# At age 25: what you should have done, or glad you did



## jlunfirst (1 mo ago)

Since this a finance/money forum, is everyone going to say?: I should have saved more money. 

I wouldn't have done things differently. I did the right thing for self:

moved to Toronto (from London ON) 2 yrs. after I graduated with 2 degrees, for more jobs that met my skill set : I got jobs- there was a point I was working in 3 different locations for 2 jobs. I was working 2 part-time jobs for 3 yrs. until landed 1 full-time in 1987.
continued to save some money (absent-mindedly. No real plan. I sorta knew I needed my own home.) I had no student debt since I graduated with only $13.00 in my bank account.
met my work-related mentor (former supervisor) who became a good friend for next 25 yrs. She died a few yrs. ago.
took some evening art courses --a lifelong interest/skill
involved in interesting volunteer work
made more new friends
It would have been nice to have met my partner earlier in life (not until I was 32 ). But all of the above had to happen first, for myself, to become more of who I am.


----------



## londoncalling (Sep 17, 2011)

Thanks for starting this thread. Not that I have looked back on my life with regret but I also haven't reflected on the successes either. I guess for me it would be owning and operating a small construction company. The business was not highly successful, nor was it a bust. However, I did learn a lot of important skills that have led to to where I am today. However, I also gained a lot from my university years in my early 20s. 



jlunfirst said:


> It would have been nice to have met my partner earlier in life (not until I was 32 ). But all of the above had to happen first, for myself, to become more of who I am.


This is an important point to keep in mind. I met my partner just out of high school but our life together would not happen till years later. I think who we choose can have the biggest impact. This does not negate the choice people make to remain single. I know very many people that love their free and independent life. Choosing the wrong person is likely the biggest mistake one could make at 25 or any age. Followed closely would be taking the important people in our lives for granted.


----------



## Zipper (Nov 18, 2015)

I married Mrs. Zipper. I was 25 and she was 20. That was 53 years ago. It was the best move of my life!


----------



## MK7GTI (Mar 4, 2019)

Packed my life into my car and moved to Yellowknife. At the time I didn't know anything about the product or industry. 8 years later it's now my career.


----------



## kcowan (Jul 1, 2010)

I think it was choosing the right company to work for. I had four great offers and made the selection with great care.

A secondary factor was my willingness to move where the best position was.


----------



## jlunfirst (1 mo ago)

londoncalling said:


> This is an important point to keep in mind. I met my partner just out of high school but our life together would not happen till years later. I think who we choose can have the biggest impact. This does not negate the choice people make to remain single. I know very many people that love their free and independent life. Choosing the wrong person is likely the biggest mistake one could make at 25 or any age. Followed closely would be taking the important people in our lives for granted.


I didn't think about this at all londoncalling when I posted the topic, but it is an useful point. When I met him, he was divorced and 2 young teen children. So saw financial aspects of divorce fall-out, especially for a divorce that went through the court.

Sometimes it's very difficult to predict how one's partner will change, even if a person is committed. 
It can help a bit, if both partners, have first established a good start on their careers before/near start of relationship / before having a child. It can become more complicated in terms of relocation due to 1 person getting a job offer which this can be part of "taking the other person's willingness to move" for granted. It's not the same in past 3 decades compared to 5 decades ago.

It also helps alot if each spouse has similar ways of living style / budgeting positively towards similar shared finance goals.

OR each chooses to have a portion of their savings separate, in addition to a joint account. I realize that might seem blasephemous to some couples. Whatever works.


----------



## ykphil (Dec 13, 2009)

MK7GTI said:


> Packed my life into my car and moved to Yellowknife. At the time I didn't know anything about the product or industry. 8 years later it's now my career.


I spent the last twenty years of my career in Yellowknife after spending almost twenty years in Nunavut and Nunavik before that. I left YK two years ago and miss that place a lot. Luckily I was appointed to a federal board several years ago so I get to go back twice a year for meetings. I don't regret a day of my life up north.


----------



## jlunfirst (1 mo ago)

One does wonder how many marriages break up with finances as 1 of the triggers to reveal real character /lifestyle differences between 2 people. I knew a lawyer-couple, who were both in their 2nd marriage. They each kept completely separate accounts and didn't know the value of each other's portfolio.


----------



## Tostig (Nov 18, 2020)

The answer to the title depends on changing conditions. Centuries ago a 25 year old would be an established adult expected to support his family on a subsistance lifestyle.

