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油井緋色 said:
I pulled out of AMC at $12.

I told my brother about AMC when it was $8. His girl friend bought at $8....he won't tell me how many which means it's $xx,xxx at least.

I am very happy for them....AND SALTY AS **** AT MYSELF lol
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It's just straight up gambling. I don't buy $xx,xxx worth of lottery tickets, I don't buy $xx,xxx worth of meme stocks either. If you have a five or six digit gambling budget that you don't mind losing all the power to you. What are the odds that due to the continued lockdowns, AMC halts the stock and announces they are bankrupt? Poof.
 
GreyGhost said:
It's just straight up gambling. I don't buy $xx,xxx worth of lottery tickets, I don't buy $xx,xxx worth of meme stocks either. If you have a five or six digit gambling budget that you don't mind losing all the power to you. What are the odds that due to the continued lockdowns, AMC halts the stock and announces they are bankrupt? Poof.
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We all agreed on that. His gf is a highly educated passionless workaholic (aka. she sits on **** tons of cash and works long hours.) She figured why not, might as well gamble.

Robinhood did halt last week btw. GME's fiasco didn't do ****, the rich still playing by their own rules.

Also I think Reddit accidently saved GameStop from bankruptcy lol
 
^
Ryan Cohen has a really good reputation. Chewy

Decided to go up to ~50% of my portfolio in GME

Reddit saved AMC from bankruptcy

W.r.t to GME...

Look at how much Ryan has done to turn around GME this year ...

Or maybe I am selectively reading to feed my confirmation bias 🤔


Random thoughts...

Fun week watching them create random memes stocks to try and diversify everyone. Thank you python for literally paying me dividends.

Need more cash 💰 💵 For more AMC and GME 😆

Citaxxx firm and their actions could be a once in a lifetime thing. New laws are probably coming to prevent something like this... Until someone smart finds a new way...
 
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regder said:
Cautionary tale for those thinking of investing in Chinese based companies. DiDi, a Chinese Uber type service IPO'd on the NYSE on Wednesday. Yesterday, China blocked the app from app stores due to "security" concerns. China Bans DiDi From App Stores Just Days After Massive U.S. IPO
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I've seen enough crap to avoid investing directly in chinese companies. Way too much smoke and mirrors with many and I can't see through it from here. Also, a government that can seize your thing at any time doesn't give me the warm fuzzies. No china, russia or many african countries in my portfolio. Possibly small amounts in my wifes pension as I set her up for exposure to world markets but the pension managers are responsible for picking individual investments.
 
Good plan RECO is as close to Africa as I have ever gotten but has also been a 6 figure upside this year at 20 I will be considering selling some .
 
Ran the numbers on the kids RESP. Holy frack. I put in the max the gov't will top up ($2500/kid/yr). I have been getting ~15% return in the RESP. If the rate of return stays there, that means each kid has ~$350K for education at 18. Obviously maintaining the rate of return is not guaranteed and has a huge effect on final value. Worst year so far was -1.5%, best was +41% (market returns, not including 20% gov't match on contributions).

Anyone have a good guess as to education cost way more than a decade in the future?

Anyone had to unwind an RESP as the kids didn't need it all? It looks like you need to give back the government contributions ($500/yr/kid) and you can withdraw all of your contributions tax free (as it was after tax money) and then the growth is taxed at your marginal tax rate plus 20% (wtf, that sucks). You can transfer 50K to an RRSP and avoid the 20% tax.
 
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It was a great program for us, and still some money left over as one of my children did not go away for school and I have to deal with that but will see.

the important thing to do and we made the mistake because of not paying enough attention to the program is to use the EAP funds first.
The program is broken into 2 components your contributions and the EAP which are the grants and growth of the plan .

Use the EAP portion first as the recipient is taxed on this and usually their earnings are lower when they are first and second year students and will be way less impact than taking them out at the end of the program.

The contribution components can also be removed and I should have removed them and reinvested outside the plan.

Overall the plan was handy not having to pay university fees for 2 children at the same time and who could ignore a 20% match on your investment

The plans 25 years ago were not very sophisticated and certain the new ones today allow more management of the investments.


Information about Registered Education Savings Plans (RESPs) - Canada.ca

Information about Registered Education Savings Plans (RESPs)
www.canada.ca www.canada.ca
 
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STARSHIP said:
The contribution components can also be removed and I should have removed them and reinvested outside the plan.


The plans 25 years ago were not very sophisticated and certain the new ones today allow more management of the investments.


Information about Registered Education Savings Plans (RESPs) - Canada.ca

Information about Registered Education Savings Plans (RESPs)
www.canada.ca www.canada.ca
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Thanks. It looks like the best path is once education cost is relatively known (eg. something like after first year so you have a good concept of yearly cost and expected number of years) is to pull out my contributions if there is going to be extra money. More years of growth generating more money that gets assaulted by the tax man (up to 74% tax, cough) doesn't seem like a great plan.

