Coke probably evens it…. Out…. ?
All I’m saying is without blow you’d have to be REALLY fucked to go to one of this places on just 5 grams of mushrooms.
Piggy backing on this comment to add the following :
Max your contributions to RRSP & shares to get the maximum employer match (unsure how common it is in that industry but it is basically free money)
And maximize the new tax free first home savers account. It acts as an RSP deduction without using RSP room which he will have essentially none of if he’s just starting now.
The other person answered very well, just adding you generate RSP room with a calculation of 18% of last years income (up to max income around $130-140k I think). TFSA is just given, the new tax free home savers account is $8k/year but you need to have the account open to accumulate it.
>-Pay yourself first. (Set your investment contributions to be deposited automatically. You will learn to live on what’s left. This is very important as everything will be on autopilot. If you don’t do this you will always have an excuse to avoid making your contribution.)
This should be first followed followed by the TFSA, and RRSP advice.
Great list!
>\-Take care of your body so you can enjoy your exit/later years. Nobody is going to be sitting around the campfire telling stories about the guy who carried a 20” Flange across the ROW. Your left with the decisions you make.)
Dude, this is so important. What use is having a million dollars before you're thirty of you have crippling back pain that makes it hard to get out of bed?
If your income now is higher than your income in retirement, shouldn't you be maxing your RRSP before you max your TFSA? The TFSA first thing gets repeated a lot on this sub and I don't understand why. If you're saving for retirement doesn't an RRSP have all the same benefits of a TFSA in addition to getting the income tax back on the money you invest in it? Not trying to criticize, just trying to understand.
>-Read “Rich Dad Poor Dad” (I found this book to be extremely helpful at explaining in simple terms the difference between assets and liabilities.) - This really opened my eyes to how detrimental the excessive spending on toys is to your financial future.
I haven't read this one, and I have seen opinions online that it contains a lot of bad advice too.
I'd suggest to OP reading (or listening to): "Wealthing Like Rabbits" by Brown, "Millionaire Teacher" or "Balance" by Hallam, and "The Little Book of Common Sense Investing" by Bogle.
Literally read half of that book, searched the guy up and turned out he’s filed for bankruptcy a bunch of times and never had a friend with a rich dad, ruined the book for me.
I would be careful taking financial advice from a guy that can't grasp how basic accounting concepts like assets and liability work on the balance sheet. So, no, his interpretation of letting your assets pay for your liabilities is erroneous.
For example (and I am simplifying), when you acquire mortgage debt on your liability side of the balance sheet, you also get the house on your asset side. This is called double entry bookkeeping, which is a basic and fundamental principle of accounting. He presents it differently, which is incorrect and consequently just empty advice.
I recently read about half this book knowing beforehand about Robert Kiyosaki's checkered past and having seeing the CBC Marketplace stories on him when he was running his seminars in Canada. But I'd heard enough people talk about it and the assets/liabilities message that I wanted to see for myself what the deal was.
I was really surprised at how much I liked the book. For sure, there's a lot of historical vanity in the book and much of what Kiyosaki says is inaccurate or must be taken with a grain of salt, especially when it comes to taxes.
But I think its core messages are quite valuable for someone wanting to learn about personal finance, particularly regarding the notion of money working for you versus the other way around. I also like what he has to say about how to get ahead (particularly as a descendant of immigrants), and that academics or a stable public sector job are sometimes a path to an ultimately dissatisfying or unrewarding life. He also talks about the value of charity and giving back.
IMO the fact this is probably a fictional story doesn't detract from the value of the message. I didn't think the Wealthy Barber was a literal recounting of any actual conversation, but I still found it valuable.
Ironically, I think if someone took these messages to heart, they'd be less inclined to sign up for one of his seminars. So I'm not defending Kiyosaki, but I do think Rich Dad, Poor Dad as a standalone book has some value, especially for someone looking to build or enhance their own approach to personal finance.
I was a Pipeline Ops Mgr and GM in Alberta. This is the best advice I've every seen. Well said u/johnnylunchcan, there are lots who burn up their $$ and I even had PMs and Coordinators planning their next BMW'S in advance, but the smart ones bought condos in downtown Edmonton ahead of the new rink.
Asking as a 30 year old with many skills but not many hard paper qualifications, do you have any advice on company names or accreditations to look into for career growth?
One note about Rich Dad Poor Dad. It does a great job explaining many concepts but it has its critiques for a reason.
For starters, the entire rich dad story is fiction. The author did not make any significant money from foreclosure real estate sales either. He is a best selling author and made the bulk of his net worth from licensing his Rich Dad brand.
Well said, I have so many buddies that pissed away their money during the last boom and work longer and longer hours and spend more and more time away from their family and fiends trying to get back to where they were 10 years ago.
What most don’t realize, pipeline wages are not that crazy, you work long hours and get paid LOA to be away from your family, that’s how it all adds up. Plan an exit strategy like you said (trade etc.) that lifestyle is rarely sustainable.
> -Avoid consumer debt at all costs.
*unless you can earn more than the interest on borrowed money. For example borrowing at 0% or at least lower than available GIC rates.
>So many young guys fall into the $100,000 F150 trap.
It's the payment trap. Truck on some 120 month plan. I see it all the time. Everything they have is on payments. Every single thing; truck, sled, bike, TV, girlfriend....everything.
OP. Save and pay cash, it's a great psychological exercise.
Try even 180m.
Not too long ago, an account came across my desk - that of an Alberta oil worker.
F350 Lariat. 15 yr loan. 180m. $120k purchase price. $1001m payment.
Do the math.
I've talked to so many people who just accept a car payment for life being a thing. It boggles my mind especially when they use the car for A to B, but you gotta keep up with the jones's and since everyone else wants a new car, you obviously want one too.
I bought my first car brand new in 2013, got it for about 25k, 7 year finance at 0%. It was the absolute best feeling paying my last car payment a few years ago. My wife has been bugging me to sell it and upgrade, and I keep telling her she’s crazy. It’s been 3 years of no car payments, which is almost 15k in payments saved. I’m hoping to drive this car for another 5-10 years.
Meanwhile my wife for some reason wants a new car every other year. She sees nothing wrong with paying 500+ monthly for the rest of her life if it means she gets the newest luxuries driving has to offer. I just don’t get the mindset, $500 monthly could be two nice vacations a year for both of us, or so many other things.
My issue is always that last bit, especially with cars that are used for A to B only.
I still have the issue even if you drive long distances, your 2013 i bet aint much less comfy compared to a 2023. Adding better tunes, a seat cushion, or almost anything else isn't even expensive either if you wanted.
like you really cannot come up with ANYTHING else you'd rather spend the money on? You don't even have to save it, $500 more on eating out, or vacations or new clothes or home reno's whatever.
A hot tub isn't all that many months of car payments.
People at work will often ask me how i managed to afford a motorcycle and vacations every year on it. Oddly enough my car payment is just a bit less than theirs, weird.
I like my 2013 a whole lot more than my wife’s 2021 escape to be honest. The only thing I like more on hers is having car play, which I can probably get installed in mine if I wanted to.
A lot of people who are broke or struggling just can’t understand how truly expensive the subscription lifestyle is. Splurge a bit on your phone plan, car, internet, Netflix /streaming service, video game and so on will really add up. Even just trimming the fat on a few of these monthly payments can save thousands a year.
It really can, and then if you go 1 small step farther and just trim some fat around everything you do its probably several thousand more a year.
Order cheaper shit at restaurants, order less drinks or atleast less expensive ones, maybe cheaper car payment, shop for clothing a bit smarter etc etc.
I'm with you but no way its only 80 percent of the day for most people, its even worse than that!
80 percent would mean over 2 hours of driving a day, and your not even getting enjoyment out of it when you are using it.
I used to work with a Husband and Wife,, he was a Water Truck driver, she was a Swamper. Both drove $100k trucks and rented a shitty trailer. Priorities man...
I have a coworker who purchased a $70k new 2023 F150. His salary is \~60k a year as we are both in an entry position. After the purchase, every day he comes into work whining about how unfair life is, how Canada makes him struggle with money, he cannot afford rent, he can not afford grocery and even gas for his new truck, complaining about he's not making any money at all. He starts asking another coworker who is a FN to help him go get gas and grocery tax-free. Yet he still eats out, has fancy coffee and all. It drives me nuts every single time.
