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Re: My Monthly Savings In Canada by Sarang(f): 12:51am On Mar 13, 2020 |
Babyvet: Okay. |
Re: My Monthly Savings In Canada by Sarang(f): 12:53am On Mar 13, 2020 |
yemiosinbajo: I guess they pay more there cos those places are expensive to live. Pretty much equals same. |
Re: My Monthly Savings In Canada by Sarang(f): 12:55am On Mar 13, 2020 |
CutieKing: It is a Skilled profession in Canada I don’t know how much I pay in tax, I don’t care I make 5k plus monthly after tax, period. 1 Like |
Re: My Monthly Savings In Canada by atutupoyoyo2211: 2:11pm On Mar 27, 2020 |
When i started this thread in 2018, my aim was to make us know, if we work hard in any Job we have, we can actually make enough money to take care of ourselves. I haven't filed my 2019 tax info yet, but i will post my 2018 tax info. In 2018 the only Job i worked was as a Security guard in 4 different companies. For those talking about nurses, i wont even get to that. I know PSW thats made over $100k a year before taxes. My sister is a nurse, she currently has over CAD$100k sitting in her account. 80k was from her earnings, 20k was from her student loan grant portion. You all know i always speak with facts and proof. CutieKing: 10 Likes 1 Share
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Re: My Monthly Savings In Canada by atutupoyoyo2211: 2:20pm On Mar 27, 2020 |
And mind you, my basic pay was $16.50 an hour. Imagine those that have a basic pay $25 an hour, and have adequate overtime. So please, a lot of us here work hard, very hard. And you don't need a big Job to succeed. Give yourselves at least 5 years to settle down and if you can pls go to school here, even if its a diploma. Trust me, it will be beneficial for you. one can also be a truck driver, try and get your AZ license, start with a company and then become an owner/operator, You make at least 5 trips a month to and fro the US and i guarantee you a pay of $10k before takes. Like i said, i speak with facts. atutupoyoyo2211: 21 Likes 2 Shares |
Re: My Monthly Savings In Canada by CutieKing: 3:55pm On Mar 27, 2020 |
atutupoyoyo2211: The point is this,you dont just get into any job with the sole purpose of working overtime and now think you are making money.if you work $16.5 an hour and you made 100k in a year,we can just assume you worked for over 20hrs every single day before you can achieve that if its actually possible.that is not only a safety hazard but a death warrant waiting to happen. Getting a good job is the key and not over reliance on overtime work as a mean to an improved income earning 8 Likes 3 Shares |
Re: My Monthly Savings In Canada by CutieKing: 4:00pm On Mar 27, 2020 |
atutupoyoyo2211: Someone making over 100k annually still qualifies for a student loans??. Oga,is there something you are not telling us because this is sounding like a fairytale to me o. 5 Likes 1 Share |
Re: My Monthly Savings In Canada by atutupoyoyo2211: 4:33pm On Mar 27, 2020 |
If you read my thread from the beginning, you could have seen where i said i worked for multiple companies. I worked most times 16hrs a day for my main security Job and for the second one, i made sure i got a job that was very independent. My second job was in a construction site where i was the only guard and the camera line of site allowed me to bring in an inflatable bed and sleep throughout the night after i had locked the gate. So my typical day for the first 5 months was, go to my main job, then go to my second job and sleep for about 6 and half hours, then go to my house which was about 5 minutes away, take a bath, change and go to my main job. I planned myself well, so i made it work. There were a couple of times i worked 22 hours in my main job, but that didnt happen often. CutieKing: 5 Likes |
Re: My Monthly Savings In Canada by atutupoyoyo2211: 4:44pm On Mar 27, 2020 |
For clarification, you are right, cos i applied for student loan in 2019 and i was given a very little amount and no grant because of how much i made in 2018. Now i said my sister had the money sitting in her account, i didn't say she made it all in a year. My sister worked as a personal support worker for 2 years before applying for a nursing degree. She worked part time while pursing her nursing degree and she just completed her RN qualification exam in February this year. the money she has was not made as nurse but was saved up from the time she was a PSW. Specifically, she didn't save much in 2016, but according to her, she saved 40k in 2017, 22k in 2018 and 18k in 2019. And trust me, as a nurse, she will make much more. CutieKing: 11 Likes |
