# Do you ever regret being financially responsible?



## bean438 (Jul 18, 2009)

I ask because I ran into an old school mate who hasn't changed since high school. 
She drifts from job to job, rents an apartment in whatever city she happens to live in. 
She still spend it as fast as she earns it. No savings at all, no home equity. 
She either takes transit or drives a barely running beater. 
She drinks,smokes, has travelled to more countries , been to more concerts, olympics, you name it than many people will ever do in a lifetime. 
Her theory is to live each day as if it is your last because tomorrow my never come.
She will end up "floating" around until 65, assuming she lives that long. Since she will be "poor" and we HAVE to look after our poor, she will receive GIS and no OAS clawback. 

I on the other hand work hard and save. Sure I still play too, but only if the savings are done first. I still live my life the way I want to live, so I consider myself wealthy. I enjoy watching my 5K grow in my TFSA rather than blow it on 3 weeks on a beach somewhere. 
My plan is to pull the pin at 54 and enjoy a retirement with no financial worries, assuming I don't die, or wnd up having a stroke, or crippled. 
I realize its all about choice but I will not receive GIS or OAS because I will be too "rich" and it is not fair to the "poor" old people who made the decision to blow it all in their youth. 

I still believe I am doing the right thing but running into my old friend got me thinking if we both died today, she has lived a well lived life. I have lived a good life too, but haven't lived like she has. My death would also give the govt a nice windfall while she would leave sweet tweet. 

Do you ever regret your financial decisions?


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## brad (May 22, 2009)

bean438 said:


> Do you ever regret your financial decisions?


Not the good ones! ;-)

Your friend sounds like my stepdaughter, who lives pretty much the same way except she has no energy or ambition so she's going to "see the world" only from her couch, on television.

I was more of a spendthrift in the past but the stress of always worrying about money and having no safety net finally got to me. I now approach it as a craft, a discipline, and get that sort of fulfillment from it...the same fulfillment you might get from pursuing any craft or discipline and improving your skills. 

Both my parents and all my uncles (10 of them!) died of cancer, so I don't have a lot of optimism that I'll have a long life, and yet the idea of living for the moment and not saving for the future just doesn't appeal to me anymore.


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## OptsyEagle (Nov 29, 2009)

When you come across this stuff you need to ask yourself "would you really like to do all that stuff? Would it make you any happier?". Keep in mind, like a party someone else is talking about the next day that you were at; it always sounds better than it really was. 

No, I do not regret being financially responsible. I do everything that I really, really want to do. Think about it. If you have the money and there is something that you really, really wanted to do, you would do it. So, if you end up saving the money, that fact alone states, that you did or have everything that you really, really wanted. Now run the same analysis with a spender who has spent their last nickel. What are the chances they bought the last thing they wanted, when they spent that last nickel? Who do you think is actually happier?


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## bean438 (Jul 18, 2009)

Eagle I get what you are saying. Actually the plan is to do many of the things she did when I retire. The difference is that she hitchiked and stayed in hostels and I will afford a Hilton. 
My concern is that will I be healthy and non crippled enough to do so. 

It really does bug me about the clawbacks I will suffer due to my selfd impose wealth. 
GIS should be for sick and disabled people who couldn't work. Not for people who are spenders,and people who chose to have 10 kids kids with 10 different fathers. 

Reminds me of the grasshopper and the ant story. 
Perhaps this is partly to blame for our low saving rate?


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

Ah yes, grasshhopper and the ant. I know that one well, you could easily change the variables and you would have a very accurate portrayal of our CDN cities.

I have been through a lot of hardship and this has caused me to be extremely careful about saving a huge rainy day fund that could keep me going for a year with no income. But my concept is that I save FIRST, build up a pool of money, then look ahead to the next 6-12 months and figure out what I might like to do. For instance, summer trip, $1000 on whatever, $3000 on some dental work etc etc. Big stuff that isn't urgent but I would like to do. I then look at the costs for each, consider how much money I will have at the time the money would need to be spent and then prioritize what I want to do.

One key element is I lead a simple life and keep the desires in check. My car is 12 years old (fully maintained, not a piece of junk, no rust or damage), I live in a nice apartment and I enjoy summer day trips to explore the countryside. I do not need to keep up with my colleagues at work by having huge mortgages with no breathing room in case of job loss or adversity. I have a 4x3 TV (yes yes I know I'll burn in hell for it), a cheap DVD player, basic cable and Internet, no cell phone and the absolute minimum of recurring monthly expenses.

I think if more people lived this way they wouldn't be continually talking about debt repayment and could instead plan their year based on the cash they HAVE. No one wants to do that because they want all the toys and luxuries NOW.


