*** Canadian Crew *** Part VII

[FearNoHardship]

By the way i never said here, Canadian bros and my ladies, if you have any financial questions, please either post it here quoting me or PM me. Im a Financial Planner and deal with credit as well. anything like shopping around mortgage rates or financing ,ask me the rates so when u go to the bank u have something u can hold on to when u negotiate. lol btw not soliciting anything, just wanna help out.

any experience on tax minimization besides RRSP?

[biggoron]

Amazing how busy this thread gets when a vagina enters

[Khangura175]

im late to the party

reppin etown, ALBERTA

FUK WINTAR

peace

[Marcoccia]

By the way i never said here, Canadian bros and my ladies, if you have any financial questions, please either post it here quoting me or PM me. Im a Financial Planner and deal with credit as well. anything like shopping around mortgage rates or financing ,ask me the rates so when u go to the bank u have something u can hold on to when u negotiate. lol btw not soliciting anything, just wanna help out.

Hmmm...Most likely have to pay off some stuff soon just want to figure out the best way possible.

[musti82]

any experience on tax minimization besides RRSP?

depends, self employed or employed. if ur employed, it sucks that u cant deduct anything from your income other than RRSP. TFSA is good for after tax income.

RRSP is not for everyone , if u r making 30-40k a year there is not much point doing RRSP, i would rather do TFSA. do auto matic contributions and stick to it, long term, it will pay off.

[musti82]

Hmmm...Most likely have to pay off some stuff soon just want to figure out the best way possible.

1- line of credit
2- visa balance transfer promotional cheques(usually limited time) 3-pay it cash.

[Ferocious12]

By the way i never said here, Canadian bros and my ladies, if you have any financial questions, please either post it here quoting me or PM me. Im a Financial Planner and deal with credit as well. anything like shopping around mortgage rates or financing ,ask me the rates so when u go to the bank u have something u can hold on to when u negotiate. lol btw not soliciting anything, just wanna help out.

If my credit is decent (not the best, but not bad) and I have 3 credit cards... (1 Amex, 2 Master cards) does it hurt my credit if I cancel one of the master cards? I don't even fukkin use one of the master cards?


Also thinking of adding another credit card and possibly cancelling both mastercards...but not sure if that willl be worth impacting my credit score.

[musti82]

If my credit is decent (not the best, but not bad) and I have 3 credit cards... (1 Amex, 2 Master cards) does it hurt my credit if I cancel one of the master cards? I don't even fukkin use one of the master cards?


Also thinking of adding another credit card and possibly cancelling both mastercards...but not sure if that willl be worth impacting my credit score.

cancelling doesnt really affect much, i can tell u i have 2 visas since 2004 and i qualified for visa, line of credit, mortgage and home equity line of credit. dont apply for credit unless u need to and dont apply too many placs, every credit check is a hit on ur overall score. if there is no usage on that visa, its not really helping you. one thing which helps u is, if u can pay the balance within a month use visa, get points , and improve your score.

ur credit score is important but trust me without the adequate income u cant qualify for anything. i have so many people coming to me and saying " i have great credit score, howcome i cant qualify for a credit" with 20-30k income or even no income.

[FearNoHardship]

depends, self employed or employed. if ur employed, it sucks that u cant deduct anything from your income other than RRSP. TFSA is good for after tax income.

RRSP is not for everyone , if u r making 30-40k a year there is not much point doing RRSP, i would rather do TFSA. do auto matic contributions and stick to it, long term, it will pay off.

employed so can't do a lot of the same things self employed can do lol. i maxed out RRSP and tfsa this year. no more room for tfsa from previous years.

funny thing is i went to school for financial planning lol.

also i bought a box of naming bars from costco and didn't realize how big the box was. I'm eating too much of this.

[musti82]

employed so can't do a lot of the same things self employed can do lol. i maxed out RRSP and tfsa this year. no more room for tfsa from previous years.

funny thing is i went to school for financial planning lol.

i know im on the same ship, i need my rrsp for lifelong learning plan to pay my gigantic mba tutition. i pretty much emptied my rrsp since school started 3 years ago.

TFSA is going to be huge in 10-15 years, the amount of taxes people would be saving. but if ur just depositing money into savings part of tfsa and not investing anything long term, tfsa does make little difference.

our generation is going to be working till we die, no CPP and old age pension can save us. unless u start saving earlier. and invest in real estate, the only hedge against inflation these days.

