Author Topic: a  (Read 2653 times)

nrcool24

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a
« on: April 12, 2017, 04:23:52 AM »
a
« Last Edit: May 19, 2017, 06:15:17 PM by nrcool24 »

slugsworth

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Re: Vancouver BC - Feeling lost and left behind
« Reply #1 on: April 12, 2017, 10:15:11 AM »
I had an experience sort of like this recently, I went to a bike shop and talked with one of the employees about "modern mountain bikes" as opposed to the old one I've used forever. I felt inadequate because the lower end ones were $2kUSD and that just seemed crazy to me. I then thought about it for a while and while having some fancy new bike would be fun,  it doesn't make me a better person, and even though I have the money I'm not going to choose to spend it on this.  I know this is a trivial example, but what I am trying to say is that you shouldn't feel like less of a person because of material possessions or material spending.

As far as housing, I really would not feel like you are missing out on anything in Canada right now, it is a bubble - you will be able to own a house/condo at a later date. You are in your 20's save your cash. Unless you find yourself in a situation where you really feel the need to 'nest' there is no reason to buy. 

My recommendation - enjoy your independence, look for a new job, adjust your attitude - maybe read up on Stoicism https://goo.gl/rlE7e, enjoy your hobbies/social time and if you don't have any figure some out. You didn't indicate this, but if you've got friends that actively add to this feeling where you feel inadequate materially, loose them - take pride in having an awesome life not in what you spend.

P.S. You are doing an awesome job saving!
« Last Edit: April 12, 2017, 10:28:55 AM by slugsworth »

highflyingstache

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Re: Vancouver BC - Feeling lost and left behind
« Reply #2 on: April 12, 2017, 12:03:49 PM »
We're not too different you and I;

In the past few years I've really changed quite a few things in the way I live. I now use a rideshare to cut the cost of my drive to work, I got a room mate, buy groceries and gas in bulk in the city, most recently did my first oil change on this car. It's a slow work in progress.

The first step I took was to cut out all the stresses in my life. Things you see around these forms are just that: eating all the food in your cupboard/fridge. It makes you really realize what you're spending your money on. Hobbies; do they actually let you enjoy yourself or are you following the herd? I've just recently taken up indoor climbing for a modest $200 one time investment, I'm enjoying it.

The little tweaks after "removing the noise" and cutting out a lot of the excess of my life, simplifying and decluttering was to add in only the stresses I was ready to accept. I gained a room mate (which I was very careful to screen beforehand). He's great. But for that it was a big step, a conscious effort to do so.
I rent. Many many of my friends, family, coworkers and general encounters typically suggest I buy, now! Not only am I unable, for 20% to put forward, like yourself, I don't really feel all that strong. There's a great article on the math of this on the Afford Anything blog. I highly recommend reading the comparison of Buying to Renting.

I've slowly accepted the small tweaks I do, regularly are going to throw people off. But that's ok! It is slowly turning around, I am seeing it be easier and easier to pay off life, to live off less. Years ago I lived off 3.5K per month, now I'm averaging less that 2K. It is a big difference. But I certainly make sure the cuts and changes I've made are things I'm comfortable with. I don't cut unnecessarily. It is certainly something that should be talked about here, is the balance of the work, stress and effort put in when taking a financial cut, not just purely following dollar signs.
Even seeing MMM's latest studio renovation didn't net a completely DIY cost; he still paid for certain "luxuries" if you will. We all do, but what is worth your time and energy, is up to you. I, for example, would never live with my parents in their home, if possible again. But a room mate was a great alternative to saving some of that money instead, as well as moving to a cheaper neighbourhood.

We do all these cuts and sacrifices of an easy life now to see our future selves better. The reason your friends don't follow that track is because they're not aware of what their current enjoyment vs future self cost looks like. Honestly? I'd align myself with people that make you more comfortable if able; if not simply ignore their indulgences. If a big new car or buying a house isn't in your plans, find people that accept your choices. I do! My friends are competitively frugal and expertly cunning at getting good deals, have no shame to thrift shop, etc. These are the kind of guys who are good enough to have Las Vegas end up paying them when they go; that's how great the deals are that they find. They boost me up and push me in the direction I want. I'm sure they exist for you too.

