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A wealthy business man once told me "Wealthy people have their money working for them so they can work less..." A true statement I'll agree with....get your money to work for you. Here's how I've done it and you too can follow in my footsteps to financial freedom.
Here's what I typically spend in a month:
1)Rent................$0.00 7)Car insurance.........$150.00
2)Food................$30.00 8)Lotto/Casino..........$200.00
3)Cable/Internet...$50.00 9)Hygene products.....$50.00
4)Clothing............$50.00 10)Gym....................$30.00
5)Movies(Got FTA).$0.00 11)Newspaper...........$10.00
6)Gas for Car........$50.00 12)Misc....................$50.00
In Total I spend about $700/month, which varies from month to month.
Now here's what I make NET per month:
1)Paycheck from work $27.50/hr@84hrs bi weekly(Plus bonuses/OT)...NET $4000.00
2)People's Trust interest on $300,000@3.60%.................................NET $900.00
3)ICICI Bank RRSP interest on $130,000@3.00%..............................NET$325.00
4)ICICI Bank TFSA interest on $5,000@3.00%.................................NET12.00
Total NET income is approximately : $5237/month or $62,844.00/yr. So bottom line is this : $63,000 comes in and $8,400 goes out leaving me with about $54,000 adding to my NET WORTH each year!!!! As you can clearly see, I'm making my money go to work for me so later in life I can relax and enjoy my retirement!!!!
Roc
2:12 am
Wow... that's amazing frugality!
How do you only spend $30/month on food... do you find really good deals at your supermarket? How about the Water bill? Electricity? Gas?
Do you allocate money aside for property tax monthly? Insurance for your home (I assume you own your own home because you're not paying rent / mortgage?). Phone (landline or a cell phone?)?
I'd like to know how to save more money, so if you could provide some insight, that would be great!!! Rent in Vancouver can easily be up to $800-1000/month.
Thanks,
H
PS - what do you do for a living if you don't mind sharing?
12:46 pm
Translation:
1)Rent................$0.00 (suck off of parents)
2)Food................$30.00 (he eat's at the dollar store)
4)Clothing............$50.00 (shops at Wal-Mart)
6)Gas for Car........$50.00 (drives a GEO)
7)Car insurance.........$150.00 (bad GEO driver)
8)Lotto/Casino..........$200.00 (has no g/f or life)
9)Hygene products.....$50.00 (Clearasil must love you)
Wow, what a life. Can't wait to see what you do in retirement.
Money isn't the #1 thing in life, but it will take a while for you to learn that on your own. You can't buy time, no matter how rich you are.
4:10 pm
November 26, 2008
Offline
Mike said:
Translation:
1)Rent................$0.00 (suck off of parents)
2)Food................$30.00 (he eat's at the dollar store)
4)Clothing............$50.00 (shops at Wal-Mart)
6)Gas for Car........$50.00 (drives a GEO)
7)Car insurance.........$150.00 (bad GEO driver)
8)Lotto/Casino..........$200.00 (has no g/f or life)
9)Hygene products.....$50.00 (Clearasil must love you)
Wow, what a life. Can't wait to see what you do in retirement.
Money isn't the #1 thing in life, but it will take a while for you to learn that on your own. You can't buy time, no matter how rich you are.
Mike, you didn't have to write all that. It was already all in our minds.
The day you become free is the day you work for fun.
7:11 pm
February 3, 2009
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H said:
Wow... that's amazing frugality!
How do you only spend $30/month on food... do you find really good deals at your supermarket? How about the Water bill? Electricity? Gas?
Do you allocate money aside for property tax monthly? Insurance for your home (I assume you own your own home because you're not paying rent / mortgage?). Phone (landline or a cell phone?)?
Haven't you been keeping up with Roc's posts? He laid out his financial strategy in a previous post, and make no mistake about it, not owning a home and living with his parents while having them subsidize his living is the foundation of his financial strategy. People think he's a looser, bum, leech, and parasite. I try not to pass that judgement, because I'm not sure I know the whole story. Maybe his parents are getting something out of it, although he sounds like he's fine with taking advantage of his parents.
H said:
PS - what do you do for a living if you don't mind sharing?
Roc has not been willing to share his line of work. Maybe he's not proud of it, or he's worried that will lead to uncovering his identity.
7:37 pm
February 3, 2009
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Roc said:
...I'm making my money go to work for me so later in life I can relax and enjoy my retirement!!!!
The two things really working for you are your job and your parents. Without you working 42 hours per week, and your parents subsidizing your living, you wouldn't be able to save at all.
8:20 pm
In response to some of your comments as to "What I do for a living to make $60,000/yr?". I work for a drug company in Ontario that makes pharmeceutical drugs. I am a production operator and make $27.50/hr, work 84hrs bi-weekly, 12 hour shifts. Been there 4 yrs and have been recently promoted to senior operator where I delegate work to 5 workers below me.
I tell them about the secrets to making money and have them read my blogs in here, provide them with photocopies of my most recent bank account statements from People's Trust and ICICI Bank. They are all broke and live paycheck to paycheck and all of them are married with kids and have mortgages or pay rent!!!!...What a bunch of losers....ha ha ha!!!
The good news is that our company is not having layoffs due to tough economic times, if anything we're hiring!!!Now that I told you what I do for a living, I would like to know what you guys do for a living? I already know that "H" and "Max" are students and "Doug" works for HSBC, and "Peter" runs an excellent website here. I don't know what "Jeremy" ,"Mike" and "Dave" do? Please tell me your occupation, your gross and net incomes for 2008, what is the make/model of your vehicle, whether you pay rent or have a mortgage, etc.
Thanks
Roc
10:54 pm
February 3, 2009
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Roc said:
I tell them about the secrets to making money and have them read my blogs in here, provide them with photocopies of my most recent bank account statements from People's Trust and ICICI Bank. They are all broke and live paycheck to paycheck and all of them are married with kids and have mortgages or pay rent!!!!...What a bunch of losers....ha ha ha!!!
Why on earth would you share your bank statements with them? Do you tell them, "Read'em and weep!"? Do you get a kick out of telling people you have money that they don't? And what secrets to making money are you talking about? Being a burden to your parents and putting your money in savings accounts hardly constitute secrets to making money. Very few people your age have the option of being a dependent to their parents again, so I don't see how your so-called advice can help anybody.
You just called your co-workers losers. Don't you care that they might read it? Or are you already calling them losers to their face?
What do your parents get out of subsidizing your living? Surely, you must be contributing in some way. Are you really the freeloader you are so proud to be?
I appreciate your sharing your personal information; it does make for interesting reading. You seem to enjoy telling others how much money you have, how much you make, and what car you drive. But I get no pleasure from sharing my personal information, and I will never do that.
12:07 am
Roc said:
I tell them about the secrets to making money and have them read my blogs in here, provide them with photocopies of my most recent bank account statements from People's Trust and ICICI Bank. They are all broke and live paycheck to paycheck and all of them are married with kids and have mortgages or pay rent!!!!...What a bunch of losers....ha ha ha!!!
Most people would take a wife and kids over cash any day. Your co-workers may not be "fortunate" enough to have others to leech off of, but at least the highlight of their month isn't handing out copies of their bank statements.
By the way, if you keep up that kind of grossly unprofessional behaviour at work, you will be canned.
There's more to life than gross income, vehicles, earning 3.6% variable interest, and not paying rent. Maybe someday you'll gain some perspective and the ability to feel shame.
1:12 am
Roc said:
In response to some of your comments as to "What I do for a living to make $60,000/yr?". I work for a drug company in Ontario that makes pharmeceutical drugs. I am a production operator and make $27.50/hr, work 84hrs bi-weekly, 12 hour shifts. Been there 4 yrs and have been recently promoted to senior operator where I delegate work to 5 workers below me.
Ah, the plot thickens! I suspected you were a drug dealer! (partly by your name). The gambling also is a good way to launder funds.
Rather than giving advice on how to be rich like Donald Trump, you should write a book called "Saving for Dummies". Better yet, an autobiography would be more appropriate as your financial strategy isn't really a strategy that can be adopted by most people, but is rather a story of how you essentially lucked into money as illustrated by your blatant disregard for CDIC coverage, etc. By openly putting your finances on the internet for all to see, you certainly are quite a risk taker. How a person with very little education (you said yourself in a previous post that you were terrible at math) can land such high paying jobs (Obviously, you didn't make all that in just 4 yrs) and accumulate such a huge nest egg completely blows my mind. By the way, it is spelled pharmaceutical.
All kidding aside. You are very lucky to have such a high paying union job and the ability to live rent free off your parents. I also have to admire your guts.
10:08 am
Sorry guys, I wasn't keep up with the posts... now I kind of feel like an idiot.
6:45 pm
November 26, 2008
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Roc, do you realize that you are a slave of capitalism and you are doing exactly what this item was intended for: get the richest possible?
If the goal os this system was to accumulate as many peanuts as possible to trade them for any product, you'd have your parents' basement full flooded with peanuts.
The day you become free is the day you work for fun.
11:24 am
June 2, 2009
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Max said:
Mike said:
Translation:
1)Rent................$0.00 (suck off of parents)
2)Food................$30.00 (he eat's at the dollar store)
4)Clothing............$50.00 (shops at Wal-Mart)
6)Gas for Car........$50.00 (drives a GEO)
7)Car insurance.........$150.00 (bad GEO driver)
8)Lotto/Casino..........$200.00 (has no g/f or life)
9)Hygene products.....$50.00 (Clearasil must love you)
Wow, what a life. Can't wait to see what you do in retirement.
Money isn't the #1 thing in life, but it will take a while for you to learn that on your own. You can't buy time, no matter how rich you are.
Mike, you didn't have to write all that. It was already all in our minds.
It was still worth saying..lol
11:09 pm
July 30, 2009
Offline
Most people would take a wife and kids over cash any day.
I'd take the cash.
1:50 am
i have read all of Rocs posts and okay he said he has lots
of money locked in some high-interest savings account. and that he pays THIS
ridiculous lowly monthly expenses. however, i have already read a lot of stories similar to this. and its full of balooney. air-ball. bummer. whatever.
hey guys i have 100K in my account this. 250K account that. and guess what? i had a dream telling me to do this, and so i donated all of it to the salvation army, now im broke but happy would even make me more interested to read.
but his story is not very realistic figures and all. and is no
way gonna help us decide what do with with my (or our) hard earned
realistic $5,000 more or less dollars to make this https://www.highinterestsavings.ca/forum educational... and "informational..."
😉
6:10 am
yes i am. and i read this forum to gain information about investing (not really investing as in like a pro, maybe just try to play your hard earned cash in some banks for a year and see what happens) some dollars on high-interest savings account. and this site delivers as i check the https://www.highinterestsavings.ca/chart site and you will see a brief guide on current interests rates. scotiabank (my other bank) was not listed but its okay, they're the champ when it comes to giving out LOW rates for deposits anyway.
12:13 am
November 8, 2009
Offline
TD really sucks too for daily interest rates... A teller asked me why I didnt keep much cash in TD!? I said the interest rate was almost non-existent... She replied that it was that low so they could provide the branch and all the services to "help me"!!! ha ha...I said what are all the service fees for then and why do they consistently make billions in profit? She said "NEXT IN LINE PLEASE" and I left....:???:
5:27 am
having read this book, "the smart canadians guide to saving money, [author: pat foran]" and the topic is about saving money like instead of spending $20 a week for a lotto ticket (which i normally do, even more) if you save that 52x per year instead and have a 10% return of investment it will have the following output:
$20/week for 52weeks for 30years = 206,329
$20/week for 52weeks for 40years = 553,396
$20/week for 52weeks for 50years = 1,453,598
wow, 20 bucks a week for 50years amounting to almost 1.5 million!!!