[Ehrmantraut]

I just wanna be able to make coin.

I get paid $16.75 here in Ontario but don't pay rent. Just car insurance + gas + phonebill + partying money.

You don't think it'd be worth it to work out west?

Does your current job pay your rent or you live at home or what? If you don't pay rent and your jobs pays it, no point in leaving making $16.75 imo. But if you're gunna have to pay rent soon then jobs here start around $25 for labour jobs. Obvs more for the trades. But you get lots of OT working 2 weeks in a row 10-12 hr days. I think most people not in trades make about $6k/month. BUT I'm currently trying to switch companies n site with a guy I know who has laboured and made about 120k since March this year, so I'm not really the person to get you in besides directing you to all the companies who hire chit tons of labourers and are on all the sites around here. If you have a dick, you have any tickets and/or any experience you'll get hired with one of them.

[Ehrmantraut]

cancelling doesnt really affect much, i can tell u i have 2 visas since 2004 and i qualified for visa, line of credit, mortgage and home equity line of credit. dont apply for credit unless u need to and dont apply too many placs, every credit check is a hit on ur overall score. if there is no usage on that visa, its not really helping you. one thing which helps u is, if u can pay the balance within a month use visa, get points , and improve your score.

ur credit score is important but trust me without the adequate income u cant qualify for anything. i have so many people coming to me and saying " i have great credit score, howcome i cant qualify for a credit" with 20-30k income or even no income.

Tfw have line of credit, car loan, visa, MasterCard, and student loans. Brb never missed a payment in any of them for the last 2-5 years I've had them. Maybe that's why I qualified for another car loan, cause my income isn't THAT good and I didn't have any down payment lol

[Ferocious12]

Does your current job pay your rent or you live at home or what? If you don't pay rent and your jobs pays it, no point in leaving making $16.75 imo. But if you're gunna have to pay rent soon then jobs here start around $25 for labour jobs. Obvs more for the trades. But you get lots of OT working 2 weeks in a row 10-12 hr days. I think most people not in trades make about $6k/month. BUT I'm currently trying to switch companies n site with a guy I know who has laboured and made about 120k since March this year, so I'm not really the person to get you in besides directing you to all the companies who hire chit tons of labourers and are on all the sites around here. If you have a dick, you have any tickets and/or any experience you'll get hired with one of them.

I live at home mate.

It would have to be a labour job since I don't have time to study a trade. I was looking for something out west for the next 9 months. I don't have any labour experience except for working at a factory a few years ago.

Do you think it's worth applying or just staying put in Ontario?

[FearNoHardship]

i know im on the same ship, i need my rrsp for lifelong learning plan to pay my gigantic mba tutition. i pretty much emptied my rrsp since school started 3 years ago.

TFSA is going to be huge in 10-15 years, the amount of taxes people would be saving. but if ur just depositing money into savings part of tfsa and not investing anything long term, tfsa does make little difference.

our generation is going to be working till we die, no CPP and old age pension can save us. unless u start saving earlier. and invest in real estate, the only hedge against inflation these days.

yup true. also what do you think is the best way to invest through your tfsa. right now mines just at brokerage with a major bank but the cost of trades are a rip off compared to others. i also need to do more investing cause got cash thats not doing anything but staying in savings not even keeping pace with inflation. was thinking of energy stocks soon when i see them bottom out lol.

[musti82]

Tfw have line of credit, car loan, visa, MasterCard, and student loans. Brb never missed a payment in any of them for the last 2-5 years I've had them. Maybe that's why I qualified for another car loan, cause my income isn't THAT good and I didn't have any down payment lol

here is one thing with financial institutions. if u dont ask for credit, we ll ask u to get more credit. if u ask for credit, we will give u hard time.

thats why pre-approved ones are always the best. credit has changed a lot though. when i started banking there were zero downpayment 40 years amortization mortgages, pretty much everyone qualified. now if u have less than 20% , its 25 years, and banks now use 5 year posted rates without any discounts to qualify, as per governemnt rules.

besides now the mtg sizes are bigger, which doesnt help too.