Today in much of the fully developed world, a 25 year old can barely find his own place to live. Maybe the gig economy is today's form of subsistance but I doubt raising a family on that lifestyle would be expected.

When I graduated from university and moved from Vancouver to Toronto, I had $4000 to my name. My first couple of places were dirt cheap living in shared accommodations in what some people considered to be ghetto so that with my part time job at a restaurant, I could live off my means while looking for my first full time real job.

By 25, I was working full time in my second job and moved up to shared accomodations in a townhouse. A lot of my friends had also moved from Vancouver. And along with meeting new friends, we were all living the carefree new found freedom of young independant adults. Two years later, a lot of us had paired up, got married and as life would have it started losing touch with friends as focus moved towards family.


----------



## jlunfirst (1 mo ago)

So everyone else here was like me @25 yrs. --not truly investing consciously (but kinda of absent-mindedly) or pulling yourself out of student debt or starting up on job or still in school? We must have the odd nerd here and there who did consciously invest in a stock, etc...


----------



## Tostig (Nov 18, 2020)

jlunfirst said:


> So everyone else here was like me @25 yrs. --not truly investing consciously (but kinda of absent-mindedly) or pulling yourself out of student debt or starting up on job or still in school? We must have the odd nerd here and there who did consciously invest in a stock, etc...


Actually, we did start investing. It was the mid-80s and when the economy emerged from the recession, the housing market was booming. With two of my friends we purchased a townhouse for $80k. One of my friends was really gung ho for making a lot of money so he started researching the TED Spread.


----------



## londoncalling (Sep 17, 2011)

jlunfirst said:


> So everyone else here was like me @25 yrs. --not truly investing consciously (but kinda of absent-mindedly) or pulling yourself out of student debt or starting up on job or still in school? We must have the odd nerd here and there who did consciously invest in a stock, etc...


I was investing at that age but mainly mutual funds in an RRSP account. I had a few friends that were investing in stocks as well but I did not have a large enough portfolio to make it worth my time. One dabbled in penny stocks. The other I suspected had his portfolio funded by his parents who also bought him a condo. A few others were making small but regular contributions to their RRSP. This was before the TFSA was available.


----------



## Tostig (Nov 18, 2020)

Also around that time, my employer introduced us to a group RRSP or Pension. The administrator was PH&H and had a selection of mutual funds offered to us. Since I already partially owned two rental townhouses, I knew a bit about mortgages so I invested my pension into the PH&H mortgage mutual fund.

Sound familiar? That's what was explained at the beginning of the movie The Big Short: MBSs. I had two of those mortgages in which investors, like me invested in. (And no, those mortgage mutual funds of the 1980s are NOT the CDOs of the 2000s that caused the 2008 Fininial crisis. But they could be their ancestors.)


----------



## MrMatt (Dec 21, 2011)

Bought a house as soon as I could, they've gotten steadily less affordable since then.
Had kids sooner, yeah being financially stable is nice, but kids in you're 20's is easier than in your 40's, though 30's is nice too.


----------



## jlunfirst (1 mo ago)

londoncalling said:


> I was investing at that age but mainly mutual funds in an RRSP account. I had a few friends that were investing in stocks as well but I did not have a large enough portfolio to make it worth my time. One dabbled in penny stocks. The other I suspected had his portfolio funded by his parents who also bought him a condo. A few others were making small but regular contributions to their RRSP. This was before the TFSA was available.





MrMatt said:


> Bought a house as soon as I could, they've gotten steadily less affordable since then.
> Had kids sooner, yeah being financially stable is nice, but kids in you're 20's is easier than in your 40's, though 30's is nice too.


Well, I probably didn't even invest in any mutual fund until in my mid-late 30's. I bought my first condo when I was 32.

So financial "investing" in my 20's, was first of all landing a full-time, stable job after 2 part-time jobs. Then "investing" in my own personal psycho-social growth after university. It just occurred to me now in my memory in addition to part-time interest evening art courses, I took some part-time evening courses related to my jobs.

I would always recommend to young person to stuff in additional learning, both interest and career-oriented courses after university/college, when they have lots of energy, flexibility in their time outside of job. This in additional to some travel.


----------



## Mukhang pera (Feb 26, 2016)

MrMatt said:


> Bought a house as soon as I could, they've gotten steadily less affordable since then.
> Had kids sooner, yeah being financially stable is nice, but kids in you're 20's is easier than in your 40's, though 30's is nice too.