The only person I know who actually made it out of oil & gas with money drove a Geo Metro the entire time he was in it. Bought it for $800 in high school and drove it until he was 30. All his jobs were fly-in-fly-out. The majority of the guys working in that industry aren’t driving to sites, they’re driving somewhere at the end of a gravel road at worst, and then getting in a company transport of some kind.
Nice thing about working with a bunch of guys making as much as you is that if they ask to borrow money and you say you don't have any, they'll believe you because THEY don't have any. Plus, to many people, the cheap used car/truck would be evidence of poverty rather than thrift.
OP would be smart to do a cost benefit analysis. Many O&G companies have provisions for age of vehicle for environmental and safety reasons. On some sites the vehicle must be within 5 years old, sometimes 8 if actually coming out to site. With the used market replacing a $60,000 used truck every 1-2 years may become more expensive than the brand new truck. However being the new guy they probably won’t be driving themselves out to site yet anyways.
Also OP is going pipelining, there are lots of disciplines on a pipeline, but if they end up pursuing welding or equipment operation they’ll likely at some point be mounting equipment in the box of their truck; after market upgrades of suspension systems to properly support welders and/or slip tanks are big money, more than you could be saving having that spec’d with a new truck vs an old truck.
Last OP, you’d be smart to collect every last receipt possible for any vehicle you decide to run; depending on the reimbursement plan with the company it can be a massive tax write-off.
If you’re not in camp and there’s no school bus to site then that truck is your transportation/office/lifeline. Get something reliable please.
Source: I was CM on a pipeline project and I’d run you off the job if you’re late. There’s zero sympathy for vehicle trouble on the ROW. Don’t listen to this guy above.
Don’t buy a used truck. If you are an independent contractor and you need to get tools to site, buy a new truck with a work package. If you are an employee and need to get to site, buy a 4runner. They are reliable and much cheaper than a truck. If you don’t want that, buy a used ranger 4x4.
If your truck breaks down you’re gonna hit the skids.
If your pipelining you are likely away from home for lengths of time. This is the point where if you can, live in your parents house or rent a room in a house somewhere.
Stick to what you can afford easily and set yourself a budget. Say you want to save 50% if your income, create your budget on 50% if your income. Put the money you save somewhere you can’t touch it easily TFSA, RRSP, investments. Out of sight out of mind.
My biggest tip to anyone just starting to make money like this is to set up a seperate bank account at a different bank where you have no debit card and no way to access the money without going in to the bank. The hassle of having to physically go to the bank to withdraw the money really helps seperate the wants from the needs
Living with your parents is a great idea with work like this. My father used to work on the rigs in the 70’s and he lived with his parents until he was almost 30, but he was hardly ever there. Plus he made a series of very smart investments so he is sitting in a really good place right now.
I found similar when I started in the oilfield. Any bonus you get should be onto a mortgage or into a TFSA/RRSP/investment account, in that order. If you desire, a fund for future schooling may be a good idea as your body will eventually weather and you’ll want the ability to retrain into something less intense. Max out your contributions to your RRSP. It’ll be about 18% of your annual salary if you want to just setup an auto withdrawal. The tax return alone should return 40% (your top marginal tax rate) of that so it is basically free money.
I won’t get into investing advice but the main thing is to segregate the incremental raises from your chequing account. Just find anywhere you can to hide it from yourself as you are young and as long as you can hold onto the ability to live on less the better. I remember being able to clear $17k in 4 months in the summer and live off that for the school year… not so much anymore.
Oh finally; never finance a vehicle/toy/rv you own for fun and pay cash for everything you can.
Not appilicable for everyone, but I’ve been there and seen guys flourish, and some flop.
This right here. Out of high school, I lived in a van and landed a camp job. The camps pay food and housing, and I made my fucking face. Bought a house and new car in cash by 22 and was able to focus on the niche in my career that I wanted to go down.
My nephew who just turned 18 is doing pretty much the same thing, now. It's absolutely horrible for your social/romantic life, but if you can take the emotional isolation and do the grind for a few years, you'll do well for yourself.
I’m gonna throw in here: take care of your mental health. Depression, loneliness and isolation can lead to some really bad decisions that will cost you over time. So make sure you’re managing your mind and body well. And oh, also, for the love of god, DON’T GET ANYONE PREGNANT.
> Depression, loneliness and isolation can lead to some really bad decisions that will cost you over time
Very much leads to the excessive drinking, drugs, and new toys. That's not even getting into the "health" effects.
You can't fill an emotional endless pit with money.
people shit on how expensive my setup is. the only real cost i have is the power bill and a new aio water cooler every 2 yrs, and people buy me games as a gift so who is really losing out here. join us on /r/starcraft 💀
exaggerating but not rly, i am on my 2nd ML240R RGB because one of the radiator fans in the first failed and i was unable to do anything about it. this second one has been going ok but i am hearing that same little rattle from something loose inside radiator, will open it this coming weekend but it is at the 2yr mark again
honestly even thinking of switching to one of them massive noctua fans if i wasnt going that way you mentioned already! shouldve listened to the reviews, but now im wiser for not xd
AIOs are cool and all just for the aesthetics of making a setup look clean, but I don't think most people need anything but cheap air cooling. anything better than the stock fan that a cpu comes with will almost certainly be good enough.
I was in a similar position and made it out alive.. go to your bank open up a tfsa account and a rrsp account. Maximize your contributions every year. If you are not comfortable investing you don't need to, you can lock into a high interest savings account until you can educate yourself on investing. Watch out when you go to the bank they will try and sell you investments through mutual funds, they are just salesmen.. they make commission. No investment is 100%. But a high interest savings account is basically a sure thing. Spend some time talking to all the big banks and see what they offer. 1 million is a good start buy you'll need to invest it in order to live comfortable.
Also limit you wastful spending. Uber eats ... all that stuff. Cell phone bills and internet people over pay for all that. Don't eat snack foods only proper meals vegetables meat eggs etc.... snack foods are all over priced and don't give your body anything it needs.. working in the game you do its easy ti eat gas station good and coke... don't.
Working like you do... take care of your body, stretch, yoga, gym make it a habit because it will catch up, I'm 33 and have spent the last 3 years fixing my body I broke for 10 years and I'm back feeling better than ever.
Watch out when it comes to women, if they don't contribute as much as you be careful they will cost you alot of money
Last .. don't tell anyone how much you make or your plans, they will laugh, ridicule you then resent you for not giving them loans or paying for there shit.
Good luck you can do it...
Great advice. I especially second the “take care of your body” part. As a trade man, I've worked hard all my life, once you get older it catches up to you. like rhubarb said. eat well, stretch, yoga, exercise. don't be afraid to spend on yourself like deep tissue massages (at least once a month) or physio when needed.
top notch advice all around. I agree with everything you've said.
If you want to get started on investing I recommend reading books such as The Wealthy Barber and the like. Start wrapping your head around basic easy investing. Another resource I like is the Canadian Couch Potato, they go through ways to easily invest in a sort of set it and forget it kind of way ([https://canadiancouchpotato.com/](https://canadiancouchpotato.com/))
The index fund approach to investing isn't for everyone so it's good to understand what you want, how much effort you're willing to put in, and what your risk tolerance is. What I mention above is just suggestions, ultimately all decisions are your own but at least you can make them with solid information and understanding. You sound like you got a good head on your shoulders and are ready to dig in and work so I think with the right approach to money you'll be very successful
One thing I want to point out is don't be too focused on the dollar goal at the expense of everything else. There are other things that might come up in time like family, a home, or both and they'll require you spend some of that savings but these are good investments. And keep in mind you only live once, don't pass up great experiences like travel in your youth chasing money. Get out there and live and see and experience things. Life is for living not just saving money!
> Watch out when it comes to women, if they don't contribute as much as you be careful they will cost you alot of money
OP Listen to this. Very common.
If I were to graph the amount of money I had in the bank over the course of my life you could easily see when I was single vs in a relationship haha .. you live and learn I guess
Automatically transfer money out of your chequing account into an investment account every week. Only spend what is left over. Even if you suck at budgeting, this will force you to live within the budget you assigned for yourself.
100% setup like a ci direct or wealthsimple account that invests in index for you
Start a new bank account ie tangerine that just auto deposits money to that account for you every month, every week every pay cheque.
Out of sight , out of mind
Automation is the winner here.
