# 26 Years old, Goals and Aspirations for 2014



## Fain (Oct 11, 2009)

Hi everyone, Decided to make a public list of my financial diary of goals and my current state of affairs.

Age: 26 years old
Occupation: Trader
*Income* 70k + Performance bonus

*Monthly Expenses*
Insurance: $200
Internet: $50
Eating Out/Alchohol: $1300 
Gas: $100 
Rent: $700
Groceries: $150
Cell-Phone bill: $80-$90 

*Assets*: 200k invested in 100% equities across my TFSA, RRSP, and margin account.

*Liabilities:*
RRSP Loan: $8,000(5% interest)
Car Loan: $10,000


*Goals for 2014: *
1. Buy an income property(duplex) in Hamilton in 2014. (Will be getting a loan from my parents for the 20% down-payment)
2. Complete and pass CFA level 1 in June 2014.
3. Pass my Futures Licensing course(FLC) by February
4. 1 month of Traveling in Spain, Portugal, France or Southeast Asia. This would be done in the summer when my work slows down. 


Thanks!


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## SkyFall (Jun 19, 2012)

Doing very very good buddy! keep up!


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## Just a Guy (Mar 27, 2012)

If you have 200k in assets, why are you bothering your parents for a loan? If you want real estate, sell some of your stuff and buy it yourself.


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## marina628 (Dec 14, 2010)

Probably he is paying his parents some interest that is higher than what they get in HISA  My dad is always offering me money for 3% interest lol


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## MasterCard (Aug 2, 2013)

Eating Out/Alchohol: $1300 

Hope you mean $130...


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## GoldStone (Mar 6, 2011)

^ LOL

$1300 is comparable to what our family of 3 spends on groceries *and* dining out.


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## Fain (Oct 11, 2009)

Just a Guy said:


> If you have 200k in assets, why are you bothering your parents for a loan? If you want real estate, sell some of your stuff and buy it yourself.


We keep a lot of thing within the family for When we start out in life. I will borrow from my parents(my dad) and pay interest monthly on the outstanding balance along with the principal. I work as a trader at my firm and wish to keep most of what is 100% mine within the firm. Though when I have kids I am expected and will do the same for them.

To goldstone
Haha sadly it is $1300 not $130. I am 26 years old and single and enjoy going out on weekends. Not to mention half price wing nights on sunday and monday at the fox n fiddle. I also buy lunch every day($10 rounded up) instead of packing it. Between work and study I feel I don't have time(even though I probably do).


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## Retired Peasant (Apr 22, 2013)

If borrowing from family, is the interest still deductible (if used to invest)?


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## MasterCard (Aug 2, 2013)

Wow. $1300.
You could lease a BMW at that amount and have a fair bit left-over...any plans to drop that amount...


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## MasterCard (Aug 2, 2013)

Wow. $1300.
You could lease a BMW at that amount and have a fair bit left-over...any plans to drop that amount...


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## Causalien (Apr 4, 2009)

Fain said:


> We keep a lot of thing within the family for When we start out in life. I will borrow from my parents(my dad) and pay interest monthly on the outstanding balance along with the principal. I work as a trader at my firm and wish to keep most of what is 100% mine within the firm. Though when I have kids I am expected and will do the same for them.
> 
> To goldstone
> Haha sadly it is $1300 not $130. I am 26 years old and single and enjoy going out on weekends. Not to mention half price wing nights on sunday and monday at the fox n fiddle. I also buy lunch every day($10 rounded up) instead of packing it. Between work and study I feel I don't have time(even though I probably do).


How did you amass $200k? I am assuming you started as a trader 6 years ago during the height of the financial crisis?


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## SkyFall (Jun 19, 2012)

for his income $1300 is pretty good hhahaha he must enjoy it so why not when u can


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## peterk (May 16, 2010)

$1300 on going out is certainly a lot, but I'm guessing that it will be difficult to cut back if you must maintain the outgoing guy, yuppie, going-to-the-club, cash-to-burn lifestyle of your friends, coworkers, and lovers.

If you truly enjoy it and are the initiator of such activities then keep at it. Just be aware that if it's not truly what you want, and you're just doing it to fit in and hang out with your friends and acquaintances that you may live to regret pissing away your money and time on showmanship and vapid conversation when you could be bettering yourself (and saving a **** load of money). That has been my experience with such activities anyways. To each their own though.

I spend about 100-200/month on eating and drinking out. Partly due to my attitude and partly due to my small city options. If I lived in Montreal I could easily blow $1000+/month on food and booze.
Interestingly, I've been home for 3 weeks at Christmas now, and have spent about $600 going out, which is me "going nuts" by my standard.


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## Fain (Oct 11, 2009)

Causalien said:


> How did you amass $200k? I am assuming you started as a trader 6 years ago during the height of the financial crisis?


Mostly my investments I made at the bottom of the financial crisis which coincidentally timed well with my graduation. I've only recently become my career as a Trader.


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## Janus (Oct 23, 2013)

Fain said:


> Mostly my investments I made at the bottom of the financial crisis which coincidentally timed well with my graduation. I've only recently become my career as a Trader.


$1300 does seem like a lot each month - I'm at about half that in Hong Kong, where it's much easier to spend money. No clue how you manage that in Toronto, and this is coming from the "dinner out friday, big night out drinking saturday" type. In any case, the asset pool speaks for itself. Really impressive.


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