OMG UPDATE: Question? Answer.

Updated on Friday, February 14

#5926

QUESTION: How much money do you have in savings/assets? state age

51 comments

  1. 19 years old, about $7000
    My provincial student aid (Manitoba) really gives you more than you can spend. I get around $10 per month from interest alone.

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  2. negative 15 grand

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  3. 0, no co-op job yet, parents pay

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  4. About 30 grand. I've been saving it for a long time and now I'm 23.

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  5. $4,500 - RRSP
    $4,000 - Chequing (a chunk of which will be going to the TFSA soon)
    $3,00 - TFSA
    -$13,000 - Student loans

    26

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  6. $2000 in mutual funds
    $5000 in a high interest TFSA (it's shit, at least put it in bonds or something)
    $1000 in a personal stock portfolio

    19

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    Replies
    1. It'd be better for you to put your stocks (and possibly your mutual funds) in your TFSA...

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    2. ^more risk though

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    3. How it has the same earning potential and its tax free.

      Once I graduate I will max out my RRSP and contribute free capital to my TFSA

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    4. Where can I get more info on mutual funds?

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    5. IIRC if you lose on an investment in the TFSA then you can't use that loss to offset capital gains. So it is indeed more risky.

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  7. This comment has been removed by the author.

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  8. 21, $10,000 from coop

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  9. 19
    $25,000
    I worked full time throughout high school and had multiple jobs in the summers (approx. 80 hours a week)
    I also had first year paid for so far in scholarships.

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  10. 22
    $45,000
    Mostly came from co-op and living frugally

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  11. $1.3 million, inherited some property.

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    Replies
    1. My first reaction was troll, but then I realized it was just 1 house in a good neighbourhood in Toronto or Vancouver. I'll never be able to afford one

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  12. 22. About 40k saved from working during summers,coop and school.

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  13. If you have that much in savings do you still get osap?

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    Replies
    1. I got 40k saved (minus OSAP loans so like -18k). I still get OSAP just because they give you shit that you don't need to pay off.

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  14. I will never save for retirement because I plan on killing myself when I become too old (aka a burden on society).

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    1. hahahaha best answer ever. I agree 100000%

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  15. About $20K in cash/securities from co-op, scholarships, etc. Evaluating assets would take too long.

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  16. 23 years old. ~$30,000 in the bank.

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  17. 21, about $30k, more after this co-op is done.
    It would be more, but I have made some large purchases like a $3000 pc, big tv, expensive dates, stuff like that.

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  18. Currently $8500 CAD and around $9800 USD. By the end of this co-op and after my tax refund from last year though, that will be more like 20k USD. So around 30k by the end of this co-op as well.

    I only bothered to do 4 co-op terms and this is the first one that paid really well. 22 years old. Maybe have about $3000 in stuff total when I count all my furniture, electronics, camera, clothes, etc.

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  19. 23
    46000 401k
    42000 brokerage
    22000 US cash
    2000 CAD cash

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  20. $1500 CAD
    0.5 BTC (and growing, mining and trading)
    $70K Mutual fund given to my from my Grandfather
    No debt because RESP that will last about 1/2 of school
    18
    That being said my parents are in lots of debt (of the magnitude 100K) and dont have much of a retirement so I'll probably pay all their debt off and make their retirement.

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  21. 20 years old
    $24,000

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  22. How do you guys have this much money from co-op? What I earn in co-op goes towards my tuition and rent/food for next term. Do your parents pay for you or paid for you in first year?

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    Replies
    1. (20) If money was an issue, I would have spent a lot more time chasing some down. As is, my parents pay for my tuition and living costs on school terms (bare necessities only), but if they didn't it's not like I couldn't afford it. My pay for this co-op alone is nearly 30k gross, and if I were to go back I'd earn at least 5k more. However, I'm co-oping in the US with generous benefits (i.e. housing), so I think that puts me in like the top 10% at least of students.

      People who have 20k+ in debt obviously aren't going to be posting here, so there's confirmation bias too :P

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  23. If you have money saved up, why get OSAP? You only accumulate unnecessary interest when you pay it back.

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    Replies
    1. If you are able to pay off your OSAP within the first 6 months of graduating, or fit repayment relief status after that, OSAP ends up being a cheaper way to pay for school. You get bursaries, bringing the total cost of school down. So if you can beat the interest, it is a great way to do it.
      When my SO had OSAP, we never paid any interest. He made just under the cut off (because I am listed as his dependent since I am in school), so the government paid his interest and he didn't have to make any principle payments. The money just sat there. We saved up, then made a lump sum and paid it off. We saved a few thousand.

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  24. 21 with only about $2000 in my TFSA and $1000 in my regular bank account. I didn't start working regularly until I was 20 and it's only been part-time stuff. Plus, I love shopping dearly.

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    Replies
    1. Hopefully this makes some people feel better about what they've saved.

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  25. Why is everyone at waterloo so loaded, besides co-op? Do most students' parents pay for tuition, rent, bills?

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    Replies
    1. Because people with money like to show it off, so they are more likely to post their finances here than the average poor student. I am sure students with debt outweigh the number of student in strong financial situations.

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  26. 21 years old, 7.3 million CAD worth in BTC
    Also about 2k cash in my top dresser drawer.
    I still collect full amount of OSAP possible.

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    Replies
    1. 7.3m is too much to hold in one asset, I'd sell at least 1/2 if your BTC asap

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    2. Obviously bs, there's no way he/she has over 13,000 bitcoins.

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    3. Not bs. I got in at around 50 cents/btc. I used all of my savings left over after 1st year. Now I just collect OSAP and live off that while paying for all extras in cash.

      28.a It's not just BTC. I also dabble quite heavily in altcoins. I'm just waiting for those to take off.

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    4. Sell those now - they are way too volatile to be a long term investment

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  27. negative $30,000.... FML....

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  28. 2500 in TFSA
    1000 in Chequings

    18, paying own rent and tuition...came into school first semester with 5000 but shit costs money yo

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  29. 2 condoms and a bus token

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