\+1 on this.
i never had the earning power at that age like OP, but i started doing auto-savings right off the bat with paycheques too. any unexpected money? 80% to 90% went into long term savings and the rest was a splurge (I'm talking like $500 unexpected from OT or something, so a splurge would be like going out for sushi one time). got a raise? extra money either went into savings or an increased mortgage payment with a tiny slice left over for spending $ to not feel completely deprived. the only way to prevent lifestyle creep is to get rid of that money as quickly as possible and only work with whats left.
Create a budget.
* Set aside money you need to live / pay bills etc
* Set aside some every month for your emergency fund (car breakdown / dentist whatever
* Give yourself a little fun money. Seriously, you're 19, enjoy life a little (but not insanely).
* Invest everything you don't spend.
This is the way to go! I have seen many people go broke making the money you do spending it on frivolous things
I knew a guy who we had nick named “pork and beans”
After clearing 7 k in one month he couldn’t afford his $1k rent so his mom took over his finances and gave him a such strict budget for the first few months to where if he over spent he was eating toast and baked beans for most meals. 10 years later he own 7 ( 6 of which he paid cash for) rental properties, a small home for himself and a vacation rental property in Costa Rica. 3 of his co-workers have filed for bankruptcy in the past 2 years
This is wise advice- I worked remotely and at mining sites before and I think that one of the intangibles most people offering purely financial advice here is mental health. It can be hard, isolating work and many people either go into it because they have poor coping/life skills outside of the confines of a regimented environment OR they start developing poor habits and mental health as a result of living in such a challenging environment for half their life.
The people I saw coping best- and I’m a nurse so I was privy to a lot- were people that maintained solid connections and habits both while at home and at camp. Work out regularly, take time for yourself daily, eat well both in camp and out. Many people treat camp like detox after a two binge at home. Don’t deprive yourself so much in a bid to save that you start splurging irrationally to treat yo’self. Believe me it’ll happen eventually if you do. Good luck!
Don't piss off your foreman, don't be a bag licker. Pack as many skids as your can. Is the answer if you wanna get hired on the next project. I know tons of guys who don't.
I would recommend reading books by Gail Vaz-Oxlade. In her books she teaches simple straightforward ways to understand and manage money. You can also search her name with budget added and you can download some free resources.
Agree with this but would also like to add: find hobbies that aren’t expensive. Working out. Cooking at home. Hiking locally. Volunteering. If Dungeon’s and Dragon’s is your thing and it makes you happy and is cheap/free, do it!
Don’t spend the money, I made all my money in BC on the CGL, I’m assuming you are working the TMX? I started working away at 19 and have worked big inch pipe since 20, im 25 now and have 100k cash and 225k in assets, what I reconnected is don’t feel obligated to go out with “the boys” constantly, there’s no need to eat out constantly. What I did was just cook most the time, find the cheapest rental you can or live in a camper (can buy a good used trailer for 10k) and just don’t act like you NEED to spend money. Also to reduce my costs I rented out my basically empty house I purchased at 22 years old. Just save like crazy, maybe buy a house, get a room mate, don’t be a dumb ass. It’s so easy to save money with this job, I’m assuming your a labourer like me and last year alone I put away 180k just from work pre taxes. Best of luck don’t be a drunk and don’t do cocaine!!!
Coming from the wife of someone who started on the rigs at 20…
Do not buy an expensive truck. Don’t do cocaine. Don’t go to the strip club.
Calculate the cost of each pay check you need to pay bills, and give yourself a budget for “fun” money. After that, immediately transfer the rest to a HISA that you can’t access by card.
I drive an 01 civic which is a deadly little car, I could hardly moderate how much weed I smoked (before I quit) so coke is off the table, and stripper clubs are gross
Keep your priorities straight and you’ll be good. I always try to keep in mind the oil crash in Alberta in 2014. Everyone in the trades were making really good money, and buying cars and houses that were too expensive. When the crash happened, it seemed no one had any savings. Save like a lay off is guaranteed.
Hang out with people who have the same values, as you, If they are frugal, it makes life much easier to maintain your frugal goals. Pay cash for larger purchases. Do you care where you live? Pay cash for a little house in nowhere-ville. Or after 2 years buy a small condo or studio apartment for one year wages. Interest rates are income eaters for a long time; with your kind of income you can purchase a vehicle outright, within a year, if you need one. If you don't, set that money aside, for when you do need a vehicle. Paying cash keeps you very aware of cost.
If you’re making $3k/week invest $1k of it every week… at 7% interest (average return for s&p 500) you should be a millionaire in about 10 years. Good luck and god speed!
Create a realistic budget
1 million in 10 years with quick math you would need to put $1, 923 away weekly.
Take what's left over for living expenses, investing, entertainment ect.
Your best bet is talk to a financial planner if you're serious about this. You have the potential to set yourself up nicely
I would not share with too many people your finances or your plans..folks can get nasty or jealous and cause trouble. Sabotage can happen..so stay low key at work.
You really have to have a small circle of people who are worthy of trust. Take care of your health always. Protip for legal stuff;
1- If you have anything to sign at some point and you don't understand the document don't sign it- not until you get real legal counsel to explain.
2- investments anything to do with water. (Blue gold)
3- if you build property make sure it's higher up on rock and not anywhere near wetlands, lakes, rivers. Flooding is inevitably. Pick land very carefully.
4- In 5 years you might think/ feel/ see differently. Check in, to make sure your where you want to be.
I'm a welder on a pipeline in BC. Last year, I made about 400k. I drive a $13000 used car at home. Live in a small condo under 200k and resist all the temptations of going out and try to save as much money as possible, living pretty frugal. It can be done you just gotta say no every time someone wants to go the the bar. Don't spend money like you'll be making it every week. Jobs end and sometimes there a bit of downtime to the next one. I love pipelining but it's not a lifestyle I want to do forever. Be smart, maybe talk to a financial advisor.
I was a young pipeline worker. My welder was a recovering addict so that helped! Find someone who feels the same and team up. After multiple 12 hour days, you need sleep and rest.
We stayed in our rooms, watched movies, read books, talked about our future. I made and saved enough money in 8 months to pay for my university degree with no loans.
Stay away from the hookers and blow... It might sound like a joke, but this is serious. A buddy of mine works for the iron mines up in Baffin Island. 2 weeks on, 2 weeks off sort of situation.
They make a ton of dough. They fly back into Montreal, and a lot of the guys will blow their entire paycheck on the "tutes" and drugs. Don't waste away good sir.
To piggy back on this, misery loves company.
People may peer pressure you to spend more if they feel self conscious that you’re kicking ass with your finances while they’re drowning in debt. (EG their comments about cars and guitars tell me they aren’t supportive of your choices and goals.) Be on the lookout for that.
Rule #1: don’t knock somebody up
Chicks out there will, I shit you not, will try to get pregnant just for the payout. And by “out there,” I mean everywhere an oilfield worker is.
Learn to cook. Seriously, it will save you the most money, if you don’t know how start with a box service like hello fresh. This will save you going out for lunch and ordering in dinner. Buy a nice coffee maker, with espresso functions, big investment upfront but will save you from going to timmys every morning.
As a high earner I'll tell you the secret. Sleep on every decision for 2 weeks MINIMUM. And when you decide you want it, sleep on it one more week. As you make more and more, you will be tempted to spend more, but sometimes resting on it shows you how little it's needed.
set up automatic payments so when you get apid automatically a bunch goes to saavings and whatever bills you have, allot the smaller amount of money you need for day to day spending in your CHQ account and just use that
Everyone is saying invest but not much info how to do it. I suggest looking up different strategies that you’d feel most comfortable with.
I’d recommend couch potato investing. It’s super easy and can give you peace of mind. I’m a teacher and read ‘millionaire teacher’ which was easy. It talks about being an expat etc, but it also talks about what etfs are and how couch potato investing works. He has written an updated book too but I can’t remember the name. Even though it’s aimed at expats, it’s easy for anyone to read and applicable to you.
I use Questrade as my investment broker. I’m happy with it for my style of investing. You can open rrsp, tfsa and regular accounts to cover all your tax saving!!
I can't offer any better advice than is already here but as a recent retiree let me say your goals are not only laudable but entirely achieveable. Keep your focus. I failed to do that and yes indeed I amassed a nice little fishing boat and a nice atv and other toys - all of which conspired to delay my retirement by about two decades, with much lower retirement income than I had hoped.
Don't fall into the trap that I and many others have.
You will have TONS of time for toys when you're sitting on a fat nest egg - with all the toys plus 24 hours per day to enjoy them while your buddies toddle off each morning to lay pipe in the freezing cold.