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## Oldroe (Sep 18, 2009)

We fall in the middle all the bills are payed the investments made usually have 1 brand new vehicle 1 5-10 years old. We eat out to much travel every year (leaving for Florida) shop to much and are just generally spoiled.

We also have never had un controllable debt but are not afraid to borrow.

I just feel very sorry for people that will die with every cent.


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## bgc_fan (Apr 5, 2009)

Personally, I'm a middle of the road type person. I don't believe in depriving myself of certain pleasures (yearly big trip) for the sake of making the extra mortgage payment. As it is, I'm fairly aggressive as far as saving and paying off the mortgage, but I always feel that there's always a balance between being completely miserly and being a spendthrift. 

As for you situation Bean, if you hadn't met your old classmate, would you even care about your happiness? I mean if you felt fulfilled before why any change? My thoughts on these type of situations are that if others want to spend their lives like that then let them. It doesn't have a negative effect on my life (unless you count the extra taxes for GIS and OAS), but really, why should I care.


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## Spidey (May 11, 2009)

bean438 said:


> I still believe I am doing the right thing but running into my old friend got me thinking if we both died today, she has lived a well lived life. I have lived a good life too, but haven't lived like she has. My death would also give the govt a nice windfall while she would leave sweet tweet.
> 
> Do you ever regret your financial decisions?



I know people like that too, and it always shakes me up a bit. However that type of care-free attitude almost always requires being single or at least not having children. Otherwise, the children and spouse usually suffer. I probably couldn't change my frugal nature if I tried but I think people like your friend can teach us a few things regarding how we approach life.


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## FrugalTrader (Oct 13, 2008)

Bean, would you be happier living like she does? Would you be happy collecting GIS in retirement? If you have a saver personality, then converting to a spender probably won't make you any happier.

As well, OAS doesn't get completely clawed back until you reach $107k+ in income during retirement.


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## scomac (Aug 22, 2009)

Spidey said:


> I think people like your friend can teach us a few things regarding how we approach life.


Absolutely! Money is a means to an end, it shouldn't be the end goal in and of itself. Far too many people envision living the good life at some point in time in the future, only to get to that point and then they just can't do it often for reasons beyond their control.


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## stardancer (Apr 26, 2009)

bean438 said:


> She drifts from job to job, rents an apartment in whatever city she happens to live in.
> She still spend it as fast as she earns it. No savings at all, no home equity.
> She either takes transit or drives a barely running beater.
> She drinks,smokes, has travelled to more countries , been to more concerts, olympics, you name it than many people will ever do in a lifetime.
> ...


I have seen these people when they hit their late 40s, 50s and early 60s. They are unemployable and either take menial jobs (the only ones available to them), continue working at a job they don't like, or end up on social assistance. I saved as much as I could. Then when my husband and I deemed it was time to retire- we had the choice.


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## scomac (Aug 22, 2009)

stardancer said:


> I have seen these people when they hit their late 40s, 50s and early 60s. They are unemployable and either take menial jobs (the only ones available to them), continue working at a job they don't like, or end up on social assistance. I saved as much as I could. Then when my husband and I deemed it was time to retire- we had the choice.


I don't doubt that has been your experience, however, we need to guard against rationalization based on anecdotal evidence. We make choices and then periodically justify those choices by anecdotal observation; if I chose an alternative the result would be thus based on a particular example or series of examples, much in the same way savers assume that life will be rosy in retirement discounting illness, early death or even the inability to spend compromising the expected outcome. You can't assume that a more hedonistic lifestyle will automatically lead to a lower quality of life in later years. We may need to convince ourselves of this eventuality in order to justify our sacrifices during our working years, unfortunately that doesn't mean it's true. Perhaps that's why they call it the pursuit of happiness rather than simply engaging in what makes us happy each and every day.


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## steve_jay33 (Aug 29, 2009)

My only regret is not saving more and working harder when I was younger. 

The one word that comes to my mind to describe that situation is *balance*. 

You have to know what makes you happy. For me going to concerts, living day to day doesn't really appeal to me.


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## andrewf (Mar 1, 2010)

Maybe this makes the case for higher mandatory contributions to something like CPP. Thus, people who earn decent money through their working years can't blow it all and receive a subsidy from those who were more diligent. We might even then be able to afford to increase benefits to those who are genuinely poor due to disability, illness, etc.


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## Cal (Jun 17, 2009)

Not for a second.

Couldn't imagine living my life any other way.

Also, I wouldn't be as happy if I weren't financially responsible....but that's just me.


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## msimms (Apr 17, 2009)

saving, investing and watching my money grow gives me a high. to me that's better than any beach in the tropics.


