I need some economic advice.

[kultron]

I need some advice from the phora. I live in Canada, I am 18 years old, finishing highschool, living with my parents, and I work a part time job. In the past I haven't been so good with saving money, but now with every paycheque I get, I withdraw it from the bank in cash and keep it in a shoebox in a safe, fireproof place, with a tally as to how much I have. This is so I will not feel compelled to impulsively spend money every time I go out. I'm a bit disillusioned for the future, especially in a capitalistic society, as to what I'm going to do in the future, especially if the system goes to pot. What I do know is that I don't want to struggle financially my whole life, and live somewhat comfortably, at least in terms of assets. So I have a few questions.

1. When saving money, should I hold it in the bank, or should I keep it in bills where I live? In the even of financial collapse, which would be better? Mind you, if I keep it in bills I'm less compelled to spend it.

2. Should I try and save as much money as possible or should I spend the majority of it on possessions, as to reduce the risk of my money turning worthless and flucuating with the dollar?

3. Is a car necessary? If so, is a new car necessary? They cost a lot of money, and the benefits don't seem to be equal to the amount of cash I'd be investing into it. I live in a city of 220 000, and were I to move to a different city, I don't plan on it being somewhere I can reach by driving.

4. When I decide to move out, which would be the best option, an apartment alone, or with roomates? Or attempt to get a house with a mortgage, alone, or with roomates? The real estate prices in the province where I live are very low, mind you.

5. In terms of employment, which would be better, spending huge amounts of money on a university education and getting a degree of some sort then trying to find a job, or going to a community college/trade school then trying to find a working job? I'm not so sure exactly what I'd like to do, mind you.

6. How does all this factor into finding a wife and having children? Which would be the best option if I wanted to get married at say, 24-26 and have children? What about a few years later than that, say 27-29?

7. How much faith should one put in just one bank? (I only have a chequing account in one bank)

[Kim Jong Tha Illest]

I need some advice from the phora. I live in Canada, I am 18 years old, finishing highschool, living with my parents, and I work a part time job. In the past I haven't been so good with saving money, but now with every paycheque I get, I withdraw it from the bank in cash and keep it in a shoebox in a safe, fireproof place, with a tally as to how much I have. This is so I will not feel compelled to impulsively spend money every time I go out. I'm a bit disillusioned for the future, especially in a capitalistic society, as to what I'm going to do in the future, especially if the system goes to pot. What I do know is that I don't want to struggle financially my whole life, and live somewhat comfortably, at least in terms of assets. So I have a few questions.

Well, I'm in a godawful position financially, but i know what not to do and know others who have done better heretofore than myself so I'll try to give some advice.

1. When saving money, should I hold it in the bank, or should I keep it in bills where I live? In the even of financial collapse, which would be better? Mind you, if I keep it in bills I'm less compelled to spend it.

If you do not anticipate financial collapse, the bank is better because it will give you interest. If you do, precious metals and or foreign currency (of the country you think most likely to survive said collapse) is probably the way to go.

2. Should I try and save as much money as possible or should I spend the majority of it on possessions, as to reduce the risk of my money turning worthless and flucuating with the dollar?

Depends on the posessions, if they are likely to retain their value over time then yes, otherwise, no. If you want them to be worthwhile after a financial disaster, make sure they have high use-value - collectors items will become absolutely worthless if the dollar does.

3. Is a car necessary? If so, is a new car necessary? They cost a lot of money, and the benefits don't seem to be equal to the amount of cash I'd be investing into it. I live in a city of 220 000, and were I to move to a different city, I don't plan on it being somewhere I can reach by driving.

No and no. Cars are ridiculously expensive and not worth the trouble unless you need them for your job or you have a family or live in a tiny-ass town where you can't get anywhere without one. Also, i dunno about canada but here in the states insurance is more expensive than a car itself often, especially for young drivers. If you do get a car, find a mechanically inclined friend and take them car-shopping with you (if you aren't mechanically inclined yourself) and look for a used car that runs well.

4. When I decide to move out, which would be the best option, an apartment alone, or with roomates? Or attempt to get a house with a mortgage, alone, or with roomates? The real estate prices in the province where I live are very low, mind you.

Live with roomates until you want to start a family. It's unlikely, at 18, that you'd qualify for a mortgage. The financial goal at this point in life should be to maintain a positive income flow - make sure that you're making more money than you're spending. Try to live cheap and think about building up a credit rating (like get a card or cell phone, make prompt payments and don't overspend) so that you can own your own land in the future. I dunno if they have them in your town, but there are some co-ownership living arrangements (like where I live) where a group of people collectively owns, rather than rents, their residence and if you can find this I'd recommend it highly.

