Actually, I will like to learn how you did that. I can say for certain that Canada is not a hell of a place to live. Even when it gets really cold, it is still not hell of a place. People have different reasons for migrating. I know people that move back to Nigeria and lose their PR immediately they realize Canada is not for them. That's their choice and they live by it.

seunpinky:

I’m on the train so I have little time to banter .
I don’t understand why people think Canada is a hell of a place to live.

I have a younger friend that landed some months ago as a student, she’s doing two jobs one as an education assistant paying $26/hr and another as a PSW earning $25/hr. She juggles these two jobs alongside her studies. She stays in a shared apartment and pays rent of $500 per month all inclusive. You can imagine how much she would be saving on a monthly basis.

I would have loved to share an analysis of how I was able to do 2 houses in 16months and how I raised the money but I see that most people are not here to learn. They think everybody is a lamba god

seunpinky:


Let me help with this:
If u earn 100k per annum ur net monthly income is approximately 5,600
As a single person living a modest life:
basement Accommodation in Mississauga
monthly rent is 1200 (inclusive of all bills)
Groceries 350
Phone bill 50
Internet 80
Transport 200
Flex money 300

Can’t think of other expenses right now… but as a single person living a modest life and earning 100k per annum u should be able to save 30k per annum.

What are the major expenses that eats into the income of single people:
1. Rents in highbrow areas/condos (2,200/month)
2. Cars on finance… if u are financing a car, an average of 1k leaves ur income ( car payment 500, car insurance 300, petrol 300) that’s 1,100 cad per month on car.
3. Expensive dates where they spend an average of 150cad per date night.

I have a single female friend, the babe is focused she didn’t live a lavish lifestyle, She was very frugal with her funds. She was able to save up to buy a townhouse in Kitchener. Guess what she did, she maintained one room for her self and she rented out the 4 other rooms collecting 700 per room converted the siting room to another room This gives her a rental income of 2,800.

In the same vein, I have a married friend who earns less than 100k but has a combined family income of about 140k and he just bought his second house.

All these examples including me are all less than 30 years. Oya argue with ur keypads

Thank you Very much for this

Nezzjnr:

Thank you Very much for this

You are welcome

seunpinky:

I’m on the train so I have little time to banter .
I don’t understand why people think Canada is a hell of a place to live.

I have a younger friend that landed some months ago as a student, she’s doing two jobs one as an education assistant paying $26/hr and another as a PSW earning $25/hr. She juggles these two jobs alongside her studies. She stays in a shared apartment and pays rent of $500 per month all inclusive. You can imagine how much she would be saving on a monthly basis.

I would have loved to share an analysis of how I was able to do 2 houses in 16months and how I raised the money but I see that most people are not here to learn. They think everybody is a lamba god

Hi namesake, I'm 5 months in the country.
Pls teach me how to do two ppty in 16months.
Currently saving for my first dp, hopefully next year so that I can plan well. Tnx

slydog:

Hi namesake, I'm 5 months in the country.
Pls teach me how to do two ppty in 16months.
Currently saving for my first dp, hopefully next year so that I can plan well. Tnx

Bro you are on the right path, went through your posts and I can see that u are focused. You are just 5months in the country and u are already making plans to buy your house.

Keep saving and when your wife eventually gets a job add her income to the family saving pot. I assume that You are also getting about $700 in child care benefits, set up a RESP for your kid, do an auto debit so they remove about $200 per month which will eventually lead to about $2,500 per annum and you will get an additional $500 free from the govt.

Also during tax season, u should get a sizeable amount as tax refunds… u can also add this to ur savings.

Depending on what u were doing back in Nigeria, u can also apply to get 25% of your pension funds and convert it to cad asap. Add this to your savings

seunpinky:


Bro you are on the right path, went through your posts and I can see that u are focused. You are just 5months in the country and u are already making plans to buy your house.

Keep saving and when your wife eventually gets a job add her income to the family saving pot. I assume that You are also getting about $700 in child care benefits, set up a RESP for your kid, do an auto debit so they remove about $200 per month which will eventually lead to about $2,500 per annum and you will get an additional $500 free from the govt.

