Lazy Canadian Investor
@JimChuong • 36,012 subscribers
Turned $300 into a multimillion dollar retirement at age 40. Education. Not advice. Canadian investor in U.S. real estate and U.S. stocks. Discover how:
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CIBC had to pay a woman with 5.5 years of service 12 months’ pay in lieu of notice as severance, plus $100,000 for her annual bonus. When I worked in corporate, I always looked to get laid off or fired. Always. In Ontario, Canada, severance and notice periods under common law can amount to tens or even hundreds of thousands of dollars. It doesn’t matter how long you were employed, and it doesn’t matter how large the employer is. I once helped a senior coworker with 30 years of tenure secure over $350,000 instead of a fake gold watch for their retirement. If I was a non-union employee with a lot of tenure, I would never voluntarily quit, resign, change jobs, retire, stop coming in to work, or otherwise decide to leave on my own. Not only would I forfeit a potentially large severance package, but I might also disqualify myself from Employment Insurance benefits. Corporations are neither ethical nor moral when they cheat employees and try to avoid paying what they owe under common law. If I wanted to force a corporation to pay me severance, I had five different methods that always worked. The easiest (but most expensive) method is to use an employment lawyer. But what if I don’t have money for a lawyer? No problem - Canada has me covered. I would visit the Law Society of Upper Canada website and use their Lawyer Referral Service (LRS) to find an employment lawyer who would give me a free 30-minute consultation. Ignore anyone who quotes the Employment Standards Act (ESA) unless they are an employment lawyer. They are wrong 100% of the time. Talk to an employment lawyer. The corporation will try to get you to sign away your rights and accept less, so make sure you sign nothing. Just take whatever document HR gives you and show it to your employment lawyer so they can deal with it. The win rate is so high that employment lawyers always took my cases on contingency. That means they don’t get paid unless they win. But when they win, they take a third of the winnings. Too high? Remember, you don’t have money upfront anyway. If I could afford to pay, of course it would be cheaper to do so. It’s a good deal either way. I preferred to be consistently insubordinate and to retain the services of an employment lawyer. That worked every time for me. If I was a non-union employee with a lot of tenure, I would never quit, resign, retire, take a new job, or stop coming to work. I want what is legally owed to me under common law. Don’t be the employee who leaves with nothing because they didn’t consult an employment lawyer. This is education, not advice. Consult your own employment lawyer.
Lazy Canadian Investor389,163 Aufrufe • vor 1 Monat
My process for investing in the stock market is simple: 1. Stay at least 90% invested 2. If market down 20% from all time high, lump sum 25% of available cash 3. If market down 40% from all time high, lump sum 25% of available cash 4. Rinse and repeat until 100% invested
Lazy Canadian Investor1,455,437 Aufrufe • vor 7 Monaten
When I worked corporate I always looked to get laid off or fired. As a non-union employee with tenure in Ontario, Canada severance could amount to tens or hundreds of thousands of dollars under common law. How to get the employer to terminate and pay? 1. Employment lawyer (visit Law Society website and get a free consult) 2. Tell coworkers that you have 2 million in investments, and you don’t even need this job. You’re just doing it for fun. Envy will do the rest. Then consult an employment lawyer. If I have tenure I will get that bag because it’s the law, and tenure has value.