My RESP is fully self-directed. Just an investment account that I can buy whatever securities I want in.
 
I buy and hold the vast majority of the time. Very rarely buy excessively risky securities. wtf. The returns exceed what is reasonable for parking money and doing nothing. These are pulled from 2020 year end. Contents of the accounts are mutually exclusive except for an index in RESP that contains some securities in the RRSP.

Unregistered
cash.png

RESP
resp.png

RRSP
rrsp.png
 
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Think a degree is around $50k. Assume $70k due to inflation or whatever by the time they need it.

You guys are doing your kids some damn good service; I had to pay for that **** myself lol
 
油井緋色 said:
Think a degree is around $50k. Assume $70k due to inflation or whatever by the time they need it.

You guys are doing your kids some damn good service; I had to pay for that **** myself lol
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The last numbers I saw were for a 2030 start of 55K for live at home and 111K for live away. My kids start later than that. On the upside, growth should be sufficient to allow me to withdraw what I put in with no tax implications for a nice bump in retirement savings (up to 50K per kid although only 36K gets the 20% match so I'll stop there for tax reasons). I was ****** RESP account didn't make it to 70K before the youngest started school. That was my goal and I got close but missed it.

As far as doing them a favor, I'm not sure. Paying for crap yourself builds character and means you will work your ass off to avoid wasting your hard earned money. I was lucky and my parents picked up tuition, I worked 40 hours a week while in uni to pay for everything else and get out with minimal loans (paid off before interest started).
 
GreyGhost said:
As far as doing them a favor, I'm not sure. Paying for crap yourself builds character and means you will work your ass off to avoid wasting your hard earned money. I was lucky and my parents picked up tuition, I worked 40 hours a week while in uni to pay for everything else and get out with minimal loans (paid off before interest started).
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Eh this entire work your ass off doesn't work right now unless you mean work your ass off 80+ hours through OT or multiple jobs

UW Eng Degree is ~$ 16,000 x 4 years
Room Rental ~$ 1000/month x 48 months

blah blah
 
george__ said:
Eh this entire work your ass off doesn't work right now unless you mean work your ass off 80+ hours through OT or multiple jobs
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I was more referring to school than life. A time where many people just screw around, try multiple programs (which may or may not get finished) and just generally bounce around while every year losing a year of work at the highest salary they will ever make (and years of growth on investments). I am ok with them going with a trade instead of conventional school if they seem like they may stick with it. Pick a trade school somewhere expensive to try to get money back out of RESP (I buy a condo and they rent it for market rate using RESP money?).

Based on what I saw when I went to school, my plan was to try for a down payment for the kid when they went to school and they rent out most of the rooms to cover the mortgage. With the rapid price runup, that's not going to happen.
 
GreyGhost said:
As far as doing them a favor, I'm not sure. Paying for crap yourself builds character and means you will work your ass off to avoid wasting your hard earned money. I was lucky and my parents picked up tuition, I worked 40 hours a week while in uni to pay for everything else and get out with minimal loans (paid off before interest started).
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Honestly, I think it's better to let them figure it out themselves. I was actually booted out of my first uni romp because I lived on campus and spent most of it drunk (common story right? lol). This wasn't with my money...proving your point.

When I went back, my performance was high enough to have tuition covered via bursary and scholarships....with OSAP money going towards my GSXR750 lololol

In hindsight, I probably lost $500k to $1 million from the above mistakes (time wasted before climbing, potential revenue, investing projection.) Painful ****!
 
油井緋色 said:
Honestly, I think it's better to let them figure it out themselves. I was actually booted out of my first uni romp because I lived on campus and spent most of it drunk (common story right? lol). This wasn't with my money...proving your point.

When I went back, my performance was high enough to have tuition covered via bursary and scholarships....with OSAP money going towards my GSXR750 lololol

In hindsight, I probably lost $500k to $1 million from the above mistakes (time wasted before climbing, potential revenue, investing projection.) Painful ****!
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I only qualified for OSAP once. I invested it until I graduated and then liquidated to pay off the loan before the clock started.

The interesting thing is is really hard to quantify how much that cost you until the end. It could be reasonable to say that you were one year late on your first 5K investment but over 40 years, at 7%, that 75K, at 20%, that's 7.3M. You don't know the rate that applied until the 40 years are up.
 
Lightcycle said:
Co-op education.

5 years of alternating school and work terms for a four-year degree meant 0 summers off, but 0 debt when I graduated. Also 2 years of relevant work experience on my resume upon graduation day.

But yeah, us old guys had it sooooo easy back in the day...
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Off is relative. I didn't do school most summers (just one bleeping calculus course to try to suck less) but I went for jobs where I could work with amazing people and learn from them. Factory, mold making, machine shop, carpentry, etc. There was an old european auto mechanic I wanted to work with but he stopped before I was ready. I could have made a hell of a lot more money cutting the grass at a facility where I had a connection but I would have learned very little.
 
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