Also during tax season, u should get a sizeable amount as tax refunds… u can also add this to ur savings.

Depending on what u were doing back in Nigeria, u can also apply to get 25% of your pension funds and convert it to cad asap. Add this to your savings

She just got a FG job here, resumption is Monday. Combined income now 120k, still room for improvement, but I think we have done well for ourselves in 5months.
I've gotten the 25% pension, used it settle lots of stuff back home. Ccb a Lil over 550, did resp of 210 for my kid, our savings for dp should double now since my wife will start working, we plan on taking some life insurance too.
Looking forward to tax season, I hope I'll get something good as rebate given that I started working in August
Still learning the housing industry, townhomes, duplex, 4plex etc

slydog:


She just got a FG job here, resumption is Monday. Combined income now 120k, still room for improvement, but I think we have done well for ourselves in 5months.
I've gotten the 25% pension, used it settle lots of stuff back home. Ccb a Lil over 550, did resp of 210 for my kid, our savings for dp should double now since my wife will start working, we plan on taking some life insurance too.
Looking forward to tax season, I hope I'll get something good as rebate given that I started working in August
Still learning the housing industry, townhomes, duplex, 4plex etc

You will get about 4K -5k combined as tax refunds depending on what province u live. You are on track for the down payment, just keep saving up. You can hold on on the life insurance for now until u are about to close on your house. At that time u can get either a term life or universal life insurance. You can reach out to @supersalescoach on IG for more guidance on the life insurance. I currently have a term life but will switch to universal life later on.
For your family size, you will be fine having a townhouse ( 3 bedroom with basement)

Congratulations to the family on your wife’s new job. The sky is the starting point…. Pls don’t follow the crowd that shouts it cannot be done, follow people wey know road

seunpinky:


You will get about 4K -5k combined as tax refunds depending on what province u live. You are on track for the down payment, just keep saving up. You can hold on on the life insurance for now until u are about to close on your house. At that time u can get either a term life or universal life insurance. You can reach out to @supersalescoach on IG for more guidance on the life insurance. I currently have a term life but will switch to universal life later on.
For your family size, you will be fine having a townhouse ( 3 bedroom with basement)

Congratulations to the family on your wife’s new job. The sky is the starting point…. Pls don’t follow the crowd that shouts it cannot be done, follow people wey know road

Saw the first post on his page, buying a house in the name of your business. Mehn, there's a lot to learn and understand

slydog:

Saw the first post on his page, buying a house in the name of your business. Mehn, there's a lot to learn and understand

Lol
There’s a lot to learn even me I am still learning hence why I said follow those wey sabi road not all these NL keypad warriors that says it cannot be done.

I learnt something new today in Canada real estate investment “smith maneuver “

We keep learning everyday

lanresz:
Actually, I will like to learn how you did that. I can say for certain that Canada is not a hell of a place to live. Even when it gets really cold, it is still not hell of a place. People have different reasons for migrating. I know people that move back to Nigeria and lose their PR immediately they realize Canada is not for them. That's their choice and they live by it.

You can look into my responses to @slydog for some insights on how to get this done.

Nezzjnr:



Let's say I'm earning 100k Annually.

After deduction of taxes and Monthly payments like Insurance... House e.t.c

How much will I be left with at a rough estimate

With 100k annual earning, you are most likely going home with about 60-70k after tax. If we take the upper end of 70k, after your rent at around 1600 for the most basic comfort for a single person, you are looking at about 50k remaining. There are other expenses like internet, car insurance, hydro, misc, etc. At the end, with a stringent savings rule in place (not taking anyhow vacations and eating out too frequently or going to see friends in other cities), you are looking at $40k remaining. That's probably the best you can save in a year, provided you are not like our Nigerian folks who like to feel they have arrived and start taking on the incredible expenses. $40k is super decent as savings in a year. Given the exchange rate loss in Nigeria, this is a much better situation to be in than to be in Nigeria.

