# Diary: Life after grad school



## tinaod (Dec 12, 2014)

Hi everyone! I'm a newbie when it comes to financial planning, so I've decided to create a money diary to keep me accountable and get feedback! 

I graduated from professional school this year, and started working full-time in May 2014. None of my friends in a similar situation and income are concerned about the debt load (we were told in school during a financial management "class" to just make minimum payments and stretch student loans out to 25 years :nightmare - I don't want this to be me, so any help will be much appreciated (I will be getting an accountant next year - I don't like my financial advisor at Scotiabank).

Age: 29
Single
Health Professional
Net Income: $6,500/month

Expenses:
Rent: $1450
Utilities/cable/internet: $100
Phone: $100
Groceries: $400
Car Lease: $360/month (0% financing, 31 months remaining)
Gas: $100
Car insurance: $150
Entertainment/Restaurants: $500
Clothes/Misc:$500
Professional Fees/Dues: $250
Total: $3550

Liabilities:
Student Line of Credit: $53,950 (prime+1% = 4%): $580/month
Student Loan: $43,375 (prime+2.5%=5.5%): $520/month
Credit card: $0 (I always pay off my credit card, and only use it for rewards/credit score)
Total: ($93,325) :eek2:

Assets:
Chequings: $20,500 

Next step:
1) Figure out what to do with the 20k in my chequings - thinking it should go towards RRSP for the HBP and tax benefit...

Future Goals:
1) Buy real estate (most likely a condo in Vancouver) in 1-2 years - taking advantage of HBP 
2) Learn how to plan for retirement (by age 60)
3) Pay-off student debt


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## scorpion_ca (Nov 3, 2014)

You started working full-time in May, 2014 and you are making net $6,500 monthly ......good job & congrats.

You can open People Trust's TFSA and get 3% interest.....if you want to take risk.....start reading books and blogs such as Millionaire Teacher, http://canadiancouchpotato.com/model-portfolios/

I wouldn't buy a house until I pay student loan.


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## the-royal-mail (Dec 11, 2009)

1. pay student loan

2. forget about HBP and RE, esp in VCR

3. save an emergency fund

4. live life

5. fill your TFSA

6. plan for retirement

P.S. You don't need to spend money on books -- plenty of good reading and advice to be found right here in CMF. I would encourage you to read and participate in the existing threads. Lots of very knowledgable people here.


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## scorpion_ca (Nov 3, 2014)

who said to buy books?......watch around 300 movies, read lot of magazines & books and pay only $12 a year....use public library.


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