers could record four. We kept hers and sold mine to pay rent. Oh, and BTW, we were older than you are.

Since then we’ve started and sold several companies, raised two kids, put them through university and paid cash for everything from cars to houses (yes, houses)

All without the trauma of how we’re going to do it without a wash and fold service.

If it’s important to you you’ll find a way.

#53 Sail away on 02.06.20 at 5:50 pm

Wow, and I thought I was a curmudgeon. About 95% of posters think Audrey is duty-shirking, entitled, misguided, or a combination of the three.

Here’s another take: If Audrey really, really works on her career, she can quickly climb the ladder while making valuable contacts. When the time comes for major promotion or starting her own company, she can increase her compensation exponentially- possibly better than 10X, depending on industry.

Yes, she could pinch pennies and exhaust herself with mundane tasks, or alternatively, she could shoot for the prize and stockpile all the funds she needs in 5-6 years of top earning. What’s the better payoff?

This is actually the elite military mindset: the job comes first and everything (yes, everything) else is secondary.

Becoming the recognized expert producer in your field is priceless.

#54 AGuyInVancouver on 02.06.20 at 5:50 pm

I can’t believe Audrey gets free financial advice without offering the obeisance of The Mandatory Suck-up!

#55 Troll-bait on 02.06.20 at 5:52 pm

That’s just too silly to be true!

#56 allovertheplace on 02.06.20 at 5:54 pm

This seems like a pretty solid example of many of this weeks previous comments regarding the value of facing some hardship in your life, not having everything given to you, and the resulting warped understanding of wants vs needs.

Not sure about the part regarding asking for $180k via text message being a bad idea… she got the money, didn’t she?

Anyhow, if that’s how they want to spend their money that’s their prerogative.

My concern is that this type of attitude seems to be increasingly prevalent the higher up the corporate ladder you get in this country. It’s terrifying to think about the way a company would be run with someone like this at the helm. But I guess that’s why we’re not globally competitive in any industry.

#57 Re-Cowtown on 02.06.20 at 5:55 pm

“OK snowflake.”
__________________

Snorted up a bit of my double-double on that one!

#58 IM in C on 02.06.20 at 5:56 pm

https://www.thestar.com/business/2020/02/06/toronto-house-prices-expected-to-climb-nearly-10-per-cent-in-2020.html
It s official says the TRREB (an unbiased observer)

I can’t speak for the GTA but, of what I can see here the real estate market in Calgary is pooched. Significantly, listed houses are being pulled off the market, rather than being sold at a loss

Garth, do you have any insights in the Calgary real estate market

#59 Sail away on 02.06.20 at 6:02 pm

I love staff like Audrey. The good ones basically get to set their own compensation level.

And spending money on what others see as unnecessary? Pffft.

If it takes time and energy away from a better payoff, it might be the best move.

I spent $52k on a vacation last year. My wife was very happy. Awesome payoff for finance rule #1: don’t get divorced!

#60 Bytor the Snow Dog on 02.06.20 at 6:06 pm

You changed her name, right Garth. I’m sure her real name is Karen.

https://knowyourmeme.com/memes/karen

#61 Sail away on 02.06.20 at 6:18 pm

Haha- Greta calls Trudeau a poser

#62 Keith on 02.06.20 at 6:19 pm

The husband is going to buy a security company. If the price is fair, and Audrey continues to work and climb the ladder I suspect within a decade she’ll be complaining about low TFSA limits. That is assuming the lifestyle inflation stays in check, which doesn’t seem guaranteed in this case.

#63 William Bell on 02.06.20 at 6:20 pm

Come on Princess A, working harder does not equate to working smarter.

I am a Mill as well with very much the same numbers; income, age, spouse, kid. Built about half of your worth in liquid from crazy amount of debt just five years ago because I failed being an entrepreneur.

I still work crazy overtime too according to my peers of the same industry.

Today we Rent with no debt.

Still managed to save $30k last year before counting collectibles. Still have time to mow the lawn + wash the car + Netflix + kid + hobby + cook + laundry.

Just slow the eff down and work smarter.

Also, show some respect to Garth and please don’t be rude.

With that attitude, you will never lead.

Sincerely,

a (much more polite) millennial

#64 Catalyst on 02.06.20 at 6:24 pm

Clearly didnt learn anything from TFSA week. Why stuff rrsp for a tax break so you can pay more later? I only tell people to do traps if making more than 200k individually. Go back and re-read Garth’s post.

(32 y/o with 80k tfsa and less income. Also sometimes dry hands from washing dishes)

#65 Welcome to Slurrey on 02.06.20 at 6:25 pm

I appreciated this post, sounds a little more realistic than some of your other ones ( ie: my name is Bob, I am 34 and have 4 million dollars and make 500k a year etc…) < those post were making me feel a little inferior, I might stop reading this blog now

#66 Shawn Allen on 02.06.20 at 6:26 pm

OK Boomer?

For goodness sakes, Garth told you this was edited. I strongly suspect he put in the OK Boomer part. And a nice addition it was to add chum to the waters here. (As if any was needed).

An editor never adds anything, only deletes extraneous detail. – Garth

#67 That Was Scary on 02.06.20 at 6:31 pm

Oh dear, oh dear. . .what a read.

Outsourcing laundry and house cleaning? Only one child? Low income hubby – dreaming of buying out his boss?

What a joke.

Can’t figure out how to save a few bucks a week? Is this for real? She doesn’t want to bicker about who does chores?

Oh honey. . .grow up! You work long hours – seriously?Who doesn’t nowadays?

This read demonstrates exactly why that generation will never have true wealth.

#68 Democracy Is Mob Rule on 02.06.20 at 6:48 pm

#57 IM in C

of what I can see here the real estate market in Calgary is pooched.
do you have any insights in the Calgary real estate market

——————-

Calgary house prices are correlated to oil prices. Oil prices follow the 30 year commodity cycle. Prices will continue to decline for the next ten years and then they will rise dramatically during the decade of the 2030s. Then they will fall gradually for twenty years after that.

#69 S.Bby on 02.06.20 at 6:52 pm

#58 Sail away

I spent $52k on a vacation last year. My wife was very happy. Awesome payoff for finance rule #1: don’t get divorced!

…..

and $52k is a lot cheaper than getting divorced so it was money well spent.

#70 Cristian on 02.06.20 at 6:53 pm

News for Audrey:
It takes about 1-2 hours/week to clean, wash, dry and fold clothes for a family of 4 (ours), mostly on weekends.
How much money would you be making in those 1-2 hours that you “save”? (“time is money” you said).

Let’s see: 150k/year income means about $3000/week or roughly $400/day or $50/hour.
For 1.5 hours of chores per week replaced by work at $50/hour would earn you around $3000-3500/year.
So you spend $6000/year in order to earn $3500?
Or, like Garth said, your husband could do it for free (I often do chores and I am not embarrassed) and you’d be ahead by $3500.
Is that stupid, or lazy, or am I missing something here?

#71 Drinking on 02.06.20 at 7:00 pm

Fake story! Nobody could be that clueless!

You may have time to write fiction. I do not. – Garth

#72 leebow on 02.06.20 at 7:11 pm

Audrey is facing desolation later in her life.

#73 I’m confused on 02.06.20 at 7:21 pm

Hi people…just inherited 400k from my gramma. I’m 24
My tfsa & rrsp are maxed out. My uncle tells me to put it all in a non registered account and invest it in etfs and never touch the money till 65. My other uncle says to put it in dividend paying stocks. I like both my uncles but what one do I listen to? I don’t no want to buy a house/condo. I rent for 550/month
Thanks
Mike

#74 Drinking on 02.06.20 at 7:25 pm

Fake story! Nobody could be that clueless!

You may have time to write fiction. I do not. – Garth

—————————————————
Then she is playing you. She stated that she reads your blog on a regular basis and sends you an email like that???? I would think that after all the education that you and your team have written on this blog she would be a little wiser!
I still call it fake on her part!!

#75 Tylder Durden on 02.06.20 at 7:27 pm

Audrey,

Even if you really can’t find $100 to put into your TFSA, it doesnt mean the gov’t should gut it and remove it as an option for those who do! I think this was the overall point being made by Garth on the blog. And maybe one day you’ll become more responsible and stop giving your money to your cleaning lady for her TFSA, and you’ll be glad the plan exists.

#76 MF on 02.06.20 at 7:28 pm

#25 TurnerNation on 02.05.20 at 6:22 pm

FIXED:

Can’t wait to hear from tonight’s crop of delusional conspiracy theorists.
Look if you’re getting info from any alternative source be aware that the vast majoirty of them are owned by nut cases who don’t care about you.
Their job is not news but to play on the paranoia, cynicism, and fear of the weak to keep you pacified – at a profit.

No wonder, blog dogs report reading this pathetic weblog over their morning tea/afternoon beer/evening whiskey/late night bong/early morning crackpipe. You can tell.

FIXED

MF

#77 Flanneur on 02.06.20 at 7:32 pm

Maybe her husband should stay home and manage their lives. They could easily save his after tax income if he did everything. She might not feel so frantic and be more focused. Dude get to work.

#78 just a dude on 02.06.20 at 7:35 pm

She lost me at “Ok, Boomer” (and no, I’m not a boomer). I can’t stand obtuse comments made under the cowardly cloak of anonymity. Lady’s got no class, imho, starting a letter that way. I would have sent her packing.

Garth, you are a much better man than I. Thank you for what you do and for having the courage to speak your mind, even in the face of the abuse you somehow manage to tolerate on a daily basis.

#79 MF on 02.06.20 at 7:38 pm

#66 That Was Scary on 02.06.20 at 6:31 pm

“This read demonstrates exactly why that generation will never have true wealth.”

-LOL.

Sure.

And what about the generations before us?

Spend spend spend the same way…and eventually be “saved” by a rediculous drop interest rates to zero for waaaay too long so their pathetic housing purchase is artificially plumped at the expense of the wider economy.

If 2008 played out like it was supposed to (or will in the future) then you would’NT have any wealth left.

MF

#80 SVan on 02.06.20 at 7:51 pm

I have to comment on this insanity.

I am a lawyer making over $200,000 a year.  With my husband’s income we are at $300,000 joint family income. We have maxed TFSAs (husband and mine) a lots of RRSP savings.  We also have maxed RESPs. Our net worth is half a million. I also have a toddler and am pregnant.

Despite having the funds to actually live an extravagant lifestyle, my husband and I do our own laundry and clean our own condo.  We live well below our means because that is how you save money. IE one family car that we bought used and we buy food every week with PC points at Superstore.  We rent a condo in Richmond and I take the Canada Line to work to my fancy downtown law firm where I work long hours.  I drink coffee at work for free because Starbucks prices are insane!  My 2 year old has second hand clothes because she grows so fast there is no point in wasting money on new toddler clothes.  She also has used toys bought second hand on FB swaps.

Who are these people that they think they are entitled to these extravagant lifestyles and then b***h and moan about not saving money?  

Do your own laundry and mop your own floor.  Stop “outsourcing” basic stuff that you can do yourself and maybe then you will have 6 grand to put into your own TFSA.  

#81 Sheesh on 02.06.20 at 7:51 pm

#52 Sail away, you seem to have taken quite a shine to Audrey. You may even be right that princess buttercup shouldn’t exhaust herself doing mundane things so she can work harder and climb that ladder faster…but she should recognize that her lifestyle choices are the reason that she has no funds for the TFSA. She certainly doesn’t get to ‘OK, Boomer’ Garth with out getting some blowback from steerage.

#82 Nonplused on 02.06.20 at 7:53 pm

I expected the comments section would not disappoint today and so far it appears that I was correct.

I am going to come down somewhere in the middle on this one. At 31 years old Audrey isn’t doing bad to be making $100,000/year. And it’s easy enough to question other people’s spending habits about things like cleaning/laundry services but it’s also a little impolite.

Part of the problem here is that I think the majority of the people that read this blog are 40+, probably on average older than that. After all why would a millennial who is still paying down student loans and can’t afford a house read a financial advice column? But I ask that we in the GenX and Boomer cohorts that populate this comments section to try and remember what it was like when you were 31. At least in my case it wasn’t all roses. I had just gotten divorced, was paying child support, and had moved into a basement suite with 3 football players living upstairs and banging their girlfriends at all hours (although other than that they were quiet). I was driving a 15 year old jeep. The divorce left me with nothing but the shirt on my back and whatever my ex didn’t want. (My lawyer wisely advised me not to fight over household items as she considered it to not be worth the legal fees that would result.) I wasn’t saving anything, and I had a pretty good job paying over $100,000/year which would have to be inflation adjusted by 20 years at this point, so not too shabby (probably $150,000 a year now).

So I am not so sure about the laundry service, laundry is not exactly a big time consumer the machines do all the work, it probably takes longer to drive the laundry in and pick it up than it takes to just do it yourself, but as the main breadwinner here Audrey is probably way ahead if the cleaning service keeps her out of divorce court. Nobody wins in divorce court but the lawyers.

However, I agree with the general sentiment that at $150,000/y there should be some room to save $6,000 per year, at least once the LOC is paid down. Where exactly that LOC came from isn’t clear, but everybody makes mistakes and no mistake goes without repentance.

Fast forward some years to even higher salary and being back on my feet for a story that shows the hypocrisy involved in judging other people courtesy of my own mother. By this time my ex had (finally) returned to work and we both had employer dental insurance. So since both our plans would put up $2,000 each the first $4,000 per child were covered by insurance. Add the 10% discount for paying up front and the 10% discount for the second child and it really wasn’t that expensive (at least for us, it was money on the table). But when my mother saw the braces she declared them to be a complete and unnecessary waste of money, and that I should have saved the money to buy them a car when they turned 16. How on earth I was going to submit the car expense to the dental insurance company I never did figure out. Then, when the first one did turn 16, my ex and I made a deal to fund an old Jeep I had lying around primarily because I was sick of driving them everywhere including back and forth between our houses but also because the insurance was soooo much cheaper than having her listed as a secondary driver on our 2 vehicles. My mom thought that was a waste of money too because “they don’t need a car”. She had just a few years earlier said not to get insurance funded braces so I could get them a car. She was and is always a fountain of good advice about what I should do with my money. She was also kind of put off by my old Jeep when I was driving it because “it’s so cheap to lease a new car”. Ugh. The Jeep was perfectly fine, easy to repair, and would go through practically any weather which is important around here.

Anyway 20 some years later, the daughter crashed the Jeep so it is no more, my debts are all paid including the mortgage for many years now, my TFSA and RRSP’s are all topped up, my wife has substantial investments in both, and we are doing fine. My mother still prays for me though because I am reckless with money and don’t work full time (my wife does though).

I am not sure why my mother thinks I am broke. I’m thinking it is because she is projecting. She has no experience with dental plans, stock options, or full time salaries. She went through some pretty lean times herself. My dad eventually went solid gold, and they don’t have money problems now (at least not that they talk about). But I think she must somehow believe that what happened to her must be happening to us. As I described, it did for a while, but we’ve pushed through.

So while I find Audrey’s letter somewhat distasteful and immature, let’s face it folks, most of us were not doing better in our early 30’s when we were also immature. She might turn out just fine once she gets that LOC taken care of. At that point the TFSA will still be waiting for her.

At this point I think I briefly list Audry’s sins using rules of thumb. At $35,000 dollars the car is well below 6 months salary so no problem there. The LOC is a problem and so is over 2-4 times annual salary for the house (but not by a huge amount, she is under 5). But she has confessed, which is the first step to forgiveness and rehabilitation.

Remember folks, before you can remove the speck from your brother’s eye, remove the log from your own so you can see clearly.

#83 Jeff Thane on 02.06.20 at 7:57 pm

They don’t even understand basic economics. The reason they are so in debt with mortgages is they got fooled into the low interest rate falsehood.

If mortgage rates were even close to normal 6%-7% at the very least, their mortgage balance would be 50% lower just from the lower house prices. As interest rates are used to keep speculation and house prices down over the longer term.

They are not saving money but actually paying twice for it, lower bond, GIC and dividend rate, yields and much higher mortgage balance, higher property taxes from higher assessment values, higher CHMC premiums etc. etc.

The cheap, loose, easy borrowing money policies Libearls, lefties, socialists like is doing them in. Like they told me all my life since I was a kid, you want to learn the hard way.

#84 WUL on 02.06.20 at 7:58 pm

Audrey’s message made me count my manifold blessings.

My wife loved housekeeping and meal preparation. We ate well. I loved the yard work and heavy lifting.

It was a priority of my wife to leave the workplace and spend 8 years rearing the young kids.

It was hard for her to rehabilitate her legal career after a stint on the Mommy Track but that came. Years of reduced family income resulted but absolutely worth every penny.

Choices.

WUL

#85 Raging Ranter on 02.06.20 at 8:04 pm

I get a kick out of the comments saying that Audrey is “not doing too bad”. She and her hubby owe approximately 6 times their take home income.

Employers love people like Audrey. Their spending is always years ahead of their income, so they are always in debt, and they must work long hours and strive hard for that promotion. They live in constant fear of losing their job, so are likely to be model employees. They pose absolutely no flight risk, because they can’t afford any risk. Her employer hit the jackpot with her; at least until financial stress starts to affect her focus on the job. No saying when that will start, but that’s where it’s headed.

#86 Drinking on 02.06.20 at 8:04 pm

#79 SVan

Thanks for writing that! Good on you!

I am on Garth side; cannot stand people like this Audrey lady; first of all being so ignorant/disrespectful calling Garth “OK Boomer” after all he and his team have done for all of us.
—————————–
#81 Nonplused

Seriously; you are defending this person???? Your comment disappointed me the most!!

#87 MF on 02.06.20 at 8:06 pm

#77 just a dude on 02.06.20 at 7:35 pm

I agree. The “Ok Boomer” thing is pretty cringy.

Since my boomer parents have given me everything in life, I never bought into any of the boomer stereotypes.

I do, however, object when boomers themselves disparage we millennials as if we are all the same with the stupid stereotypes (whiny, entitled, and whatever other crap that most of us don’t fit).

“Ok Boomer” places us on par with that group of bitter, sad, baby boomers desperately trying to blame someone else for their mistakes.

Not cool.

MF

#88 Treasure Island CEO - 145,694,438.88 Offshore on 02.06.20 at 8:15 pm

Anyone else noticing Canadian Real Estate going off the charts coast-to-coast right now?

I am not saying this is a good thing, but people are swarming listings and multiple bidding right now especially in the GTA and Vancouver. 2017 redux.

#89 Stone on 02.06.20 at 8:15 pm

#73 Drinking on 02.06.20 at 7:25 pm
Fake story! Nobody could be that clueless!

You may have time to write fiction. I do not. – Garth

—————————————————
Then she is playing you. She stated that she reads your blog on a regular basis and sends you an email like that???? I would think that after all the education that you and your team have written on this blog she would be a little wiser!
I still call it fake on her part!!

———

That one is easy to explain.

She has the attention span…of a fruitfly.

#90 Niagara Region on 02.06.20 at 8:24 pm

CTV reports “Warning of Collapse in B.C. Condo Market” either because insurers are unwilling to insure some condo buildings or because insurers have severely raised the cost of insurance for several condo buildings.

https://bc.ctvnews.ca/warning-of-collapse-in-b-c-condo-market-1.4800633?fbclid=IwAR2S4uujpxLg1VZOj8x7RtiOPyALgWe-6WZPBsGqrTs2usT3USwhSLSIiMU

#91 John Pasalis on 02.06.20 at 8:26 pm

Yes, there is reason to be concerned about the current direction of the GTA’s real estate market – in particular the extrapolative expectations that appear to be driving condo prices.

Very similar to what we saw in 905 homes 4 years ago.

#92 Sail away on 02.06.20 at 8:30 pm

#80 Sheesh on 02.06.20 at 7:51 pm

#52 Sail away, you seem to have taken quite a shine to Audrey. You may even be right that princess buttercup shouldn’t exhaust herself doing mundane things so she can work harder and climb that ladder faster…but she should recognize that her lifestyle choices are the reason that she has no funds for the TFSA. She certainly doesn’t get to ‘OK, Boomer’ Garth with out getting some blowback from steerage.

————————-

Haha- I might be projecting, but yes, I love hiring people like her.

Productive engineers can make $150-200k in my line if they want, because it’s all about productivity and results. If they choose to take it easy and make less, that’s fine as well.

As far as the personal finance- sure, I agree she’s made some questionable decisions…

#93 SmarterSquirrel on 02.06.20 at 8:30 pm

Audrey. I make more than 2x your salary but I still do my own laundry and clean up after myself (your spend on that is the $6k you need to fill your tfsa every year). Also though I make more than you, when I bought a car I bought a used car for $18,800 cash. Had you done that you would have decreased your car loan by $16,200… that’s year 1 in TFSA for $6000, year 2 in TFSA for $6000 and year 3 in TFSA for $4,200.

Seems you have a lot of ways to find $6000 for your tfsa. You just choose not to, which is fine, that’s your prerogative. But contributing to your tfsa is not a distant dream nor do you need a money tree, you just need to prioritize saving $6000 which it sounds like you could easily do if you really wanted to. Good luck.

#94 DagsDownunder on 02.06.20 at 8:36 pm

Mr Turner.
I am a 78 year old Australian who stumbled upon your blog about 3 months ago and have been reading it daily ever since.
A lot of the information does nor apply here, but the general concepts do of course.