Re: My Monthly Savings In Canada by KingCurtis21: 5:25pm On Mar 27, 2020 |
atutupoyoyo2211: Welcome back bro.. |
Re: My Monthly Savings In Canada by CutieKing: 6:08pm On Mar 27, 2020 |
atutupoyoyo2211: I dont live in canada so I cant conveniently talk about what goes on there but I guess they share similarities with that of the US.i dont doubt your story because I have no reason to do so,it is your story and I respect it but what I found amusing is you applying for student loans with hefty interest rate after making 6 figures the previous year.Generally speaking,no individual making over $50k in US can qualify for anything government. Also,it seems you guys dont have any expenses,no bills, nothing if your sister who worked part time as psw could save such yearly. I dont know what to think of such situations but its ok. Goodluck . 5 Likes 2 Shares |
Re: My Monthly Savings In Canada by lillaowow(m): 6:29pm On Mar 27, 2020 |
CutieKing: Not true. 3 Likes |
Re: My Monthly Savings In Canada by Mizwisdom(f): 6:36pm On Mar 27, 2020 |
atutupoyoyo2211: So she has over $100,000 just sitting in her account? if she worked hard for that type of money she won't just leave it sitting around like that, what for? something is not adding up |
Re: My Monthly Savings In Canada by lillaowow(m): 6:46pm On Mar 27, 2020 |
Mizwisdom: Smh. Someone cannot have money in his acant again? Habba!!!. Something no dey ever add up for una naija ppl. Even if Dem show you all evidences for this world 17 Likes |
Re: My Monthly Savings In Canada by CutieKing: 7:11pm On Mar 27, 2020 |
lillaowow: Explain where it's not true o. |
Re: My Monthly Savings In Canada by atutupoyoyo2211: 7:13pm On Mar 27, 2020 |
No offense at all, but i dont see the point explaining considering your reasoning right now. Please dont be offended ok. Mizwisdom: 12 Likes |
Re: My Monthly Savings In Canada by atutupoyoyo2211: 7:25pm On Mar 27, 2020 |
Well, I made $100,039. in 2018. I applied for a student loan of over $40k but was given $9870, so obviously i guess we can get loans in Canada. CutieKing: 2 Likes 1 Share |
Re: My Monthly Savings In Canada by atutupoyoyo2211: 7:36pm On Mar 27, 2020 |
Thanks a lot. We dey try rugged this coronavirus here in Canada. Its not easy. KingCurtis21: 7 Likes |
Re: My Monthly Savings In Canada by Mizwisdom(f): 7:54pm On Mar 27, 2020 |
atutupoyoyo2211: I mean no harm, try to introduce investments to her, keeping such money in an account is only good for the bank |
Re: My Monthly Savings In Canada by salford1: 8:17pm On Mar 27, 2020 |
Mizwisdom:That money sitting in her bank could also mean sitting in a good yield savings or term account you know. High yield investments would usually come with some level of risk. Not everyone are good risk takers. 8 Likes |
Re: My Monthly Savings In Canada by atutupoyoyo2211: 8:20pm On Mar 27, 2020 |
That's actually a good advise. She is trying to save up to 150k to put a huge down payment on house. That will reduce her mortage payment to just about $1k a month. Mizwisdom: 6 Likes |
Re: My Monthly Savings In Canada by ednut1(m): 8:36pm On Mar 27, 2020 |
This thread don turn boxing ring. Takes cover 3 Likes |
Re: My Monthly Savings In Canada by Fhemmmy: 9:09pm On Mar 27, 2020 |
atutupoyoyo2211: The longer she waits, the more she will find it difficult to even get a house to buy, for easy breakdown where in Canada are you and your sister, province and city? |
Re: My Monthly Savings In Canada by Samadhii(m): 9:23pm On Mar 27, 2020 |
atutupoyoyo2211:Hello sir, I have a BSc degree in Biochemistry from a Nigerian university. If I relocate to Canada, can I easily get a job just like everyone that got their degree from Canada |
Re: My Monthly Savings In Canada by salford1: 10:55pm On Mar 27, 2020 |
Fhemmmy:Why though bros? Maybe we can learn a thing or two. I am thinking of buying a rental/investment property soon. Have like $120k saved up/budgeted as DP for that and thinking of even pushing the amount up. In Sask, at the moment, one can buy say a condo or small house c/w yard to use for rental investment for like 250k. Hopefully pay $450 per month and rent for $1450. With the coro, some speculators believe that interest rate might enter the negative digit. Currently sitting at 0.25 BOC. A recession is also almost certain. 5 Likes 1 Share |
