₦airaland Forum

rickleye:
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.

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

lanresz:
I am not disputing your points. When I say an average Canadian is not bothered des not mean they should not be bother about saving for old age. Am I bothered for saving for old age? Absolutely.

We learn everyday. When I consider any job, pension is always a factor. I will check if the employer has rhe plan or not. If they don't, the offer must be good enough for me to be able to contribute more to my RRSP. I have never worked in a place where there os no matched contribution from employer. I worked for a provincial government for 13 years. Pension deduction was more 12% of gross income over those years matched by the employer.

If you work in a place with no pension plan, please contribute to your RRSP. Retirement savings and plans for old age is very important.

Nezzjnr:
Megastu I'll really appreciate if you can do Justice to this please

CountVersailles:
Some recent threads coming up here have just been plain, unadultrated lies about cost of living in Canada or some other advanced countries. But I'm choosing Canada because it's the one I know best about that it's just outright lies. Many of them will post and will start claiming that you can't save $200 per month or that bills will kill you and you won't be able to save more than $100 after all bills. Nothing is farther from the truth. Don't let all these dreamkillers and wretched Nigerians who are looking for company in their naija hellholes lie to you about the realities in Canada. Things are much better than they claim.

Typical cost of living in Canada if you have your head screwed on right and are not one of those crazies looking for social media approval or tryin g to show that you have finally arrived after living in extreme poverty in Nigeria.

Accommodation --- $1500 (this is the average you pay for a good, clean place to stay). Obviously not in downtown areas of any city, but why would you want to stay downtown anyways? Who are you seeking to impress? You were not staying in Victoria Island or Ikoyi before you left Nigeria. Instead you were staying in Egbeda, Iyana Ipaja or some other Lagos shithole, but suddenly you are in Canada and you must stay in central Toronto. Hunger wey you reach you dey do press-up. Except you are living in Alberta or Manitoba where $1500 will get you something super high-end, in places like Toronto this gets you something relatively comfortable and YOU WILL BE FINE.

Internet - $85 (this is high-end, super-fast, rarely disappointing internet). Not mtn that only works in the night, or spectranet that doesn't work that well in the Egbeda you were staying back in Lagos.

Hydro - $50 (except you are cooking every single day, you shouldn't pay more than this) And why should you be cooking everyday anyways? Don't you have something better to do with your time?

Car insurance - $200 (most people will pay only $200 for car insurance). But if you are working minimum wage, you are already pushing it. If you don't have absolute need for a car, there's no reason you should be buying one. Not everybody drives. Parking is expensive. You don't automatically translate your life from nigeria to canada and think because you were driving in Nigeria you should be driving in Canada. But let's even say you are stubborn and want to buy a car. Okay, I have included it. Bus pass of $50 per month should do you. There are incentives to buy bus passes for cheap if you are a low-income earner. Low-income earner go still earn 18m naira net per annum o! Wait until I get to the earnings. But let's sha add you car, since you are stubborn anyway.

Parking - $85 per month. Extreme case. Most times it's less.

Groceries - $300. You shouldn't spend more than this in a month. Except you are one of those stupid Nigerians who think they must be going to African store every time and buying Naija indomie when significantly cheaper walmart indomie of various flavours yapa anyhow.

We are already at $2220. If this is your monthly spending, you have a problem already. But let's sha say this is what it is.

Now, how much do you earn? Let's say you are doing one of the lowliest possible jobs working in walmart and telling people 'thank you for coming to walmart" everyday, and helping them checkout and putting on a forceful smile. Let's just assume. And you combine that with car wash cash jobs no weekends. There's no reason you should not be making at least $3000 net in a month. This is the least. Possible to make more.


So, now we have arrived at someone doing one of the poorest jobs and living one of the most comfortable lives, and he's still looking at saving at least $700 every month. So, where are those $200 or $100 ideas coming from? Or those who are claiming you will even be in debt? It's just preposterous to suggest that you can't save.

Now, at $3000 monthly, you are earning $36000 net in a year, which is just ridiculous if you are a professional. If you look well enough, educate yourself well and market yourself too, you will get a professional job (even if na customer service or something else), and you will earn net above $40,000. There are plenty Nigerians, and I mean plenty, who are earning net above $40000. Now, think about how much more you can save since this comes down to $3300 monthly. You will be saving at least $1000 every month!

Obviously, these calculations are for a single person. If you are married just multiply it by two as long as the woman is not the lazy type who just wants to sit at home and not work.

Additionally, there's no reason you should be incuring too many costs if you are earning little. Some of the things you are chasing in Canada you did not have in Nigeria. But suddenly you have arrived and things must change? Cut yourself some slack.

In conclusion, don't let anyone lie to you. You can save a lot of money working in Canada. This is truer if you are a working professional. Most working professionals earn north of $80000 gross. Think about how much more they can save even with those expenses above. And that's just for one person. If it's double income with a couple, you are looking at $160,000 gross. Honestly, by the end of the month, you guys will think you won a jackpot. Little wonder you see Nigerian couples here buying 4, 5 houses on mortgage and paying without hassles. Do your research

cooooooks:
It is. Grocery prices have risen, some items more than 100%.