Sadly I, for various reasons of stupidity have never owned a stock in my life.

I have been retired for around 18 years and receive no Government pension. I saved as hard as I could and worked weekends etc to do so.
I have relied on Term Deposits to invest. We own our Apartment and until a couple of years ago owned another, but sold it due to the stress of putting up with tenants and repairs etc and we have zero debt.
We have AU $ 300.000 in just matured term deposits withering away at 1.5% interest.

We have a further AU $ 700.000 in soon to expire 5 year term deposits ( in Aug ) receiving 3.5%.

We have a 2 year old car as new that we paid cash for, probably our last.

So with interest rates at an all time low and sure to drop further, bank term deposits are not viable any more.

I have been reading everything I can for several years educating myself financially, but as I had locked our cash away for 5 years could not do anything till now.

With the stock markets at all time highs and the threat of a major correction hanging there, I am the typical vacillating investor gripped by fear.

I understand the long term market situation but at our age, we probably do not have 20 years or more for the market to come back after a major fall.

I have no crystal ball and am considering placing this $300.000 into Australian LICS. ( Listed Investment Companies ) and a Australian ETF.

If there is a correction after we invest I will not sell.

Wrongly or rightly after rigid saving for so many years I hate the idea of starting to eat into our capital?

I am in very good health for my age , but sadly my wife is not.

Any suggests please would be gratefully received.

Kind regards from OZ.

#95 Diversified in Oakville on 02.06.20 at 8:38 pm

Audrey,
Hmmm, you are a spoiled brat except you are now an adult. Grow up; you had a kid. Do some laundry and shopping and put some money away in your TFSA’s. And stop trying to blame us for all of your problems.
God help us when people like you take over the government for good.

#96 Frank Pentangeli on 02.06.20 at 8:42 pm

She sounds like a chirpy a__kisser, every work place has at least one of those. As for her money skills, Garth is spot on, stuff happens and habits leave no room for ‘ what ifs’.

#97 Leslie on 02.06.20 at 8:43 pm

People commenting are ridiculous…makes 300k a year but still so every little thing so others cannot make money.. alright guys sounds selfish to me.

Because your clients are giving you cash to do work for them. Push the money around so everyone can enjoy life a little bit.

#98 JSK on 02.06.20 at 9:01 pm

37 year old. Single income earner with $75K salary for the entire duration of my 15 year marriage. Wife’s a stay at home mom. We inherited nothing from our broke parents. Instead I was helping them stay afloat whenever I could. That being said, we’ve been living frugally. Debt free. 150K in savings and some in diversified investments. Renting 2 bedrooms in Van. Car bought with cash.

Secret? Not wasting money on things we don’t need. Homecooked meals. I repair everything, service my own car. $20/month cell phone plans with no data for both of us. No Netflix or any other kind of paid subscription based entertainment. We entertain ourselves. Not everything in life has to have a pricetag.

#99 oh bouy on 02.06.20 at 9:03 pm

@#45 Renter’s Revenge! on 02.06.20 at 5:13 pm
Silly Boomers! Audrey doesn’t want you tell her how to find $100 a week to fund a TFSA. She wants you to know that, not being a Boomer herself, she’s got more important things things to do than that. If she really wanted to do it, she would have already. (You gotta listen to the tone of the email, not the content.)
____________________________________

bingo.
like some of the comments she’s just bragging.
Wonder what drives some folks to brag on the internet.

#100 Nonplused on 02.06.20 at 9:06 pm

#85 Drinking

I’m not defending Audrey, in fact I called her to task for several sins. All I am saying is let us not judge to harshly lest we be judged ourselves. At 31, I was in no better shape. But I lived and learned.

#101 Frugal Xennial on 02.06.20 at 9:16 pm

Holy inflated lifestyle batman! Since when did outsourcing basic household chore become a higher priority than ensuring financial independence for retirement? They seem to be living a lifestyle beyond their means if they claim they can’t save but have obviously found plenty for discretionary spending. I’m guessing expensive groceries or meal prep kits are also a regular expenses.

Meanwhile my family (with higher household income but in YVR) lives car-free, shops second-hand, hangs laundry, and cooks from scratch including bread. Our TFSAs and RESP are maxed though. I find myself wondering if all my efforts will mean I just end up supporting my peers who didn’t bother to save via taxes one day. This letter epitomizes the entitled Millenial stereotype…. as others have said, I’d be more interested in hearing the perspective from someone with a modest income.

#102 TurnerNation on 02.06.20 at 9:20 pm

This is the scariest line, invoking him: “(because it’s 2020 as per T2).”

This is okay, these people are part of the sickening Red Wave in the GTA. Let them eat cake as T2 will GUT the TFSA or something soon!!
Let them praise their leader then.

#103 Azashi on 02.06.20 at 10:23 pm

Woman earns 2x as much as her man? Divorce in the future.

And that’s not a suggestion. That’s just free liburated womyn’s psychology.

#104 Caledondave on 02.06.20 at 10:28 pm

I expect to hear that Audrey and Hubby are going to the local foodbank soon

#105 Al on 02.06.20 at 10:37 pm

Makes 75K after tax and spends like she makes 375k. Where did the money go ? ? Lol

#106 Fran on 02.06.20 at 10:50 pm

As I always say, “it’s not how much you make, it’s how much you spend”. We have friends & family who net much higher salaries than our family and yet we are the ones with almost 2 million net worth at age 55 and they are still struggling to pay off their house. Have always done our own cooking, cleaning, laundry…. We just recently decided to treat ourselves to a house cleaner twice a month and to more meals out. It feels so good to enjoy these indulgences after years of being frugal and knowing we deserve them.

#107 Lolo on 02.06.20 at 10:57 pm

Audrey may or may not achieve what she set out to. For every Audrey that makes it to the top, there are hundreds (thousands?) that try, and fail. Not that her current state should be considered ‘failure’. By many metrics, she is doing reasonably well. I think that she’s to be lauded for aiming high, she just needs to have buffers if it doesn’t work out.

Cue my personal story…

Gen Xer here, daughter of immigrants, so frugality was drilled in. Was a go-getter, but money wasn’t the driver. Learning was. After grad school, moved to where the work was and climbed relatively quickly up the job ladder. Salary went from under 40K (late 1990s) to over 110K in 11 years. Bonuses made it closer to 150K. That seemed a lot to me. I spent money on what I prioritized (travel and restaurants, not cars or clothes), but I also SAVED and INVESTED. Yes, I also bought RE. But I bought within my means and paid off my first condo in 5 years. Yeah, yeah, different times.

I actually tried hiring a cleaner, but felt so weird about it, that I never called her back.

Then what? Health scare. Moved back to hometown for a job w/ much less pay and prestige, but closer to family. In the 12 years hence, got hitched, 2 kids, and my salary is now low 6 digits but still nominally less than what i was earning 12 years ago. How do I view work now? Perspectives change. Kids and family kind of do that to you. Also had a different health scare. The first scare ended up being not much to worry about, this second one makes me pause, take inventory, and re-evaluate priorities. Stress is not my friend, the doctors said.

Financially, if I’d been used to living the high life, I’d be having to keep on the hamster wheel. Instead, we have filled TFSA, made the yearly contributions to RESPs to get the maximum grant amounts. RRSPs are full enough, but not 100% filled because I could be in higher tax bracket at retirement (My biggest conundrum is whether to retire at 50 or 55. And no, hubby isn’t the main breadwinner. I am.)

The moral? Aim high, but be prepared to fall due to factors beyond your control.

#108 Westcdn on 02.06.20 at 10:57 pm

It is more important to me for things to grow than die. I believe people, in general, have not changed despite technology so history is a great teacher. I decided long ago there was a purpose for living on this planet. Before death, I do care if I was right or wrong yet there are things that live beyond me and I want my bloodline to count – my genes after all. So when it comes to dealing with front running Algos, I am quite happy to battle my money to best them. You seldom win a battle by doing what your opponent wants.

My buddy and I used to play a WW2 game called squad leader and he usually beat me. He would say I cared too much about my “men”. It was a life lesson. If you want to lead, it is more forcing than protecting. I do not take sacrifice lightly as Captain Bone Spurs. He would have beaten my ass in the game then but today I am different. I am still an introvert and contrarian but I have far more confidence, will and resoluteness than ever – too bad it took so long but it might have been the purpose for me than you.

What worked yesterday, I bet will not work tomorrow. My bet that Climate change being solely due to CO2 is wrong. However, like life insurance, it is too important to get wrong. If people can’t adapt, there is seriously something wrong with us. I am reminded by a Star Trek movie where Spock say to Kirk – “Is it possible we have grown too old and inflexible that we have outlived our usefulness” – you are up Millennial. I do think, overall, Boomers had it easy, particularly those born before me – sour grapes after watching them get laid off with enhanced pensions and coming back as contractors.

Then I live under Calgary Councillors…. Urrrg. Can they manage a hotdog stand without charging expenses to guess whom? Firefighters, when I see a truck of 4 show up with a Paramedic Ambulance to treat a an old guy with an angina attack at Superstore… I just hope. My favorite was seeing 3 Firetrucks hidden in various spots at Superstore at the same time. Why they can’t use their own vehicles escapes me. I knew a Fire Hall Captain – his instructions were don’t send the fat ones out and no junk food.

I do get suspicious why Corona low risk flu gets so much effort to shut down. What is the difference between lying and withholding information to get me to behave in a desired direction – WUL, maybe you can explain?

#109 Jsto on 02.06.20 at 11:03 pm

Is it really that surprising that someone does not want to clean and do laundry and pay for the services? It’s called opportunity cost.

#110 Victor on 02.06.20 at 11:11 pm

That letter can’t be true. She has to be joking.

#111 Long-Time Lurker on 02.06.20 at 11:15 pm

>For the record. Health Canada, you might want to take this pandemic scenario more seriously.

WORLD NEWS FEBRUARY 6, 2020 / 4:48 PM / UPDATED 3 HOURS AGO

‘Ghost city’: Commute through China’s deserted capital amid coronavirus

BEIJING (Reuters) – Snow covers the ground and the trees are bare amid near-freezing temperatures.

Despite this, Beijing would typically be thronged with morning traffic and tourists heading to Tiananmen Square, the Great Hall of the People and the Forbidden City.

Instead, Reuters Greater China Chief video producer Mark Chisholm has spent the last 10 days commuting through a “ghost city” to work amid an extension of the Lunar New Year holidays due to the coronavirus outbreak.

“You see empty walkways, empty streets with very little cars, bicycles or motorbikes,” Chisholm said.

The virus, believed to have originated in the central Chinese city of Wuhan, has killed more than 630 people and infected more than 31,000, the vast majority of them in China.