[musti82]

yup true. also what do you think is the best way to invest through your tfsa. right now mines just at brokerage with a major bank but the cost of trades are a rip off compared to others. i also need to do more investing cause got cash thats not doing anything but staying in savings not even keeping pace with inflation. was thinking of energy stocks soon when i see them bottom out lol.

i did that self directed day trading, realizing i need 6% return every single time to breakeven due to trading fees. now its much cheaper 10bucks a share.

if you have long time horizon and comfortable with risk, go with blue chip high yield paying stocks, or go with equity index mutual funds.

about market bottoming down, dont wait for it, u r missing out. there is no way to time the market. accept it and do regular contributions)search dollar cost averaging. and stay in the market(can do that with stock trading but will cost u more, mutual funds are more suitable for that, if u have brokerage, ETFs are good, low management fees. )

energy stocks are dangereous, stay out of natural gas lol.

i dont see the market bottoming at any point, they wil lgo through seismic fluctuations, which are good times to buy low. until US messes up with another crisis, the markets are good for another 3-4 years , till they find another way to mess themselves, thats the time to get out of stocks and buy precious metals.

i trade my bank shares in my TFSA, at least thats exempted from taxes.

[Ehrmantraut]

here is one thing with financial institutions. if u dont ask for credit, we ll ask u to get more credit. if u ask for credit, we will give u hard time.

thats why pre-approved ones are always the best. credit has changed a lot though. when i started banking there were zero downpayment 40 years amortization mortgages, pretty much everyone qualified. now if u have less than 20% , its 25 years, and banks now use 5 year posted rates without any discounts to qualify, as per governemnt rules.

besides now the mtg sizes are bigger, which doesnt help too.

Only time I was ever denied for anything was a visa when I turned 19. 6 months later I still had no credit built and I qualified for $5,000 with the same bank. And I've never had a problem getting any loans or anything since. Banks are fukked haha.

[musti82]

Only time I was ever denied for anything was a visa when I turned 19. 6 months later I still had no credit built and I qualified for $5,000 with the same bank. And I've never had a problem getting any loans or anything since. Banks are fukked haha.

once u built ur credit ur good to go. i never even bothered to look at my FICOH score ever. debt is a btch to work with, and its so hard to pay back and i feel for many middle class people like me, to put aside extra money to pay off debt.

[Ehrmantraut]

I live at home mate.

It would have to be a labour job since I don't have time to study a trade. I was looking for something out west for the next 9 months. I don't have any labour experience except for working at a factory a few years ago.

Do you think it's worth applying or just staying put in Ontario?

I would apply but I would get your basic tickets first. They're not expensive and not long to get. Usually 2hrs to 2 days.
Basic tickets needed for sure = CSTS, H2S Alive, WHMIS and SFAC-AED (first aid).
Other tickets that are really helpful=
OSSA, PST, Ground Disturbance, Working at Heights annndd I'm sure I can think of some more and send them later hah.

[Ehrmantraut]

once u built ur credit ur good to go. i never even bothered to look at my FICOH score ever. debt is a btch to work with, and its so hard to pay back and i feel for many middle class people like me, to put aside extra money to pay off debt.

I had 50k in debt at one point and only made 40-45k/year and I still (JUST) qualified for a loan that I decided not to get. I was like...how much money are these mofos gunna give me...just keep giving me money I can't afford until eventually I can't pay them back? Huehue. I still only make like 50k/year and I manage to pay off extra on all my debt every month, plus I buy stupid chit all the time. If you're generally okay with money and don't have a family to support it isn't bad but if I had kids it would be fukken hell to pay back.

[AVOJAMACADA]

Killerr u.s.s (u aware?) And mother mother (meh) show! Midnight after party and up at 5 a.m.le sigh.happy pre weekend to my favve crew! Xo

[musti82]

I had 50k in debt at one point and only made 40-45k/year and I still (JUST) qualified for a loan that I decided not to get. I was like...how much money are these mofos gunna give me...just keep giving me money I can't afford until eventually I can't pay them back? Huehue. I still only make like 50k/year and I manage to pay off extra on all my debt every month, plus I buy stupid chit all the time. If you're generally okay with money and don't have a family to support it isn't bad but if I had kids it would be fukken hell to pay back.

trust me most of the canadians are in huge debt, most of them are either in denial or dont care, until chit hits the fan. i have single people like u in 30-40k visa debt, and not because of family, just eating out, taking vacation with money they dont own, and stupid chit.

im not even talking about people with 700-1million debt on their home trying to finance their lavish lifestyle of sending kids to private school and getting a new car.