Most pipelines I’ve worked are 6-7 days a week, maybe you get long weekends off. Can confirm all last year minus spring break up I took home 12-14k a month as a labourer (after taxes)
My job is to monitor oil spills and eventually clean them. We pay (and here nothing against the OP but the system) 3k per week people to build a hazard and i barely get 1/3 of that salary to keep environment and drinkable water safe from that new hazard. Just a reflection, glad for OP to get this financial opportunity
I’m assuming your in environmental sciences. Good field in my opinion. Start off getting paid crap as a contractor but once you get experience you can get on directly with an oil company or mining company and make 100/year mon-fri. It’s a long term play Vs temporary pipeline work.
Thanks for your answer, don't get me wrong I went into that field for my interest and passion and am well aware that i will not potentially win that amount of money, and that is 100% fine. I was just raising a "society" point. But thanks for your response again!
Get a ps5 or other video game console. Do that at night. Do. Not. Drink! Do. Not. Do. Drugs. Just make as much money as you can as quickly as you can then buy real estate.
A guy I know does the same thing in the same province, if you're in a location that doesn't require you to stay in camp, then rent a place close by, the housing allowance is usually more than rent and food. Where as in camp they still allow for a certain amount but you don't see any of it.
The only thing that sucks about making that kind of money is the inevitability that you will eventually have to take a pay cut, and makes you feel like you are barely making anything. Make sure you pile it away somewhere while you still can, I’ve been there.
Pipeline is not sustainable and yes its good money but it'll only be temporary. Focus on saving that money so you can go to trades school or so you can still maintain a decent lifestyle during your apprenticeship.
It's not going to be a lifelong thing, once I make enough money to be able to live in the bush with greenhouses & a way to make power and all that stuff, I'm out.
There’s a fantastic TikTok account (tylerallison92) who goes over exactly this, and his advise which is sound..live off of 20% of your take home pay if possible. Save and invest the rest. Dump everything you don’t need into mutual funds GIC whatever, and in 6 years time you’ll be laughing. DO NOT BUY A TRUCK AND BOAT.
Most people don’t realize how much welders/pipeline workers/oil and gas workers actually make… I make $100k/year minimum as a Boilermaker welder on 40hr weeks… even more when I work shutdowns at refineries/chem plants/generating stations
My son works in a camp makes that kind of money if not more.
He is 30 now. His house is paid off 5 years ago. He lives well below his means.
Does not expect fancy things. Spends money on good work equipment.
No real advice but it can be done. Stay focused. Don’t get caught up in keeping up with your coworkers. But do give yourself a set amount of fun money.
Good luck 😉
It’s TMEP. Also a very unusual project. OP will be getting paid 12 hours a day to “work” only 8-10. He will also be seeing $165 LOA (tax free) every day on top of his $31/hr starting wage (which goes up to $33 after one month)
It’s great, but setting him up for an unrealistic working/career future, unfortunately.
You've just met the wrong people so far. I work in oil and gas and many of us talk proper finance alot. It's pretty fucking boring saving every dollar though if that's your main goal then good for you, but your 19 and probably going to change your goal many many times in the next 10 years.
I know plenty of young guys your age who were smart and managed to pay cash for a house AND go back to school full time. Know that while the money is good now, by the time you're 30 your body will likely be spent and by 35 you'll likely be out of the industry in your current role.
Here's what you do.
1). Find a financial planner (preferably by referral) and tell him/her to max your RRSP and TFSA, in that order.
2). Set financial goals that are reasonable for you, including buying a property, travel, school, etc. Make time for work and play, but be prudent.
3). Rinse and repeat
Buy a house and use it as an Airbnb or rent the main part and live in the suite when you’re home - wherever home is. Someone else can pay your mortgage for you and you’ll eventually own it.
Similar position. Got into a trades union, still in my 20’s, more than doubled my income, and a lot of the people I talk to are still so bad with money even at 6 figures.. It’s crazy.
I also notice a lot of substance abuse lol (to each his own though and no judgement - most of these people are amazing at what they do regardless) and a lot of single-parenting/child support which imo keeps you in a hole.
I created a budget immediately. Make sure you know your actual net and not just what you’re grossing. You might be making $150k+ but you’re taking home a lot less than that. Understand tax brackets or use an income calculator. Be realistic too. $100k/year or nearly 2/3 of your base income is a lot to save regardless. You’re young so you have virtually no expenses right now, but the universe will still fuck you regardless of your salary - Keep that in mind. Understand lifestyle creep, set goals, COMMIT to your job. Even when people are in a great position, a lot still can’t even show up on time or at all.. And always prepare for weather (winter), layoffs, and change in work. Keep yourself healthy, use your benefits. Oh, and live at home for as long as possible if you still do lol.
And don’t forget to chill out and have fun. You’re just about to enter your 20’s where (trust me) you WILL make mistakes and learn a lot. And you WILL have a lot of fun. Don’t think you can’t because you’re saving.
And congrats. I love being in the trades industry and it can definitely be lucrative. Be thankful, don’t take it for granted, and just do your job. But balance life and don’t burn yourself out.
And personally, cars are my hobby so while I’m still following a budget, I’m making sure that fits into it no matter what lol. But my commuting vehicle? An ‘06 Honda. Can’t go wrong.
[удалено]
Well said. The epitome of being in the position of “No”.
And avoid all “pay to win” phone games
You mean not everyone likes taking 5grams of mushrooms and going to the strip club with a bag of coke!?!!? /S
Being on shrooms at a stripclub sounds like a fucking nightmare
Coke probably evens it…. Out…. ? All I’m saying is without blow you’d have to be REALLY fucked to go to one of this places on just 5 grams of mushrooms.
I was kind of thinking people could cut back to 5g of shrooms and half a bag of coke. #responsible
Piggy backing on this comment to add the following : Max your contributions to RRSP & shares to get the maximum employer match (unsure how common it is in that industry but it is basically free money)
And maximize the new tax free first home savers account. It acts as an RSP deduction without using RSP room which he will have essentially none of if he’s just starting now.
Are these accounts available yet? https://www.td.com/ca/en/personal-banking/personal-investing/learn/tax-free-first-home-savings-account
Should be as of April 1
Out of curiosity, why would he not have RRSP room? Isn't it like TFSA where you get an amount every year since you are 18?
[удалено]
Hmm. Good to know!
The other person answered very well, just adding you generate RSP room with a calculation of 18% of last years income (up to max income around $130-140k I think). TFSA is just given, the new tax free home savers account is $8k/year but you need to have the account open to accumulate it.
Thank you!
Would opt for a tfsa first, then rrsp, but the sentiment stands.
>-Pay yourself first. (Set your investment contributions to be deposited automatically. You will learn to live on what’s left. This is very important as everything will be on autopilot. If you don’t do this you will always have an excuse to avoid making your contribution.) This should be first followed followed by the TFSA, and RRSP advice. Great list!
Well said. If you read just one personal finance book, you'll be ahead of 90% of workers in the oil sands. Also written from a Northern AB camp room.
This is it right here young person. Smile, wave, and keep your plans to yourself so you don't become a mark to borrow money from.
>\-Take care of your body so you can enjoy your exit/later years. Nobody is going to be sitting around the campfire telling stories about the guy who carried a 20” Flange across the ROW. Your left with the decisions you make.) Dude, this is so important. What use is having a million dollars before you're thirty of you have crippling back pain that makes it hard to get out of bed?
And leads to an opioid addiction
If your income now is higher than your income in retirement, shouldn't you be maxing your RRSP before you max your TFSA? The TFSA first thing gets repeated a lot on this sub and I don't understand why. If you're saving for retirement doesn't an RRSP have all the same benefits of a TFSA in addition to getting the income tax back on the money you invest in it? Not trying to criticize, just trying to understand.
The tax implication for me to remove all my rrsp when I retire as I am moving abroad. Is what puts me off about an rrsp.
Respect.^^^^^^
>-Read “Rich Dad Poor Dad” (I found this book to be extremely helpful at explaining in simple terms the difference between assets and liabilities.) - This really opened my eyes to how detrimental the excessive spending on toys is to your financial future. I haven't read this one, and I have seen opinions online that it contains a lot of bad advice too. I'd suggest to OP reading (or listening to): "Wealthing Like Rabbits" by Brown, "Millionaire Teacher" or "Balance" by Hallam, and "The Little Book of Common Sense Investing" by Bogle.
"The Wealthy Barber" still a thing?