The outbreak is also inflicting a growing toll on businesses and consumers in the world’s second-largest economy. Strict transport curbs have been imposed in many parts of the country, and like Beijing, some cities are in virtual lockdown…

…“I’ve lived in Beijing for 15 years and never seen the city so deserted,” Chisholm said. “I actually find it rather sad that this usually vibrant place has become a ghost city with 25 million people holed up in their apartments.”

https://www.reuters.com/article/us-china-health-beijing-commute-idUSKBN201027

#112 Long-Time Lurker on 02.06.20 at 11:25 pm

More for the record.

I checked this page Wednesday night. Confirmed cases (top left) was at 25,000. Now at Thursday night, the confirmed cases are 31,000. That’s 6,000 confirmed cases in one day.

Note the chart on the lower right. It went from close to 0 confirmed cases to 31,000 in three weeks.

Coronavirus 2019-nCoV Global Cases by Johns Hopkins CSSE

https://gisanddata.maps.arcgis.com/apps/opsdashboard/index.html#/bda7594740fd40299423467b48e9ecf6

#113 Barb on 02.06.20 at 11:26 pm

I’m just glad Audrey’s not my daughter.

My daughter grew to be a fine young woman, dignified and respectful; never vain and superficial.

#114 OK Millennial on 02.06.20 at 11:29 pm

MF “I do, however, object when boomers themselves disparage we millennials as if we are all the same with the stupid stereotypes (whiny, entitled, and whatever other crap that most of us don’t fit).

The problem with the above sentence is the word “most”, because most of your generation does fit the stereotypes.

““Ok Boomer” places us on par with that group of bitter, sad, baby boomers desperately trying to blame someone else for their mistakes.”

Your generation will never be on par with the baby boomers, and the only mistake you can blame the boomers for, is raising the biggest bunch of losers in modern history. If there’s a historian reading the comments section, please tell us how far you have to go back in history to find young people this selfish, self absorbed, and immoral.

#115 Long-Time Lurker on 02.06.20 at 11:33 pm

>More for the record.

China silent amid growing doubts over coronavirus origins

By Bill Gertz – The Washington Times – Monday, January 27, 2020

China’s government stood silent Monday in the face of growing scientific reports that the source of the deadly Wuhan virus outbreak did not originate solely from a seafood market in the city.

President Xi Jinping faced mounting criticism on Chinese social media sites for failing to travel to the affected city in Hubei province. Chinese Premier Li Keqiang instead arrived in Wuhan on Monday and is heading efforts to confront the epidemic.

Wuhan’s mayor and the Communist Party secretary for the city of 11 million offered to resign amid criticism of their regional government’s mishandling of the deadly outbreak.

Suspicions about a link to a biological warfare leak in Wuhan have been raised because the Wuhan National Biosafety Laboratory handles deadly viruses and its civilian and military research are intertwined in China.

The Washington Times reported Friday that a former Israeli military intelligence analyst on the Chinese biological arms program said it is possible the disease escaped from one of two Chinese research facilities that are linked to China’s covert biological weapons program.

The Wuhan Institute of Virology National Biosafety Laboratory is China’s sole declared facility capable of conducting research on deadly viruses, including severe acute respiratory syndrome (SARS). China declared a second laboratory, the Wuhan Institute of Biological Products, as part of biological warfare research under the Biological Weapons Convention.

The State Department said in a report last year that it suspects China is working covertly on offensive biological weapons in violation of the convention.

A group of 29 Chinese researchers, writing in the British medical journal The Lancet, said the first person to become ill from the Wuhan virus was identified on Dec. 1 and had no link to the animal market. The magazine Science reported the findings of the study on Sunday.

“No epidemiological link was found between the first patient and later cases,” the report said. At least 13 victims of the virus had no apparent exposure to the seafood market. The market sold wild animals such as civet cats until it was closed on Jan. 1.

“That’s a big number, 13, with no link,” Daniel Lucey, an infectious disease specialist at Georgetown University, told Science…

https://www.washingtontimes.com/news/2020/jan/27/china-silent-coronavirus-origins-amid-wuhan-seafoo/

#116 Somewhere in the 905 on 02.06.20 at 11:35 pm

“Now tell me, boomer – where am I supposed to find a hundred bucks a week”

Gen X here, the answer is easy and you already know the answer. Live below your means, and do it for a long time. At your level of household income, your means is great, therefore your opportunity to live below it is also GREAT, all you have to do is…. do it.

Others have described how they do it on less, here is another example it is possible even in the frothy GTA:

Gen X in the 905 burbs
Wife, 2 young kids, dog
100k 1 income
Always lived as if it were 70k, going on 12 yrs
Every raise/bonus => spousal RRSP
Monthly free cash flow => RESP, TFSAs
Bought 1900 sqft ‘starter home’ (it was a thing)
No Bank of Mom (it wasn’t a thing)
Amazing wife at home with kids, volunteers, healthy meals, organized house, frugal, encouraging
2 quality used cars, 1/2 price of new, paid cash
1 sunny vacay per year (happy wife)
Invest in 1 active outdoor hobby each (healthy life)
Don’t by any of the latest electronics/gadgets
Allergic to anything with a monthly bill
RRSPs/TFSAs/family RESP not fully topped up but getting there
Christian grade school tuition $12k/yr/family
$450k paid for house (did it in 10 yrs)
$550k B&D portfolios
Debt $0

It can be done if your frugal and leverage your greatest asset right away. Time,… invest young. Don’t lose money and don’t waste it either. The peace of mind is incredible. Find happiness in people and relationships, not stuff and status symbols. Attend the school of Garth.

#117 Sail Away on 02.06.20 at 11:37 pm

#97 Leslie on 02.06.20 at 8:43 pm

People commenting are ridiculous…makes 300k a year but still so every little thing so others cannot make money.. alright guys sounds selfish to me.

Because your clients are giving you cash to do work for them. Push the money around so everyone can enjoy life a little bit.

—————————

One thing that is a bit ridiculous is judgement about the selfishness of others. Everybody in the country has equal opportunity to achieve- if you want to make 300k, then go out and do it instead of denigrating or judging those who do. It takes a lot of work.

Why should someone who makes that money be expected to share more than other people? Just because they earn more? Now that’s ridiculous.

#118 Sail Away on 02.06.20 at 11:55 pm

My most valued possessions are two bird dogs, 73 yo Austrian SxS, and original artwork from various artists, in that order.

All else is just stuff.

#119 Jon B on 02.06.20 at 11:57 pm

Resistance is futile. These Mils only know the borrow and spend routine. Saving and investing are simply not relevant when any and all wants and needs are satisfied immediately through credit facilities. They are a royally screwed generation. They just don’t know it yet.

#120 DON on 02.06.20 at 11:58 pm

The ‘time is money’ bit is something I heard from my younger SIL with respect to an expensive self driving vacuum cleaner you can operate remotely on your phone…only cost you a $1000 dollars and guaranteed to never break.

If you own a business time is definitely worth money, but when it comes to laundry and house cleaning it is more of a want than a need. All the human has to do is load the washer and dryer and gawd forbid fold the clothes. You can do this while you are doing some house work. It takes time and energy to arrange all the pickups and drop offs.

I remember putting in long hours to make the firm richer. Putting in the long hours to run your own business that’s when ‘time is money’.

Your time is also worth saving large amounts of knowledge and doing things yourself. Learn to change your oil (which is done at least once a year) can save you a bundle, now add changing your brakes, and doing minor repairs to your car, house etc.

When I was younger I was super busy, had no time to shop for food or cook and clean the monkey suit. The money and time I wasted being busy doing stuff and work with no overtime pay.

As for arguing over who does the chores. Split the duties. You gave up your single life when you had a child.

Gotta go…made an appointment with a mobile mechanic to drop by and top up the air in my car tires. Well he’s here I plan on having him change the wind shield wipers. Cause my time reading this blog is priceless.

#121 David Soul on 02.07.20 at 12:19 am

Sorry Audrey, so short sighted. Your hundred bucks a week will spit out 100 grand p/a in your tfsa . It’s hard to imagine ever getting old when you’re 30, but force yourself to plan ahead. And for CS, hubby has to learn that $4500 a year compounded plus clothes shopping online is killing you financially. Nuff said.

Now onto China issue. What’s the takeaway ? Well if you’re an investor or a corporate mover you’ve realized that a lot of what’s happening is a result of over leveraging the China thing. We’ve become over reliant on China and now find our supply chains entirely disrupted. As a CEO you have to start shifting away from China if only because of what could happen next !!

Will China recover? That’s not certain. Should businesses shed their reliance on China, right away. China’s dream of world domination is very much in question. Never put all your eggs in one basket. Even Garths B/D savings plan reinforces that.

Are the execs at Toyota et al calling their contacts in Indonesia, Vietnam , Thailand and India right now to reorganize parts supply etc, you bet. So would you. China is centralized, but you shouldn’t be.

The Wuhan Virus is terrible yes, but consider the broader implications for countries like Trudeaus Canada that have become reliant on China to temper inflation. China has invested in Canada by supplying huge human resource transfer, can that continue if Chinas growth chokes? Not likely. Call your MP today and insist that Canada’s energy, ag and mining engines are restarted. Trudeau says he’ll send aid to AB in exchange for killing the Teck oil sands project, but what is aid, more debt? Debt is not an economy. China has a cold , Canada gets the flu. China gets the flu and Canada’s gets killed.

#122 Audrey - that's me! on 02.07.20 at 12:20 am

Hi everyone! This letter is 100% real and I am a true Garth fan. I respect the knowledge, time and wisdom this man shares every day.

The OK Boomer was simply for comical value! I love boomers…they are my colleagues that do the exact same job as me and get paid $40,000 more with a true pension.

I just wanted to share our take on life. It’s not the typical…”I save my pennies” (because they don’t make those anymore..anyways)…but work to get to a comfortable place and enjoy some daily freedom. What’s the point of having $2.0 million dollars in investments an a house paid by the time we’re 55 if we spend our 30s-40s cursing over the little things if someone can do it faster/better. I also commute in the GTA area…life expectancy is unknown. This lifestyle is not for everyone but life is not a rat race to get to your pot of gold at 70. I plan to work until I’m 65 (because I probably love a good daily challenge)…and hubby can do whatever he wants.

The performance bonuses cover all of the outsourcing and wage has increased by 8-10% yearly…that’s when it started make sense to outsource. If you make $40/hour…and outsource for less than $20/hours? Also…I get 8 weeks of vacation and hubby works 30-35 hours a week. Did I mention he’s awesome and happy all the freaken time?

Groceries are pick up at the store…literally free and no up cost vs. picking your own tomatoes. You should try it and you’ll never have to experience a shopping cart in the back of your ankles ever again.

Thank you for the entitlement comments but I never asked for a handout and never expected one. I used the resources available in a responsible manner.

Thank you for the engineering job offer…I actually work in finance/risk! (That should generate some comments)!

