Disposable Income to Spend/Burn/Save!

Off Topic
21

[quote]WestCoast7 wrote:
-Open an IRA, now.
-Travel
-Treat your parents to something nice.[/quote]

The Canadian equivalent to an IRA is an RRSP. One of the main “benefits” of an RRSP is that it defers taxation until the investment has been withdrawn (ie at retirement). This is a huge benefit if you are making 100 000 k a year and are in the highest tax bracket. However, I am currently in the lowest (majority of income comes from tips). Therefore, I would be deferring myself into a higher tax bracket. I will not be starting an RRSP for several years.

Not allowed to travel, can’t take time off of work, Have to be there every day but Monday and Wednesday), every week.

Parents- Good Idea.

22

[quote]WestCoast7 wrote:
-Open an IRA, now.
-Travel
-Treat your parents to something nice.[/quote]

Agreed an all points heres. Plus get yourself a nice wardrobe and a nice watch. With 2k a month in spare I’d go do the things that most people aspire to do in a lifetime, climb mountains, fly jets, go up to 80k feet in the air, that sort of stuff.

And care to divulge what you did in a car to not be able to get a license? I’m very jealous, I wish I could live downtown and walk everywhere, but no, its 100 miles a day for me.

edit: Not allowed to travel? Did you kill someone? In that case, go out on the lamb for a few months.

23

i like going to florida and renting exotic cars for the week. runs about 1600 total for a mon-sun thing.

24

[quote]Tyrant wrote:

[quote]WestCoast7 wrote:
-Open an IRA, now.
-Travel
-Treat your parents to something nice.[/quote]

Agreed an all points heres. Plus get yourself a nice wardrobe and a nice watch. With 2k a month in spare I’d go do the things that most people aspire to do in a lifetime, climb mountains, fly jets, go up to 80k feet in the air, that sort of stuff.

And care to divulge what you did in a car to not be able to get a license? I’m very jealous, I wish I could live downtown and walk everywhere, but no, its 100 miles a day for me.

edit: Not allowed to travel? Did you kill someone? In that case, go out on the lamb for a few months.[/quote]

See my post above regarded IRA. When I say 2000 saved a month thats after buying about 100-200 dollars of clothes a month, I dress fairly well and have already spent alot on nice clothes.

When I was younger (17-18). I got into 2 big accidents and wrote off my parents car. Had a few other minor fender benders as well. I just don’t feel comfortable driving at night, have vision problems. The roads are safer without me.

And for travel, as of this point I’m not allowed to book time off work. When my bar is open I am there (which is 5 nights a week). I took 2 days off last month to go on a trip to Winnipeg. Got a call from the boss giving me shit an hour after I got off the plane (even though I’d previously warned him I was going and had permission).

25

I’ve got a boer goat for sale. I got it for free when it was a kid, but I didn’t know that this thing was gonna get to be over 200 lbs. He’s quickly outgrowing my backyard and I’m not sure how the hell I’ll be able to slit his fucking throat and use him for meat since I doubt I could take him by himself. He’s got really big horns already. He’s yours for a hundred bucks, plus shipping and handling. Goat meat is an excellent source of protein.

26

[quote]MementoMori wrote:

[quote]Tyrant wrote:

[quote]WestCoast7 wrote:
-Open an IRA, now.
-Travel
-Treat your parents to something nice.[/quote]

Agreed an all points heres. Plus get yourself a nice wardrobe and a nice watch. With 2k a month in spare I’d go do the things that most people aspire to do in a lifetime, climb mountains, fly jets, go up to 80k feet in the air, that sort of stuff.

And care to divulge what you did in a car to not be able to get a license? I’m very jealous, I wish I could live downtown and walk everywhere, but no, its 100 miles a day for me.

edit: Not allowed to travel? Did you kill someone? In that case, go out on the lamb for a few months.[/quote]

See my post above regarded IRA. When I say 2000 saved a month thats after buying about 100-200 dollars of clothes a month, I dress fairly well and have already spent alot on nice clothes.

When I was younger (17-18). I got into 2 big accidents and wrote off my parents car. Had a few other minor fender benders as well. I just don’t feel comfortable driving at night, have vision problems. The roads are safer without me.

And for travel, as of this point I’m not allowed to book time off work. When my bar is open I am there (which is 5 nights a week). I took 2 days off last month to go on a trip to Winnipeg. Got a call from the boss giving me shit an hour after I got off the plane (even though I’d previously warned him I was going and had permission).[/quote]

hold on, so you could drive, but don’t want to? You’re sitting here telling me that you are a responsible person, and are keeping yourself off the roads willingly?

Obvious troll is obvious.