Buying first Vancouver house at 25 was prudent.

As for kids, have you experienced having kids in each of the 3 decades of life you mention - 20s, 30s and 40s? I think that must be the case for you to know that 20s is "easier". But then, maybe it depends on how one defines "easy". Some say you have more physical energy in 20s. Maybe, but not sure how much raw horsepower it really takes to raise a kid. 

I cannot say I felt more old and worn out at 45 than I was at 25. I am a lot older than 45 now and still lead a very physically active life off-grid and where you must do everything for yourself, including falling and bucking timber and turning it into about 7 cords of firewood each year. And I much prefer to swing a maul, even though I could easily afford the best of wood splitters. In fact, I could hire someone to run it for me. If I give in to that, maybe I'll start feeling old. Might as well sign myself into a retirement home.

Years ago, I heard a song with the lyric, the lament "Much too young to feel this damn old." That one still makes me smile. I feel far more fit and able now than I did in all my years of city life. My lyrics are more along the lines of "Much too old to feel this damn young." 

I waited until more like age 50 to have a kid. For me, so much "easier". Financially very secure. House bought and mortgage-free. Some investments in tow. No worry about job and putting in hours making money. More time to enjoy simply being a parent. If I had become a 20s parent, I doubt I would ever have achieved the financial success I did. Or, if I did, it would have required me to sacrifice quality parenting time. The kid would be asleep when I left for work and when I returned from the office in the evening. I would have been thinking much too much about work, making money and all that mundane crap. When I was 20s, online jobs were not the norm. 

By age 50, I had my financial house in order, my ducks in a row, I felt secure in every way and able to be an attentive parent. The proof is in the pudding of a son who has turned out to be a blessing. Maybe it would have been no different were he a latchkey kid with a dad seldom there or, if there physically, somewhere else mentally. I cannot say. But, by age 50, I was able to live in the present and not much think about tomorrow (or events at the office yesterday).


----------



## pwm (Jan 19, 2012)

I bought my first house at age 23. We upgraded to a bigger place and had that mortgage paid off at age 35, so I've been mortgage free for 38 years. That was probably the best thing I did to get me to a position to retire at age 55.


----------



## jlunfirst (1 mo ago)

Mukhang pera said:


> Buying first Vancouver house at 25 was prudent.
> 
> Years ago, I heard a song with the lyric, the lament "Much too young to feel this damn old." That one still makes me smile. I feel far more fit and able now than I did in all my years of city life. My lyrics are more along the lines of "Much too old to feel this damn young."
> 
> ...


My youngest sister had her 2nd child at 40 (lst one @38). Yes, she did establish alot better first financially.
But she does tell me, she just feels more tired faster. She's pretty certain energy-wise it would have been better 10 yrs. earlier. She works full-time and hubby also.


----------



## Mukhang pera (Feb 26, 2016)

jlunfirst said:


> My youngest sister had her 2nd child at 40 (lst one @38). Yes, she did establish alot better first financially.
> But she does tell me, she just feels more tired faster. She's pretty certain energy-wise it would have been better 10 yrs. earlier. She works full-time and hubby also.


I have to acknowledge that my much younger wife supplied a fair amount of energy into the mix. She assumed the bulk of childcare, I'll agree. She did the breastfeeding for 2 years. I had no talent for that.  But then, I'll take some credit, since the financial independence I had achieved meant she did not have to work outside the home. I don't envy those working couples I see with kids. I don't see that as a great life for the parents or the kids, but then I have never been there. But the idea of dropping kids at daycare, working all day, picking kids up, going home to make dinner, rinse and repeat the next day, sounds distinctly unappealing. 

A couple who live not far from my off-grid BC home had a kid awhile back. At birth, mum was 45 and dad 55 years old. Both had grown up children from previous relationships. To me, having a kid in those circumstances would be nuts. But, I suppose, one man's nuts is another man's...well, never mind


----------



## jlunfirst (1 mo ago)

Mukhang pera said:


> I have to acknowledge that my much younger wife supplied a fair amount of energy into the mix. She assumed the bulk of childcare, I'll agree. She did the breastfeeding for 2 years. I had no talent for that.  But then, I'll take some credit, since the financial independence I had achieved meant she did not have to work outside the home. I don't envy those working couples I see with kids. I don't see that as a great life for the parents or the kids, but then I have never been there. But the idea of dropping kids at daycare, working all day, picking kids up, going home to make dinner, rinse and repeat the next day, sounds distinctly unappealing.
> 
> A couple who live not far from my off-grid BC home had a kid awhile back. At birth, mum was 45 and dad 55 years old. Both had grown up children from previous relationships. To me, having a kid in those circumstances would be nuts. But, I suppose, one man's nuts is another man's...well, never mind


Stay healthy, so you'll see kid graduate and tackle a career /marriage.