#123 GTA Millenial on 02.07.20 at 12:28 am

Is this a troll?!

Can I just say modern appliances are a godsend! Doing the dishes – load and push a button. Doing laundry – load and push a button. Is anyone still ironing these days? My little Roomba robot works so hard getting all the dust bunnies from under the couch and bed. Hubby and I share chores and we still like each other lol. The cat’s a freeloader, but he’s so darn cute.

Garth, thank you for your recent posts on TFSAs. IMO TFSA and RRSPs are complimery products and I’m all for saving a few invested pennies from the taxman. Didn’t realize this is such an elitist strategy only the wealthy can capitalize on. Stupid. It would be such a shame to see these benefits reduced in any fashion! As for the 70k RRSP first time home ownership incentive, they can scrap it all together for I care..it’s just more debt and GTA real estate is bonkers.

A fellow female millenial renter with no debt and no stress

#124 DON on 02.07.20 at 12:40 am

@Nonplused

Then again when you (us) were younger we had already experienced a recession and job loss. That hasn’t been the case for the last 10 years for the most part. Not all jobs are recession proof and recency thinking can lead to trouble especially in our current economic environment.

It is also good to remember that when you are young you lack life experience and should seek wisdom not Ok Boomer it.

All the best to Audrey in her endeavors.

#125 TalkingPie on 02.07.20 at 1:10 am

“We’re a single car family!”

That’s great, sweetheart. You paid as much for your one car as my spouse and I paid for all three of ours (all of which we currently still own), and I’ve already been driving the convertible for 8 years since I bought it. We didn’t need to borrow from Mom to buy our house, either, and I definitely wouldn’t be taking on this “I’m better than you” tone if we had.

One thing I notice is that it’s not so much that most
millennials are insufferable, it’s that the people who are quick to put the “millennial” label on themselves are insufferable.

Go on and keep spending $6,000 a year to outsource chores while talking down to financial gurus, telling them that saving for the future is too hard. Be sure to tell the world how it’s not your fault when you face financial hardship in the future. Maybe Mom will write another check.

I’m just glad I’m not her husband.

#126 slick on 02.07.20 at 2:42 am

Garth;
I think you were too easy on Audrey.
Quite a load of entitlement.
too good for the basics of life,
and hubby is ‘special’ too.

#127 Stan Brooks on 02.07.20 at 5:52 am

Making the shepple’s stables a well incentivised ‘investment’ is the best idea that the owners could come up with.

Next is extension of reverse mortgages, extension of carbon taxes, diaper loans, fees for oxygen/breathing and water, probably individual devices measuring the individual derriere’s methane output.

Of course the good banks are here to help extending conveniently loans with made up on the fly (not deposit based) money.

This is the first time in history when the ability of the debtors to pay backk a loan determines the interest rates, rates were always dictated by the owners of the deposits/banking capital based on the risk assessed.
That from the times when money were money and there were no central banks messing with it.

The more you owe, the higher rate you pay as you represent a bigger risk. Clear and simple.

And forcing the chicken to work hard in order to pay for their cages… Simply brilliant.

Cheers,

#128 under the radar on 02.07.20 at 5:53 am

I see the choices my millennial nieces and nephews make. They do very little for themselves and I think its because their parents do very little for themselves and so the entitlement mentality is passed down. I pity them they know precious little.

#129 unbalanced on 02.07.20 at 6:14 am

I am reading all the bragging comments here and loving it. I got this much, no! I got this much! Ya ever notice the silent ones in the back ground that don’t brag. They have a lot. That’s me, but I don’t brag or have to work. Put this in your morning coffee.

#130 Left GTA on 02.07.20 at 6:27 am

My situation is similar to Audrey except it is hubby who is the engineer/software/wealth management guy who worked insane hours and travelled around the world. Responsible for over seeing offshore workers in India and meeting clients world wide. So long haul travel. He loved his job until all the travel. I worked full time and overtime and for the most part enjoyed my job. I did everything at home. Hubby was never home for dinner. Ever. I did hire a cleaning lady for 2 times a month. We did argue about him not helping out and never being home for the kids. It took a toll on both of us as well as the kids. I never had time for myself which was my fault. I should have hired more help or whatever it took to make things a bit easier for us. We lived way below our means and saved a lot of money. We ended up going through a marriage breakdown and after 1 year separation we both realized where we went wrong. We realized how a divorce would be financial suicide. We have reconciled and we sold our big home, moved to the tri cities and hubby will retire next year before he turns 50. I am working part time. Things are sooo much better now. If we had to do it all over again he would not have taken the job with all the travel because he hated it and I would have worked part time. We rarely had time together and not much time as a family either. Hubby was a totally different man when he was on vacation. I missed that man. So Audrey if you like your job then yes outsource some of those tasks because it takes a toll and happiness is more important. Better than divorce. Which sadly 3 of my best friends are divorced women and have zero savings.

#131 Left GTA on 02.07.20 at 6:27 am

My situation is similar to Audrey except it is hubby who is the engineer/software/wealth management guy who worked insane hours and travelled around the world. Responsible for over seeing offshore workers in India and meeting clients world wide. So long haul travel. He loved his job until all the travel. I worked full time and overtime and for the most part enjoyed my job. I did everything at home. Hubby was never home for dinner. Ever. I did hire a cleaning lady for 2 times a month. We did argue about him not helping out and never being home for the kids. It took a toll on both of us as well as the kids. I never had time for myself which was my fault. I should have hired more help or whatever it took to make things a bit easier for us. We lived way below our means and saved a lot of money. We ended up going through a marriage breakdown and after 1 year separation we both realized where we went wrong. We realized how a divorce would be financial suicide. We have reconciled and we sold our big home, moved to the tri cities and hubby will retire next year before he turns 50. I am working part time. Things are sooo much better now. If we had to do it all over again he would not have taken the job with all the travel because he hated it and I would have worked part time. We rarely had time together and not much time as a family either. Hubby was a totally different man when he was on vacation. I missed that man. So Audrey if you like your job then yes outsource some of those tasks because it takes a toll and happiness is more important. Better than divorce. Which sadly 3 of my best friends are divorced women and have zero savings.

#132 crowdedelevatorfartz on 02.07.20 at 8:08 am

@#88 Island of the Damned
“but people are swarming listings and multiple bidding right now especially in the GTA and Vancouver….”

+++++

Time to change the sales pitch realtor ….or get a new pair of glasses.

Sales are down in the Lower Brain land and prices are also down.
And I dont see plane loads of buyers swooping in from Coronavirusland any time soon.

Nice try.

#133 Phylis on 02.07.20 at 8:08 am

#120 DON on 02.06.20 at 11:58 pm Love it, don’t forget to have him check the oil or is that extra?

#134 Sail Away on 02.07.20 at 8:09 am

#7 Shawn Allen on 02.06.20 at 3:29 pm

Speaking of insults. Trump had a few today.

He may be the “sorest winner” in history. Can you imagine what he would say if he ever loses an election or a big court case?

——————————-

Of course he was sore. This isn’t a game where each side goes out for drinks afterward. The Democrats are trying to utterly destroy him with sleazy tactics.

The Jews didn’t congratulate the Nazis for a game well fought.

#135 crowdedelevatorfartz on 02.07.20 at 8:12 am

@#117 sail AWAY
“Why should someone who makes that money be expected to share more than other people? Just because they earn more? Now that’s ridiculous.”
++++

Then stop voting Liberal.

#136 Victoria on 02.07.20 at 8:14 am

We came to Canada 20 years ago with one suit case,5 years old daughter and 20,000$(it evaporated quickly within 6 month). No family, friends, job.
My daughter started working at the age of 16. She paid for her studies while working during summer time. We couldn’t help her financially but she stayed with us during university. She is 25 now. The value of her TFSA is 56,000$ (her salary is 60,000$). It can be done. It just a matter of priorities.

#137 Phylis on 02.07.20 at 8:15 am

Oh and dont get me started on the cabin air filter.

#138 Dharma Bum on 02.07.20 at 8:18 am

I get it.

It’s an early April Fools prank.

You got us, Garth.

Audrey is the Canadian Titania McGrath.

https://en.wikipedia.org/wiki/Titania_McGrath

Am I right? Huh?

Well, if I’m not, then Audrey is just too overwhelmed by stupidity to come up with a measly $100/week for her TFSA.

Millennials are so amusing.

#139 crowdedelevatorfartz on 02.07.20 at 8:26 am

If Audrey wants high pay and time off to wash dirty skivvies.
May I suggest working for the govt?
Big salary, generous benefits.
And if things get too stressful….take a year or so off.

https://theprovince.com/news/local-news/public-sector-salaries-crown-corporations-the-big-salary-spenders/wcm/cf345e13-1121-4f46-ad9e-eb0fd6808759

Taxes uppa uppa uppa year after year to pay for the public sector trough.

#140 IHCTD9 on 02.07.20 at 8:27 am

#130 Left GTA on 02.07.20 at 6:27 am
____

Good job!

Hopefully the Lawyer from a few days back who was thinking about making the big bucks and having kids is reading.

#141 Sail Away on 02.07.20 at 8:37 am

#129 unbalanced on 02.07.20 at 6:14 am

I am reading all the bragging comments here and loving it. I got this much, no! I got this much! Ya ever notice the silent ones in the back ground that don’t brag. They have a lot. That’s me, but I don’t brag or have to work. Put this in your morning coffee.

——————————-

It’s a money blog. That’s sort of the point.

When someone writes (brags if you will) about something that’s helped them earn wealth, it can reveal strategies to do the same.

#142 Get a budget on 02.07.20 at 8:37 am

I was afraid to read these posts, so much attacking.

Audrey I hope you read my post. It sounds like you need some professional help with a budget. It does not matter what your priorities are like laundry. But what’s important is to say here are my goals.
Now work on a savings plan to obtain your goals
Prioritize first
And then after that comes spending
Now list the most important from 1 to 30
And don’t listen to all the negative if laundry and housecleaning are important that’s okay so long as you are saving first towards your goals.
Write everything down and then when your finished
Start prioritizing the spending
Next as some people posted if you do not have enough money to reach your goals then start reducing the spending. You and your husband need to sit down and do what’s right for you. And prioritize what’s right for you both
Past is past, look forward to hearing what you accomplished next year!
I wish you best of luck, and a budget is your answer to happiness and success.

#143 crowdedelevatorfartz on 02.07.20 at 8:41 am

Aaaannnnd
We also have the BC Govt squirming like a worm on a hook trying everything they can to divert voter fury over the exorbitant ICBC car insurance rates.

https://theprovince.com/news/politics/live-b-c-to-switch-to-no-fault-auto-insurance-trim-rates-20-per-cent-in-2021

The solution?
No fault insurance.
Stick it to the lawyers and the lawsuits.
Everyone hates lawyers right?

