Well… I think you can get a decent place for 1000. This is depending on your standards though. If you lived ina dorm room in university then it will be far above that. But chances are, compared to Mom & Dad’s is won’t be so hot. Also, if you are fresh out of school and only netting 2300-2500 a month I know 1000 on rent can sting. But you have to make your choice here… have your freedom or live through your 20’s with mom and dad. No judgments from me either way… it is hard starting out, I know I have been there.
staying at home is rough and tough, and it certainly doesn’t make me a better ibanking candidate for sure. its embarassing and humuliating. however, paying 1000 in rent when that can actually go towards a mortgage in 2 years seems to be better to me. I have buddies that moved out, though they did make 50k plus, but they all ended up moving back home for the simple reason, they couldn’t save up. 1000 is usually the minimal after taking into consideration trans cost, food and misc. charges. my strategy is just to endure these two years, save up enough for a place of my own, and pay the mortgage as if it was rent. This way, the “rent money” per se, is actually contributing to my total capital. housing prices are pretty high right now. but i figure if i can put 50k down payment then i’ll be ok. i rather pay mortgage then rent. don’t even get me started on if i ever had to do an MBA how that is going to work out. i really need to make some money now. dammit.
I’m not so much knocking it, I mean, I’d live at home and pay my parents some rent if I had the option for now to pay down debt. I live like crap right now…
You can get a place on Shooter for 500 bucks per month…just kidding FRANK Take your time and move at your own pace man, ignore these people. I moved out when I was 16 and put myself through school and the whole bit. Thankfully it has worked out fine for me (a lot of hard work) but if I had the choice to stay home, I would have and saved my money and been even better off now. So don’t rush it dude…if you have good thing going for you at home…stay there till you are ready to move out…perhaps save money while you are at home and have minimum expenses so you can purchase a place rather than moving into a rental when you do move out.
N Van, that is exactly what i’m doing. Saving up so when i move out, i don’t have to move back in. i’m not looking to rent and pay for someone elses mortgage. The only way i’m renting is if i got an ibanking gig,then the money never runs out.
Yeah, sorry man. I don’t want to come off like I am knocking what you are doing. You are right that it is a sound financial decision to live at home and save up the cash for a down payment. But as for the money never running out… I am sure you can alwasy find a way. I know guys making 200K + a living allowance and some of them are still tight on funds form time to time… it’s unbelievable.
^ Agreed, the more you make the more you spend…and if you ever take a hit on income it is sooo difficult bringing your living expenses down. That is why most people rather stay in their jobs they don’t enjoy than pursue what they like at the bottom.
Frank if it makes you feel any better, I’m pretty much in the same boat. Graduated in June; still living with the “folks.” Base - 42k. It’s pretty ridiculous. I’m actually within Asset Liability Management, working in the Project team as an analyst, and I think I’m getting ripped off. Then again, the bank (in TO) I work for, is renowned for their below average base levels. You can do nothing with a salary like that!!! ARGHGHGHHGGH!! I’m hoping I can use the experience to move on to something better.
So, anyone in TO can answer the tax question for me ? How much do these young guns pay in tax ?
Dude… Move away from home… Complain to your parents about how you hate paying rent… Get them to give you the downpayment!
Straci Wrote: ------------------------------------------------------- > So, anyone in TO can answer the tax question for > me ? How much do these young guns pay in tax ? http://www.ey.com/GLOBAL/content.nsf/Canada/Tax_-_Calculators_-_2007_Personal_Tax
frank you realize that to go to china you’d have to move out anyway. id leave no matter what my parents said, its too good of an opportunity to pass up.
Everybody I know that lives in TO had money from their parents for a downpayment. Buying a place is rough in the City. I lived w/ my parents after I graduated because I was only making 2k a month as a trading assistant. That was five years ago, and every year I made more money, and every year the Home prices stayed just out of reach. Then I got married and moved to my wifes condo, trying to sell for a downpayment on a new place, and can’t find a bid anywhere. Had some money saved still after paying cash for the wedding last year, but income went from 120k last year to 60k this year, and damn, once you are making it, it’s hard to go back to old ways. I complained about being broke to a friend last weekend, he’s a firefighter, and he told me to STHU since I’m still making almost double. Bottom line is, it’s hard out there for a finance professional.
^120k to 60k cut in income!!! that’s rough dude…how exactly did that happen?
I plan on milking everything I can from my parents >:). I was contemplating on moving out a couple of years ago (im 20 now), and in retrospect, I was a f*cking idiot to even think that. Life is good now, I can make the most out of my time by working/studying/extra-currics, then go home and get fed :), without worrying about stuff like my laundry, the bills, going shopping. Ill probably stay until Im 23-24, and not scared to admit it
I’ll move out eventually even if i stay at this job. learned from chess always to stay patient and keep improving your position. keep pumping the jab. i guess the challenges in life is what makes life worth living. win or lose, so long as you fight your heart out, you have nothing to ashamed of. Ask Shane Mosley. kevin, it doesn’t make me feel anything. your success or failures have nothing to do with my fight. i’m not the type to feel good if someone fails. i define my success. learned long ago never to compare myself with anybody, not even ibankers. there are some things in life i’m proud of and some that i’m not. the bottom line is, everybody has their own unique struggle and its how you overcome them that defines you.
This is the most depressing string ever. Frank have you ever thought about moving out of Toronto to find work? From what I read on this forum, it sounds like gigs in Canada don’t pay much. Surely you must have some savings to float a venture like this since you live at home?
I love Toronto but the jobs pay crap. I moved offshore and even thougt the cost of living is much higher I am still making out much better with the tax break. I’ll head back eventually and be able to put 50% down on a place. If you have strong ties it is hard to move away… if you don’t you are a fool not to. IMHO.
Equity trading is being regulated to the moon and computers are taking the job away. I’d love to find a gig at a big bank on a swaps desk, but I hear thats hard to break into.
PMwannaB, Where did you move and how did you find the job?