----------



## jlunfirst (1 mo ago)

pwm said:


> I bought my first house at age 23. We upgraded to a bigger place and had that mortgage paid off at age 35, so I've been mortgage free for 38 years. That was probably the best thing I did to get me to a position to retire at age 55.


I've always tried to pay off mortgage within 6-7 yrs. Thank goodness. Nowadays that would be impossible in certain cities.


----------



## Mukhang pera (Feb 26, 2016)

jlunfirst said:


> Stay healthy, so you'll see kid graduate and tackle a career /marriage.


I'm trying. Seen him graduate high school already, an A student. Living the off-grid rural life helps some. In the past year I have started doing things like intermittent fasting, in a small way. I have yet to do 3-day fasts, but now eat only once a day, during a 4-hour window, between 5 and 9 p.m. So 20 hours/day sans food. I like morning coffee with milk, but milk breaks a fast, so now I only have black coffee.

I have learned about the evils of sugar, I never thought about before. Hence I appreciated your comment about ponderling's latest dumpster dive and the sweet products gleaned. Almost nothing there I could eat, except maybe the canned tomatoes. Maybe that's why it was all in the dumpster. Someone turned over a new leaf.

I have learned not to use vegetable oil, which I used to think was okay. I grew up in an era when butter was considered deadly and margarine safe. Now, word is the opposite. I don't use margarine. I have turmeric and black pepper every day (happy to be able to harvest our own turmeric here in the Phils). In the evening, a cup of green tea and a drink made of the juice of one lemon, cinnamon, paprika, cayenne, apple cider vinegar and a few cloves of garlic and some fresh chopped ginger root. Takes a bit of getting used to, but now I quite like it. All of those ingredients seem to have some health benefits. Of course, 10-20 years from now, we'll read that fasting is bad, sugar is good, and throw out the extra virgin olive oil and such like if you don't want a premature death. 

In the end, it all might be random luck. My parents both made it until almost age 100, doing all the wrong things. They used margarine, cooked with vegetable oil, ate copious amounts of red meat, drank orange juice every morning (now regarded as setting one on the road, _inter alia_, to Type 2 diabetes) ate a sweet dessert every night, ate bread and pasta (good grief!) and had 2 glasses of red wine every night (sacre bleu!...pass the smelling salts, please). But then, I had a cousin whose parents fared about the same, both lived into 90s, yet he died of brain cancer at 61. Go figger!


----------



## off.by.10 (Mar 16, 2014)

Not exactly at 25 but I agree about kids around then. Had my first in my 20s, told myself none after 35 as I wanted them to be grown up by 55. By the last one, I noticed that I did not recover from insufficient or interrupted sleep as easily as a decade before. I'm glad I had the energy to keep up with them playing, no amount of money can ever make up for that.

As for finances, I'm glad I was already putting money away by 25. There wasn't enough yet to make the investing part matter that much, the habit was more important.


----------



## jlunfirst (1 mo ago)

Mukhang pera said:


> I'm trying. Seen him graduate high school already, an A student. Living the off-grid rural life helps some. In the past year I have started doing things like intermittent fasting, in a small way. I have yet to do 3-day fasts, but now eat only once a day, during a 4-hour window, between 5 and 9 p.m. So 20 hours/day sans food. I like morning coffee with milk, but milk breaks a fast, so now I only have black coffee.
> 
> I have learned about the evils of sugar, I never thought about before. Hence I appreciated your comment about ponderling's latest dumpster dive and the sweet products gleaned. Almost nothing there I could eat, except maybe the canned tomatoes. Maybe that's why it was all in the dumpster. Someone turned over a new leaf.
> 
> ...


