Author Topic: Financial Face(palm)  (Read 3047 times)


  • Handlebar Stache
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Financial Face(palm)
« on: January 18, 2017, 09:49:51 AM »
I look at the contrast between case studies on here and ones in the mainstream news and I'm just in awe. The comments these people would get on this forum would be so harsh, and the advisor in the forum is just like oh, they are fine, they just need to save a little more. They could be in such good shape if they tried.. They are spending double on pets what they do on savings for their kids!

jinga nation

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Re: Financial Face(palm)
« Reply #1 on: January 18, 2017, 10:49:32 AM »
I'd punch the financial planner.

Monthly disbursements:
Mortgage $3,720 (Must be in Vancouver, Toronto or some HCOL, so it is what it is)
property tax $785;
water, sewer $95;
home insurance $195;
hydro $250 (I'm guessing hydro-electric power)
heating $85
maintenance, garden $110
transportation $510;
groceries $1,000 (that's a lot of food, but having teens, maybe OK since both parents work and may be too tired to cook)
clothing $550 (oh holy crap, wear once/twice/thrice and discard? maybe new work clothes all the time?)
gifts $300 (wtf?)
vacation, travel $500
other discretionary $390 (WTF you mean discretionary? don't fucking spend without discretion)
dining, drinks, entertainment $875 (here we go.... wheeee!)
grooming $100 (I'm guessing this is to keep up professional appearances)
pets (food, vet, dog walking) $700 (get a fucking caged bird if you ain't got time to walk your dog, or ditch the pet. Why aren't the kids walking the dog?)
sports, hobbies $420 (420 is a hobby in Canada, eh?)
subscriptions $20;
drugstore $10;
life insurance $125; (hope it's level-fixed term life)
phones $345 (WTF? Doesn't their high-level job provide this?)
RESP $335;
pension plan contributions $880;
group benefits $110.

Keep on pissing it away, good job dumbasses! Your financial planner is free probably, so you get what you paid for.

The only probable positive: they may be paying down the mortgage faster, but I don't see it in the expenses list. I thought Canadians were better than us so-called dummy 'Muricans, but financial illiteracy does not discriminate based on geography.
« Last Edit: January 18, 2017, 11:08:03 AM by jinga nation »

Playing with Fire UK

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Re: Financial Face(palm)
« Reply #2 on: January 19, 2017, 10:08:42 AM »
I've met with a couple of FP's and none has said 'spend less'. I guess maybe other clients haven't appreciated it? One even took my list of expenses and multiplied the total by 1.2 on the basis that 'everyone lies about this'.

Can you guess why I never worked with any of them?


  • Stubble
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Re: Financial Face(palm)
« Reply #3 on: January 20, 2017, 12:42:02 PM »
These people are clearly not mustachian and suffer from a bad case of lifestyle inflation, but I don't know that they're in "shame and comedy" territory. Mid-40s with two kids and a net worth approaching 3M? They're doing far better than the average Canadian family. Plus it looks like they're actively seeking to manage their finances better, notwithstanding the fact that the advice they received here is pretty lame.

Their groceries budget is downright modest, assuming they live where I think they live. Remember this is CAD a.k.a. "the northern peso", not actual dollars. I think visiting the supermarkets here would be an eye-opener for some people.


  • Senior Mustachian
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Re: Financial Face(palm)
« Reply #4 on: January 21, 2017, 06:28:30 PM »
Exchange rate - multiply those expenses by 0.75 for US$.  (I'm amazed any Canadians are vacationing in the US, the exchange rate is a killer right now).

I'm guessing Toronto or Vancouver or maybe Victoria, their heating costs are low, but Hydro is high - maybe outside Toronto with Hydro One rural rates and a heat pump?  Americans, Hydro does not necessarily mean actual hydro-electric power, Hydro-One in Ontario has relatively little from that and look at their name.

For non-mustachians it wasn't bad.  Advisor wasn't bad.  Of course we would have a lot more to say   ;-)

At least they have the RESP for the kids.
The work pensions remove almost all RRSP room.
TFSA - financial planner said they should get these going and with low management fees, so good.
Their transportation costs are actually quite low from what we know about them.


  • Walrus Stache
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Re: Financial Face(palm)
« Reply #5 on: January 22, 2017, 12:34:50 AM »
Gold star pensions, so I was guessing Ottawa.