The NDP govt( insert huge Union political donations here) cant bring itself to admit that the issue is…. paying thousands of union govt employees at ICBC exorbitant salaries to do what the private sector can do cheaper and faster.
No no Nannette.
We’ll take care of those bodily injury claims with a new level of ICBC bureaucracy….The Fairness adjudication brach.
ICBC will be happy to have one of IT’S determine if a miserly ICBC payout to you for a bodily injury is “fair”.

Well, one thing is for sure….it will definitely be cheaper than a lawyer….. “Here’s your cheque for $200….thumbs up! Oh , right. You dont have a thumb….”

ICBC …. a slow burning dumpster fire election issue that the minority NDP govt is still trying to deal with…..instead of nuking it.

#144 Mikeywhy16 on 02.07.20 at 8:49 am

Great post Garth and awesome letter Audrey!

#145 crowdedelevatorfartz on 02.07.20 at 8:51 am

@#140 sail AWAY
“When someone writes (brags if you will) about something that’s helped them earn wealth, it can reveal strategies to do the same.”
++++

Pray tell.
How does “writing” about your $52k vacation , your “original paintings”, etc etc etc. ….help anyone except you and your ego?
Time to go for a spin on your $10,000 bicycle with your tri-ath”elite” friends and wash you hands of mingling with the grubby riff raff in steerage?

#146 Sail Away on 02.07.20 at 9:06 am

#137 Dharma Bum on 02.07.20

….then Audrey is just too overwhelmed by stupidity to come up with a measly $100/week for her TFSA.

Millennials are so amusing.

————————

Hey, you pay a broker do simple investing for you. It’s rude to call something a stupid decision, so let’s go with questionable.

Glass houses and all…

#147 Tater on 02.07.20 at 9:06 am

Tesla short entry point moved up to 687. Hoping it goes sideways for a week or 2 before breaking though.

#148 Another Deckchair on 02.07.20 at 9:17 am

Audrey;

On one hand you write: “I wish money grew on trees right about now because TFSA contributions are a very distant dream for us…”

then in your posting:

“If you make $40/hour…and outsource for less than $20/hours? ”

Which is it? It’s all about choices. You have to choose what you want. You want a TFSA, or do you want to pay someone for what you and the hubs can pay yourselves to do?

“Chores” can be adventures; it’s all in the mind-set.

As I’m in my 3rd successful (small) business, having our household finances in order made starting this latest business easy – if it did not work out, no loss, other than pride. For your hubs – if your household finances are in order, then for him to start (or, purchase) a business makes it much less stressful.

Having household finances in check means you can give to others – time and/or $$, without stress, which is an incredible feeling of freedom.

Your choice.

#149 Sail Away on 02.07.20 at 9:17 am

#144 crowdedelevatorfartz on 02.07.20 at 8:51 am
@#140 sail AWAY

“When someone writes (brags if you will) about something that’s helped them earn wealth, it can reveal strategies to do the same.”
++++

Pray tell.
How does “writing” about your $52k vacation , your “original paintings”, etc etc etc. ….help anyone except you and your ego?
Time to go for a spin on your $10,000 bicycle with your tri-ath”elite” friends and wash you hands of mingling with the grubby riff raff in steerage?

——————————

Haha. The original artwork includes my kids’ stuff. The $52k vacation was for our 20th anniversary and planned for the last 10 years.

The dogs are just dogs.

Other than the vacation, there’s no mention of monetary value.

#150 leslie on 02.07.20 at 9:34 am

#117 Sail Away

Relax…I make 400k, but if you look around there are people who are struggling and no opportunities are NOT EQUAL.

Maybe I used the wrong word “selfish” but it is really not participating in the community

If you don’t push money around how is DOW JONES gonna go up?

It doesn’t hurt to pay people to do oil changes / dining / deliveries / cleaning / laundry ..if more and more people use these services, prices will come down and become more efficient and it wouldn’t be a “luxury item”.

that’s all i am saying everyone does have their choice but make sure it is sustainable

#151 DM in C on 02.07.20 at 9:42 am

#49 “Lease or buy a good running 10yr old vehicle for less than 10k.”

I’ll do you one better — I bought a 2005 BMW with 190k on it for $5k cash — after inspection by my trusted mechanic. It’s in mint condition, and I only drive it on the weekends and holidays — I take the train to commute. I love that car.

#152 Lessons A Cdn Hockey Player can Teach Donald Trump on 02.07.20 at 9:44 am

Sail Away you need to talk to someone, soon.

The video of DJT was taken at an exclusive Superbowl party organized at Mar Lago for Trump. Not a pub. The volume is up and everyone around the President is standing quietly, some with hand over heart, acknowledging the playing of the anthem. The President’s behaviour is disgraceful and made more so by the fact that he criticized football players for kneeling solemnly when the anthem was played as disrespectful.

I am judging Trump by the standard he himself set.

Why is it so hard for you to acknowledge this without making lame excuses? It makes you look pathetic and immature. People are flawed and maybe none more so than your president.

To answer your question, if I am in a pub and the volume is up when the anthems are on, I stand and watch quietly. I have been in pubs full of people that sing the anthem when it is played. If it is the US anthem, most people are quiet, out of respect.

Between you & me I would be okay if sporting events dropped the anthems. Your president Trump though says it is a time to honor and show respect for the military and the sacrifices made. Seems like he forgot that last Sunday.

You consider your dogs possessions? Or these bird dogs are sculptures? I have never thought of my dog (or my cats) as a possession. A responsibility and companion but not a possession. Interesting. Mention this to your therapist when you go.

#153 DM in C on 02.07.20 at 9:47 am

Sailaway — we did three weeks in Europe for 50k?

#154 G on 02.07.20 at 9:54 am

Coronavirus Bio-Patriot Act hearings begin by Dr Paul Cottrell 6min
https://www.youtube.com/watch?v=n334AXjSJ0I

(What does he know that we/most do not, and he isn’t saying out laud.
[email protected] ‘There are going to be many hard decisions to be made in the days ahead…’)

#155 Sail Away on 02.07.20 at 10:02 am

#144 crowdedelevatorfartz on 02.07.20 at 8:51 am

Time to go for a spin on your $10,000 bicycle with your tri-ath”elite” friends and wash you hands of mingling with the grubby riff raff in steerage?

———————–

Well, that’s just mean. Exercise is exercise.

I also boxed light heavy on the Army team back in the day. Would that be an acceptably riff-raffery method of exercise?

#156 G on 02.07.20 at 10:07 am

Thursday Dr. John Campbell 17min
https://www.youtube.com/watch?v=tnF-7qYmJGc

#157 IHCTD9 on 02.07.20 at 10:15 am

We outsourced the cleaning for a few years when we had kids. I gotta admit it was sweet to come home on Friday aft to a spotless house!

A and Hubs are fine, day care costs are going to drop bigly come next year when the tyke is in school full time.

But it is definitely time to start pounding it into investments – max out every tax shelter for both of you. Pay that mortgage weekly, and just keep making the regular payments while maximizing your savings. Get that nest egg in good shape before life happens and you may not be able to. There’s a great chance both of you will lose your current jobs before 45.

If you managed to save 250k to buy hubs’ job – do yourself a favour and jump on a compound interest calculator to see what that 250K would turn into in 3 decades if invested. Don’t buy that job, if he knows the business he can just start his own and run over his ex-employer – much cheaper!

#158 Sail Away on 02.07.20 at 10:16 am

#151 Lessons A Cdn Hockey Player can Teach Donald Trump on 02.07.20 at 9:44

You consider your dogs possessions? Or these bird dogs are sculptures? I have never thought of my dog (or my cats) as a possession. A responsibility and companion but not a possession. Interesting. Mention this to your therapist when you go.

——————————

Yes.

When someone asks, ‘where is the owner of this dog?’
I say, ‘here’

What do you say?

#159 SoggyShorts on 02.07.20 at 10:18 am

#122 Audrey – that’s me! on 02.07.20 at 12:20 am

The performance bonuses cover all of the outsourcing and wage has increased by 8-10% yearly…that’s when it started make sense to outsource. If you make $40/hour…and outsource for less than $20/hours?

*********
But can you draw a straight line from not doing chores to your performance bonus?

I make well over $100/h with almost unlimited hours and I actually do work some extra hours when I outsource a chore.
Do you?
When someone does your chores for x hours each week are you putting in x hours of overtime?

Is your 8-10% bonus based ONLY on those hours, or do the other 40 hours a week also effect this?

I’ve actually done something similar to you and yet opposite:
I hate cleaning the house so I want a maid to come by twice a week.
I figured out how much that would cost each year and worked to increase my portfolio by 27x that.
Delayed gratification, something completely lost on many.

M40vn

#160 IHCTD9 on 02.07.20 at 10:18 am

#151 Lessons A Cdn Hockey Player can Teach Donald Trump on 02.07.20 at 9:44 am

You consider your dogs possessions?
__

I don’t have a dog, but I do think of my Cat as a possession.

Why not? That’s exactly how he sees me.

#161 Eks dee Siple on 02.07.20 at 10:22 am

Nobody does my laundry but me. Successful people in careers and relationships make their own beds and clean their own mold from their own bathrooms and sweep and mop their own damn floors. Even God-like Garth had this documented awakening during his ice cream days recently, n’est-ce pas? Humility is the beginning of wisdom.

#162 Bezengy on 02.07.20 at 10:26 am

#122 Audrey – that’s me! on 02.07.20 at 12:20 am

– – – – – – – – – – –

You go girl!

#163 Josh in Calgary on 02.07.20 at 10:44 am

Here’s one more thing that’s occurred to me after reading several of the comments. Millennials like to romanticize the “easy time” the boomers had of life. As if they just had to show up at 9, punch out at 5 and then collect a massive pay day from the house they bought.

The stories here remind me that boomers worked freaking hard along the way, had hardships to overcome and were frugal out of necessity. That was basically my parents and I’m thankful they gave me those values too. If you look at them now it’s easy to think they got super lucky, but if you were there with them you would see that they earned it.

#164 Eks dee Siple on 02.07.20 at 10:54 am

Gates. Windows. Viruses. Vaccines. Gene Insertions. Gilead. Handmaiden. Do the math, people.

And in November 2019, just one month before the coronavirus broke out, the 64-year old warned a major disease is on the horizon, and that it could take up to five years to find a cure.

https://www.express.co.uk/news/science/1235825/coronavirus-cure-vaccine-symptoms-latest-update-who-bill-gates-netflix-pandemic

#165 G on 02.07.20 at 10:58 am

Four Chinese nationals were sent to a New Jersey hospital for a coronavirus screening on Friday after becoming ill during a Royal Caribbean cruise.

Did they let everyone else get off the ship and go home?
I pray it’s only a regular flu!