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## Addy (Mar 12, 2010)

What msimms said. We're paying off our mortgage April 1st (in the morning, but it's no April Fool joke!) and I'm so excited by it I almost can't stand the excitement. For two people (husband and I) who had virtually nothing 10 years ago, we've come a long way baby!


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## FrugalTrader (Oct 13, 2008)

Addy said:


> What msimms said. We're paying off our mortgage April 1st (in the morning, but it's no April Fool joke!) and I'm so excited by it I almost can't stand the excitement. For two people (husband and I) who had virtually nothing 10 years ago, we've come a long way baby!


Congrats on reaching the big financial milestone!


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## bean438 (Jul 18, 2009)

I know I am doing the right thing. It just set me back listening to all the places she has seen. Walked the great wall of China, saw the berlin wall fall. Ireland, Thailand, Austrailia, mountain climbing, surfing, you name it she has done it, and seen it.

I've been to Vegas, Disneyland/world, Mauii, and I sit and watch growing dividends being deposited into all my accounts.


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## brad (May 22, 2009)

bean438 said:


> I know I am doing the right thing. It just set me back listening to all the places she has seen. Walked the great wall of China, saw the berlin wall fall. Ireland, Thailand, Austrailia, mountain climbing, surfing, you name it she has done it, and seen it.


Travel per se isn't necessarily irresponsible from a financial point of view, and I'm all for enriching one's life through experiences like that. 

Years ago I had a dream that was so vivid I remembered it very clearly, and it seemed to have a message about all this:

In my dream, I was sitting by the fireside talking with Bruce Chatwin, the novelist and travel writer. He was telling me stories about his adventures, and the more he talked the more I felt like I'd done nothing with my life. I looked at him and said, "you know, if life were a book, you'd be a writer and I'd only be a reader."

He thought about that for a second, and then laughed and said, "that's nothing to be ashamed of, really. Most people just watch television!"

If there's a message in there, it's that you shouldn't put yourself down just because you haven't seen the world; as long as you have been engaged in life and have achieved (or are on the way to achieving) some things you're proud of, that's fine. Mostly it's important to avoid treating life like a spectator sport.

I don't meant this as an excuse for complacency, but I think everyone has different priorities in life and in the end we have to stand up next to our own yardstick -- not someone else's.


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## Spidey (May 11, 2009)

bean438 said:


> It just set me back listening to all the places she has seen. Walked the great wall of China, saw the berlin wall fall. Ireland, Thailand, Austrailia, mountain climbing, surfing, you name it she has done it, and seen it. I've been to Vegas, Disneyland/world, Mauii, and I sit and watch growing dividends being deposited into all my accounts.


Part of the reason for saving is to have the flexibility to take action regarding things that would enhance your life. If you want to go to any of those places where your friend has been, you should (frugally) plan for it and go. You only live once.


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## 777god (Mar 16, 2010)

*a*

Her life sounds like a total nightmare to me.
But hey, to each their own.

I am currently working and saving.
That's what makes me feel good.
I also have fun but I do save.

When I retire I want to live well, not on CPP.

I just hope I don't get hit by a bus tomorrow, lol.

In any event, do not compare yourself to her. If you don't resent her freedom now she will have no reason to resent your money later. 

Wish her well and that's it.


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## Jon_Snow (May 20, 2009)

Sometimes... not often, but sometimes I wonder if the frugal/financially responsible lifestyle my wife and I have embraced is the right path. The net worth chart has a nice upward sweep to it these days and that is nice to see, but the sense that we may be "missing out" on some essential experiences while we are still young (late 30's) remains.


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## OptsyEagle (Nov 29, 2009)

Listen guys. It's all about the fact that while we still need to make more money to live, we are at times, always going to be someone else's b!tches. It's natual to want to get to the point that you don't need to take any garbage from anyone, just for the sake of making money and until you are financially independant, you will always have to do this.

Now we have figured out that every dollar we save and make grow, is another step closer to that world we want to live in. Not everyone has looked at it that way and perhaps they wouldn't care if they did. But in my opinion, the only way to be truly free in this world, is to be financially independant and therefore, most other things are just going to come in second to "being free".


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## Dr_V (Oct 27, 2009)

Jon_Snow said:


> Sometimes... not often, but sometimes I wonder if the frugal/financially responsible lifestyle my wife and I have embraced is the right path.


My wife and I exercise financial prudence because we believe that doing so ultimately leads to a greater _average_ happiness. This is quite different from achieving "maximum instantaneous happiness", which, while no doubt great, is usually fleeting. 

K.


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## osc (Oct 17, 2009)

OptsyEagle said:


> the only way to be truly free in this world, is to be financially independant and therefore, most other things are just going to come in second to "being free".


I agree with that. I like to travel and I could move into a better house but my number one priority is to be financially free as soon as possible.


