Legendaley

Husband. Accountant. Creator. Everything I write is part thought-organization, part self-hypnosis 📩 [email protected]

[Legendaley @Legendaley]

quick 4 year life update:
• finally moved out
• bought my dream jdm daily (crown)
• married my high school sweet heart
• homestay dad to international students

[Legendaley @Legendaley]

no way, 4 years later... we back

[Legendaley @Legendaley]

Too many.

Adventure Quest, Trickster Online, Robot Rage, Combat Arms Quarantine Regen, Maplestory, Runescape Classic.

[Ramin Nasibov @RaminNasibov]

Anyone who used a computer between 1985-2010. What’s the one game you still think about?

[Legendaley @Legendaley]

@BoomerDivvies I find increasing the DCA with the lump sum is more peaceful for the mind.

[Legendaley @Legendaley]

It’s the saturation in general for me. It really just feels like I’ve seen every story. The skinny to jacked, the came from nothing to the new car and house, the introvert to extrovert, the quitting job and making it online. Not that I’m discrediting them but it’s all just recycled stories.

Very difficult now to see something genuine. I feel like in order to be such a creator, they must first not have any point of reference of what already works. But very rarely does any creator become one without first being a consumer.

[Legendaley @Legendaley]

I don't know what changed but social media content doesn't inspire me the way it did in previous years. Likely a signal of change within myself, or maybe other people feel it too. Not sure.

[Legendaley @Legendaley]

The part you're missing is that when you're in your 30s/40s/50s making money in higher tax brackets (>$250K income annually is ~50% effective tax rate), the tax you're saving from the contributions will be greater than the tax you pay at retirement because in retirement you'll likely NOT be making as much money as your younger self, hence, lower tax brakets.

Therefore, high income earners actually benefit from RRSP the most. At 18, I wouldn't worry about RRSPs yet unless your income is already in the higher tax brackets.

[Legendaley @Legendaley]

It was introduced to incentivize Canadians to save for retirement. The reduction in your taxable income is the main advantage, however, the tax is just deferred until retirement. Any withdrawals becomes taxable then.

Some would argue that your money loses flexibility in an RRSP which is why its left for last compared to the TFSA and FHSA.

[Legendaley @Legendaley]

Nice, my highest credit score to date. Don’t even know if 900 is possible but only time will tell.

[Legendaley @Legendaley]

@SCHDaccumulator Rent and invest aggressively until your income (and savings) grows enough to be able to cover a down payment, mortgage, and still invest.

[Legendaley @Legendaley]

Yes, you can both combine your FHSA as a down payment for a house.

In fact, if you both have had it open for five years, that’s a total of $80K contribution room that can reduce your household taxable income and all gains within it tax free.

The catch is that you only get $8K contribution room per year (up to 5 years) so it’s ideal to open it sooner rather than later.

Most people/couples look into it at the same time they start looking for a house which is a big mistake.

[Legendaley @Legendaley]

@ChizaramNelo we gotta save them

[Legendaley @Legendaley]

@scuffedmanderz Optic measure of success for women, must be tough lol

[Legendaley @Legendaley]

@BrandonWealth I think it’s a canon event to feel behind in your 20s. I hit 30 this year and all of a sudden everything is working out. 😂

[Legendaley @Legendaley]

@JohnCarneyRE Would you say the same if the house was paid off and the additional costs were budgeted for accordingly? What if it was an investment property rented out, while you live elsewhere more flexibly?

[Legendaley @Legendaley]

If you aren’t actively working with your family (older and younger) to grow wealth, you are leaving potential on the table.

Forget the concept of individual growth, that’s just the first stage. First it’s individual growth, then household growth, then family (generational) growth, and so forth outwards into the community and rest of world.

If the block is emotional, actively work on healing those relationships first.

Surviving in today’s world is all about working WITH your people; not independently from them.

[Legendaley @Legendaley]

I'm wrapping up our household finance May month-end check-in and I must say, I'm super happy to see how resilient our personal finance system has become. It was only 1.5 years ago when my wife and I both blended our finances and had no system in place.

In May, our household experienced the biggest outflow of our marriage to date (tax liability). I already knew it was coming and planned ahead for it so no issues there. It was a significant drop in household net worth but our inflows almost broke us even for the month.

Managing your own finances is cool but once you get someone else involved, so many things can go wrong. Disagreements about how money should be allocated, who should spend what (and how much), what money goes where, differing relationships with money... nothing prepares you for all of that.

I'd even argue that most people/couples keep their finances split just to opt out and avoid the emotional hurdle...

but let me say, as an individual on the other side of that, you will both reach farther than you have ever imagined if you both work synergistically together than apart.

[Legendaley @Legendaley]

@Garfieldisdoc Got my first $3K payout yesterday. Literally did not believe it til the money was deposited haha.

[Legendaley @Legendaley]

Hate to be playing the “back in my day” card but if the meta with social media becomes increasingly hyper integrated with AI (Higgsfield; visuals that didn’t actually happen irl, max dopamine edits) then it might just be the death of me.
Both as a creator and consumer.

So far, I only feel this way about Instagram at least.