You certainly don't waste time. That's pretty good for someone who has 91 cents, works P/T and goes to school. It sounds like this might be an idea coming from your uncle. If you've thought it through and researched carefully with some outside advice, and can swing it, great. Make sure its a good investment and that you're ready to be a landlord. Confirm your folks are okay with you staying home after buying a place!

Read the WB again and then Richest Man in Babylon!

G/L

 

I'm not a full time, i work on mondays and friday when people there take days off. It's nothing where you need ur brains, you are basically doing your job on the line...there is no way you could screw up, because if you do the red light will blink and the supervisor will be up your ***....
but i wouldnt buy a gm car on friday, since i c lot of people drinking..lol

 

Well if GM is paying part time line workers $ 28.00/hr they are done. A point comes when the burden from union contracts and benefits can weigh down a firm making profit impossible. Then the clock starts ticking. I would guess by your wage, its been ticking for a while. My journeyman carpenter foreman make $ 28.00/hr and they apprenticed for 4 years and Alberta has a red hot economy.

I doubt with the cost of living in Southern Ontario that any of these plant workers will be willing to take wage roll-backs.

 

WRONG!!! RRSPs are not the best investment for everyone, in spite of the prevailing mentality of the Canadian public.

Sorry mate, but the primary benefit of RRSP contribution is the deferral of taxes. When you eventually withdraw the funds after retirement, you still pay tax on the withdrawls. RRSPs benefit higher tax-bracket income-earners most because you offset paying higher tax today by paying lower tax in the future. A student is not in a high income tax bracket, so any tax benefit received at deposit will be negated at withdrawl.

Your best bet for long-term benefit is REAL ESTATE! Go get a mortgage and buy a house. If I had done this at your age, I'd have my mortgage paid off by now.

Better yet, go get a financial planner (I use Investors Group) and get some real advise from a trained pro.

 

True, RRSP's may not be for everyone if there looking for a quick return on their money. Its for the long term.

Investing money is always a risk. The market today changes so much .

A financial planner is a great idea!!!!

1) He's not going to be a student for ever

2) Real Estate is iffy sometimes, the market goes up, the market goes down...like you say, maybe get a mortgage- rent out the place and have someone else pay for it

 

I worked for Lear Seating in Kitchener when I was 16 as a summer student (I'm just about 39 now), back then I was making $16.30 an hour with shift premium (worked nights). Lear being a CAW union shop pays well - but so does Toyota... Paying an employee a decent wage doesn't mean you will cripple your company. Produce quality products that the public want and you will prosper.

One thing I will say about doing line work like that is that I really felt like I was becoming dumber by the day. You basically shut your mind off for 8 hours and turned into a robot, doing the same thing over and over and over... I left there after one summer to take a job in construction that paid considerably less (my dad was not impressed...) however, I'm still in that industry but working as a Network Manager for the past 15 years. A far better, long term decision...

With respect to Alberta's economy, I highly doubt that it's any hotter than the economy in Southern Ontario - sure, there's been a recent spurt in Alberta, but driven primarily by one industry - am I wrong in believing this? Ontario is an established manufacturing/technology gold mine - take a look at the market that is within 500 miles - you're talking millions of people. When you have that type of immediate market, you have incredible needs/potential. A quote I had seen at Walden Galleria's website ( http://www.waldengalleria.com/conten...type=Mall_Info ) really made me think:

"Walden Galleria is strategically located directly off I-90 (New York State thruway) in Buffalo, NY, a cosmopolitan city that is within 500 miles of 50% of the US population."

When you're talking Ontario's population plus what's available across the border - in such close proximity, you've got countless opportunities which equal jobs.

Back to the main topic at hand - I agree with those that have voiced not investing into RRSPs - Real Estate is certainly a better option for Godfather *if* he truly wants to take on a comittment like that. It sounds like he would have assistance from his parents in getting started which is a terrific thing, but at some point he's going to have to learn that he will likely have to make sacrifices in the way he lives. Buying into real estate likely means these could be 5, 10, 15 year sacrifices until he gets into his money making years (for most that's in the 30s - I'm not sure what GF has in store for his career). Accept the possibility that there may not be the annual vacation to somewhere sunny for 2 weeks, the fact that the G might end up being a 5-10 year old beater just so there aren't any payments (I realize that Godfather's parents may be paying for the one he's got now, but that can't go on forever...)

Either way, Godfather, you're at a critical point in your life - many people become critical of their financial position just after Christmas and strive to make changes. I would guess that a high percentage of those find that they forget all about that when the nice weather returns and they are back to having fun with their buddies - fun costs money, it's easy to stay home and save during the winter. Good luck in your decision - I'm guessing your parents are really good people that care for you greatly and are open to helping you - make them a part of your decision by asking their advice, but also make them proud by assuming the responsibility yourself.

/father like speach

 

Hey,
If i'm not wrong than lear seating has contracts with GM, to be honest i rather work in Lear than Gm. few of my family members work in Lear and i seen the jobs...THEY ARE EASYYYY, i understand 15 years back they weren't but if you talk to anyone who work in lear they will tell you how easyy they are. GM they make u work like a a$$, last friday all i been doing was under the car n my head was spinning for the whole time...

back to the topic, yea, I think real estate would be a good decision, this way i'll have some responsibility on my hands and knowing i have a mortgage to pay, will slim my chances of wasting money like i do now. I'm going to save for another month or two and see how much down i could come up with. My parents agreed to pay about $7gs and the rest i gotta come up with oh my own. '