Finances

This post diverges from my usual content.

One of my initial tasks upon relocating to Toronto was securing gainful employment, and it didn't take long for me to achieve this goal. I found work at local shopping malls, specifically at Northern Reflections and Cotton Ginny (I'm aware these stores might evoke some nostalgia!). Additionally, I took on a role at Keyman Engravables. A few months later, I embarked on a position at Canada's Wonderland. Throughout this period, I consistently juggled two, if not three, part-time jobs.

Financial independence was paramount to me. I was determined not to rely on others for assistance, as it would have felt like a personal defeat. Thus, while attending college full-time and concurrently working 2 to 3 part-time jobs, I managed to make ends meet. I did require financial aid from OSAP, but I found solace in the fact that most of the students I knew were in the same boat. I successfully completed my college program in just two years, but it came at the cost of accumulating a significant amount of debt.

Throughout my journey, I've been fortunate to maintain continuous employment. It wasn't until five years ago that I finally scaled back to a single employer. The demands of parenting three children and working multiple jobs while never seeming to gain ground on my debt had taken its toll, and I was exhausted.

Reflecting on my upbringing, I realized that I was never taught the importance of saving or budgeting. Approximately a decade ago, I took it upon myself to create a meticulous budget and adhered to it down to the last cent. I also instilled the value of savings in my children. As they've grown, they've been taught to set aside 50% of their earnings while living at home, with the other 50% at their discretion. My eldest son, for instance, has been working at the city pool for a year and has umpired baseball games for three years. He aspires to pay for his first car in cash (look out, he'll be obtaining his G1 license in just four months!).

Another piece of financial advice I've imparted to my children is the importance of setting aside funds for their own future children's education as soon as they're born. They understand that nothing in life comes for free. Any further education beyond what's saved for them will be an expense they'll need to shoulder. Currently, the older two have expressed interest in attending college, but my oldest is considering engineering given his high school performance thus far.

Money can indeed be a sensitive subject, but it's a conversation all parents should have with their children. While some may argue that young individuals should focus solely on their studies, I see it as an opportunity for them to learn adaptability, challenge themselves, and gain valuable experience that can set them apart from their peers.

As I approach a significant milestone in my life, I can finally say that I've reached a comfortable financial position. I only wish I had possessed the knowledge I have now more than 20 years ago. Life could have been considerably less stressful. It's rather ironic considering that I work with numbers and values day in and day out. Looking back, it required a change in employment, a reduction in the number of employers, and a strict adherence to a budget to arrive at this point.

Edit: October 1, 2023 I am happy to say, I no longer live with a burden of a large debt.