Dr. Jason Fung is the reseacher-physician @ U. of T. who first explained the concept of intermitted fasting a few years ago. The Science of Intermittent Fasting with Dr. Jason Fung (lewishowes.com) I would look at his videos, etc. Fasting: Don't Make this Critical Mistake | Jason Fung - YouTube I found them useful and confirmed alot of things for me. Is intermittent fasting still a thing in 2023? | The Star The idea is not to eat for a 12 hr. window especially after supper and up to when you wake up for breakfast. Which means for some of us to create the 12-hr. window, is eating supper *earlier. *I wake up around 5:00-6:30 am. So for me, that means ideally I vaguely aim to eat supper before 7:00pm or even earlier, ie. 6:00 -6:30 pm. Which is possible in the winter for me. But impossible, in spring-fall, because often I go cycling after work. So I guess my calories burnt off from cycling, may help make-up for the "shortfall".

I can't say I'm disciplined all the time. But generally after home supper, I'm drinking up 2 c. of green or jasmine tea. I may snack on fruit or some yogurt. Yes of course, I do eat sweets...several times/wk. Bad. The way for me to cut down is to buy non-sweet at a cafe for a coffee. As you might know, traditional Okinawans known for longevity: eat only 80% full. It's a good, useful rule of thumb. Except for thxgiving, etc. 

I appreciate some of the 2022-23 published concerns about leading to eating disorders, but honest any good eating/dietary routine, someone is going to pervert it. And it may not be good for slim, young folks or growing children, who are burning off alot of energy daily. If they aren't sedentary already.

Because of my upbringing, I'm not even interested in pop, sugared drinks and processed foods. I grew up on mother's home Chinese cooking from scratch, which is how I've always prepped foods at home and in sharing cooking, with my partner. My mother would divide 1 can of pop between 2 children. There were 6 of us. I'm not really keen on deep fried foods. Tempura, the tamest of all deep fried foods, bores me, after 2-3 pieces. I actually see deep-fried foods as covering up the goodness of meat, etc. Why would one do that for fresh fish, shrimp or squid?

Wow, your parents lived long. Maybe they were active and had a good social life. Latter can help alot to feel supported and happy.


----------



## jlunfirst (1 mo ago)

I'm really glad @25 during that era in my life, I didn't consider at all blowing money away. I was having too much fun discovering and learning what Toronto offered to me that I couldn't get when living in former smaller cities.

I actually didn't take my first foreign vacation trip outside of Canada (to Greek islands for 4 wks.) until I was 27 yrs old, after working 2 part-time jobs for a few yrs. after university. It never occurred to me to do the backpacking trip across Europe or Asia after university. I was already planning moving some stuff and clothes to Toronto to find work. It would have been shameful for me to ask my parents to pay for such a trip...they were poor, working class with other kids to support.

I didn't feel bereft of not knowing "foreign" culture and stuff, at that time in life. Are you kiddin'..? Given my family background and a different mother tongue.


----------



## Plugging Along (Jan 3, 2011)

I don't tend to have a lot of regrets though I am sure I have made a lot of mistakes aka opportunities to learn. The advice I would give my kids at 25 is based on what I did well and didn't.

I did the following pretty well and hope to pass it on to my kids:

Started saving as soon I started working a real job. Treat your TSFA and RRSP like a bill. I am actually a lousy budgeter and hate the details. I would tell young people to max out the TFSA every year first, and then RRSP just to get into the habit
Invested in my career by getting a good job right from the start, and working hard to progress quickly. I would get promoted every 12-18 months. I recommend advancing yourself as fast as you can and always growing. My spouse and I made more in our 20's and 30's than in our late 40's.
Understood finances from personal finance, taxes, and investments well. Though I didn't always follow the advice my business/accounting degree was helpful in understanding these aspects of money. I try to teach these lessons to my kids in case they don't take business.
Travel and have fun. I am glad I did my trip to Europe and had a lot of fun socializing and doing things. I never let money get in the way.

Things I hope my kids learn faster than me, or don't do

Though I had a lot of fun, I wasn't frugal. I blew a lot of money on things that didn't matter. My advice would be to pause and consider what is really important and meaningful in spending. I actually didn't have my priorities quite right until I had kids. I look back at some of the crazy things we spent our money on, some were fantastic and others, I ask why. Now, most of the things I spend my money on, I can say that was worth it. For me, it's all about experiences, memories, and relationships. All the 'stuff' doesn't matter now. I wish I knew myself well enough before. Though I was generous before, and I am still generous now, I don't have any regrets about that.
Go away for school or move out and live on your own before marrying. Both my spouse and I moved in together from home. I think that stunts a relationship and can be difficult to figure out what one wants. Fortunately, it's worked, but not without a lot of trial and error. I recommend to my girls move out on their own and make sure their partner has too.
Get your education done early before a family. I had a chance to have my master's paid for before kids, but I was too busy career climbing and thought I would do it later. Later never happened as soon as I had kids as they became the focus, and now, I don't really care for it as I have worked too much.