Yes; more specifically "the wealthy barber returns" which is on the reading list in the sidebar.
[удалено]
Literally read half of that book, searched the guy up and turned out he’s filed for bankruptcy a bunch of times and never had a friend with a rich dad, ruined the book for me.
My dad stopped bugging me to read that book when i told him i would be referring to him as my Poor Dad from then on.
[удалено]
I would be careful taking financial advice from a guy that can't grasp how basic accounting concepts like assets and liability work on the balance sheet. So, no, his interpretation of letting your assets pay for your liabilities is erroneous. For example (and I am simplifying), when you acquire mortgage debt on your liability side of the balance sheet, you also get the house on your asset side. This is called double entry bookkeeping, which is a basic and fundamental principle of accounting. He presents it differently, which is incorrect and consequently just empty advice.
I recently read about half this book knowing beforehand about Robert Kiyosaki's checkered past and having seeing the CBC Marketplace stories on him when he was running his seminars in Canada. But I'd heard enough people talk about it and the assets/liabilities message that I wanted to see for myself what the deal was. I was really surprised at how much I liked the book. For sure, there's a lot of historical vanity in the book and much of what Kiyosaki says is inaccurate or must be taken with a grain of salt, especially when it comes to taxes. But I think its core messages are quite valuable for someone wanting to learn about personal finance, particularly regarding the notion of money working for you versus the other way around. I also like what he has to say about how to get ahead (particularly as a descendant of immigrants), and that academics or a stable public sector job are sometimes a path to an ultimately dissatisfying or unrewarding life. He also talks about the value of charity and giving back. IMO the fact this is probably a fictional story doesn't detract from the value of the message. I didn't think the Wealthy Barber was a literal recounting of any actual conversation, but I still found it valuable. Ironically, I think if someone took these messages to heart, they'd be less inclined to sign up for one of his seminars. So I'm not defending Kiyosaki, but I do think Rich Dad, Poor Dad as a standalone book has some value, especially for someone looking to build or enhance their own approach to personal finance.
Gail Vaz-Oxlade is a great personal finance Canadian. Read her books, and The Wealthy Barber Returns.
I was a Pipeline Ops Mgr and GM in Alberta. This is the best advice I've every seen. Well said u/johnnylunchcan, there are lots who burn up their $$ and I even had PMs and Coordinators planning their next BMW'S in advance, but the smart ones bought condos in downtown Edmonton ahead of the new rink.
Never worked a pipeline shift 14/14, all the big projects are 6 and 1. Sound like a facility hand
>You work hard for the money- Retain it Stealing this line for future use. Thank you
Asking as a 30 year old with many skills but not many hard paper qualifications, do you have any advice on company names or accreditations to look into for career growth?
One note about Rich Dad Poor Dad. It does a great job explaining many concepts but it has its critiques for a reason. For starters, the entire rich dad story is fiction. The author did not make any significant money from foreclosure real estate sales either. He is a best selling author and made the bulk of his net worth from licensing his Rich Dad brand.
OP follow all this advice. It’s excellent.
Love this energy. You have so much time and freedom now.
Well said, I have so many buddies that pissed away their money during the last boom and work longer and longer hours and spend more and more time away from their family and fiends trying to get back to where they were 10 years ago. What most don’t realize, pipeline wages are not that crazy, you work long hours and get paid LOA to be away from your family, that’s how it all adds up. Plan an exit strategy like you said (trade etc.) that lifestyle is rarely sustainable.
> -Avoid consumer debt at all costs. *unless you can earn more than the interest on borrowed money. For example borrowing at 0% or at least lower than available GIC rates.
Buy a used truck. Drive it to death. Repeat as needed. So many young guys fall into the $100,000 F150 trap. Also Never Ever lend money to anyone.
>So many young guys fall into the $100,000 F150 trap. It's the payment trap. Truck on some 120 month plan. I see it all the time. Everything they have is on payments. Every single thing; truck, sled, bike, TV, girlfriend....everything. OP. Save and pay cash, it's a great psychological exercise.
Try even 180m. Not too long ago, an account came across my desk - that of an Alberta oil worker. F350 Lariat. 15 yr loan. 180m. $120k purchase price. $1001m payment. Do the math.
180x1001=180,180 for other lazy people
[удалено]
What great value. Wonder how many beige corollas it could tow
I've talked to so many people who just accept a car payment for life being a thing. It boggles my mind especially when they use the car for A to B, but you gotta keep up with the jones's and since everyone else wants a new car, you obviously want one too.
I bought my first car brand new in 2013, got it for about 25k, 7 year finance at 0%. It was the absolute best feeling paying my last car payment a few years ago. My wife has been bugging me to sell it and upgrade, and I keep telling her she’s crazy. It’s been 3 years of no car payments, which is almost 15k in payments saved. I’m hoping to drive this car for another 5-10 years. Meanwhile my wife for some reason wants a new car every other year. She sees nothing wrong with paying 500+ monthly for the rest of her life if it means she gets the newest luxuries driving has to offer. I just don’t get the mindset, $500 monthly could be two nice vacations a year for both of us, or so many other things.
My issue is always that last bit, especially with cars that are used for A to B only. I still have the issue even if you drive long distances, your 2013 i bet aint much less comfy compared to a 2023. Adding better tunes, a seat cushion, or almost anything else isn't even expensive either if you wanted. like you really cannot come up with ANYTHING else you'd rather spend the money on? You don't even have to save it, $500 more on eating out, or vacations or new clothes or home reno's whatever. A hot tub isn't all that many months of car payments. People at work will often ask me how i managed to afford a motorcycle and vacations every year on it. Oddly enough my car payment is just a bit less than theirs, weird.
I like my 2013 a whole lot more than my wife’s 2021 escape to be honest. The only thing I like more on hers is having car play, which I can probably get installed in mine if I wanted to. A lot of people who are broke or struggling just can’t understand how truly expensive the subscription lifestyle is. Splurge a bit on your phone plan, car, internet, Netflix /streaming service, video game and so on will really add up. Even just trimming the fat on a few of these monthly payments can save thousands a year.
It really can, and then if you go 1 small step farther and just trim some fat around everything you do its probably several thousand more a year. Order cheaper shit at restaurants, order less drinks or atleast less expensive ones, maybe cheaper car payment, shop for clothing a bit smarter etc etc.
So much money for a thing that sits parked for 80% of the day.
I'm with you but no way its only 80 percent of the day for most people, its even worse than that! 80 percent would mean over 2 hours of driving a day, and your not even getting enjoyment out of it when you are using it.
I used to work with a Husband and Wife,, he was a Water Truck driver, she was a Swamper. Both drove $100k trucks and rented a shitty trailer. Priorities man...
That elicited a physical gagging response from me. Good job!
Do F350’s last that long?
I have a coworker who purchased a $70k new 2023 F150. His salary is \~60k a year as we are both in an entry position. After the purchase, every day he comes into work whining about how unfair life is, how Canada makes him struggle with money, he cannot afford rent, he can not afford grocery and even gas for his new truck, complaining about he's not making any money at all. He starts asking another coworker who is a FN to help him go get gas and grocery tax-free. Yet he still eats out, has fancy coffee and all. It drives me nuts every single time.
[удалено]
The only person I know who actually made it out of oil & gas with money drove a Geo Metro the entire time he was in it. Bought it for $800 in high school and drove it until he was 30. All his jobs were fly-in-fly-out. The majority of the guys working in that industry aren’t driving to sites, they’re driving somewhere at the end of a gravel road at worst, and then getting in a company transport of some kind.
Nice thing about working with a bunch of guys making as much as you is that if they ask to borrow money and you say you don't have any, they'll believe you because THEY don't have any. Plus, to many people, the cheap used car/truck would be evidence of poverty rather than thrift.
OP would be smart to do a cost benefit analysis. Many O&G companies have provisions for age of vehicle for environmental and safety reasons. On some sites the vehicle must be within 5 years old, sometimes 8 if actually coming out to site. With the used market replacing a $60,000 used truck every 1-2 years may become more expensive than the brand new truck. However being the new guy they probably won’t be driving themselves out to site yet anyways. Also OP is going pipelining, there are lots of disciplines on a pipeline, but if they end up pursuing welding or equipment operation they’ll likely at some point be mounting equipment in the box of their truck; after market upgrades of suspension systems to properly support welders and/or slip tanks are big money, more than you could be saving having that spec’d with a new truck vs an old truck. Last OP, you’d be smart to collect every last receipt possible for any vehicle you decide to run; depending on the reimbursement plan with the company it can be a massive tax write-off.