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## Oldroe (Sep 18, 2009)

It's all about balance. In our financial life we have pushed hard to close property deals thinking we will never have a dime and bring it back to balance. 

Last March I rolled bucket of quarters to buy another block of BNS, and at the end of March went to Vegas were we spend $360 for a meal at Emeril Legasse restaurant (wife loves the show).

Coffins don't have trailer hitches.


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## Four Pillars (Apr 5, 2009)

I think your personality plays a part in the decision to be financially responsible or not.

Some people have the ability to "not worry" about living life on the edge and that's why they live like your friend. The rest of us are on this forum. 

Besides - you still have the option to live like her if you really wanted to - quit your job, start travelling etc. She can't "quit" her lifestyle.

Alternatively, since you seem to be envious of her travels - maybe you should consider travelling a bit more? You can walk the great wall of China without quitting your job after all.

Best thread ever.


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## CuriousReader (Apr 3, 2009)

I am still quite young and I am trying my best / working hard to be smart in savings and investing with the future wealth / well-being always in mind whenever I decide whether to buy something / not.

Having said that, I do have a very expensive hobby. I love travelling, I love seeing the world and new places I never been to. In general, I travel (1 week vacation or a bit more) to somewhere new (US / Europe / Asia / etc) once a year, when I travel I still try to be frugal, 
- sometimes I decide destination based on the best flight deals, etc ... 
- I stayed in cheaper hotels (all I need is a clean place to shower and sleep, no need for sauna/swimming pool/etc), complimentary breakfast are good ... 
- and I walk almost everywhere (not paying for transits / cabs, and you get to see a lot of stuff by walking) though sometimes things are just too far ... or sometimes you want to take the transit just for the sake of being in foreign transit system

I have been wanting a new computer system for a while now but been delaying that for 2 years because I dont play much games that need the latest and greatest GPU, ... and there are other things that I can happily put on hold without lowering my quality of life.

So as been said: it's all about balance


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## bean438 (Jul 18, 2009)

Its not her travels, it is her ability to just get up and go. She will work somewhere to save up enough to get somewhere. Quit work, travel somewhere and work if and when necessary. Another friend of mine lost both parents to cancer. He is not as extreme as my travelin friend but he lives for today. If he wants something he buys it on credit, so long as he can afford the payment. 
I guess it is about balance. While a new car every 3 years on lease is nice, there is no better feeling than waiting 10 years and paying cash for a car. 

While the brinks truck doesn't follow the hearse, I save first. I enjoy a growing TFSA, and RSP. I enjoy dividend deposits. 
I want to be mortgage free but I just want it paid off by the time I am retired. I will not pay it off quickly at the expense of not going to Vegas once a year. 

I define wealth as being able to live your life they way you want to. 

According to this definition I truly am wealthy.


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## dogcom (May 23, 2009)

I think not throwing money away should be the first priority.

This means trying to pay off all debts, mortgages loans and such as soon as possible while still enjoying your life.

Not paying to much for purchases, if you can easily find something the same or simular for less money.

Doing work you can easily do yourself instead of hiring someone, to save a lot of money unless you could make more money with the time spent.

After this do what makes you happy and enjoy your life. I think the government could also learn from this fact to make Canada an even better place to live. 

After that do what makes you happy.


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## travelgeek (Nov 29, 2009)

I don't think being financially responsible means depriving yourself of life's pleasures. Similar to some of the previous posters, I love to travel. So I will cut back spending on other things which aren't as important to me..... cars, big houses, expensive clothes, electronics. If I want to fly somewhere, I can do it without having to think much about it.

Being financially responsible so far has also allowed me to purchase whatever I want debt free, meaning I won't be a slave to anyone like the bank or work. I'm committed to the job, but if things turn sour, I can say f*** you and not worry about where my next paycheck is going to come from.


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## ShowMeTheMoney (Apr 12, 2009)

We all want the same thing. Freedom, happiness ...
Your friend finds it her way, thinking freedom is not being tied down to responsibilities; You find it yours, thinking that freedom comes from financial independence. I'd suggest you sleep on it for awhile, think about what is missing in your life that makes you regret your ways, and possibly let yourself splurge on an a trip, or anything that excites you. Could be a big thing, or small little indulgences. You should never have regret. Save up for what you need responsibly as is your nature and you won't need to go against your gut. There is no absolute "right" way to life. Sometimes it takes other people to shock us into seeing other possibilities. Don't just dismiss your friend as being wrong, she's not, and neither are you.


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## mogul777 (Jun 2, 2009)

bean438 said:


> I still live my life the way I want to live, so I consider myself wealthy. I enjoy watching my 5K grow in my TFSA rather than blow it on 3 weeks on a beach somewhere.