Lazy Canadian Investor917,135 Aufrufe • vor 8 Monaten
Most don’t understand the levels of wealth in NA. If she gets her $20M price, assuming she is a “typical” rich household where the primary residence is less than 12% of wealth, she has over $140M in investments, and worth north of $160M And the levels still go much higher…
Lazy Canadian Investor474,992 Aufrufe • vor 6 Monaten
A couple that makes $20k/mo will live a comfortable life in Toronto, Canada. Let me walk you through it $20k per month is $240k a year. Let’s say each person makes $120,000 per year In Ontario: Federal tax: $18,812.49 Provincial tax: $10,128.16 CPP contributions: $4,055.50 EI premiums $1,049.12 Net pay: $85,954.73 per person per year or $7,162.89 per person per month. Who are we talking about? A couple. No kids. For a couple: Net pay: $171,909.46 per year or $14,325.79 per month. What does “comfortable” mean? Let us say you are: - not living pay check to pay check - filling retirement accounts - paying for food, clothing, shelter, transportation Let us start: TFSA (equivalent to U.S. Roth IRA): $7,000 per adult per year, or $14k per couple per year total. But each person contributed $21,600 to their RRSP, paid $30,000 in tax, and had a refund of $8,900 which they used for their TFSA with $1,900 per person to spare. RRSP (equivalent to U.S. 401k/403b): $21,600 per adult, or $43,200 total per couple. For retirement (TFSA & RRSP): $43,200 per year or $3,600 per month. Let’s move to shelter: A 1b1b condo in Toronto costs $720,000. This should be affordable for a gross household income of $240,000 per year based on the 20/30/3 rule for buying a home: 1. 20% down 2. Shelter costs less than 30% gross household income 3. Shelter price less than 3x gross household income If no downpayment the couple needs to find $144,000 for downpayment, $13,275 land transfer tax (assuming first time home buyer otherwise $21,750) and legal. $162k+ Minimum. Monthly mortgage is $3,400 per month (20% down, 5.1% interest, 25 year amortization) Plus: Utilities Insurance Property tax Landscaping Maintenance Capital expenditures You get the picture. If non-recoverable shelter cost is 2% this is $14,400 per year or $1,200 per month. Let’s keep it simple and say that shelter equivalent is $4,600 per month Next add the following: Groceries: $1,000/mo Car: $1,000/mo (includes monthly payment, maintenance, insurance, gas) We are at $10,200 per month. ($3,600 retirement + $4,600 shelter + $1,000 food + $1,000 transportation) Now add: $200/mo Emergency fund $200/mo. Phone & Internet $400/mo Eating out $200/mo Entertainment $500/mo Clothes, Fitness, Grooming, Travel Total of $1,500 We are at $11,700 per month. This couple has $2,700 per month to spare and can consider having a child and/or a second car. Statistics Canada calculated that raising a child from birth until the age of 18 years of age will cost $1,400 per month. This excludes saving for the child’s post-secondary education in an RESP. In short to live a comfortable life in Toronto with adaquate contributions to retirement, money for shelter, food, clothing, transportation, entertainment, and a future that may include having a child, a couple needs to make $20k/mo. Otherwise we just decide to sacrifice, and live without something listed above. Get financially literate. You got this! 🙌
Lazy Canadian Investor1,654,250 Aufrufe • vor 2 Jahren
Canadians are not boycotting the U.S. because of POTUS. Ignore the Canadians who say otherwise - they’re literally gaslighting you so they can virtue signal on social media. Canadian cost of living is out of control, the value of their home has collapsed, and they have huge debts. Canadians aren’t boycotting - Canadians are broke.
Lazy Canadian Investor165,546 Aufrufe • vor 3 Monaten
Man gambles on shoebox condo, loses money, complains about shoebox condos. Source: CTV News
Lazy Canadian Investor28,930 Aufrufe • vor 16 Tagen
I personally find it easy to do nothing. “It is very difficult to recruit people to sit back and do nothing. “Every now and then, you will come across a deal that will hit you with a 2x4 and it will be screaming money.” - Ajit Jain, Berkshire Hathaway’s insurance chief
Lazy Canadian Investor29,737 Aufrufe • vor 1 Monat
Data shows that parents who say that having kids made them happier are gaslighting you. If children changed you, it is more likely that you were narcissistic, and not very introspective or self-aware before you had them. Nothing about having a child changed me. Dan Gilbert
Lazy Canadian Investor70,647 Aufrufe • vor 6 Monaten
Some millennials have been working for 20 years and are still confused by corporate 😂 For those who are still in the dark let me fill you in. Your performance doesn't matter. Your performance review doesn't matter. Your compensation has been set by a budget committee a year ago. You are not "overachieving" anything. Management has a fixed pool of money to pay the people they manage so they can give them raises less than inflation. If they give you more money, they have to give someone else less money. It's a zero-sum game. Managers actually have a larger pool of money to hire new employees because corporations recognize that new hires need to be incentivized to come over. They won't just leave their company for the same money. If you've been at the same company for 5 years you are underpaid. If you've been at the same company for 10 years you are paid less than a new hire at a competitor. Loyalty doesn't matter because there is no reason for a company to voluntarily pay you more money. Corporations already know that over 95% of employees will not go anywhere and will take whatever they get. Even if that's nothing. There's no reason to pay everybody more money when only a tiny percentage of workers will leave. Even if you leave... (remember over 95% of employees will not) ... the corporation will distribute the work you were doing among all your coworkers. And they will take on the extra work. And they will stay. For nothing. Because in addition to a salary, what an employee wants is to not have to look for a new job. That's all the want. They don't want to move anywhere. And companies know it, and they will take advantage of that. Now you know! You're welcome.
Lazy Canadian Investor66,816 Aufrufe • vor 2 Jahren
🚨🚨WARNING: Disturbing video! Luxury custom deck for new build. WTF
Lazy Canadian Investor50,552 Aufrufe • vor 1 Jahr