Pasta is up 70%, canned beans is up 150%, rice is up 70%, meat is up too 30% plus.

I've travelled to a few provinces this year and prices have risen everywhere. In far places like NL, it's even worse. Even AB prices are up.

A single person that shops smartly, will still spend $500+ a month on groceries if they pay full price.

To save, they could:
- only buy on sale
- buy meat on clearance and in semi bulk (need a good freezer but could also lead to wastage).
- use a food bank for rice, potatoes, cereals, yogurt.

ednut1:
Let me not use myself. My friend in similar company i worked was getting about 4,400 cad dols net. He was saving 2k monthly. His net salary in Nigeria was about 400k naira. Note he was working for same company in Nigeria and continued at same company when he got to Canada.

Another was making 3500 a month and was saving 1200 to 1500.

Another is making about 6k net and saving about 2,500
All in Toronto area.

The problem is many Nigerians especially females they want to love above their means. I know someone still doing hustle job ( customer care) while she doing some tech courses. Salary 2200 a month, but is staying in an apartment costing 1700. Well na fine babe so maybe clitocurrency will augment her other bills. Some want to drive benz , some want to eat on uber eats or restaurant daily. One bed room condos in a luxury condo in Toronto is about 2200 now, but there are other apartments you can get for 1500

megastu:
It's not as if he can't have all that money, just that most times some of us are not truthful to ourselves. The way Canada is built, most people are meant to be average, and truth be told the majority of us will never get the 100k job but whatever you make you can be content with it and still live a good life.

The only thing i find strange is that people insult Naija so much and yet most of the money they make is either through or from Nigeria. They fund contracts and do a whole lot of other things. I know someone who provides POF at 3-5% per month. some others do CAD/Naira exchange. Many are Immigration Advisers. Some others are still doing their Naija work and combining it with jobs in Canada. Many others have worked so long for oil companies and their gratuities and pension funds are mind-blowing. These guys don already soft from Naija before they went to Canada, so a down payment for a house is not an issue.

The bottom line is that while many will be able to save, some won't be able due to the low earning power and high cost of living, but be consoled with the fact that you have your sanity in check and living in a very peaceful clime. I have traveled to many countries and lived in quite a few. Canada is one of the most expensive countries in the world, apart from maybe Switzerland and other countries I do not know of. just that Canada cushions the effect with handouts like Child benefits etc. Teachers in Ontario have gone on strike twice within the past month.

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

lanresz:
If you work in a place with no pension plan, please contribute to your RRSP. Retirement savings and plans for old age is very important.

olalekan9320:
Please I thought the CPP they're deducting bi-weekly is Pension?

Likewise my employer has 2.5% match of my annual salary for RRSP, does RRSP really worth it?

lanresz:
Yes, cpp is pension, but won't pay much during retirement. For instance, for 2022, if you start collecting at 65 year old, the maximum monthly cpp payment is $1,253.59 before tax, which is too low to live on.

The 2.5% matched contribution is good but may be too low. You should be getting annual statements that will show your pension payment when you retire.

If you have room in your RRSP and TFSA, you should tey and contribute to them if possible.

olalekan9320:
please I have more questions regarding this CPP and rrsp thing, can I pm you?

emmaodet:
I think we are getting something really wrong here.
You can’t be comparing or measuring a first world country with a 3rd world country.
If you stay in Canada, the best countries to measure it with are US, UK, Australia and Co. Not a third world country for God sake.
When you call Nigeria, then countries like Kenya, Ghana, Thailand, Indonesia, Philippines are all in the same ranges.
Stop comparing Canada to Nigeria. It is unfair.
It like comparing English premier league to Nigeria league. They are not in the same cadre.

Canada know him mate, nigeria know him mate

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

seunpinky:
Just to steer u up a bit, remember that second property I talked about, a tenant moved in and voluntarily paid one years rent in advance🤪🤪… incase you don’t know what that means, it means I have literally recovered my downpayment for the property and can use it to fund another purchase if I so wish…. Lemme drop another 💣 for u, I can conveniently pay both mortgages from my monthly income and still have savings of 1k after all expenses.. what about that😂😂🤣… joke is on u mate, follow who know road..
N:B: for those who are reading for education purpose, I use the word “I” in this sentence to connot me and my spouse.

Also guys, there’s a series of message titled “why Christians fail” it’s on YouTube preached by Pastor Wale Akinshiku of House of Praise Mississauga. Pls listen to that message whether u are a Xtain, Muslim or Atheist. That message holds a lot of keys to succeeding in Canada. Would have love to drop a link to the message but I don’t want to be banned… Shallom

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

kad199:
Pls how come she is doing 2 jobs? I thought there is 20hrs caps

seunpinky:
As of the time I posted this, Students could work for more than 20 hours, this rule was recently changed. Also, due to economic issues (inflation and all) things are not the same anymore, it's not very difficult for students to get one job talk more of juggling two jobs.