5. In terms of employment, which would be better, spending huge amounts of money on a university education and getting a degree of some sort then trying to find a job, or going to a community college/trade school then trying to find a working job? I'm not so sure exactly what I'd like to do, mind you.

Depends on your interests. From a strictly financial standpoint, though, you'd be better off with tech school or CC. You can get jobs just as high paying if not more so with tech school and real-world experience than with an expensive uni degree.

6. How does all this factor into finding a wife and having children? Which would be the best option if I wanted to get married at say, 24-26 and have children? What about a few years later than that, say 27-29?

Just make sure that you still have time to go out and meet people while you're doing all this and you should be fine. Making more money will, of course, help :)

7. How much faith should one put in just one bank? (I only have a chequing account in one bank)

If you have the money, it's nice to have accounts in more than one bank just in case. On a general day-to-day basis, however, there's nothing wrong with one bank. You should consider credit union membership, however. They're not-for-profit and therefore allow you to keep a lower minimum balance in accounts and charge fewer and smaller fees.

[sugartits]

Don't get a girlfriend.

[Ahmadinebobina]

This thread is adorable.
I am rather good with money funnily enough, I find having your wages in your bank account and being well aware of the fact that ATM's always have gigantic queues saves hundreds a month....

[Isra'il Yahya]

I need some advice from the phora. I live in Canada, I am 18 years old, finishing highschool, living with my parents, and I work a part time job. In the past I haven't been so good with saving money, but now with every paycheque I get, I withdraw it from the bank in cash and keep it in a shoebox in a safe, fireproof place, with a tally as to how much I have. This is so I will not feel compelled to impulsively spend money every time I go out. I'm a bit disillusioned for the future, especially in a capitalistic society, as to what I'm going to do in the future, especially if the system goes to pot. What I do know is that I don't want to struggle financially my whole life, and live somewhat comfortably, at least in terms of assets. So I have a few questions.

Welcome to the club!

1. When saving money, should I hold it in the bank, or should I keep it in bills where I live? In the even of financial collapse, which would be better? Mind you, if I keep it in bills I'm less compelled to spend it.

Money isn't going to help you in a collapse. Being on good terms with neighbors, having dried foods, basic medical supplies, fuel in the form of alcohols (the kind you don't drink), and possibly some kind of weapon will do a lot better. If the collapse is an economic collapse your money will be as good as toilet paper for a while. Don't get into the Rambo mindset.

2. Should I try and save as much money as possible or should I spend the majority of it on possessions, as to reduce the risk of my money turning worthless and flucuating with the dollar?

Save your money for the time being.

3. Is a car necessary? If so, is a new car necessary? They cost a lot of money, and the benefits don't seem to be equal to the amount of cash I'd be investing into it. I live in a city of 220 000, and were I to move to a different city, I don't plan on it being somewhere I can reach by driving.

Find a used car if you need one. Ford Escorts are great because they are abundant and their parts are interchangable with many other cars. Gas prices are increasing, but since you live in a fairly big city you can scrounge up enough fuel to run a greasecar.

4. When I decide to move out, which would be the best option, an apartment alone, or with roomates? Or attempt to get a house with a mortgage, alone, or with roomates? The real estate prices in the province where I live are very low, mind you.

If possible you should look into purchasing a piece of land that might not be too expensive and look into an alternative setup. Straw bale house, yurts, and others come to mind. I'm going to build a straw bale house within a year's time in northwest Michigan.

5. In terms of employment, which would be better, spending huge amounts of money on a university education and getting a degree of some sort then trying to find a job, or going to a community college/trade school then trying to find a working job? I'm not so sure exactly what I'd like to do, mind you.

If you're considering college, the best route may be to go to a community college for two years and then transfer if a university degree is desired. One option may be to take some time to decide what you wish to do. My personal wish is to travel all of Europe and Asia. Following that, I will settle down and teach history, but I'm not going to be a state indoctrinator.

6. How does all this factor into finding a wife and having children? Which would be the best option if I wanted to get married at say, 24-26 and have children? What about a few years later than that, say 27-29?

Think about basic securities. Good women like men who can provide for the family. Having a house helps. My personal view is that cars aren't really that important as long as you have everything else figured out. Don't drive around a piece of shit either.

7. How much faith should one put in just one bank? (I only have a chequing account in one bank)

Maybe you should opt for just a savings account at the time.