Here is the meaning of the story. You live your life your way and are okay with that as she is with hers... assumingly. I seriously doubt she'd enjoy watching the TFSA grow near as much as partying and laying on the beach. 

You seem concerned that your saving has caused missed opportunities yet say you are satisfied? Contradictory. Such is life. Choices are made, lives lived. How someone else chooses to live is not your, or my, concern.


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## Learn Save Invest (Mar 18, 2010)

I think its all about the middle path. I've been on both sides of the coin before. When I was younger, I wouldn't stop spending. More recently I've become so tight that I scrimp on things I shouldn't.

I wouldn't say I REGRET being financially responsible, but sometimes I envy those who just go out and buy whatever they want. However, I know at the end of the day seeing my bank account grow bigger and bigger makes me happy. 

-LSI


http://www.learnsaveinvest.com


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## OhGreatGuru (May 24, 2009)

I couldn't live that way. But from your description I'm not sure she's being financially irresponsible. She has chosen a footloose lifestyle, but nothing in your post says she isn't paying her own way. And it sounds like her needs are simple enough that she may live quite comfortably on CPP, OAS & GIS, particularly if she is not tied to livng in an expensive city.


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## Berubeland (Sep 6, 2009)

Once upon a time my boyfriend and business partner of 7 years decided to move out while I was at work one day. 

The business we ran together used my personal credit cards about 25000 worth. This was easy enough to pay when I was in the business but once we split it was impossible. 

It took me years to pay off those defaulted credit cards. 

I regret it because even thought I paid all the money back it was entirely useless to my credit. My credit was just as ruined as if I had not paid back one cent or declared bankruptcy. My credit is still destroyed I just got a prepaid card December of this year. 

So I absolutely regret paying those guys back. Not only that but at a time when I was down and out in my life they tried very hard to make me feel lower than a slugs belly. I was relieved when my phone got cut off for a while. My state of mind was too horrible for words. It did teach me a lot about being kind when evicting people. Being without money is not a personal fault, it is just being without money. It does not speak to your character or your future success either.


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## OhGreatGuru (May 24, 2009)

In retrospect maybe declaring personal bankruptcy would have been a better move, even though it would have gone aginst the grain of your ethics. But your real error in judgment (apart from the disappearing boyfriend/business partner) would seem to have been financing your business with personal credit card debt in the first place. Tough lesson learned. My sympathies.


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## Larry6417 (Jan 27, 2010)

*Not at all!*

As has already been mentioned in this thread, balance in your life and finances is essential. I've met one person who was an extreme saver. She had planned on travelling with her husband after retiring. They had saved religiously for years. Shortly after retiring, her husband passed away. Her medical problems worsened after her husband's death, and she was unable to travel on her own. Unfortunately, they were never able to fulfill their dreams together.

I've also met people at the other extreme. Most of those people say that they enjoyed themselves, but they also tended to say that they wished that they had saved more.

When I graduated, I was psychotically cheap for about 10 years. But in that 10 years I paid off my student loans and mortgage, and maxed out my RRSP. After that, I've been less strict. I still save, but I also don't hesitate to spend on myself or my family for some of the finer things in life. Before I spend, I ask myself if it's a want or a need. If it is a want rather than a need, I ask myself what that want will do for me. Will it enhance my enjoyment of life significantly? If so, after a "cool-off" period to think, I'll spend. Even if I spend, I still try to get the best value possible. 

To me financial security is a worthy goal itself and well worth saving for. But money itself, to me, is not a goal in itself. It's something that enhances life. If you don't use it to enhance your life, then what's the point? I spend more now, but I still spend within my means and get the best value possible.


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## Tesla (Mar 20, 2010)

Well First off i'm 24. When I graduated high school I got a job and started working the usually monday-friday. My job however is very flexible with hours and theres a reduced work load in the winter months. You can request being laid off or say nah and then picked outta the ones who stay on. I worked one winter outside doing my job and I don't like doing it in the winter. Another thing in my job is in the spring, summer and fall months theres unlimited over time so you can work as much over time as you want.