#166 G on 02.07.20 at 11:02 am

Fri Feb 7 from RT
Dozens of additional passengers aboard a cruise liner in Japan have tested positive for coronavirus, bringing the total number of infections on the ship to 61 as 3,700 people remain trapped on the quarantined vessel.

#167 Classical Liberal Millennial on 02.07.20 at 11:03 am

This is too good. Pays someone to do their laundry, but can’t find money for TFSA. Cash flow is great if you actually know how to manage it.

#168 Audrey – that’s me! on 02.07.20 at 11:10 am

Post #2

#156 IHCTD9 on 02.07.20 at 10:15 am
Very true – I’ve mentioned it to hubs but he wants to gradually buy out the business (from the current owner). I’ve made enough life decisions for him in the last 7 years. If that’s his plan – I’ll just have to start putting my next raise in a TFSA to make sure it happens for him.

Everyone:
I appreciate the advice and once we pay down the LOC – TFSA will be a priority.

Don’t worry everyone – the next generations aren’t hopeless but we also don’t have to pretend like life needs to be hard for absolutely no reason. We got your pensions covered!

#169 LP on 02.07.20 at 11:11 am

#141 Get a budget on 02.07.20 at 8:37 am

Maybe the only post on here worth reading today.

F72ON

#170 Sail away on 02.07.20 at 11:11 am

#149 leslie on 02.07.20 at 9:34 am
#117 Sail Away

Maybe I used the wrong word “selfish” but it is really not participating in the community

If you don’t push money around how is DOW JONES gonna go up?

It doesn’t hurt to pay people to do oil changes / dining / deliveries / cleaning / laundry ..if more and more people use these services, prices will come down and become more efficient and it wouldn’t be a “luxury item”.

that’s all i am saying everyone does have their choice but make sure it is sustainable

—————————-

Sure- makes total sense.

Your second post was far more cogent than the first. Maybe a wee tipple going on during the first?

#171 PoorEngineer on 02.07.20 at 11:12 am

Audrey might think she is bright, but I beg to differ.

Her hubby brings in only 30% of household income and she’s busy filling up her hubby’s RRSP (yes, I understand the tax-breaks scenario). At the very least, he should be picking up all the chores at home to make up some of the difference. That dude is living the dream: pretending to work while mooching off a chick. Maybe he’s a great lover?

When (and not if) she gives him the boot, that guy will end up on the streets. Poor kid. It would suck to have such horrible examples as parents.

My age and mortgage situation is similar, but I am also able to take care of 2 young kids, support poor ageing parents who don’t drive (news flash: old folks have a lot of doctor appointments), allow wife to work part time, support wifey through more school, go on vacation yearly AND save for the future. But then again, we drive two beaters, always bring lunch from home (we prefer our own home-cooked organic meals over the crap restaurants sell as ‘food’), and no ‘Bucks for us. I do a lot of the house chores, all of the outside work and house improvements, and fix anything that breaks down (I guess being an engineer helps with that). And I still find time to hit the gym 5 times per week. Ohh, and I’m also able to climb the “corporate ladder”.

Audrey, what you need is a guy that cares for you and appreciates your hard work, not a lazy dude who uses you. IMHO hubby should be busy doing all the chores and await you with amazing home-cooked dinner every night and treat you like a queen.
Ever wonder why he is so supportive of you working so much? Try showing up home unexpectedly every now and then; it might help you understand. :)

#172 Sail away on 02.07.20 at 11:13 am

#160 Eks dee Siple on 02.07.20 at 10:22 am

Nobody does my laundry but me.

—————————

Of course not. Who else is qualified to find the hidden alien mind-control devices?

#173 Leebow on 02.07.20 at 11:42 am

#167 Audrey – that’s me!

We are not worried

#174 AP on 02.07.20 at 11:43 am

Hi Audrey,

Two thing:
– People here have fixated on the vaccuum cleaning thing because you mentionned it. But that’s not important and you can keep it if you want. The important thing is at your level of income, there is wiggle room somewhere, you just have to look objectively look at your expense and reprioritize some expense to get your TFSA value.
– Why have 2 millions at 55? Well you can have only 1 million if you want, but the important thing is that you want flexibility. Right now you are doing like an economist, assuming thing will never change and projecting that in the future. Perhaps, you will have a healthscare like some people here, perhaps your taste will change while aging you will want to work less or retire earlier. Or more likely, to become a CEO you will need to do a lateral move that will cost a lot of money before paying off. In all those case, a well stocked TFSA could change your life to lead you to what you want instead of what the job market want.

#175 Lessons A Cdn Hockey Player can Teach Donald Trump on 02.07.20 at 11:46 am

@157

Lame.

Yes the world sees your dog as your possession but that does not make it how you see it.

If someone said whose kids are these? Does that make them possessions? Of course not.

Do you name your dogs? Do you name all your other possessions?
Foolish word games like this make you a baby Brooks.

Possessions, when they stop being useful to us or as Marie Kondo says, no longer spark joy, we get rid of them or pass them on to others in some fashion.

I can think of only one circumstance under which I would give up my dog or cats and the day I have to do right by them will be one of the hardest days of my life.

Take a note from #159 – his response is funny not pedantic.

#176 Sail away on 02.07.20 at 12:14 pm

#173 AP on 02.07.20 at 11:43 am

– Why have 2 millions at 55? Well you can have only 1 million if you want, but the important thing is that you want flexibility.

—————————–

Alternatively, why not have $5M at 55? Or 10 if you want?

I’m going to guess that the majority of blogdogs slamming Audrey are not business owners or entrepreneurs.

Audrey’s energy and clear delineation of priorities can result in explosive success. There are vast pools of profit to tap in the right businesses.

University students are expected to learn for the future, as are folks interning, articling, doing residency and engineers in training. The first 5-10 years are groundwork for the future, and not the time to worry too much about finances, beyond being prudent.

In the professions, intense training at high cost leads to huge payoff later. It’s an entirely different situation than plug and chug thirty-year cog employees.

And #170 Poor Engineer? Bitterness and ill will can put a ceiling on the corporate ladder you mention

#177 hookshott on 02.07.20 at 12:51 pm

#142 crowdedelevatorfartz on 02.07.20 at 8:41 am
Aaaannnnd
We also have the BC Govt squirming like a worm on a hook trying everything they can to divert voter fury over the exorbitant ICBC car insurance rates.

https://theprovince.com/news/politics/live-b-c-to-switch-to-no-fault-auto-insurance-trim-rates-20-per-cent-in-2021

The solution?
No fault insurance.
Stick it to the lawyers and the lawsuits.
Everyone hates lawyers right?

The NDP govt( insert huge Union political donations here) cant bring itself to admit that the issue is…. paying thousands of union govt employees at ICBC exorbitant salaries to do what the private sector can do cheaper and faster.
No no Nannette.
We’ll take care of those bodily injury claims with a new level of ICBC bureaucracy….The Fairness adjudication brach.
ICBC will be happy to have one of IT’S determine if a miserly ICBC payout to you for a bodily injury is “fair”.

Well, one thing is for sure….it will definitely be cheaper than a lawyer….. “Here’s your cheque for $200….thumbs up! Oh , right. You dont have a thumb….”

ICBC …. a slow burning dumpster fire election issue that the minority NDP govt is still trying to deal with…..instead of nuking it.
…….
Ah, yes, let’s keep those ever increasing lawyer ads on TV…they are there for our benefit for sure!

No mention of how your friends in government for 16 years, the Lieberals, raided ICBC coffers (along with Hydro) to miraculously “balance” their budgets. Takes a while to sort through the mess….but it will be sorted out. Do not see anybody complaining about rates decreasing an average of $400 per person…except for “bad” drivers.

#178 oh bouy on 02.07.20 at 12:52 pm

@#167 Audrey – that’s me! on 02.07.20 at 11:10 am

Don’t worry everyone – the next generations aren’t hopeless but we also don’t have to pretend like life needs to be hard for absolutely no reason. We got your pensions covered!
_____________

zing!

#179 G on 02.07.20 at 12:55 pm

Yes I know what some will say about this link. Don’t look then.
If true, the actual facts about this virus must be…!
https://www.infowars.com/a-stunning-400-million-people-are-on-lockdown-in-china-as-guangzhou-joins-quarantine/

#180 oh bouy on 02.07.20 at 1:01 pm

@#129 unbalanced on 02.07.20 at 6:14 am
I am reading all the bragging comments here and loving it. I got this much, no! I got this much! Ya ever notice the silent ones in the back ground that don’t brag. They have a lot. That’s me, but I don’t brag or have to work. Put this in your morning coffee.
______________________________

your humble brag is far worse than a regular old brag ;)

#181 akela on 02.07.20 at 1:04 pm

Hi Audrey – thank you, enjoyed your message very much. But, question: have you ever heard about “pay yourself first” concept?

#182 G on 02.07.20 at 1:05 pm

Coronavirus Epidemic Update 13: Li Wenliang, nCoV vs Influenza, Dip in Daily Cases, Spread to Canada. Feb7 7min.
https://www.youtube.com/watch?v=0UgrPgJdzp0

#183 Audrey on 02.07.20 at 1:22 pm

#180 akela on 02.07.20 at 1:04 pm

Hi Audrey – thank you, enjoyed your message very much. But, question: have you ever heard about “pay yourself first” concept?

_____________

I just googled it – clearly I have not with my LOC balance and no liquid savings. I shall look into it once We are back to a $0 debtload. I got 4-5 years to make that happen.

#170 PoorEngineer on 02.07.20 at 11:12 am
_____________

It’s acceptable for a wife to work part-time and go to school while you clearly take care of everything but hubs is lazy and will get thrown to the curb if he makes/work less and enjoys some freedom while I have a full peace of mind? At least, if I’m CEO one day – I’ll be able to take any company public with Goldman Sachsnow.

#184 Sail away on 02.07.20 at 1:23 pm

#174 Lessons A Cdn Hockey Player can Teach Donald Trump on 02.07.20 at 11:46 am

Do you name your dogs? Do you name all your other possessions?

—————————–

Yes, my current dogs are named Twelve (Tel) and Thirteen (Teen). The previous one was Eleven, known as Lev.

Before that: Ten, Nine, Eight, Seven (Sev), Six, Fiver, Four (Quat), Three (Tree), Two and One (Bone). Consonants, you know?

We’re getting a new pup this spring and can’t seem to think of a name. Can you help?

I’ve named my 1947 Austrian Ferlach SxS shotgun ‘Ponze’. She’s a beautiful piece of work and a pleasure to caress.