Keep your head up, don't listen to the noise! Cut it out, promise you'll find more direction, from within.

tarheeldan

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Re: Vancouver BC - Feeling lost and left behind
« Reply #3 on: April 12, 2017, 12:21:05 PM »
I think there's no harm in increasing your income, but it might be worthwhile looking at why you feel the way you do. Perspective is a powerful thing.

I feel like I have no money.
Yet, you have $50k in investments/cash and a paid off car at the age of 26! :-)

It seems everyone in my peer group has much more money than me, theyre buying their own places left and right and I'm feeling a bit down.
Do they really? It sounds like it's just about "owning" a home (quotes b/c mortgage).

I like the idea of buying a condo myself and beginning to build equity, but everything is realistically out of my price range unless I'm willing to put an uncomfortable amount of my take home every month into housing.
What's appealing about the idea? Or is it just a benchmark thing vs your peers?

They all drive cars and have their own places and seem very content. On the other hand I feel very sad when I look at my situation.
Why? You have a car, and your own place (just not w/ a mortgage but a lease)

Yes, you could increase income and cut your expenses further as well. But I think it's important to consider what makes you happy and what your goal is. One of the big MMM ideas is that we don't need stuff or status symbols to be happy. That's why we can forgo those things and get to FIRE  quickly.

Laura33

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Re: Vancouver BC - Feeling lost and left behind
« Reply #4 on: April 12, 2017, 04:32:06 PM »
I think there's no harm in increasing your income, but it might be worthwhile looking at why you feel the way you do. Perspective is a powerful thing.

I feel like I have no money.
Yet, you have $50k in investments/cash and a paid off car at the age of 26! :-)

It seems everyone in my peer group has much more money than me, theyre buying their own places left and right and I'm feeling a bit down.
Do they really? It sounds like it's just about "owning" a home (quotes b/c mortgage).

I like the idea of buying a condo myself and beginning to build equity, but everything is realistically out of my price range unless I'm willing to put an uncomfortable amount of my take home every month into housing.
What's appealing about the idea? Or is it just a benchmark thing vs your peers?

They all drive cars and have their own places and seem very content. On the other hand I feel very sad when I look at my situation.
Why? You have a car, and your own place (just not w/ a mortgage but a lease)

Yes, you could increase income and cut your expenses further as well. But I think it's important to consider what makes you happy and what your goal is. One of the big MMM ideas is that we don't need stuff or status symbols to be happy. That's why we can forgo those things and get to FIRE  quickly.

This. You are 26.  In just a few years, you have paid off $20 in student loans and own a $5K car outright and have still managed to save more than a year's salary.  Dude, you're killing it.

If you want to move back home to save more, or buy a condo, or whatever, fine, do it.  But do it because you want to -- not because someone else, somewhere, has more than you do and you need to catch up.   Nothing good ever comes from comparing yourself to other people and judging your own success on how you think you measure up.  Just do you and tune out all the rest.

mudstache

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Re: Vancouver BC - Feeling lost and left behind
« Reply #5 on: April 12, 2017, 04:42:49 PM »
Hmm, I can definitely understand the status envy of wanting to keep up with what your peers have, or the appearance of what they have, but where you have paid off debts and savings, they may be living stressfully paycheck-to-paycheck just to make minimum payments.  It's hard to know what they're really "able" to afford versus what they have borrowed.

It sounds like your housing situation is good enough that I don't think you'd be happy moving back home, unless you make a financial goal and it helps expedite it.  But I almost feel like you should find that part-time job, something fun like working at a rock-climbing gym, which would increase your income while cutting out the gym fees you pay now.  You wouldn't have to do it forever, but it could boost your savings and help you "retire" to something you'd prefer sooner, without worrying about money.

What line of work are you in?  Maybe there is something related that your current skills could transfer to, with more income potential, which I personally would find more appealing than a second job.  That would be helpful in the future, too, if your life situation changes (marriage, kids, etc). 

I think your situation is very promising!  Chin up!

kelvin

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Re: Vancouver BC - Feeling lost and left behind
« Reply #6 on: April 14, 2017, 04:30:50 AM »
Take off the green eyed glasses - other people are not doing "better" than you! You have a lot to be proud of! Also, are you comparing yourself to other single people, or are you comparing yourself to couples? They can accomplish a level of debt that isn't safe for one person alone.

Check out some entrepreneurship stuff, including the entrepreneurship forum here, the Smart Passive Income blog and the Side Hustle School blog. You might be able to increase your income/benefit your career without having to switch provinces.

Best of luck!