# When to do what in life :/



## MasterCard (Aug 2, 2013)

...


----------



## stephenheath (Apr 3, 2009)

Well, each person is different, and there's no set clock for life's milestones, but you know at some point you're expecting them so live like they are here. For example, you mention living at home, which can be good as long as you're pulling your weight with household chores OR paying them rent OR taking the money you would be paying on rent/condo/mortgage and saving it, not just blowing it on going out with friends. A few years staying at home where you're throwing 30k a year into savings will vastly expand your options later in life.

Likewise, with the car... unless you need it as a status symbol, if you're willing to go with a used car for your first car, you'll probably be able to pay cash with some more savings, and a used car will be cheaper insurance up front. You mentioned you graduated, so check out insurance rates with TD Meloche Monnex... and ask them what it would take to lower those rates and plan towards achieving those savings. Think about taking a larger deductible to save money in the early years while you're building a record, and whatever you do, don't have an accident or your rates will be insane for years... drive like an old man! Especially if you want nice cars down the road, you're going to need affordable insurance.

As for the rest, don't worry about not having particular goals... that just gives you wider options when you find a partner... which is in itself your next goal, and that's a fun one, the search can be as much fun as the finding  Try and find one at car shows if you want them to be understanding down the road that your garage rivals Jay Leno's


----------



## KrissyFair (Jul 8, 2013)

Man, with that income, those existing assets and only $250 in fixed expenses each month you're in a great spot.

Don't sweat not having goals. Just make saving a goal. If your after tax is $3300ish and you're spending about $900, that's $2400 that _should_ be going away each month, so make sure it does. It doesn't matter if it eventually gets used for a car or a house, just as long as it's going away. You'll never have a savings opportunity like this again.

Also, make sure you're mowing the lawn for your parents. And what Stephen said about finding a girl at a car show


----------



## Nemo2 (Mar 1, 2012)

Forget status symbols - not being a slave to status symbols can, in and of itself, become a status symbol of a different kind. Plus, with status symbols, you're going to attract potential partners who are likely more focused on the symbol than the person, and vice versa for he who eschews the "Who has the most toys" mentality.

Sock your money away - (it's a virtual eye blink from 23 to 65, and all of us who've been that route wonder "How did I get so old, so fast?") - it's way easier to be young and 'poor' than it is to be old and poor.


----------



## smrtalec (Dec 16, 2010)

There's significant savings in insurance if you wait until 25 to get your own car. You can build up a record of accident/ticket free history if you can piggy back on your parents' insurance. Consider how the extra $800/mth may reduce your entertainment/social spending too. $800 * 24mths = $19200. If you save that instead, in 2 years you may even be able to buy a nice car in cash and also pay much less insurance.

Find a condo building without the extra amenities (pool, gym) and the fee will be lower too. However, right now it's probably much cheaper to rent apartment than buying a comparable condo unit. This is a good calculator to compare the two options: Is It Better to Buy or Rent? If you want to buy a new condo, keep in mind parking spots are usually not included.


----------



## MasterCard (Aug 2, 2013)

*ghtruce schmers*

...


----------



## crazyjackcsa (Aug 8, 2010)

At this point it's important to remember that things can change. No kids no house right now. Then you meet a nice lady and suddenly, kids, house, picket fence. Or you don't. Whatever. Just keep in mind that priorities change.

And owning a condo and a multiple cars doesn't really work. Cars need a place to be kept.

Save cash. Period. At the same time, you can afford to live a little. Don't feel bad if you decide to buy a nice car. But wait till you can buy it in cash.


----------



## Silverbird (Mar 5, 2013)

I'll just add, open a TFSA for your savings as soon as possible. If you've been in Canada since 18, you'll have $25,500 of contribution room.
Wasn't clear if your HISA accounts were TFSA or not.

I won't get into RRSP / TFSA discussion here since it sounds like these funds (at least at the moment) are heading towards a short term goal of a car or downpayment. Once you max out the TFSA, then you can get into RRSP / taxable account discussion - which at your savings rate, won't be too long.


----------



## MasterCard (Aug 2, 2013)

Depending on how I want to do it, I've had mortgage calculators tell me I could afford places for $220k - $440k depending on how much I put down.
The concern to me is, do I *need* to actually move out?
Confused about that I guess more than anything...thoughts about relocating to a different country or province, something like that, but just so hard to do.


----------



## blin10 (Jun 27, 2011)

whatever you do just keep in mind you're in your 20's once in this life, being extreme cheap *** (saving every penny) while you're young is not a way to go in my opinion... obviously blowing all your money is not an answer either... keep it balanced


----------



## Jungle (Feb 17, 2010)

Stay away from this any you should be fine:
Gambling
drugs and alcohol 
big spending on cars.......
credit card interest

Save your money as suggested above until you're ready to make a move.


----------



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

I do not agree that you should be looking at RE at this time. It's not the right time for you.

Find yourself a nice apt but make sure you respect the neighbors, ie. don't go crazy with the stereo/TV and parties as that will get you kicked out of anywhere in short order.

Also you should be able to find a decent car for $20K or so, should last 5-10 yrs depending.

You don't need to figure out everything at once. One step at a time. Prioritize.


----------



## MasterCard (Aug 2, 2013)

When did most of you guys move out?


----------



## SkyFall (Jun 19, 2012)

19y/o in bad terms with parents, now 22 doing ok still in school!


----------



## Nemo2 (Mar 1, 2012)

MasterCard said:


> When did most of you guys move out?


17


----------



## Jagas (Feb 11, 2013)

MasterCard said:


> When did most of you guys move out?


23 here - a few months after graduating from University


----------



## stephenheath (Apr 3, 2009)

Well, since I was a lazy SOB at home (worked hard at work at least) got gently shoved out of the house when I was 23... bought my first house. Decided on buying a semi-detached rather than a condo or renting even though it meant I'd have to divert 75% of my income to paying down the house/house expenses/property tax/etc. (Was cosigned by parents). Knew in another couple years I'd have big raises coming once I finished my accounting degree (did that at the same time as working) so wasn't too worried. Only downside... had no money to go out with friends and they always wanted to do things that cost money, so lost most of my friends other than a couple who were happy to come over and play cards... both guys with no girls in their life. You see where I'm going  House rich, woman poor from that point on. Met my future wife when I was 29, married at 30, first thing she wanted to do is move. 

Now, to be fair we got really lucky because I bought just before the housing boom started and over the course of our 3-4 moves, we "made" (on paper) about 300,000 on house flips, which is now equity in our last house if the market doesn't crash... but I also haven't been able to meet a bunch of friends with similar interests to mine out here in the burbs, and have lost touch with all my highschool/college friends, so it's a mixed blessing. If I could go back and do it again, I'd stay home at first, do laundry and cooking so I didn't get pushed out, and spend more time and money going out with friends and socializing... especially if I were doing it again now when a decade long housing boom is not too likely, so I wouldn't even get the consolation prize


----------



## crazyjackcsa (Aug 8, 2010)

Moved out a few months shy of 23. (That was 10 years ago). I had to move to take a job.

Married at 25.
House at 26.
Child one at 27. (Busy few years!)
Child two at 29.

Your mileage may vary.


----------