NuCypher:

With 100k annual earning, you are most likely going home with about 60-70k after tax. If we take the upper end of 70k, after your rent at around 1600 for the most basic comfort for a single person, you are looking at about 50k remaining. There are other expenses like internet, car insurance, hydro, misc, etc. At the end, with a stringent savings rule in place (not taking anyhow vacations and eating out too frequently or going to see friends in other cities), you are looking at $40k remaining. That's probably the best you can save in a year, provided you are not like our Nigerian folks who like to feel they have arrived and start taking on the incredible expenses. $40k is super decent as savings in a year. Given the exchange rate loss in Nigeria, this is a much better situation to be in than to be in Nigeria.

Thank you Very much Sir

God bless you

NuCypher:

With 100k annual earning, you are most likely going home with about 60-70k after tax. If we take the upper end of 70k, after your rent at around 1600 for the most basic comfort for a single person, you are looking at about 50k remaining. There are other expenses like internet, car insurance, hydro, misc, etc. At the end, with a stringent savings rule in place (not taking anyhow vacations and eating out too frequently or going to see friends in other cities), you are looking at $40k remaining. That's probably the best you can save in a year, provided you are not like our Nigerian folks who like to feel they have arrived and start taking on the incredible expenses. $40k is super decent as savings in a year. Given the exchange rate loss in Nigeria, this is a much better situation to be in than to be in Nigeria.

Pls I'm sorry if this is wrong pls how much is the current rate of Canadian dollar to naira..tryna purchase some stuff in Canada but I'm seeing different exchange rate

And this is so true!

Treadway:
no blame me my guy. It would be foolhardy to believe every rubbish you read on social media. Cheers to more successes and wins bro.

Ps: CNBC suppose interview you oo if you have proof of the 120k (not even total earnings o, but house down payments only) in just 16mths in Canny. You don bench this lady wey make news headlines cos she save total 100k in 3.5 years in the USA by far. Seriously I would like to read your interview soon. That would be something

www.cnbc.com/amp/2019/08/28/i-saved-100000-in-3-years-at-age-27-here-are-my-money-saving-tips.html

Let me share my view here sir! I am not in Canada but in Ireland though. Before coming to Ireland, my target was to earn €45000 to €50000 per annum within 2 years of working here. I made that in less than a year and my household should more than double that once my spouse and kids join me. That same period, I know someone who went from earning €35k to €80k(IT sector though) and I have friends and colleagues now who earn > €90k singly here.

Long story short is that with proper planning and preparation, a family can easily save €40k a year and that's with you paying rent. If you have the down payment for a mortgage, you can also save that and more while investing in your own property.

Many stories of woes are from those who didn't plan well or don't have legit documentation or had other types of issues. Many are doing well and are not blasting it on SM. I do pray and hope that Nigeria improves and becomes better, but with these current crop of leaders, e go hard.

Ire oh!

This is good bro.
Thanks for this

slydog:


She just got a FG job here, resumption is Monday. Combined income now 120k, still room for improvement, but I think we have done well for ourselves in 5months.
I've gotten the 25% pension, used it settle lots of stuff back home. Ccb a Lil over 550, did resp of 210 for my kid, our savings for dp should double now since my wife will start working, we plan on taking some life insurance too.
Looking forward to tax season, I hope I'll get something good as rebate given that I started working in August
Still learning the housing industry, townhomes, duplex, 4plex etc

.. You are doing well.How is Alberta? Congratulations on wifey.... Will see you very soon

Zeewirld:
.. You are doing well.How is Alberta? Congratulations on wifey.... Will see you very soon

Doing well, when are you coming?

I have gone through these posts and my take is for guys who are lucky to earn up to $100k per annum, do not just focus on savings savings savings. Live life. Enroll your kids in extra curricula activities; Taekwando, Lawn Tennis, Swimming, etc. Travel, expose your kids to other countries. Give to charity, food banks, etc. You save and save and save and one day you die and strangers take all your stored wealth away. Some even earn 100k per annum and still go Queue up in Food banks just to collect free food. Some separate so as to collect more benefits from the Govt. Do not worry, Canada is not Nigeria where people worry, and some even steal to ensure their children's children are catered for. I have met many Nigerians abroad who know only how to work and save, nothing else. In the end, the stress of all that work leads to a breakdown in marriages, and disappointment in old age.