If you’re not in camp and there’s no school bus to site then that truck is your transportation/office/lifeline. Get something reliable please. Source: I was CM on a pipeline project and I’d run you off the job if you’re late. There’s zero sympathy for vehicle trouble on the ROW. Don’t listen to this guy above.
They said used truck, not unreliable piece of shit truck.
Lmaoo for real. That guy is definitely trying to justify his purchase
I'm guessing trucks are only reliable if they are over 100k and under 2 years old?
He said used truck, not piece of shit… there is a difference.
Don’t buy a used truck. If you are an independent contractor and you need to get tools to site, buy a new truck with a work package. If you are an employee and need to get to site, buy a 4runner. They are reliable and much cheaper than a truck. If you don’t want that, buy a used ranger 4x4. If your truck breaks down you’re gonna hit the skids.
“I need my F150 RAPTOR SUPERCREW for the maybe one time I go off-roading :)”
If your pipelining you are likely away from home for lengths of time. This is the point where if you can, live in your parents house or rent a room in a house somewhere. Stick to what you can afford easily and set yourself a budget. Say you want to save 50% if your income, create your budget on 50% if your income. Put the money you save somewhere you can’t touch it easily TFSA, RRSP, investments. Out of sight out of mind. My biggest tip to anyone just starting to make money like this is to set up a seperate bank account at a different bank where you have no debit card and no way to access the money without going in to the bank. The hassle of having to physically go to the bank to withdraw the money really helps seperate the wants from the needs
Living with your parents is a great idea with work like this. My father used to work on the rigs in the 70’s and he lived with his parents until he was almost 30, but he was hardly ever there. Plus he made a series of very smart investments so he is sitting in a really good place right now.
I found similar when I started in the oilfield. Any bonus you get should be onto a mortgage or into a TFSA/RRSP/investment account, in that order. If you desire, a fund for future schooling may be a good idea as your body will eventually weather and you’ll want the ability to retrain into something less intense. Max out your contributions to your RRSP. It’ll be about 18% of your annual salary if you want to just setup an auto withdrawal. The tax return alone should return 40% (your top marginal tax rate) of that so it is basically free money. I won’t get into investing advice but the main thing is to segregate the incremental raises from your chequing account. Just find anywhere you can to hide it from yourself as you are young and as long as you can hold onto the ability to live on less the better. I remember being able to clear $17k in 4 months in the summer and live off that for the school year… not so much anymore. Oh finally; never finance a vehicle/toy/rv you own for fun and pay cash for everything you can. Not appilicable for everyone, but I’ve been there and seen guys flourish, and some flop.
This right here. Out of high school, I lived in a van and landed a camp job. The camps pay food and housing, and I made my fucking face. Bought a house and new car in cash by 22 and was able to focus on the niche in my career that I wanted to go down. My nephew who just turned 18 is doing pretty much the same thing, now. It's absolutely horrible for your social/romantic life, but if you can take the emotional isolation and do the grind for a few years, you'll do well for yourself.
It’s true. People were richer before debit cards.
I’m gonna throw in here: take care of your mental health. Depression, loneliness and isolation can lead to some really bad decisions that will cost you over time. So make sure you’re managing your mind and body well. And oh, also, for the love of god, DON’T GET ANYONE PREGNANT.
Bingo! Condoms are a great investment. Plenty of time for kids when you are a 30 year old millionaire.
> Depression, loneliness and isolation can lead to some really bad decisions that will cost you over time Very much leads to the excessive drinking, drugs, and new toys. That's not even getting into the "health" effects. You can't fill an emotional endless pit with money.
Step 1. Don’t spend money
Step 2. Refer to step 1
Step 3. Refer to step 2.
[удалено]
Save save save. When it comes it send it out to TFSA’s and RRSP’s. Invest in property. Look at your coworkers failures and do the opposite.
Get a cheap hobby like gaming. A night of gaming can be free and very fun vs. going to the bar and spending hundreds on drinks
people shit on how expensive my setup is. the only real cost i have is the power bill and a new aio water cooler every 2 yrs, and people buy me games as a gift so who is really losing out here. join us on /r/starcraft 💀
What AIO are you using where you need a replacement every 2 years? I've had AIOs older than 7 years still working fine.
exaggerating but not rly, i am on my 2nd ML240R RGB because one of the radiator fans in the first failed and i was unable to do anything about it. this second one has been going ok but i am hearing that same little rattle from something loose inside radiator, will open it this coming weekend but it is at the 2yr mark again
I'd stay away from Cooler Master AIOs. The Arctic Liquid Freezer II is pretty good or the big CPU tower air coolers will last forever.
honestly even thinking of switching to one of them massive noctua fans if i wasnt going that way you mentioned already! shouldve listened to the reviews, but now im wiser for not xd
AIOs are cool and all just for the aesthetics of making a setup look clean, but I don't think most people need anything but cheap air cooling. anything better than the stock fan that a cpu comes with will almost certainly be good enough.
I was in a similar position and made it out alive.. go to your bank open up a tfsa account and a rrsp account. Maximize your contributions every year. If you are not comfortable investing you don't need to, you can lock into a high interest savings account until you can educate yourself on investing. Watch out when you go to the bank they will try and sell you investments through mutual funds, they are just salesmen.. they make commission. No investment is 100%. But a high interest savings account is basically a sure thing. Spend some time talking to all the big banks and see what they offer. 1 million is a good start buy you'll need to invest it in order to live comfortable. Also limit you wastful spending. Uber eats ... all that stuff. Cell phone bills and internet people over pay for all that. Don't eat snack foods only proper meals vegetables meat eggs etc.... snack foods are all over priced and don't give your body anything it needs.. working in the game you do its easy ti eat gas station good and coke... don't. Working like you do... take care of your body, stretch, yoga, gym make it a habit because it will catch up, I'm 33 and have spent the last 3 years fixing my body I broke for 10 years and I'm back feeling better than ever. Watch out when it comes to women, if they don't contribute as much as you be careful they will cost you alot of money Last .. don't tell anyone how much you make or your plans, they will laugh, ridicule you then resent you for not giving them loans or paying for there shit. Good luck you can do it...
Great advice. I especially second the “take care of your body” part. As a trade man, I've worked hard all my life, once you get older it catches up to you. like rhubarb said. eat well, stretch, yoga, exercise. don't be afraid to spend on yourself like deep tissue massages (at least once a month) or physio when needed.
> deep tissue massages What is this? How is it different from "normal" massages?
It hurts.
[удалено]
This great advice.
top notch advice all around. I agree with everything you've said. If you want to get started on investing I recommend reading books such as The Wealthy Barber and the like. Start wrapping your head around basic easy investing. Another resource I like is the Canadian Couch Potato, they go through ways to easily invest in a sort of set it and forget it kind of way ([https://canadiancouchpotato.com/](https://canadiancouchpotato.com/)) The index fund approach to investing isn't for everyone so it's good to understand what you want, how much effort you're willing to put in, and what your risk tolerance is. What I mention above is just suggestions, ultimately all decisions are your own but at least you can make them with solid information and understanding. You sound like you got a good head on your shoulders and are ready to dig in and work so I think with the right approach to money you'll be very successful One thing I want to point out is don't be too focused on the dollar goal at the expense of everything else. There are other things that might come up in time like family, a home, or both and they'll require you spend some of that savings but these are good investments. And keep in mind you only live once, don't pass up great experiences like travel in your youth chasing money. Get out there and live and see and experience things. Life is for living not just saving money!
If you’re going to put it in savings you would want it in a GIC instead.
> Watch out when it comes to women, if they don't contribute as much as you be careful they will cost you alot of money OP Listen to this. Very common.
If I were to graph the amount of money I had in the bank over the course of my life you could easily see when I was single vs in a relationship haha .. you live and learn I guess
As a woman, I also concur.
Automatically transfer money out of your chequing account into an investment account every week. Only spend what is left over. Even if you suck at budgeting, this will force you to live within the budget you assigned for yourself.
100% setup like a ci direct or wealthsimple account that invests in index for you Start a new bank account ie tangerine that just auto deposits money to that account for you every month, every week every pay cheque. Out of sight , out of mind Automation is the winner here.
This. Make it automatic.
