# My Rookie Diary



## Stampeders (Sep 27, 2010)

Current Age: 31
Married
Family: 1 child, almost 1 year
Background: Immigrated to Canada in 2002.
Lease favorite thing: 1. Debt of any kind 2. Give or Take Interest, I call it bad money.

2002-2004 - Worked part time to cover expense (didn't take a penny from tax payers )
2004-2006 - Attended diploma school started 2004 – finished 2006 while working partime
2006-Present - Started full time at same company where I did practicum
2006 – bought a house $275,000 with 20% down payment.
Paid max allowed income each year except first year.
Current Mortgage balance $46,000
Other Loans: None
Very low RRSP, just paying whatever firm matches, trying to get mortgage out of way before doing anything as debt is depressing for me. 

Next year, will pay off the mortgage and will start savings (or actually investing). People think I shouldn't be paying off my mortgage with that speed, but I will sleep peacefully the day I'm done with that necessary evil.

Overall Satisfaction level: Moderate


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

You have nothing to worry about -A1, job well done. Keep it up!


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## Jungle (Feb 17, 2010)

Wow congrats and getting the mortgage down that fast. How did you do it?


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## Stampeders (Sep 27, 2010)

Jungle said:


> Wow congrats and getting the mortgage down that fast. How did you do it?


It was all about doing following:

Generating extra cash; from working extra hours (but not killing myself - good days of life dont come back, so do as much as your life and body can handle); Renting out my basement to my brother.

Living on one income and saving other;

Finding my love for cooking; youtube has helped me polish my skills and now I can cook almost anything!

Being member of few Hot Deals, forums; 

Knowing our limits; this is one of the most important, but that doesn't mean that you have to live in misry, if you want to get something you got to work for it (e.g. when iphone 3g came out, I wanted to get it but for that price no way. So I bought a used one from a person who was desperate to sell it, sold it for more, after some effort in buying and selling a couple I got my iPhone Free; Same with PS3, but you got to be careful)

Another one that will help you accomplish whatever you want! Keeping the aim in mind that we have to generate extra $30K per year to pay down the mortgage, it was difficult at first but it got easier and easier (e.g. first time we made the extra payment but we could only do it at the end of the mortgage year, this year we made the payment as soon as we were allowed to, for the next year we already have the money to pay it off.


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

> when iphone 3g came out, I wanted ...

See for me, that's how I save money. I do not want all the latest electronic device that comes out. The desire of this, causes empty wallets for the little people and fat profit margins for the big guys. So I keep the desires in check, focus on needs and keep the wants confined and controlled.

Wireless communications devices are a perfect example of this and I've saved thousands of dollars by never having paid a cent to these companies. I'll wait until I arrive at work or home to do my communicating. It can wait.

Anyway, this isn't a knock on the OP who clearly has the results to show he knows how to manage money. I just used the point above to show that there are obviously countless ways to be a good saver.


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## Stampeders (Sep 27, 2010)

I get your point, to be a good saver that's exactly what one should do. But some times you can't help feeling bad about not having certain product, but you can work towards getting it for less or free. Btw, I pay $25 per YEAR for my phone plan (speakout) as I dont use cell phone that much and keep it for emergency situations.

But I 100% agree that money can find tiny holes to slip out of your pocket. I will keep it in mind.


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## Montrealer (Sep 13, 2010)

Good job Stampeders, your doing well.

Your 31 and are going to have a paid off house very soon that's worth more than you paid for it now which is a GREAT way to start your life off.

I agree that you will sleep peacefully when you pay off your mortgage and anyone that say's it shouldn't be done at that speed likes debt.

After your done, seriously consider saving up for another property (investment) or even RRSP's, GIC's, Mutual Funds, REIT's and/or a business.

Good luck and all the best!


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## ashby corner (Jun 15, 2009)

holy crap, that's an awesome story. 31 with 46k left in mortgage. Just awesome.


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