Anyway I went college part time at night while working a good amount of hours. Ended up buying a 3 bedroom 2 full bathroom condo in 2006 before the real estate over pricing. I got 2 room mates which covered my rent and mortage payment by itself. My mortage payment was $250 biweeky and condo fees which are still $500 a month which include electricity, water, gas, property taxes. I work for rogers video part time maybe 1-2 shifts a week and get 50% off my rogers bills which include my home net, phone, and personal tv which my hours at rogers it pays for itself basically. I'm a health nut so I don't tend to be cheap on food or eat processed stuff and I only eat out once a week usually like sushi, pad thai or the something.
My work gives me a car, laptop, internet and cell phone when I'm wokring. And across the stree from my building theres a mall and strip mall with everything plus a short walk to a libarby. My condo has an indoor pool which I use every morning and a really really amazing gym which I used in the evenings. Also across the street theres a park with a ball diamond, school, chruch, hill, soccer feild, basketball court. Basicially an amazing area.
Anyway after some negoticing with my bank I managed to be able to pay $500 every bi weeky payment. As well as a 20% annual mortage reduection. So because of that I managed to pay off my mortage fairly quicky in 2 years. 
Now I take the winters off to travel and see other things. This past year for example I spent 1 month in Vancover during the winter olpmics and saw canada win the gold metal in hockey and I went to a bunch of other events. Also things like that.
I'm planning on a road trip in the southern states.
Now since I don't have a mortage I've been maxing out my RRSP, TFSA, and another investment account. I also used some money to do a compete reno on my condo. 
I've been thinking about investing in some condos in my building. 

Anyway I do plan trips and see lots during my off months as I save alot. I don't care I love going places.


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## BeautifulAngel (Jun 30, 2017)

Not at all, being financially responsible has allowed me to save up money for my emergency fund, pay off a huge chunk of debt, and work towards my future. If I wasn't financially responsible I feel like I'd be in so much debt and would be broke all the time.


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## CalgaryPotato (Mar 7, 2015)

I don't because I try to find balance in my life. To me being financially responsible doesn't mean saving every penny for the future. It means keeping all my goals, short term and long term in balance and allocating my budget accordingly to that.

If I was saving for tomorrow solely but not enjoying any of my money today, I think I'd be setting myself up for regret, as I don't know what the future holds and I can't take it with me. The idea of being rich in my 70's and hoping to live for healthy decades after that to spend it on all of the things I couldn't have now, doesn't appeal to me.


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## Mechanic (Oct 29, 2013)

Why are all these old threads being revived ? Start a new one instead, more likely to be active.


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## redsgomarching (Mar 6, 2016)

No because while people boast about their trips yaddeeyaddeeyadda most of them are to the hilt pressured with stress from said reasons. im setting myself up for success. in a year I make enough from passive income to go on the same trip that they would have to pay for with their salary. 

everything is relative but one thing that is for sure is that everyone should always be focused on their goals and not worrying about the flash of other people.


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## AltaRed (Jun 8, 2009)

Mechanic said:


> Why are all these old threads being revived ? Start a new one instead, more likely to be active.


I can't see how that makes any difference. I assume everyone goes to 'New Posts' option anyway..which brings one to posts that are new since last signon.


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## yyz (Aug 11, 2013)

All revived by the same poster who just joined.You would be digging pretty deep to get at those old threads some 8 years old.Cmon this isn't normal behaviour


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## Karen (Jul 24, 2010)

I'm a 74 year-old-old widow, and nothing could possibly give me more pleasure than knowing that I have plenty of money to last me my lifetime. I am an exception among my friends, most of whom are not really poor, but have just barely enough money to get by on and have to watch every penny. I don't go without anything I really want, I take my kids or a friend out to a nice restaurant once in a while, I have someone come in to clean my house once a week, and someone to cut my grass every week. In other words I live a very comfortable life, free from financial worries, and it's because I prepared well for my retirement - paid off my mortgage by the time I was 40, maxed out my RRSP, didn't think it necessary to take an expensive vacation every year (although my husband and I had a few very nice vacations in the Orient and spent a month in Great Britain and Ireland in 1991.) So I feel very content with the decisions I made during my younger years and that I found a good balance between enjoying life then and preparing well for retirement. If I need the money for a care home later on, it's good to know I have it; if I don't, I will be delighted to know that my daughters will be able to use it to make their lives easier.


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## BeautifulAngel (Jun 30, 2017)

Mechanic said:


> Why are all these old threads being revived ? Start a new one instead, more likely to be active.


Because why make a new thread if there is already a thread about it? Seems useless to me, that's why I've been responding to the old threads. Also I'm new and on other forums the owners don't tend to like it when you start a new thread on a subject when there is already one. 

This one seems to be getting just as active and just as many responses as if I started a new one. I fail to see how opening a new thread on something would make it more likely to be active.


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## Danielvalerio506 (Jul 1, 2017)

We have to really ask ourselves what do we really want in our lives. 

Do we really want to live our life traveling the world? jumping from job to job? living in whatever apartment we find? having zero stability? having zero savings? always thinking about what to do next? 

Or maybe should we think of a strategy to really invest part of our income and think about the future so that we can really retire someday having investments and savings that can support our lifestyle when we finally retire.


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## sags (May 15, 2010)

People with a strong attachment to money surely do have a difficult time understanding how other people have no attachment to it at all.