But seriously, I wish there were more people who were aware of their abilities or lack thereof. Florida is a goddamn nightmare driving at anytime in the day. Have you/are you going to school? While 2k a month extra might be nice now I can’t imagine you want to work in a bar/club for a long time.

27

[quote]DBCooper wrote:
I’ve got a boer goat for sale. I got it for free when it was a kid, but I didn’t know that this thing was gonna get to be over 200 lbs. He’s quickly outgrowing my backyard and I’m not sure how the hell I’ll be able to slit his fucking throat and use him for meat since I doubt I could take him by himself. He’s got really big horns already. He’s yours for a hundred bucks, plus shipping and handling. Goat meat is an excellent source of protein.[/quote]

Now we’re selling goats on T-Nation, geeeeeeeeeez.

28

[quote]WestCoast7 wrote:

[quote]DBCooper wrote:
I’ve got a boer goat for sale. I got it for free when it was a kid, but I didn’t know that this thing was gonna get to be over 200 lbs. He’s quickly outgrowing my backyard and I’m not sure how the hell I’ll be able to slit his fucking throat and use him for meat since I doubt I could take him by himself. He’s got really big horns already. He’s yours for a hundred bucks, plus shipping and handling. Goat meat is an excellent source of protein.[/quote]

Now we’re selling goats on T-Nation, geeeeeeeeeez.[/quote]

No, now we’re sharing really good deals on protein with our fellow T-Nationers. Remember the guy who bought a huge bag of protein powder for $100? Well, this is a much better deal.

29

[quote]WestCoast7 wrote:
-Open an IRA, now.
-Travel
-Treat your parents to something nice.[/quote]

A true Bay Arean.

30

[quote]PonceDeLeon wrote:

[quote]WestCoast7 wrote:
-Open an IRA, now.
-Travel
-Treat your parents to something nice.[/quote]

A true Bay Arean.[/quote]

I’m from the Bay Area too. Wanna buy a goat?

31

With your car/travel restrictions, why plan to spend it? Save it, and when you see a shiny something you want, buy it.

Anyway, if you’ve got a decent savings and good job, then maybe use it to take up a new hobby? Paintball, martial arts, knife throwing, etc. $2k will get you a year or so of classes for most things and the equipment you need to get started.

32

It would be a good idea to renew your license simply for insurance purposes. In the future when you do want a car insurance will be cheaper.

33

Pay off any debts
Save up 3-6 months for an emergency fund (sounds boring, but you’ll sleep better at night)
open an IRA and contribute heavily- seeing how young you are, this would be huge for retirement

from there, up to you

34

as for the IRA comment, yes, one of the advantages is the tax issue, but you want to open up one ASAP to start building wealth for retirement. Compounding interest, learn it, understand it, retire with a good nest egg.

35

[quote]goldengloves wrote:
You’ve the goal of buying property, right? No sense in wasting the money when it can be put towards one of your goals.[/quote]

This. Save up for a strong downpayment to keep the monthly’s down and a little more to equip it with furniture and a hot home gym set up. Spend the rest on steak and pussy.

36

get girlfriend / wife … never again will you need to worry about extra money

37

[quote]jehovasfitness wrote:
as for the IRA comment, yes, one of the advantages is the tax issue, but you want to open up one ASAP to start building wealth for retirement. Compounding interest, learn it, understand it, retire with a good nest egg.[/quote]

I prefer the TFSA set up in Canada (at this point). There is no excise tax and no taxation on capital gains. Within the account I can reinvest in money markets, mutual funds, GIC’s etc. And all income derived from those investments is again tax free. I havent yet begun to take advantage of the second benefit; however, I still think it is financially smarter than locking into a RRSP right now. (Maybe an IRA is better for a 21 year than then Canadian equivalent?).

As for emergency fund I already have one given that I have redirected or locked in much of my savings yet.

Tyrant:

I am in my final semester of school. 3 classes left, I’ll be graduated by Christmas time with a Communications Degree (ie a useless piece of paper).

I’ve already worked in bars for about 2 years. I am a barback rather than a bartender (luckily I have the highest paid inventory position in Ottawa… I believe). If I were to stay for years more, it would be as a secondary job, or I would potentially eventually go into management. That being said, no I don’t want a life time career in a bar.

New Hobby sounds like a cool idea, I wouldn’t begin to know what to pick though.

38

GOLD

39

[quote]belligerent wrote:
GOLD[/quote]

YES! Buy high and sell low, great idea.

LOL

Save the money, bank that shit.

40

[quote]countingbeans wrote:

[quote]belligerent wrote:
GOLD[/quote]

YES! Buy high and sell low, great idea.

LOL

Save the money, bank that shit.[/quote]

lol. Didn’t that debate come up in the past few months, where one guy just would not listen to your advice?