----------



## Ponderling (Mar 1, 2013)

At 25 I had been out of school (Uni) for 2 years and was saving at least $100 every pay from when I first started to work full time after getting out of school.

That habit allowed me to go joint on buying a house with 2 pals. In the end not any capital appreciation, but a nice place to live for 5 years that cost me less than an apartment would have run me. Built my credit rating so no problem when ot came time to by my first house with my wife when the kids were tots.


----------



## marina628 (Dec 14, 2010)

My husband and I have the same regret .He was in trades had his plumbing and Electrician tickets plus generally is good with his hands. We bought one house as investment when we had the financing for 3-4 , he could have quit his day job and flipped a couple a year .We got the message in 2009 and bought 3 in one year but had we done it in 1993 it would have made a big difference. He gave up his day job in 2009 and worked on this ,In 2021 he did a full basement in a brand new home it cost us $38,000 plus his time while our builder is charging $120,000 in a home 300 sq ft smaller than ours. He is not doing it for money but he loves working and building stuff, we hired people to do the plaster and taping job and that cost is in the money we spent.


----------



## jlunfirst (1 mo ago)

Plugging Along said:


> I don't tend to have a lot of regrets though I am sure I have made a lot of mistakes aka opportunities to learn. The advice I would give my kids at 25 is based on what I did well and didn't.
> 
> I did the following pretty well and hope to pass it on to my kids:
> 
> ...


As I said earlier, I didn't even think of contributing to RRSP for first few years. I barely could save money anyway... I was working 2 part-time jobs for lst 3 years after university. When I did make my first 1-2 RRSP contributions, I wasn't even sure what /how a RRSP would help me.
By the time TSFA was a created, I was maxing it, every year, for sure.

If it weren't from being raised in a large, poor family and knowing all things that my parents did, to save money, I really wonder if I would have been saver all along. Seriously. I really believe parents, as role models are very important for children. *However they have to have habits that don't result them complaining a ton and also for an activity that actually shows to their children, creativity that is actually enjoyable if you do an activity with an outcome that is even better / more fun.* So the real life "demo" was sewing. That sewing your own clothing was often a garment that better fitted, in colours and fabrics of your own choosing.

Cooking for certain dishes was another area...how to take a cheap, under appreciated veggie or fruit and create dishes that were unique and tasty at home for a low(er) price.


----------



## Tostig (Nov 18, 2020)

I'm not sure what I would have told my 22 to 25 year old self what I should have done better. Maybe instead of living in a dump to keep costs down, to live in a better neighbourhood? I often wonder if my postal code may have been a filter from getting interviews.

Anyway, after getting my first office job and then a 20% pay jump for my second job, I was on my way. But about ten years later when I found time to attend a social event with the Professional Engineers, I was pissed when I was meeting new grads earning the same pay I was making. That's difference between getting a job from a small company emerging from a recession to landing a job in a big corporation when the economy is booming with a few years before the next recession.


----------



## Eclectic21 (Jun 25, 2021)

jlunfirst said:


> As I said earlier, I didn't even think of contributing to RRSP for first few years. I barely could save money anyway... I was working 2 part-time jobs for lst 3 years after university ...


Interesting ... I was working one part time job while trying to finish my degree and made small RRSP contributions.

Back then, the carry forward rule did not exist so whatever RRSP contribution room one did not use was lost. Losing unused contributions was the case for over thirty years.


Cheers

*PS*
I was still in high school, doing fruit picking (i.e. only full time for a few weeks) when I scrounged to find money to buy the Canada Savings Bond that paid 18% interest.


