What was your worst financial mistake?

Prokopchuk_9 · August 1, 2013

18-20 at 100k? Damn

Alberta. Average income in Fort McMurray right now is 95,000 a year. Average household income is just under 200k.

Last year no overtime, had a month off in the summer pulled 165. Im just a machinist, nothing special LOL. In 2009 i worked 14/7 shift with a little OT and i pulled 240. LOLOLOL. i used to friggin blow alot of money, was just totally reckless with it. now im smarter i have a house, fiance and a 4 year old with another one coming soon! So i had to clean up my act, ive been pounding OT this year too, been home 10 days since April! But i flew my family up to visit twice for a month each. I make money, but i make alot of sacrifices.

Badass69 · August 1, 2013

18-20 at 100k? Damn

Alberta. Average income in Fort McMurray right now is 95,000 a year. Average household income is just under 200k.

Last year no overtime, had a month off in the summer pulled 165. Im just a machinist, nothing special LOL. In 2009 i worked 14/7 shift with a little OT and i pulled 240. LOLOLOL. i used to friggin blow alot of money, was just totally reckless with it. now im smarter i have a house, fiance and a 4 year old with another one coming soon! So i had to clean up my act, ive been pounding OT this year too, been home 10 days since April! But i flew my family up to visit twice for a month each. I make money, but i make alot of sacrifices.

Not all of us at that age were like that lol. And what he fails to tell folks is 95k in fort mac is poverty. .... To afford to live there is retarded compared to anywhere else in the province. So 240k a year if you live in the mac is like 80k anywhere else. If you live remotely like most try and the above guy does, great. But living at work essentially just to do it is not much fun. Not to mention the 39 percent personal taxation rate.

My biggest mistake was not opening my own company a lot sooner in my career. My overhead is some specialty stuff totalling maybe 15 grand that will last 10 plus years, another 10 grand in tools that last a lifetime and an old pickup that has paid for itself more times than I care to mention. Moneywise.... a lot lol. And I work 6 months a year or less. And no, nowhere around Fort Mac. Even what was me is now 3 and hopefully continues to grow.

Another consideration is stability as many of the 100k plus guys here work jobs that dry up quickly as drilling programs get cut. Not just rig personnal either. All the hard hat filler jobs diminish and the laborer monkey making 120k a year to hold pipe still while a guy welds it are gone too... So I chose a career that is not reliant on any of that and is high demand if you are good. If stuff slows down the worst that happens is I drop my rates a bit and continue working as normal. No I am not undermining Chevboy here as a machinist is a good trade. I just don't want all the guys that don't know thinking this place is Utopia.... It's good here though and I would only leave for an overseas stint just for the experience.

Prokopchuk_9 · August 1, 2013

18-20 at 100k? Damn

Alberta. Average income in Fort McMurray right now is 95,000 a year. Average household income is just under 200k.

Last year no overtime, had a month off in the summer pulled 165. Im just a machinist, nothing special LOL. In 2009 i worked 14/7 shift with a little OT and i pulled 240. LOLOLOL. i used to friggin blow alot of money, was just totally reckless with it. now im smarter i have a house, fiance and a 4 year old with another one coming soon! So i had to clean up my act, ive been pounding OT this year too, been home 10 days since April! But i flew my family up to visit twice for a month each. I make money, but i make alot of sacrifices.Not all of us at that age were like that lol. And what he fails to tell folks is 95k in fort mac is poverty. .... To afford to live there is retarded compared to anywhere else in the province. So 240k a year if you live in the mac is like 80k anywhere else. If you live remotely like most try and the above guy does, great. But living at work essentially just to do it is not much fun. Not to mention the 39 percent personal taxation rate.

My biggest mistake was not opening my own company a lot sooner in my career. My overhead is some specialty stuff totalling maybe 15 grand that will last 10 plus years, another 10 grand in tools that last a lifetime and an old pickup that has paid for itself more times than I care to mention. Moneywise.... a lot lol. And I work 6 months a year or less. And no, nowhere around Fort Mac. Even what was me is now 3 and hopefully continues to grow.

Another consideration is stability as many of the 100k plus guys here work jobs that dry up quickly as drilling programs get cut. Not just rig personnal either. All the hard hat filler jobs diminish and the laborer monkey making 120k a year to hold pipe still while a guy welds it are gone too... So I chose a career that is not reliant on any of that and is high demand if you are good. If stuff slows down the worst that happens is I drop my rates a bit and continue working as normal. No I am not undermining Chevboy here as a machinist is a good trade. I just don't want all the guys that don't know thinking this place is Utopia.... It's good here though and I would only leave for an overseas stint just for the experience.

I slightly agree and slightly disagree, most companies pay flights and pay your rent. I haven't paid a dime of rent in 5 years, and I've had every flight home paid for in full. 95 is average, that's including everybody. The average tradesman wage is 140 a year. Even if you do take the plunge and spend 750k on a home, it's still low risk. Plus you can rent every room out for 1000 a month. It's really not that bad for tradesman, you might pay 12 grand a year for rent but if you are making 10-15 a month rent is nothing. Most companies pay your rent anyways, or give you some sort of incentive. Shells new signing bonus is 60k if you sign for 3 years and if you choose to use one of their appointed real estate agents to buy a house up here they give you another 50k to relocate if you sign for 3 years.

I have a job interview next Tuesday for p&h minepro. Starting wage is $52/h, 12 hour shifts plus another $6/h for northern living. 7 on 7 off, all the OT you want @ double time pay rate. 3 weeks paid vacation per year and benefits march suncor/syncrude. I hope I get it!!!!!

Fort Mcmurray has been great to me, where I'm from has zero work! None!! So all this might seem great but I am still away from home alot.

Prokopchuk_9 · August 1, 2013

240 isn't like 80 either LOL. 240 is like 120-150. Quarter million a year is pretty damn good change for a run of the mill tradesman.

Badass69 · August 1, 2013

240 isn't like 80 either LOL. 240 is like 120-150. Quarter million a year is pretty damn good change for a run of the mill tradesman.

Factor in the cost of living along with the upper tax bracket and you aren't doing that great as a local. 1000 bucks a month for some goon to trash your house.... sure go nuts. Cause renters are so nice to put up with.... remember I'm a tradesman and work in the oilfield too for now. Quarter of a million paying 39 percent while working 10 months of the year... blah.. you keep it. It is good for an average tradesguy in comparison to the rest of Canada but its not the be all end all. Hell my journeyman rate even is $50 an hour and no Fort Mac to be seen.

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Prokopchuk_9 · August 1, 2013

You pay 39% after 130k a year dude, whoooo cares LOL. I'm still putting away a ton of money and maxing out RRSP every year so really I'm paying much less. If you are smart about it it's really not that big of a deal. Oh gee, let me see should I make $2500 every pay check to avoid 8% in taxes? Or should I just pay the 39% and take home 4-6000 every two weeks. Not a real hard decision IMO. I agree watching all that money go the bums and useless idiots across the country hurts but hey I'm still takin over 100 in my pocket each year.

...my dad made 200k renting out a townhouse he owned. Paid 300 sold it for 500 only 4 years, was mortgage free cuz of renters. Basically made 200 for doing nothing and had a place to live when he was here. Not a bad deal IMO. it's peoples attitudes like yourself who ruin the image of fort mcmurray. It's not that bad of a place to live, I actually like it. I'm planning on moving up the family soon, selling my house back home. Ya 50 is usually the average around here, it's 52 plus another 15% then another $5 an hour goes toward retention bonus paid annually. All in is over $60/h, pay check to paycheck I've been seeing just under $60 for the last 5 years. Pretty much industry standard for Alberta besides small shops and such.

The attitude towards this place down south blows me away, I say good if you don't like it stay out!

Prokopchuk_9 · August 1, 2013

240 isn't like 80 either LOL. 240 is like 120-150. Quarter million a year is pretty damn good change for a run of the mill tradesman.

Factor in the cost of living along with the upper tax bracket and you aren't doing that great as a local. 1000 bucks a month for some goon to trash your house.... sure go nuts. Cause renters are so nice to put up with.... remember I'm a tradesman and work in the oilfield too for now. Quarter of a million paying 39 percent while working 10 months of the year... blah.. you keep it. It is good for an average tradesguy in comparison to the rest of Canada but its not the be all end all. Hell my journeyman rate even is $50 an hour and no Fort Mac to be seen.

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Cost of living is cheap in Alberta man, waaaay cheaper than Ontario where I'm from. 13% HST.

Plus like I said mostly all companies give you a place to live or pay your rent...

flyboyron · August 1, 2013

I bought a 2001 Silverado reg cab, short bed, V-6, manual trans....it was the base model. Plain nothing extra.

The list price was a little over $16,000.00.

Well, as the story goes, I was desperate for a vehicle and wanted a new truck so I just ran down to the dealer and bought one they had on the lot not knowing how to deal with the salesman.

Anyway, when we agreed on the price of the truck and I was in the finance dept, they asked me if I wanted the extended warranty. They said it would cost $5.00 a month for the 72 months I was financing. I quickly figured $360.00 so OK!

WRONG, I found out later that it cost me $2.000.00 for that. Now how did they only raise my payment $5.00 a month and include an extra $2,000.00?

Anyway after 9 months of owning that truck it was gone. I got tired of having to pay 14.9% interest where 1/2 the payment was interest.

Then the front suspension on the left side was crap. I had the dealer rebuild the front end three times and the truck still looked like it was parked in a pot hole.

They said GM said that those model trucks had a leaning problem and I don't think it was ever fixed right.

The manual transmission was hard to get into any gear when it was cold and even with 10,000 miles on it, I would get stuck not being able to move the truck.

I also noticed on the long yellow invoice that there were accessories for $450.00, that I could not get them to explain since the truck was a base model.

I traded it in at another dealer on a 2002 Silverado (Base Plus package) with carpet, chrome rims and all kinds of stuff for the same payment for only 5 years at only 4.9%.

I wrote a letter to the dealer telling them how I got ripped off and all the problems I had with the truck and the owner called me and you know what he said?

The $450.00 accessories was a special coating they put on the paint.