Thank you. I got the gist. I'm actually not new in Canada. I came here in early 2000s as a grad student. The federal government has tightened the rules over the years to be eligible for CMHC insured mortgages. I remember when 0% down payment and 40 year amortization mortgages were still available.

seunpinky:

You can look into my responses to @slydog for some insights on how to get this done.

This is actually a great point. If you make the money, enjoy it very well. It is not all about savings. At the same time have emergency saving that may cover your responsibilities for some time in case of an emergency. For the children, it is not all about books. Swimming, Taekwando, Hockey, Staking and the rest are very good for their development.

There are lot of stories. Some Canadians decide not to marry for tax purposes because some deductibles are not possible when you are married. Imagine husband makes 100K a year, wife makes 50K a year. Their combined income taxes is more than what they pay if Husband pays wife 20K a year for children support. Husband pays Trudeau less taxes for making $20K less and the increase in wife tax- is less than the decrease in husband's tax. I don't blame them.

megastu:
I have gone through these posts and my take is for guys who are lucky to earn up to $100k per annum, do not just focus on savings savings savings. Live life. Enroll your kids in extra curricula activities; Taekwando, Lawn Tennis, Swimming, etc. Travel, expose your kids to other countries. Give to charity, food banks, etc. You save and save and save and one day you die and strangers take all your stored wealth away. Some even earn 100k per annum and still go Queue up in Food banks just to collect free food. Some separate so as to collect more benefits from the Govt. Do not worry, Canada is not Nigeria where people worry, and some even steal to ensure their children's children are catered for. I have met many Nigerians abroad who know only how to work and save, nothing else. In the end, the stress of all that work leads to a breakdown in marriages, and disappointment in old age.

lanresz:
Thank you. I got the gist. I'm actually not new in Canada. I came here in early 2000s as a grad student. The federal government has tightened the rules over the years to be eligible for CMHC insured mortgages. I remember when 0% down payment and 40 year amortization mortgages were still available.

Can you imagine??
0 dp?
Now it's minimum of 5%

Raph82:
All I just see is that most of these people abroad will look for every means to discourage other Nigerians from trying things out. I can't just wrap my head around such lies from the pit of hell. U see people jetting out to these countries and within 2 years, they are already having mighty projects going on here, if they're not making any savings over there, is it ghost that is building several house projects at home on their behalf? I could remember my colleague that we served together in those years, his younger brother left for Canada shortly before we went for service, four months later he sent his brother a brand new high-end laptop. As I'm talking the guy has several houses in different locations here, will that one tell me that Canada is not worth it? If Canada isn't worth it, why don't they return home?

There is something called Credit . Most Nigerians are heavily In debt and just servicing their line of credits. Paying the barest minimum.

Raph82:
All I just see is that most of these people abroad will look for every means to discourage other Nigerians from trying things out. I can't just wrap my head around such lies from the pit of hell. U see people jetting out to these countries and within 2 years, they are already having mighty projects going on here, if they're not making any savings over there, is it ghost that is building several house projects at home on their behalf? I could remember my colleague that we served together in those years, his younger brother left for Canada shortly before we went for service, four months later he sent his brother a brand new high-end laptop. As I'm talking the guy has several houses in different locations here, will that one tell me that Canada is not worth it? If Canada isn't worth it, why don't they return home?

Plus also ask if they are saving for old age. ?

5% is not that bad. CMHC changed it in 2007/08 to cool the market and limit price increases.

slydog:


Can you imagine??
0 dp?
Now it's minimum of 5%

An average Canadian is not that bother about saving for old age. If they are gainfully employed, many employers have pension plans, which they are forced to save into. Also, there is CPP and OAS.

rickleye:


Plus also ask if they are saving for old age. ?

lanresz:
An average Canadian is not that bother about saving for old age. If they are gainfully employed, many employers have pension plans, which they are forced to save into. Also, there is CPP and OAS.