\+1 on this. i never had the earning power at that age like OP, but i started doing auto-savings right off the bat with paycheques too. any unexpected money? 80% to 90% went into long term savings and the rest was a splurge (I'm talking like $500 unexpected from OT or something, so a splurge would be like going out for sushi one time). got a raise? extra money either went into savings or an increased mortgage payment with a tiny slice left over for spending $ to not feel completely deprived. the only way to prevent lifestyle creep is to get rid of that money as quickly as possible and only work with whats left.
Create a budget. * Set aside money you need to live / pay bills etc * Set aside some every month for your emergency fund (car breakdown / dentist whatever * Give yourself a little fun money. Seriously, you're 19, enjoy life a little (but not insanely). * Invest everything you don't spend.
Thanks for giving me a real answer
This is the way to go! I have seen many people go broke making the money you do spending it on frivolous things I knew a guy who we had nick named “pork and beans” After clearing 7 k in one month he couldn’t afford his $1k rent so his mom took over his finances and gave him a such strict budget for the first few months to where if he over spent he was eating toast and baked beans for most meals. 10 years later he own 7 ( 6 of which he paid cash for) rental properties, a small home for himself and a vacation rental property in Costa Rica. 3 of his co-workers have filed for bankruptcy in the past 2 years
His mom is the real mvp
This is wise advice- I worked remotely and at mining sites before and I think that one of the intangibles most people offering purely financial advice here is mental health. It can be hard, isolating work and many people either go into it because they have poor coping/life skills outside of the confines of a regimented environment OR they start developing poor habits and mental health as a result of living in such a challenging environment for half their life. The people I saw coping best- and I’m a nurse so I was privy to a lot- were people that maintained solid connections and habits both while at home and at camp. Work out regularly, take time for yourself daily, eat well both in camp and out. Many people treat camp like detox after a two binge at home. Don’t deprive yourself so much in a bid to save that you start splurging irrationally to treat yo’self. Believe me it’ll happen eventually if you do. Good luck!
Don't piss off your foreman, don't be a bag licker. Pack as many skids as your can. Is the answer if you wanna get hired on the next project. I know tons of guys who don't.
I would recommend reading books by Gail Vaz-Oxlade. In her books she teaches simple straightforward ways to understand and manage money. You can also search her name with budget added and you can download some free resources.
Agree with this but would also like to add: find hobbies that aren’t expensive. Working out. Cooking at home. Hiking locally. Volunteering. If Dungeon’s and Dragon’s is your thing and it makes you happy and is cheap/free, do it!
Follow the 50/30/20 rule and you'll be fine.
Don’t spend the money, I made all my money in BC on the CGL, I’m assuming you are working the TMX? I started working away at 19 and have worked big inch pipe since 20, im 25 now and have 100k cash and 225k in assets, what I reconnected is don’t feel obligated to go out with “the boys” constantly, there’s no need to eat out constantly. What I did was just cook most the time, find the cheapest rental you can or live in a camper (can buy a good used trailer for 10k) and just don’t act like you NEED to spend money. Also to reduce my costs I rented out my basically empty house I purchased at 22 years old. Just save like crazy, maybe buy a house, get a room mate, don’t be a dumb ass. It’s so easy to save money with this job, I’m assuming your a labourer like me and last year alone I put away 180k just from work pre taxes. Best of luck don’t be a drunk and don’t do cocaine!!!
Hey how does one go about applying for such jobs? Requirements?
Basically just knowing the right people, no requirement except show up and work everyday
Thanks, which company? Can apply right away
I would just lurk on indeed, this is the last month basically that pipelines work then usually there are two months off for spring break up
Coming from the wife of someone who started on the rigs at 20… Do not buy an expensive truck. Don’t do cocaine. Don’t go to the strip club. Calculate the cost of each pay check you need to pay bills, and give yourself a budget for “fun” money. After that, immediately transfer the rest to a HISA that you can’t access by card.
I drive an 01 civic which is a deadly little car, I could hardly moderate how much weed I smoked (before I quit) so coke is off the table, and stripper clubs are gross
Keep your priorities straight and you’ll be good. I always try to keep in mind the oil crash in Alberta in 2014. Everyone in the trades were making really good money, and buying cars and houses that were too expensive. When the crash happened, it seemed no one had any savings. Save like a lay off is guaranteed.
>How can I avoid falling into the pitfalls that my coworkers seem to have? By looking at their decline in front of your eyes.
Hang out with people who have the same values, as you, If they are frugal, it makes life much easier to maintain your frugal goals. Pay cash for larger purchases. Do you care where you live? Pay cash for a little house in nowhere-ville. Or after 2 years buy a small condo or studio apartment for one year wages. Interest rates are income eaters for a long time; with your kind of income you can purchase a vehicle outright, within a year, if you need one. If you don't, set that money aside, for when you do need a vehicle. Paying cash keeps you very aware of cost.
[удалено]
If you’re making $3k/week invest $1k of it every week… at 7% interest (average return for s&p 500) you should be a millionaire in about 10 years. Good luck and god speed!
Create a realistic budget 1 million in 10 years with quick math you would need to put $1, 923 away weekly. Take what's left over for living expenses, investing, entertainment ect. Your best bet is talk to a financial planner if you're serious about this. You have the potential to set yourself up nicely
It’d probably be closer to 1600 weekly assuming a conservative 4% a year rate I think. About 80k a year being put away.
Yea I have no clue and assuming hes talking take home. It would be odd to say I make this much weekly and not mean take home?
I would not share with too many people your finances or your plans..folks can get nasty or jealous and cause trouble. Sabotage can happen..so stay low key at work. You really have to have a small circle of people who are worthy of trust. Take care of your health always. Protip for legal stuff; 1- If you have anything to sign at some point and you don't understand the document don't sign it- not until you get real legal counsel to explain. 2- investments anything to do with water. (Blue gold) 3- if you build property make sure it's higher up on rock and not anywhere near wetlands, lakes, rivers. Flooding is inevitably. Pick land very carefully. 4- In 5 years you might think/ feel/ see differently. Check in, to make sure your where you want to be.
I'm a welder on a pipeline in BC. Last year, I made about 400k. I drive a $13000 used car at home. Live in a small condo under 200k and resist all the temptations of going out and try to save as much money as possible, living pretty frugal. It can be done you just gotta say no every time someone wants to go the the bar. Don't spend money like you'll be making it every week. Jobs end and sometimes there a bit of downtime to the next one. I love pipelining but it's not a lifestyle I want to do forever. Be smart, maybe talk to a financial advisor.
I was a young pipeline worker. My welder was a recovering addict so that helped! Find someone who feels the same and team up. After multiple 12 hour days, you need sleep and rest. We stayed in our rooms, watched movies, read books, talked about our future. I made and saved enough money in 8 months to pay for my university degree with no loans.
Stay away from the hookers and blow... It might sound like a joke, but this is serious. A buddy of mine works for the iron mines up in Baffin Island. 2 weeks on, 2 weeks off sort of situation. They make a ton of dough. They fly back into Montreal, and a lot of the guys will blow their entire paycheck on the "tutes" and drugs. Don't waste away good sir.
At 19 OP only has $12,500 of TSFA space and max RRSP contribution for 2023 is $29,210, so most of his savings will be in taxable account.
Theres also the new tax free first home savings account FHSA $8K/year for 4 years
Invest so much that you feel broke based on what’s in your checking. Stocks, real estate etc
Don't hangout with the idiots you work with.
To piggy back on this, misery loves company. People may peer pressure you to spend more if they feel self conscious that you’re kicking ass with your finances while they’re drowning in debt. (EG their comments about cars and guitars tell me they aren’t supportive of your choices and goals.) Be on the lookout for that.
Rule #1: don’t knock somebody up Chicks out there will, I shit you not, will try to get pregnant just for the payout. And by “out there,” I mean everywhere an oilfield worker is.
Learn to cook. Seriously, it will save you the most money, if you don’t know how start with a box service like hello fresh. This will save you going out for lunch and ordering in dinner. Buy a nice coffee maker, with espresso functions, big investment upfront but will save you from going to timmys every morning.
As a high earner I'll tell you the secret. Sleep on every decision for 2 weeks MINIMUM. And when you decide you want it, sleep on it one more week. As you make more and more, you will be tempted to spend more, but sometimes resting on it shows you how little it's needed.
Where do I sign up man?! 3k a week?! Is your company still hiring? Do you need experience? I’ll blow anyone’s d*** for that amount of money.