I suppose the opposite would be true as well. Some people wonder why wealthy people continue to desire more.


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## Just a Guy (Mar 27, 2012)

I'm sure, if the government gets around to "taxing the rich" to fund things like UBI, I'd have to question why I bothered to become financially responsible. What was the point in going from dead broke, to wealthy just to have it taken away. I could have just sat around and gotten it handed to me.

People who've never had to make a lot of money surely have a difficult time understanding how much work and sacrifice go into that. Many just think we sat around all day, eating Bon bons while exploiting the lower class. Having never tried to make serious money on their own (often citing how hard it is to do), they figure those who did could only have done it by cheating, and thus should hand it over asap. 

As for why the wealthy may want to make more, there are numerous reasons I could think of. 

1) The ability to help causes they feel are worthy (philanthropy, something the poor rarely do...even unemployed people could volunteer for a cause, but they tend not to). 

2) they were self made. Being broke has a psychological impact on people, especially if they lost money to become broke. They often fear losing everything again. Many people who lived through the depression experienced this. 

3) it's who you've become. When you start a company, it's a lot of work. It consumes a lot of your time, thinking, energy, etc. It's a huge sacrifice. After many years of doing that, you tend to not know how to shut it off, it's all you can do. Hard to balance family and business, and that often shows. 

4) you want to provide for your family. Only problem is, families grow. You'd like to leave your kids a lot of money, but you have multiple kids, that means a lot more money...then they have kids, and you want to help with the grandkids, even more money. 

5) it's what was expected. I know several successful men who went to work to provide for their families. It's what was expected of men in the past. Then, years later, after providing the big house, the good schools, all the activities for their kids...he kids tell them they'd rather of had less stuff and more time with their father. These people thought they were doing the best job of being a parent, as taught by society, only to find out they failed miserably.

With me personally, I was lucky and found a balance. I was forced to become financially responsible as well as finding ways to make passive income. Instead of being consumed by it, I learned lessons from those around me and struck a balance with my personal life. There was no other option at the time, and I certainly have no regrets. Of course, if I hadn't needed to learn how to do this because the government would bail me out, that would have been a lot easier.


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## Danielvalerio506 (Jul 1, 2017)

You know I really liked your post! You and I share a lot of ideas. 

1- One of the main reasons I make passive income and I want to make a lot of money is to be able to help others, help the poor, help children that need education and help people that need medical care. 
Most middle class people never help, they just think about themselves or they say ¨the rich can help I don´t have money¨

2-Being broke forces you to do something about it, it forces you to put your brain to work and find a solution. People with a normal job and a boring life never actually want to get out their confort zone and dive into deep waters of investing and financial education. 

3- I lost my first company and it was surely something very difficult but you have to learn from it and continue to make thing better next time. Most people don´t even try. 

4- That´s the importance of passive income, you always want to provide for you, your family, kids, grand kids. Passive income is the only way you can scale your income as much as you really like, contrary to a salary for example. 

5- You can make money but if it is not passive it will cost you a lot of time that you could be spending with your family. So again we will be speaking about time and passive income that gives you that free time to spend with your family and friends and enjoy life. 

Basically I agree to all of the point above explained by you. 

Question what is UBI?


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## janus10 (Nov 7, 2013)

Danielvalerio506 said:


> Question what is UBI?


Universal Basic Income


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## sags (May 15, 2010)

The problem with the passive income theory is that passive income doesn't create itself from nothing. 

Copious amounts of the "other" kinds of income are needed to create enough passive income to matter.

Leverage can be used, but that is entering the realm of high risk investing.


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## Just a Guy (Mar 27, 2012)

Real estate investing is a classic example of passive income, mostly low risk, with potential benefits for the poor.

I know a guy who buys cheap places, fixes them up nice (very similar to my strategy), then rents them exclusively to low income people on government subsidies. His places tend to get trashed fairly regularly, and he has a lot more evictions, but he continues to fix them back up and rent them again to the same group. He does have a few success stories, and even a few long term tenants. Because real estate can be quite profitable thanks to leverage, he can generally still make it cash flow despite the reaction from people he's trying to help.

As with most investing, time is also your friend. It's really hard to get good passive income if you want it overnight, but that's short term thinking. You can get excellent, double digit returns from safe companies if you hold or buy at opportune times. For example, in 2007/8 BMO dropped down to about $24/share while paying out $2.80 in a dividend. Last year it was $3.36. That's about 14% return and growing from hardly a "risky" investment. 

