My diary - Page 3
Page 3 of 14 FirstFirst 1234513 ... LastLast
Results 21 to 30 of 137

Thread: My diary

  1. #21
    Senior Member Jon_Snow's Avatar
    Join Date
    May 2009
    Posts
    1,483
    Well said, TRM.


  2. #22
    Senior Member
    Join Date
    Feb 2010
    Posts
    10,112
    Quote Originally Posted by Saniokca View Post
    20k for the ring (I know I will get slaughtered for this so fire away)
    two vacations (Spain and Israel) - $12,000 (shared) - Again, slaughter away.
    At least you know you've been bad .

    Out of curiosity, what does $20k buy you?

  3. #23
    Senior Member Jon_Snow's Avatar
    Join Date
    May 2009
    Posts
    1,483
    Frugality is just not in some folks DNA... my wife would have scalped me if I had bought her a ring a quarter of the cost of the OP's... I'm serious.

  4. Remove Advertisements
    CanadianMoneyForum.com
    Advertisements
     

  5. #24
    Senior Member
    Join Date
    Sep 2009
    Posts
    348
    Quote Originally Posted by the-royal-mail View Post
    san, please look past the tone of my comments and read my words very carefully.

    At the end of the day, none of us here can tell you what to do. The choices - and the consequences are ultimately yours. But I am disappointed that you ask us for advice, we provide it, you disregard, acknowledge that you know that your past actions (trips and ring, which happened after the advice we gave) were not the best decisions and then proceed to boldly plan and repeat these same financial mistakes again for next year. Three vacations in one year? Brand new car. $10K in debt.

    Am I reading this right?
    I think you misunderstood me concerning next year.

    1) Car - I meant to answer ashby corner's question as to what car I bought in February 2009.

    2) Three vacations - I think $1,333 per vacation is very modest for a family that brings in 120k/year.

    3) Ring - I know it isn't very frugal but I just don't regret it. Again, a lot of people would disagree and I aknowledge that. 10k in debt is not so horrible if one can erase it within a few months on their own. It is a problem when this becomes a habbit.

    I appreciate the responses!

    P.S. 20k buys 1.22c, VVS2, Excellent cut, F colour, custom made setting
    Last edited by Saniokca; 2010-10-12 at 11:09 PM.

  6. #25
    Senior Member the-royal-mail's Avatar
    Join Date
    Dec 2009
    Posts
    3,936
    Quote Originally Posted by Saniokca View Post
    It is a problem when this becomes a habbit.
    You were spending this way before you joined CMF, did so in 2010 against our advice and are planning to continue this spending style in 2011 (against our advice). How is that not a habit?

    I realize I'm coming across as harsh but I'm trying to get your attention! $1333 per vacation for someone with $120K income isn't too bad - agreed. But 3 of those vacations in 1 year? Someone with a $120K income who has marginal savings in rainy day and TFSA funds, all the while being $10K in debt and continuing to spend as though it's the last day on earth IS bad. If you could account for this due to some sort of a one-time life crisis I could understand, but from where I sit you do not appear to be managing your money correctly.

    IMO you need to scale back the lavish lifestyle until which point you learn how to properly manage what you have. Someone with your income ought to have all sorts of savings and investment money socked away AND a nice house AND the 1.2 kids AND the 2 cars and electronic junk, with money to spare. You'll never get there if you don't learn to practice some restraint and say NO to things. Right now I don't see that capability in you and that concerns me.

    I don't mean to be rude but I also don't sugar coat things. I do mean well, but I also think you need to speak to Suze Orman.

  7. #26
    Senior Member
    Join Date
    Apr 2009
    Location
    Toronto
    Posts
    3,425
    I think we have to know more about Saniokca's financial goals before judging and stoning him.

    If the goal is to set up house with the girl, propose and not save anything on top of that - then he is on track.

    The reality is that there are times when you just can't save much. Getting married, buying a house, kids, unemployment etc might be times when budgets don't go exactly the way you want them.

    I would suggest to Saniokca that nothing will change in the next decade or more. The wedding can cost a lot of money (if you want it to), you'll probably want to buy a house. The house will need renos and probably new furniture. Babies have a habit of showing up sooner or later. Etc, etc, etc, etc, etc.

    That said, if you can be debt/mortgage free by 45 and then save like crazy for 20 years - you can still have a decent retirement.

    A bit off topic, but I bought a silver ring ($150?) for my wife when I proposed. We bought expensive wedding rings ($1800 for both). Our wedding was very small and cost about $5k (it was a small wedding for family and a bbq for friends the next day) of which my MIL paid about $3500.

    Our honeymoon (which we didn't save for) was several days at my parents cottage on Lake Nipissing, followed by a few days camping at Kilarney.
    Mike Holman
    Hidden Content Investing and Personal Finance

  8. #27
    Member
    Join Date
    Apr 2010
    Location
    NB
    Posts
    84
    haha I am still blown away by the 660$ for a VW Rabbit!

    You'll get back on track! Don't worry. I have been spending (renos) way too much too and can't seem to save. Enjoy the ring, enjoy the trips, you only go around this place once.

  9. #28
    Senior Member
    Join Date
    Sep 2009
    Posts
    348
    Quote Originally Posted by the-royal-mail View Post
    You were spending this way before you joined CMF, did so in 2010 against our advice and are planning to continue this spending style in 2011 (against our advice). How is that not a habit?

    I realize I'm coming across as harsh but I'm trying to get your attention! $1333 per vacation for someone with $120K income isn't too bad - agreed. But 3 of those vacations in 1 year? Someone with a $120K income who has marginal savings in rainy day and TFSA funds, all the while being $10K in debt and continuing to spend as though it's the last day on earth IS bad. If you could account for this due to some sort of a one-time life crisis I could understand, but from where I sit you do not appear to be managing your money correctly.

    IMO you need to scale back the lavish lifestyle until which point you learn how to properly manage what you have. Someone with your income ought to have all sorts of savings and investment money socked away AND a nice house AND the 1.2 kids AND the 2 cars and electronic junk, with money to spare. You'll never get there if you don't learn to practice some restraint and say NO to things. Right now I don't see that capability in you and that concerns me.

    I don't mean to be rude but I also don't sugar coat things. I do mean well, but I also think you need to speak to Suze Orman.
    I don't like when people sugar coat... And I do appreciate your comments.

    Me and you guys agree on one thing: the ring and vacations last year put me off my track.

    The vacations for next year I overstated a bit, it should be under 3k. Cuba will cost about 1500. the other two will probably be less but I want to keep some money to buy clothes in the US so bumped up the budget a bit.

    We are also planning to move somewhere a bit cheaper (~1200) next year around february/march.

    What I will try to do is post all my bank accounts here approximately every month and see if my situation gets better. As usual, I will report only the contributions aggregates (investment income is something that I cannot completely control).

    P.S. 120k is the household income, not just me (although would be nice).

    P.S.S. I actually googled Suze Orman - her site is one big commercial lol.

  10. #29
    Senior Member
    Join Date
    Feb 2010
    Posts
    2,508
    It doesn help that the jewelry industry and salesman say that you need to spend 3 months income on a ring. I always laugh when someone says that and so did my wife.

  11. #30
    Senior Member
    Join Date
    Sep 2009
    Posts
    348
    Quote Originally Posted by Jungle View Post
    It doesn help that the jewelry industry and salesman say that you need to spend 3 months income on a ring. I always laugh when someone says that and so did my wife.
    I never went by that rule actually... there was no pressure from the "industry standards" or the gf. And she did try to scalp me when she found out how much the ring was...


Page 3 of 14 FirstFirst 1234513 ... LastLast

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •