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Discussion Starter #1
I`m officially today debt-free for the first time since 2003! It`s a greet feeling! :D I can now open a TSFA. :) It was all bad debt, burning money. Next time I have debt, it will be a mortgage!
 

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Discussion Starter #3
The source of our problems are almost always coming from inside. In my case, it's my out-of-control emotions that were the problem. I have a budget that I look at least twice a week to keep an eye on what is coming in and coming out. Had I been that way since 2003, I would have a house almost mortgage-free by now! :eek: Now I'm 45, so I am serious about things like finance.

Regarding an emergency, I am accumulating all my extra money in a TSFA. I don't have any costy project for 2010 (traveling, buying a car, buying a house, etc.). I earn good money, and will live a $300 a month room in a house. I don't have a car; commute to work with a bike. It costs me $200 a month for food, and don't go out. Some people say I live a priest's life.

My project for 2010 is to create my own business. I have an idea on which I'm working with a business consultant.
 

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Sounds very good. Here's something else to think about:

1. what is your goal for the amount of rainy day savings (in TFSA) you would like to have?
2. what is your goal for the amount of money you would like to save for possible house downpayment?
3. How long have you given yourself to achieve these goals? The budget you mention above should allow you to see these projections in a second, or can be extended out to see how much time you will need.

You're doing great! Keep it up! And starting a business is a good way to help your situation! Good luck with that!
 

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That's great news Taxsaver!! It's a great feeling transferring that last payment over.

It's also great that you're starting up a business. There's something great about taking control of your life as well as your finances through running your own business rather than "working for the man"
 

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Congratulations TaxSaver! Just keep in mind that mortgage is also debt that can become a nightmare if you borrow more than you can service. I like the idea of starting a business, because if your business succeeds you'll be on the way to a real financial freedom.
 

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Discussion Starter #12
The ING TSFA has been at 2% for a while. Now it is at 1.5%. I would like to stop at $5,000 and use this as an emergency fund. Then I'll invest my budget surplus in my RRSP until I get the $25,000 amount for the government house purchase plan to buy a house.
 

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Discussion Starter #14
<- Jealous.

Where is the 'Like' button? haha

Good Job!
Thanks. I worked hard AND smart to get where I am now. I do as much overtime as possible until January 1. This extra money will be well invested, not wasted. I was in $17K of toxic debt, if the term is applicable here, a year and a half ago. The first determinant step I took was to make a budget. It's the best financial advice I can give to someone in financial trouble. I can talk about it by personal experience. My main goal for 2011 is to liberate myself of the 9-5 slavery mode. Instead of working for people, I want people work for me. I will no longer accept to be yelled at and treated as a second-rate human being by customers, and humiliated by supervisors. It's a promise I'm making to myself.
 

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Congratulations Taxsaver and welcome. I am sure you will find it fun going forward.

I encourage you to build up that nestegg so you can afford to get out from under your day job and get people working for you.
 

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My main goal for 2011 is to liberate myself of the 9-5 slavery mode. Instead of working for people, I want people work for me. I will no longer accept to be yelled at and treated as a second-rate human being by customers, and humiliated by supervisors. It's a promise I'm making to myself.
Can you tell us how you plan to accomplish that?
 

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Discussion Starter #17
Good question Royal mail. I thought I banned of the forum already! :D

I have a business idea in mind. I'm just going to copy and paste what my uncle is already doing. He works for himself with no employee and the headaches they bring. One thing's for sure, the members of this forum will be the first to know if that works out well.
 

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Congrats!
Would you mind posting up some little tid-bits as to how you were able to accomplish it? How far in the hole were you? What did you have to change/alter to accomplish it?
 
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