#185 Bezengy on 02.07.20 at 1:25 pm

A long time ago I was working in a lawyer’s office as an IT guy. A lawyer working there asked me if I could help move a desk. With the help of two other lawyers we attempted to move the desk unsuccessfully for about an hour as it wouldn’t fit through the door. One lawyer questioned the others about their hourly charge rates. One was billing $400 p/h, and the other two $300 p/h. The lawyer then stated. “So we just blew $1000 dollars? ” We dropped the desk and he called the movers.

https://www.thestreet.com/personal-finance/passing-over-dollars-to-pick-up-pennies-11418838

#186 G on 02.07.20 at 1:28 pm

Coronavirus – China’s Lies affect us all. 10min
https://www.youtube.com/watch?v=nkF4qYdNU9Y

#187 G on 02.07.20 at 1:42 pm

President’s Coronavirus Task Force | Press Briefing – February 7, 2020 @2pm
https://www.youtube.com/watch?v=NKcUSGk6bdI

#188 crowdedelevatorfartz on 02.07.20 at 1:52 pm

@#176 Slam Dunk
” Do not see anybody complaining about rates decreasing an average of $400 per person…except for “bad” drivers.”
+++

Bwahahahaha
$400 ?
Peanuts when they are charging a “Roadstar” driver ( 10+ years accident free driving) $2000 per year for car insurance AFTER the 43% “discount”.

One of my work truck is a 1992 chev 1 ton piece of crap.
I have no collision, no fire , no theft on it….. I’m the only driver ….. the bare bones insurance for that P.O. S…. $3400/year because …..”its for business use”
A 2002 chev work van. piece of crap… 2600/year.

Highway robbery.
Gouge and screw should be ICBC’s motto
Or better yet
I.ncompetant
C.orperate
B.ureaucratic
C.rap

No matter how the NDP tries to placate the voters.
ICBC has become an election issue that smells like the festering bloated govt Road kill it truly is.

I would vote for Satan if he got rid of ICBC.
If that means the Wilkinson BC Liberals get in next election…..so be it.

#189 Brett in Calgary on 02.07.20 at 1:54 pm

Millennial reasoning is hilarious. I am a generational tweener born in 1979. I love when these folks complain about paying for parking at work, for example. No doubt it sucks, but such is life, adapt or suffer. They are aghast when I tell them I walk 15 mins from neighborhood parking to my cube. Why would you do that they ask? Because it’s free I say, and I would like to use that 2K a year for something else. That’s the thing about choices… they are everywhere.

#190 Sail away on 02.07.20 at 2:25 pm

#26 Sail away on 02.06.20 at 4:09 pm

And Audrey? If your hubs proceeds with the company buyout thing, post again for more discussion…

————————-

Actually, don’t do this unless you enjoy being kicked. What a bunch of jerks, eh?

#191 yvr_lurker on 02.07.20 at 2:33 pm

David Eby is really dedicated to solving many key issues that have been left unaddressed for so long. I am fully supportive of the idea of this version of no-fault insurance (like in Saskatchewan and Manitoba) where the lawyers have been largely cut out. Does anyone have a sense of how many new law firms have sprung up in BC over the past decade specializing in low impact crashes? Tons… and their focus is to milk the system with bogus claims, forcing everyone to lawyer up so that they can get their 50% cut, all the while our premiums rise through the roof. We have been on the receiving end of this bullshit. These firms will have to take their “entrepreneurial spirit” elsewhere if this change goes through. The spiraling costs have little to do with the union of ICBC workers… unions are usually the scapegoat raised by right-wing zealots…

#192 Keith on 02.07.20 at 2:35 pm

Hi Audrey – thank you, enjoyed your message very much. But, question: have you ever heard about “pay yourself first” concept?

_____________

I just googled it – clearly I have not with my LOC balance and no liquid savings. I shall look into it once We are back to a $0 debtload. I got 4-5 years to make that happen.

Works in finance/risk, making over 100k per year, hasn’t heard of pay yourself first. Inconceivable.

#193 kommykim on 02.07.20 at 2:37 pm

RE:#70 Cristian on 02.06.20 at 6:53 pm
News for Audrey:
It takes about 1-2 hours/week to clean, wash, dry and fold clothes for a family of 4 (ours), mostly on weekends.
How much money would you be making in those 1-2 hours that you “save”? (“time is money” you said).

Let’s see: 150k/year income means about $3000/week or roughly $400/day or $50/hour.
For 1.5 hours of chores per week replaced by work at $50/hour would earn you around $3000-3500/year.
So you spend $6000/year in order to earn $3500?
Or, like Garth said, your husband could do it for free (I often do chores and I am not embarrassed) and you’d be ahead by $3500.
Is that stupid, or lazy, or am I missing something here?

=======================================

You’re not missing anything except that it’s actually worse than you think. That $6000 she spends, comes from after tax money. At 150k, she is in the 41% tax bracket so she’d have to gross over 10k extra to net the 6K to pay the maid. So at $50 per hour, 52 weeks a year, she can do 3.85 hrs of chores a week before the “cost” is equal to the maid. (10k) So unless she really LOVES her job and really hates doing the chores, it makes no sense to have the maid.

#194 Sold Out on 02.07.20 at 2:50 pm

Audrey seems like someone who’s pretty sure of a sizable inheritance down the road.

Either that, or she’s seriously clueless.

#195 Chris in Edm on 02.07.20 at 2:52 pm

#29 Shawn Allen on 02.06.20 at 4:17 pm
#5 Chris in Edm on 02.06.20 at 3:19 pm

BAHAHAHA. My family is similar in age and income and let me tell you all something you already knew – This chick is living on Mars! $6k a year for laundry and cleaning services?

************************
Yeah, but who is having more fun? And she’s gonna be a rich CEO anyhow. And the hubby is going to collect big in the probable eventual divorce settlement.
****************************************
I can’t say for sure, but I’m probably us? Considering she’s working horribly long hours and probably doesn’t spend much time with her family or on herself. I left out the bits about the wife loving being at home right now on the extended 18month mat leave, our 5 cars (I love them), and 5 weeks of vacation every year which pre-kid over past few yrs have gone to Bora Bora, Hawaii, Costa Rica, Mexico, and Europe 3x including Greece, Iceland, and a week on a boat sailing up the Dalmation coast in Croatia. Our life is awesome.

I will agree with you though on the probable eventual divorce settlement though. Sounds like he’ll probably be better off.

#196 TS on 02.07.20 at 3:13 pm

Hey Audrey, my 2 cents. You can tune out all these people looking for a pat on the back because they do everything in house. It isn’t like you asked Garth to go through your receipts and you find out, “wait, we spend 6k on laundry and house cleaning”. You spent that money consciously so it is working for you. The real advice here is there has to be some big ticket items where you aren’t getting as good a value. 35k car loan for example. That is what, $700 a month? A 5 year old Kia goes faster than you will ever drive it, won’t break, and you can buy it outright for 5k. There, I found you 7 TFSAs and you still don’t have to do laundry. You’re welcome.

#197 DON on 02.07.20 at 3:42 pm

#132 Phylis on 02.07.20 at 8:08 am

#120 DON on 02.06.20 at 11:58 pm Love it, don’t forget to have him check the oil or is that extra?
********

The oil check was free, as the dip stick is marked in yellow paint and easy to spot, but I got charged for filling up the windshield wiper fluid with my own tap water.

#198 maxx on 02.07.20 at 3:50 pm

@ #54

She outsources that….

#199 PoorEngineer on 02.07.20 at 4:12 pm

#182 Audrey

—————————–

Audrey, my wife (an RN) pulls in 55-60K while working part time. Reason she is part time is taking care of the kids. If we would use daycare and her working full time, I wouldn’t gain much. This way we raise our own kids. As she has lots of time (between the endless doctor appointments with the wrinkles), she’s studying to become an NP and she can then work full time once both kids are in school. Did I mention she will retire with an awesome pension?

In other words, we are both planning on working hard and build a nice nest so we can retire by 60. I will probably still be working as a consultant part time even then…

I don’t suspect your awesome husband is using the free time to better himself? I mean, at 34 he is making 50K/yeah? I was making more during my co-ops…

I am not attacking your awesome husband. I am simply showing you he’s taking advantage of you. In some personal cases that I know where only one horse pulls, the other waits for the perfect time to leave and request governmental support from the higher earner. Hopefully that won’t be the case for you.

Good luck on getting that CEO position, but note that you’re not the only one going for it….

#200 leslie on 02.07.20 at 4:12 pm

#169 Sail away

HAHA i can’t believe you sensed it…

one was done on the phone multi-tasking and one was on the keyboard LOL

and you are very diligent on responding to everyone !

#201 G on 02.07.20 at 4:13 pm

Not wanting to be first again with more bad news. He’s another headline from that web site some don’t like.
BREAKING: China to Quarantine City of Shenzhen in Guangdong Province, Causing “Mad Rush” to Hong Kong
Infected citizens now fleeing to other nations
https://www.infowars.com/breaking-china-to-quarantine-city-of-shenzhen-in-guangdong-province-causing-mad-rush-to-hong-kong/

#202 Drinking on 02.07.20 at 5:21 pm

#122 Audrey – that’s me!

No it’s not; you played it well, looks like you may have had a few friends comment as well.
Lol, not fooling me; good-luck rising up that corporate ladder,ha,ha,ha,ha! :)

#203 hookshott on 02.07.20 at 6:30 pm

#187 crowdedelevatorfartz on 02.07.20 at 1:52 pm
@#176 Slam Dunk
” Do not see anybody complaining about rates decreasing an average of $400 per person…except for “bad” drivers.”
+++

Bwahahahaha
$400 ?
Peanuts when they are charging a “Roadstar” driver ( 10+ years accident free driving) $2000 per year for car insurance AFTER the 43% “discount”.

One of my work truck is a 1992 chev 1 ton piece of crap.
I have no collision, no fire , no theft on it….. I’m the only driver ….. the bare bones insurance for that P.O. S…. $3400/year because …..”its for business use”
A 2002 chev work van. piece of crap… 2600/year.

Highway robbery.
Gouge and screw should be ICBC’s motto
Or better yet
I.ncompetant
C.orperate
B.ureaucratic
C.rap

No matter how the NDP tries to placate the voters.
ICBC has become an election issue that smells like the festering bloated govt Road kill it truly is.

I would vote for Satan if he got rid of ICBC.
If that means the Wilkinson BC Liberals get in next election…..so be it.
……..
Don’t hold your breath!

#204 Jddb on 02.08.20 at 9:54 pm

Interesting read :) for the love of God… does anyone else cringe ad much as me when someone uses ‘hubby’

#205 Blessed_Canadian_Millenial on 02.09.20 at 10:39 am

Audrey, good luck with everything you decide to do.

Paying off the LOC is definitely a good idea. You’re doing really well for a 31 year old! Congrats.

#206 Slow Canada on 02.10.20 at 4:11 am

Hi Garth,

Just a pedantic comment, no need to publish: it should be “rein in the spending,” as in pull on the reins, not “reign in the spending,” as in rule over.

Please re-consider taking on MacKay – the country would be a much better place if you were in charge. The blog dogs could easily pull together $300K!