I said the truck doesn't need any special coating, they come painted from the factory and I it was just a way to get more money out of me. He didn't like the idea that I said they were ripping me off.

It took several months to get my refund for the extended warranty after the owner said it would be mailed directly to my house since the truck was already traded in and considered paid for, but it still went to the finance co and it it took months to get my money back.

Now I let my wife deal with the car dealers. She got my 06 Honda Civic for way below price even though that was hard to do.

Then she got my current 09 Silverado Ext. Cab 5.3 V8 with the chrome package, towing package, blue tooth controls, and everything electic inside on it for only $24,000.00. What a deal that was!

I wish I would have known better back then, but I guess as my friend once told me.....I didn't get ripped off......I just didn't get as good a deal as everyone else!

Badass69 · August 1, 2013

You pay 39% after 130k a year dude, whoooo cares LOL. I'm still putting away a ton of money and maxing out RRSP every year so really I'm paying much less. If you are smart about it it's really not that big of a deal. Oh gee, let me see should I make $2500 every pay check to avoid 8% in taxes? Or should I just pay the 39% and take home 4-6000 every two weeks. Not a real hard decision IMO. I agree watching all that money go the bums and useless idiots across the country hurts but hey I'm still takin over 100 in my pocket each year.

...my dad made 200k renting out a townhouse he owned. Paid 300 sold it for 500 only 4 years, was mortgage free cuz of renters. Basically made 200 for doing nothing and had a place to live when he was here. Not a bad deal IMO. it's peoples attitudes like yourself who ruin the image of fort mcmurray. It's not that bad of a place to live, I actually like it. I'm planning on moving up the family soon, selling my house back home. Ya 50 is usually the average around here, it's 52 plus another 15% then another $5 an hour goes toward retention bonus paid annually. All in is over $60/h, pay check to paycheck I've been seeing just under $60 for the last 5 years. Pretty much industry standard for Alberta besides small shops and such.

The attitude towards this place down south blows me away, I say good if you don't like it stay out!

Okay bud. Talk to me in 10 years when you still work cause you have too and I will only work because I want too.

Enjoy.

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Prokopchuk_9 · August 1, 2013

You pay 39% after 130k a year dude, whoooo cares LOL. I'm still putting away a ton of money and maxing out RRSP every year so really I'm paying much less. If you are smart about it it's really not that big of a deal. Oh gee, let me see should I make $2500 every pay check to avoid 8% in taxes? Or should I just pay the 39% and take home 4-6000 every two weeks. Not a real hard decision IMO. I agree watching all that money go the bums and useless idiots across the country hurts but hey I'm still takin over 100 in my pocket each year.
...my dad made 200k renting out a townhouse he owned. Paid 300 sold it for 500 only 4 years, was mortgage free cuz of renters. Basically made 200 for doing nothing and had a place to live when he was here. Not a bad deal IMO. it's peoples attitudes like yourself who ruin the image of fort mcmurray. It's not that bad of a place to live, I actually like it. I'm planning on moving up the family soon, selling my house back home. Ya 50 is usually the average around here, it's 52 plus another 15% then another $5 an hour goes toward retention bonus paid annually. All in is over $60/h, pay check to paycheck I've been seeing just under $60 for the last 5 years. Pretty much industry standard for Alberta besides small shops and such.

The attitude towards this place down south blows me away, I say good if you don't like it stay out!

Okay bud. Talk to me in 10 years when you still work cause you have too and I will only work because I want too.

Enjoy.

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No make it 20-23 years. Ill be done at 50, completely and take in the same income I always have

I'm not unrealistic an set goals like "I'm gonna retire when I'm 37" LOLOLOLOL if I work till I'm 50, keep up the pace like I am now with RRSP and other mutual savings. Plus my investments in gold. Ill be very comfortable at 50.

Either way this went waaaay off topic, we could argue this tooth and nail notamember but we both know AB is the place to be! 1st world problems LOL, bottom line alberta saved my ass when I got it into financial trouble.

Badass69 · August 1, 2013

No make it 20-23 years. Ill be done at 50, completely and take in the same income I always have

I'm not unrealistic an set goals like "I'm gonna retire when I'm 37" LOLOLOLOL if I work till I'm 50, keep up the pace like I am now with RRSP and other mutual savings. Plus my investments in gold. Ill be very comfortable at 50.

Either way this went waaaay off topic, we could argue this tooth and nail notamember but we both know AB is the place to be! 1st world problems LOL, bottom line alberta saved my ass when I got it into financial trouble.

Nothing unrealistic here. I enjoy my job and probably will work 50 or beyond because I like what I do, not financial burden. Being mortgage and payment free before turning 30 did that. Alberta is the place to be for quick easy dirty money. Just don't attract everyone here lol.

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Prokopchuk_9 · August 2, 2013

Nothing unrealistic here. I enjoy my job and probably will work 50 or beyond because I like what I do, not financial burden. Being mortgage and payment free before turning 30 did that. Alberta is the place to be for quick easy dirty money. Just don't attract everyone here lol.

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only payment i have is a mortgage, but i put almost 40% down...i had to buy soemthing bigger cuz we had a kid, now we are having another one!