I disagree . That is why the government has programs to encourage people to save. TFSA. And RRSP . The amount of OAS, CPP, QPP is usually not adequate . Remember you are still tax on the payout amount as it is taxed deferred.
And there is a risk that those plans will max out in a particular year so we need to get more people working ( hence the flexible immigration rules ) so that there is even a payout when one reaches those years.
It is also a reason why someone would like to retire elsewhere the cost of living is cheaper.
People take out perm and term insurance just to make sure that they have adequate funds to maintain a certain lifestyle when retired.
So yes I disagree . Any average Canadian not considering any of these programs is at a disadvantage.

lanresz:
An average Canadian is not that bother about saving for old age. If they are gainfully employed, many employers have pension plans, which they are forced to save into. Also, there is CPP and OAS.

Companies no longer find pension plans. Only a specific sector still gives pensions plans
- government jobs
- teachers
- maybe grocery stores.
- some businesses.
They would rather pay you more than offer pension plans as it is too expensive to maintain.

Absolutely any Canadians not considering TFSA and RRSP is at a disadvantage. I don't understand what you mean about CPP and OAS maxing out. When I make CPP contribution every year, at 65, I expect my pension from CPP based on my contributions over the years. What may happen is that the age to start collecting may increase and premium may increase at that time. You don't expect people to contribute for 35+ years and tell them the program no longer exist.

It is common finding people retiring where the cost of living is lower same way you find someone moving to the village when they retire.

rickleye:


I disagree . That is why the government has programs to encourage people to save. TFSA. And RRSP . The amount of OAS, CPP, QPP is usually not adequate . Remember you are still tax on the payout amount as it is taxed deferred.
And there is a risk that those plans will max out in a particular year so we need to get more people working ( hence the flexible immigration rules ) so that there is even a payout when one reaches those years.
It is also a reason why someone would like to retire elsewhere the cost of living is cheaper.
People take out perm and term insurance just to make sure that they have adequate funds to maintain a certain lifestyle when retired.
So yes I disagree . Any average Canadian not considering any of these programs is at a disadvantage.

Well pensions still remain as part of total compensation package. Many companies don't manage the plan themselves. Manulife, sunlife and the likes still exist.

rickleye:

Companies no longer find pension plans. Only a specific sector still gives pensions plans
- government jobs
- teachers
- maybe grocery stores.
- some businesses.
They would rather pay you more than offer pension plans as it is too expensive to maintain.

lanresz:
Well pensions still remain as part of total compensation package. Many companies don't manage the plan themselves. Manulife, sunlife and the likes still exist.

Yep IA as well.
I mean companies don’t even contribute to it. I worked for a company 10 years no pension. The other company I worked for 6 years had a VRSP. They tell you the benefits of saving but did not contribute to any pension plan.
The last company I work for match your contribution to the plan. So free money
What am I saying - you have to save for the raining day and for old age. You also have to make sure you don’t outlive your nest egg . You can’t just leave it to government.
The best plan is that you invest in real estate so that at a certain age you can do reverse mortgage and use the equity in your house. The money is then paid back on your demise or when the house is sold.
Again - you have to save and plan to save

lanresz:
Absolutely any Canadians not considering TFSA and RRSP is at a disadvantage. I don't understand what you mean about CPP and OAS maxing out. When I make CPP contribution every year, at 65, I expect my pension from CPP based on my contributions over the years. What may happen is that the age to start collecting may increase and premium may increase at that time. You don't expect people to contribute for 35+ years and tell them the program no longer exist.

It is common finding people retiring where the cost of living is lower same way you find someone moving to the village when they retire.

Why do you think we increased retirement
age

https://financialpost.com/opinion/old-age-security-is-melting-away-so-more-of-you-will-rely-on-low-income-support-cheques-when-you-retire/wcm/927e1f4a-51f4-4cff-a122-94aacdd40ce7/amp/

https://www.aon.com/unitedkingdom/employee-benefits/resources/articles/retirement-age-should-be-moved-to-75.jsp

The plan we have is based on a younger workforce contributing to the old age plan. You and I are paying for those who are retiring now. The value of the dollar with inflation must be considered . We are only having 1 child . This will not support those that will retire in maybe 20 years. So we need to get younger workforce( hence immigration relaxing rules ) to keep this going . Remember it’s not a one time thing it’s yearly and with advances in medical sciences people are living longer. The longer you work . The more money you contribute. So it’s a continuous circle . I am not saying money won’t be there in maybe next 20 years but don’t put all your eggs in one basket. Diversify.