Re: My Monthly Savings In Canada by atutupoyoyo2211: 11:02pm On Mar 27, 2020 |
we actually have some good info on real estate. Dont really wanna disclose my sister's location and mine, u know, cos of security. Fhemmmy: 3 Likes |
Re: My Monthly Savings In Canada by atutupoyoyo2211: 11:14pm On Mar 27, 2020 |
On second thoughts, had to go through my entire thread to make sure i didnt post any revealing info. So, my location is Toronto at the moment. Though when I'm ready, i wont buy in toronto, its freaking expensive. Thinking about Edmonton. atutupoyoyo2211: 1 Like |
Re: My Monthly Savings In Canada by LadyHeaven(f): 11:26pm On Mar 27, 2020 |
Good to have you back sir, my relocation plans are not yet falling into place but I won't give up, God would see us all through, Amen...more strength to you 2 Likes 2 Shares |
Re: My Monthly Savings In Canada by Fhemmmy: 12:49am On Mar 28, 2020 |
atutupoyoyo2211: Lol, i am in Ontario bros , , , But not to worry, no need to talk about your location BUT i tell you at the moment, your sister needs to talk to a financial advisor 1 Like |
Re: My Monthly Savings In Canada by Fhemmmy: 1:01am On Mar 28, 2020 |
salford1: Tomorrow bro |
Re: My Monthly Savings In Canada by Fhemmmy: 3:44pm On Mar 28, 2020 |
salford1: The BOC has said rate will not go lower than 0.25 and because of that, i will not advice waiting, however, with the COVID-19, prices in places like Sask might go down just a little, however, good properties will never go down still When you say rental property, are you into condos or you wanna buy a detarch home and rent it out in units to students? If you are buying a used home, I will plead with you to please make sure you pay the extra to home inspector to avoid buying a lemon. My other advice to you is to get all your data right so you can make well informed decisions: Condominiums - I will advice a 2 B/D with 2 washrooms if possible and make sure you put into consideration the monthly maintenance fees Detach - if used, get something that has a basement with separate enterance and this will enable you to rent to 2 different families But with what you have saved up, you are well ahead of the pack and the bank surely will be willing to work with you Lastly, please make sure it is reported to the government, do it right, pay whatever needed to be paid to the government and you will be fine and also, if you are buying a house that has a basement for rental purpose, please make sure it meets the code for rental unit. 7 Likes 5 Shares |
Re: My Monthly Savings In Canada by salford1: 5:27pm On Mar 28, 2020 |
Fhemmmy:Thanks for your reply. Yes rental/investment as it would be completely rented out. I haven't made up my mind on whether to buy a condo (more of a townhouse - 3 apartments in a building) or to buy a detached bungalow. Both come with basements (no side entrance) plus garages at the back. Most if not all the detached bungalows I have looked at were built in the 1960s to early 90s. I am also trying to stay away from fixer uppers too as building DIY is not really my thing. I can only fix furnace and that's about it.. unlike some oyinbos that can almost build a house all by themselves. The condos/townhouse all come with 2 baths and are newer. Monthly fees for the condo are currently at $200, so I am taking that into consideration as well. I am leaning more towards the detached bungalows because those ones appreciate better, rent income is higher than the townhouse/condos, and I might be able to create a legal basement unit out of the building, even though the properties tax is a bit more. Values of houses has been dropping here since 2015 when crude oil became cheap. Most have seen drops of between 4 to 12%, and the downward trend is still ongoing. I sometimes fear a crash. I prefer to save up and advice others to save atleast 20% deposit to avoid the mortgage loan insurance (quite steep - 0.6% to 4.50%), which also only protects the banks. If the rate doesn't go below 0.25, then it's best to buy now and lock for 5 years. I think waiting and speculating to see if the rate would go lower is pushing my luck. 2 Likes 3 Shares |
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