Building trading systems @ multi-strat hedge fund || Prev. @Coinsquare, Co-Founder {@stigmaapp, @MyDogWoofs, @deltahacks} & Resident DJ @Beta_Nightclub
@rayansadri Things really never change around here. Had the same experience a decade ago. Was always easier to get coffee in SF and leave with a cheque versus some Canadian firm giving us the runaround for a minuscule amount of $CAD capital
Bucco’s guide to making $400k+:
So, your dumb ass has been lucky enough to stumble into making a 1% salary. Congratulations, you’re at the doorstop of generational wealth (or early retirement). Here’s how to not fuck it up
1. Assume this isn’t permanent: The first thing you need to recognize is most people don’t keep their 1% salaries. There’s a lot of luck, and variable comp, that usually goes into that kind of paycheck. So have some humility and live like it ain’t permanent, because it usually ain’t. Which brings me to point #2
2. Live below your means: Most people who start making fat paychecks start racking up fat credit card bills. But if you follow my first rule you won’t do that. At least for the first 3 years you will live like you aren’t making a lot of money. You will save. A lot. This is a gift to future you
3. Take care of yourself: If you are making this much you are usually working very hard. So take care of yourself. Invest in your brain and your body and your health. It is a marathon, not a sprint, as they say. And one of the reasons people don’t maintain their high paychecks is because they burn out
4. Pay it forward: Fate has smiled on you. You are not only obligated to pay it forward, but it is the right thing to do. One day you may experience something bad, unlucky, and catastrophic. People will remember that you did not neglect others while it was your moment in the sun and they will come to your support. Be kind, especially when you don’t need to
5. Maintain perspective: You are not better than anyone because you make a lot of money. There are many ways to be rich. Be sure that you stay humble, and continue to invest in your friends, families, relationships and health. Or you might one day find yourself with a full bank account and an empty life
Follow these rules and I assure you that the odds of living a prosperous life will tip heavily in your favor
@PrettyWeirdDuck This is probably the most helpful census post I’ve seen today. Actually seeing the questions provides way more clarity than the rage posts on here. Thanks for sharing
71% of Waterloo's best engineers leave Canada (UWaterloo SE Class of 2022 graduate survey).
And nobody riots.
In any other country, a 71% talent export rate would be a national emergency. In Canada, it's Tuesday.
The problem isn't the people who leave. They're rational. The US pays 2-3x more, taxes less, and builds things that matter.
The problem is the people who stay and never ask why the system is designed to make leaving the rational choice.
Canada doesn't have a brain drain problem. It has a demand problem. Nobody demands better. Not from the universities. Not from the employers. Not from the government.
The best leave. The rest adjust. The cycle continues.
Every country gets the talent retention rate it deserves.
@LichtmanSamuel Curious what other approaches exist for high income T4 earners? I just maxed out my RRSP having never contributed before and feel stuck on how to optimize for future years of approximately the same annual earnings. I plan to max out my TFSA with the returns once I file this year
@MarkMcGrathCFP Probably selection bias, but it seems like the wildest thing here is that the highest federal tax bracket is $253k. It’s wild to me that if you make $300k or $900k you are taxed the same for each additional dollar over $253k
@Tablesalt13 They should also increase our RRSP contribution room so we can reduce our taxable income and save a few shekels. Although additional top level tax brackets would be a much better move. How is ~$253k the top federal bracket?!
@FinEconGlobal 53.5% all in marginal tax rate in Ontario. At that point 46.5 cents on every dollar makes it into earner’s bank account. Add municipal taxes, carbon taxes & HST, and we are approaching
60%+. Total disincentive to work harder and smarter. Last one left, turn out the lights.
@Julian Great hifi systems should come with a warning. once you have experienced great sound it's difficult to get back. It's like going for better and better coffee or wine. At some point you cannot enjoy the bad ones anymore. Bad audio can suddenly itch you.