----------



## Plugging Along (Jan 3, 2011)

jlunfirst said:


> As I said earlier, I didn't even think of contributing to RRSP for first few years. I barely could save money anyway... I was working 2 part-time jobs for lst 3 years after university. When I did make my first 1-2 RRSP contributions, I wasn't even sure what /how a RRSP would help me.
> By the time TSFA was a created, I was maxing it, every year, for sure.
> 
> If it weren't from being raised in a large, poor family and knowing all things that my parents did, to save money, I really wonder if I would have been saver all along. Seriously. I really believe parents, as role models are very important for children. *However they have to have habits that don't result them complaining a ton and also for an activity that actually shows to their children, creativity that is actually enjoyable if you do an activity with an outcome that is even better / more fun.* So the real life "demo" was sewing. That sewing your own clothing was often a garment that better fitted, in colours and fabrics of your own choosing.
> ...


After university, I landed a full time job (not quite in my field) right away and kept my other two part time jobs. I was making okay money for a new grad, but quite lousy with my spending habits. I had student loan debt and to my family's disappointment stupid consumer debt. My siblings lent me the money to pay off the consumer debt interest free, but at a more aggressive payment plan (super grateful for that) 

I had all the knowledge but lacked discipline. It was my oldest sibling that took me to his advisor, had me take out a small loan ($3K) to start my RRSP. It seemed counter-intuitive, but it was helpful. I was always good at paying off my bills, but not great at savings, so by taking out that loan, it made savings just like another bill. The loan was at a very small percent interest, but I had to make monthly payments, and then used my tax refund to go directly on the loan. I was paid off faster than in the year. Then I just continued to pay the same amounts of 'payments' along with the tax refund. When I paid off my siblings loan, or had any increases in pay, or 'found' money I put it towards my RRSPs untill I had them caught up and maxed. I am very thankful I had family that 'forced' me to do these things. I understood why and how, but just didn't want to. So they had me create that habit. 

I have say coming from a poorer family too, I had great role models and still didn't always follow the path. That's just how it is. I am glad I had the foundation, but I almost had too much of it. My family was super frugal, and I hated it. It was actually a motivation for me to work hard to make more money so I wouldn't have to be frugal. I went too far on the other side when I was making more than all of my friends, I was only spending more. I appreciate now the important of balance. I am so glad I know how to make money, save/invest money and spend money. I think people often focus too much on just one and don't think about the other, but you really need all three.


----------



## jlunfirst (1 mo ago)

Plugging Along said:


> .......... It was my oldest sibling that took me to his advisor, had me take out a small loan ($3K) to start my RRSP. It seemed counter-intuitive, but it was helpful. I was always good at paying off my bills, but not great at savings, so by taking out that loan, it made savings just like another bill. .........................................
> 
> I have say coming from a poorer family too, I had great role models and still didn't always follow the path. That's just how it is. I am glad I had the foundation, but I almost had too much of it. * My family was super frugal, and I hated it.* It was actually a motivation for me to work hard to make more money so I wouldn't have to be frugal. I went too far on the other side when I was making more than all of my friends, I was only spending more. I appreciate now the important of balance. I am so glad I know how to make money, save/invest money and spend money. I think people often focus too much on just one and don't think about the other, but you really need all three.


I loaned some money($2K) to youngest sister for her final medical education yr. I actually forgot about the loan and mentioned it..um a decade later.  We get along well and are working things out ...in a lazy way. She has children and has geared down to part-time doctor role plus other non doctor job. 

For sure, being frugal was a bit tiring when growing up. This is why parents shouldn't blame children, etc. Looking back, it was the acute awareness our lives as children and teens just seemed less easy (because couldn't buy), and sometimes eating same type of food dish because a veggie, etc. was on sale at a super low price. Or childen's outfits for 2-3 children, sewn from the same material. 

One of the outfalls of all of this, is that amongst my sisters we did not borrow each other's clothing. We seem to have an unspoken need to each maintain our unique image/fashion sense, by wearing clothing that belonged just to ourselves at a point in time. It was only when sister 1 outgrew a garment, then it got passed to whoever could/wanted to wear it. 

And to this day, we very rarely borrow each other's clothing except for a few hrs. (because a person forgot to pack something in luggage). Besides we're different sizes by now. (Though not totally extreme differences.)


----------



## Benting (Dec 21, 2016)

Every now and then I would tell my wife 'I should have gone to the class that night'. But most of the time, I am glad I didn't.

A few decades ago, I go to evening class 2 nights a week after work. One school day, a few colleagues got together to have dinner out that night. They asked me to join them. So I skipped the class and join them. At that restaurant, I met my 'future wife', a niece of a colleague. She was having dinner with couple of her friends. Well, the rest is history !

I've often wonder what my life would be if I had gone to the class that night.


----------