[Ehrmantraut]

trust me most of the canadians are in huge debt, most of them are either in denial or dont care, until chit hits the fan. i have single people like u in 30-40k visa debt, and not because of family, just eating out, taking vacation with money they dont own, and stupid chit.

im not even talking about people with 700-1million debt on their home trying to finance their lavish lifestyle of sending kids to private school and getting a new car.

People are fukked...but we already knew that. I've never had more than 5k in credit card debt and I was super stressed about it so I paid like $1k off in a couple months and now I keep paying it off and never use it hah. If I got to 40k in credit card debt I would prolly end my life, srs. You'll never pay that off in your lifetime with all the other chit in life. Highest loan I got was $35k for my car and it's already down to like $15k. And I paid my previous car loan (25k) off in 2011. Fuk debt srs.
As soon as I pay this car off I wanna get a mortgage (but in BC, not AB) and buy a new truck if I can

[FearNoHardship]

i did that self directed day trading, realizing i need 6% return every single time to breakeven due to trading fees. now its much cheaper 10bucks a share.

if you have long time horizon and comfortable with risk, go with blue chip high yield paying stocks, or go with equity index mutual funds.

about market bottoming down, dont wait for it, u r missing out. there is no way to time the market. accept it and do regular contributions)search dollar cost averaging. and stay in the market(can do that with stock trading but will cost u more, mutual funds are more suitable for that, if u have brokerage, ETFs are good, low management fees. )

energy stocks are dangereous, stay out of natural gas lol.

i dont see the market bottoming at any point, they wil lgo through seismic fluctuations, which are good times to buy low. until US messes up with another crisis, the markets are good for another 3-4 years , till they find another way to mess themselves, thats the time to get out of stocks and buy precious metals.

i trade my bank shares in my TFSA, at least thats exempted from taxes.

yea I know timing the market is impossible but I meant energy stocks could be bought at a discount with the low price of oil right now (was talking oil companies specifically). not sure how low it will go but its gotta be hurting their bottom line. So what do you think some good discounts to be had? also thanks for responses but I gotta go to sleep. Gotta get up early tomorrow.

[musti82]

People are fukked...but we already knew that. I've never had more than 5k in credit card debt and I was super stressed about it so I paid like $1k off in a couple months and now I keep paying it off and never use it hah. If I got to 40k in credit card debt I would prolly end my life, srs. You'll never pay that off in your lifetime with all the other chit in life. Highest loan I got was $35k for my car and it's already down to like $15k. And I paid my previous car loan (25k) off in 2011. Fuk debt srs.
As soon as I pay this car off I wanna get a mortgage (but in BC, not AB) and buy a new truck if I can

i should make a book about the stories and cases i saw over yrs. u cant believe it.

u r debt conscious, i wouldnt be able to sleep if i have that much credit card debt like u, BC real estate market is crazy, ON is heading there. my house appreciated like 100k in less than a yr since i bought. if u were man, i would say buy a house, rent basement and let them pay ur mortgage..i wouldnt do it if i was a lady. too dangereous these days.

[Ehrmantraut]

i should make a book about the stories and cases i saw over yrs. u cant believe it.

u r debt conscious, i wouldnt be able to sleep if i have that much credit card debt like u, BC real estate market is crazy, ON is heading there. my house appreciated like 100k in less than a yr since i bought. if u were man, i would say buy a house, rent basement and let them pay ur mortgage..i wouldnt do it if i was a lady. too dangereous these days.

Lol my husband would go crazy and kill anyone who tried to hurt me :P

[musti82]

Lol my husband would go crazy and kill anyone who tried to hurt me :P

i assumed ur single,then its easier to rent out the basement. its good support to income.

[Muneyy]

Why?

Lol are you really asking someone why you shouldn't try blow (at the age of 25 no less)

By the way i never said here, Canadian bros and my ladies, if you have any financial questions, please either post it here quoting me or PM me. Im a Financial Planner and deal with credit as well. anything like shopping around mortgage rates or financing ,ask me the rates so when u go to the bank u have something u can hold on to when u negotiate. lol btw not soliciting anything, just wanna help out.

Good to know. I might use your PM service one day. One simple question though about credit score in Canada. How much does it actually matter? I got a credit score thing and I think i Was around the 700+ ark, which is apparently 'good' but not great. I also had something that was in collections for 4 years that I had no idea about. Shouldn't that have affected my credit more?

[cawkbrother]

Metro Vancouver master race checking in. Gonna be studying at UBC

[Marcoccia]

Men all rape all the time.

http://www.ebaumsworld.com/pictures/view/84376533/