but then again.... {there will be always a butt i mean a but...}
have you ever met a guy in his 70s with a million dollars and his reason is that "because once upon a time, long time ago, i save $20 a week for so many years before..." hahaha. i say to you. answer: none. nada. zero. nil. kafung. meyow. wala. this millionaires are either successful business people/business owners, heirs, lottor winners(err?), etc.
again, where in the world can we find a place where we can invest $20/week and have a return of interest of 10%??? the best at most that we can possible do is bank it at peoples trust (2.1%) or canadian direct financial (2.0%)... [we use basic savings account rates] and let us not think of 50 years, that's way too melodramatic, let's put on a more "real life" scenario, something practical and realistic like say 20 years...
so, that's saving of $80/month for 20 years okay? ($save 20/week) using scotiabank online investment calculator...
at Canadian Direct Financial @2.00% = $22,615
sorry, no decimal rates available for People's trust of 2.1% but it should be near that amount...
at Coast Capital (my bank, hehehe) @1.00% = $20,928.
so, if i or we do that now, assuming we're both near or same age, i'll be in
my early 50s THAT TIME and kaboom i will have $20K waiting for me.... nahhh.....
all that trouble of saving for $20k??? there is no justice at all... doesn't sound interesting to me now.
why not just continue bet on lotto maybe within 20 years of betting you will hit
that multimillion jackpot and not that puny 20k?
or better yet, why not invest that $20/week to a life insurance instead?
to borrow a quote from a book [iforgot the author], "We are worth more DEAD than alive...." hahaha. most insurance i have researched requires you to pay $10-15/month.... so when suddenly the grim reaper arrives in your face, your loved ones or lovers will be very happy...
some problem also will arise if we suddenly lose our jobs or source of income so
we may not say actually it's easy to do this or that okay???? saving $20/month may sound cornflakes if you are currently employed but believe me when i was jobless that kind of stuff to do is impossible so let us just hope we are using a very realistic example...
and yeah.. banks are suckers. but keep in mind that banks are made to profit
on our banks fees, fees and other fees. they are not there for charity. unfortunately i cannot see any other ways [right now] to save and grow our money but just saving on banks and use the power of compounding interest.... the likes of stocks, mutual funds, and other investment derivatives are still new and untested to me.
10:03 am
I'm with the ever-increasing number of Canadians who have taken the cash over the wife and kids.
Roc's parents are probably glad to have him in the basement rather than worrying about supporting them.
There is one clanger in all this, though: He throws away $2400 (the price of a servicable car!) a year at the casinos. Nobody who makes any serious claim to financial awareness should ever give a nickel to the Stupidity Tax. If you enjoy being at a casino and not gambling, well, that's you idea of an entertainment budget..
I don't take cable TV, having several antennas connected to separate VCRs to collect six local channels. DVDs come from the library or films are recorded from TV and traded with friends. My 1.2-litre motorcycle costs me only $80 a month for insurance and less for gas (about $50 a month).
Where I'm bad is with food - because it's also part of my entertainment budget, and it's not chat cheap to cook for one. On the other hand, my liquor budget is $15 a year.
NOTE: many so-called financial advisors, like the ubiquitous Michael Campbell, say you can make a million by saving it. That's BS - you have to earn the money first, and you will end up with a deflated million not worth much more than you put in and paid tax on. Let's face it - guaranteed investments rarely earn more than inflation and tax. It takes careful selection of rates and terms (not to mention tax consequences) to come out ahead without taking risk.
And asset-based funds have all to often turned out to be ponzis or come to that one special time when it all goes bad and you lose everything. That's what the US financial collapse was all about, right? That's risk. And you should never take a risk you can't afford to cover if you lose. That's why we chose a high deductible on our car insurance BUT get the insurance, because a $2 million lawsuit will wipe out 95% of Canadians. (One per Canadian - I'm not talking about ALL of us going under at once!)
RetirEd
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