Start young, look for opportunities, don't just jump in because you want to, and you'd be amazed at what you can do in a short time. I'm not exactly sure of the timeframe, but I probably went from dead broke to financially free in less than a decade. It wasn't without sacrifice, but I certainly couldn't afford to gamble and most people think I'm very conservative in my investments. No Facebook, google or twitter in my holdings, no penny stocks, jr. mining. Just everyday companies everyone knows. My real estate is common, no exotic places, no weird deals, no vacation rentals, etc. I rent to everyday people.

All these "investment" started with minimal money, when I was broke, I took what little I could cut from my budget and used it to buy what I understood.

People who never take risks often cite how "risky" things are, yet they really have no experience, only fear guiding them. People who've only had a job, usually have no concept of how to make money other than from a paycheque. One of the reasons I don't listen to "brokers" who don't make money off investments. They've never done it, they can't advise you on how to do it, they can only sell you something.


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## Pluto (Sep 12, 2013)

Just a Guy said:


> 2) they were self made. Being broke has a psychological impact on people, especially if they lost money to become broke. They often fear losing everything again. Many people who lived through the depression experienced this.
> 
> 
> 
> 4) you want to provide for your family. Only problem is, families grow. You'd like to leave your kids a lot of money, but you have multiple kids, that means a lot more money...then they have kids, and you want to help with the grandkids, even more money.


What makes you want to give your kids and grandkids money? wouldn't you want them to be broke so they become self made?


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## kcowan (Jul 1, 2010)

Pluto said:


> What makes you want to give your kids and grandkids money? wouldn't you want them to be broke so they become self made?


I give the kids small amounts, $10k here, $50k there, not enough for them to give up their struggle but enabled them to get into cottage ownership. Grandkids get $10k a year for each of 4 years of college. Another $5k for birthdays and Christmas.


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## Mukhang pera (Feb 26, 2016)

Danielvalerio506 said:


> Question what is UBI?


Ubi is the Latin word for "where". "Semper" means "always" and "sub" means under. In Grade 9 Latin class we found it irresistibly droll to cite: "Semper ubi sub ubi", translating to "Always where under where." Seemed funny at the time.


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## Just a Guy (Mar 27, 2012)

Pluto said:


> What makes you want to give your kids and grandkids money? wouldn't you want them to be broke so they become self made?


I didn't say when I'd give it to them. My kids are expected to find their own way, they certainly aren't silver spooned. However, I may chose to help them establish a business, or develop a passive income. I certainly put money aside for their education, though I didn't tell them about it.

If they knew there was a pot of gold waiting for them someday, they certainly would approach work, school and other things differently. I brought them up with a good work ethic, and I taught them (rather reluctantly some days) about my various ways of making money, we often talk about investing, being a landlord, running a company. I've always told them I expect them to find their own way, they don't expect any inheritance, they probably know I'll never let the starve, but they are all fairly independent.

if they hit a rough patch, I wouldn't necessarily jump in and call the coast guard but, in reality, I doubt any of them would get into such a situation. They are very smart and have a much better background than I ever did. We also never hid what we went through from them.

That being said, they may not want the money if I gave it to them either, or I may choose to give it all to various charities but it's nice to have the option. I like having as many options open to me as possible. 

Remember, I was giving examples from things I've seen, not all of those applied specifically to me, I do know a lot of people.


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## MrMatt (Dec 21, 2011)

I've been jealous, I've second guessed decisions, but not really regretted.

The decisions I've made have landed me in a pretty decent place. Others haven't done quite as well.

Gotta be happy with that.


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## cashinstinct (Apr 4, 2009)

Maybe I should have bought a home sooner with 5% down in 2008 or 2009, instead of waiting a better job, 20% downpayment and extra cash for emergencies in 2012.

Extra Profit on house would probably be higher than cmhc insurance and extra insurance.

Seems like many people who bought on the minimum 5% downpayment were rewarded big, while others who had doubtsabout price or wanted not to pay for cmhc insurance were not rewarded for theirbeing responsible...


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## none (Jan 15, 2013)

That's the thing about investing though - high risk can result in high reward (regardless of whether you know you're taking on massive risk or not). 

Of course, it's a long game. a 50% correction is possible (although very unlikely) and if that's the case then you made the right choice. Who knows?


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## gladaki (Feb 23, 2014)

My regrets :

1)I dont know anything about personal finance till age of 30 
2)Invested 17000 in concordia now its market value is 6000.
But, i always kept it as a lesson for myself. Its still in my account showing all those red figures
At the same time, I started putting money away in index funds and jounery has been really good so far


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## My Own Advisor (Sep 24, 2012)

Hey gladaki,

I keep one penny stock in my account (small loss mind you) to remind me of the lessons learned from the past (avoid penny stocks and any trading).

Therefore based on lessons learned: 1) buy and hold blue chips and 2) own low-cost ETFs for the foreseeable future. Not playing with the portfolio!


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