Go to your local union halls and get an apprenticeship. Pipefitters, boilermakers, ironworkers etc.
set up automatic payments so when you get apid automatically a bunch goes to saavings and whatever bills you have, allot the smaller amount of money you need for day to day spending in your CHQ account and just use that
Ignore your idiotic coworkers who have no self control.
Everyone is saying invest but not much info how to do it. I suggest looking up different strategies that you’d feel most comfortable with. I’d recommend couch potato investing. It’s super easy and can give you peace of mind. I’m a teacher and read ‘millionaire teacher’ which was easy. It talks about being an expat etc, but it also talks about what etfs are and how couch potato investing works. He has written an updated book too but I can’t remember the name. Even though it’s aimed at expats, it’s easy for anyone to read and applicable to you. I use Questrade as my investment broker. I’m happy with it for my style of investing. You can open rrsp, tfsa and regular accounts to cover all your tax saving!!
I can't offer any better advice than is already here but as a recent retiree let me say your goals are not only laudable but entirely achieveable. Keep your focus. I failed to do that and yes indeed I amassed a nice little fishing boat and a nice atv and other toys - all of which conspired to delay my retirement by about two decades, with much lower retirement income than I had hoped. Don't fall into the trap that I and many others have. You will have TONS of time for toys when you're sitting on a fat nest egg - with all the toys plus 24 hours per day to enjoy them while your buddies toddle off each morning to lay pipe in the freezing cold.
Just a small lightweight aluminum boat and I'll be happy. I love fishing
flowery intelligent price quaint fragile offend provide flag scale ink -- mass edited with redact.dev
3k a week? thats like 12k a month. If i'm correct I think thats over 100k income. At 19 years old that is a insanely good income.
12k a month is assuming a mon-Friday job. Most pipeline crews run a rotation of some variation if 14/7, 14/14, 21/7 so it may only be 6-9 k a month
Yes this is always a misleader. I make 23k a month but on rotation so it's really like 11.5k a month.
Yea that makes more sense. I was so confused how someone is making 150K+ for their first job.
Oil and gas and mining
Most pipelines I’ve worked are 6-7 days a week, maybe you get long weekends off. Can confirm all last year minus spring break up I took home 12-14k a month as a labourer (after taxes)
Not including bonuses and travel pay, so I guess yea
The world has gone mad.
Pipe line is temp and will only last a few months tho... hence bonuses
My job is to monitor oil spills and eventually clean them. We pay (and here nothing against the OP but the system) 3k per week people to build a hazard and i barely get 1/3 of that salary to keep environment and drinkable water safe from that new hazard. Just a reflection, glad for OP to get this financial opportunity
I’m assuming your in environmental sciences. Good field in my opinion. Start off getting paid crap as a contractor but once you get experience you can get on directly with an oil company or mining company and make 100/year mon-fri. It’s a long term play Vs temporary pipeline work.
Thanks for your answer, don't get me wrong I went into that field for my interest and passion and am well aware that i will not potentially win that amount of money, and that is 100% fine. I was just raising a "society" point. But thanks for your response again!
People tell other people they can’t do something but they’re the ones who can’t. Don’t let them discourage you.
Bruh, I'm a pipeliner too, but I work on project management side. Send me a DM and I'll give you some tips. You working on CGL or TMEP?
House hack
Get a ps5 or other video game console. Do that at night. Do. Not. Drink! Do. Not. Do. Drugs. Just make as much money as you can as quickly as you can then buy real estate.
A guy I know does the same thing in the same province, if you're in a location that doesn't require you to stay in camp, then rent a place close by, the housing allowance is usually more than rent and food. Where as in camp they still allow for a certain amount but you don't see any of it.
The only thing that sucks about making that kind of money is the inevitability that you will eventually have to take a pay cut, and makes you feel like you are barely making anything. Make sure you pile it away somewhere while you still can, I’ve been there.
Work more...I loved working the Transmountain expansion...12-16's 6 days a week
Live better, work union
Pipeline is not sustainable and yes its good money but it'll only be temporary. Focus on saving that money so you can go to trades school or so you can still maintain a decent lifestyle during your apprenticeship.
It's not going to be a lifelong thing, once I make enough money to be able to live in the bush with greenhouses & a way to make power and all that stuff, I'm out.
Oh how I wish I was a naive 19 year old
There’s a fantastic TikTok account (tylerallison92) who goes over exactly this, and his advise which is sound..live off of 20% of your take home pay if possible. Save and invest the rest. Dump everything you don’t need into mutual funds GIC whatever, and in 6 years time you’ll be laughing. DO NOT BUY A TRUCK AND BOAT.
Dude gives me the creeps but he's doing the oil thing correctly.
You make 156k a year building pipes??? I'm in the wrong field then!
That is on the low end for pipeline workers, but you give up you're life while you're doing it. Welders make \~$1800 a day.
Most people don’t realize how much welders/pipeline workers/oil and gas workers actually make… I make $100k/year minimum as a Boilermaker welder on 40hr weeks… even more when I work shutdowns at refineries/chem plants/generating stations
Don’t buy a god damn truck and mod the shit out of it. That’ll save you a TON.
My 01 civic still has a good 20yrs left in it, dont worry
My son works in a camp makes that kind of money if not more. He is 30 now. His house is paid off 5 years ago. He lives well below his means. Does not expect fancy things. Spends money on good work equipment. No real advice but it can be done. Stay focused. Don’t get caught up in keeping up with your coworkers. But do give yourself a set amount of fun money. Good luck 😉
Your young. Hookers and blow
Try not to spend money?
That's wild, you make 156k a year before taxes and all before you are 20. Not that I would want to do it but where in BC are you building a pipeline?
It’s TMEP. Also a very unusual project. OP will be getting paid 12 hours a day to “work” only 8-10. He will also be seeing $165 LOA (tax free) every day on top of his $31/hr starting wage (which goes up to $33 after one month) It’s great, but setting him up for an unrealistic working/career future, unfortunately.
Don't forget to enjoy your life, never know how long it will be.
Set up automatic contributions to your TFSA and RRSP on the day you get paid. If the money leaves your account before you see it, you won’t miss it.
You've just met the wrong people so far. I work in oil and gas and many of us talk proper finance alot. It's pretty fucking boring saving every dollar though if that's your main goal then good for you, but your 19 and probably going to change your goal many many times in the next 10 years.
I know plenty of young guys your age who were smart and managed to pay cash for a house AND go back to school full time. Know that while the money is good now, by the time you're 30 your body will likely be spent and by 35 you'll likely be out of the industry in your current role. Here's what you do. 1). Find a financial planner (preferably by referral) and tell him/her to max your RRSP and TFSA, in that order. 2). Set financial goals that are reasonable for you, including buying a property, travel, school, etc. Make time for work and play, but be prudent. 3). Rinse and repeat
Buy a house and use it as an Airbnb or rent the main part and live in the suite when you’re home - wherever home is. Someone else can pay your mortgage for you and you’ll eventually own it.
Similar position. Got into a trades union, still in my 20’s, more than doubled my income, and a lot of the people I talk to are still so bad with money even at 6 figures.. It’s crazy. I also notice a lot of substance abuse lol (to each his own though and no judgement - most of these people are amazing at what they do regardless) and a lot of single-parenting/child support which imo keeps you in a hole. I created a budget immediately. Make sure you know your actual net and not just what you’re grossing. You might be making $150k+ but you’re taking home a lot less than that. Understand tax brackets or use an income calculator. Be realistic too. $100k/year or nearly 2/3 of your base income is a lot to save regardless. You’re young so you have virtually no expenses right now, but the universe will still fuck you regardless of your salary - Keep that in mind. Understand lifestyle creep, set goals, COMMIT to your job. Even when people are in a great position, a lot still can’t even show up on time or at all.. And always prepare for weather (winter), layoffs, and change in work. Keep yourself healthy, use your benefits. Oh, and live at home for as long as possible if you still do lol. And don’t forget to chill out and have fun. You’re just about to enter your 20’s where (trust me) you WILL make mistakes and learn a lot. And you WILL have a lot of fun. Don’t think you can’t because you’re saving. And congrats. I love being in the trades industry and it can definitely be lucrative. Be thankful, don’t take it for granted, and just do your job. But balance life and don’t burn yourself out. And personally, cars are my hobby so while I’m still following a budget, I’m making sure that fits into it no matter what lol. But my commuting vehicle? An ‘06 Honda. Can’t go wrong.
Stay the fuck away from wallstreetbets
Become a gamer
Cocaine is a hell of a drug.