Part Time work - overqualified?

[redblack]

Sell that recession fighter, you can't build a business rolling around in a Honda Fit.

[blindsight]

.

[max_boost]

Originally posted by phreezee
RRSP until it's zero. It's a scam that is sold as tax deferral that ends up denying you social benefits until it's depleted. Keep your retirement money non-registered and suck on the public teat while keeping your nest egg. You paid into the system, might as well collect the benefits on day 1 of retirement.

I agree with this

[Jonel]

+1 on reworking your resume. Was a piping designer for a big EPCM company and was laid off mid-october last year. Ended up working for a warehouse on the graveyard shift in case something becomes available in my field again.

I already knew I wanted to do manual labor as I prefer to be on the move all the time as opposed to just standing around as a cashier or doing customer service (I find time passes by a lot quicker that way). So I took all the technical items (software I used, projects I worked on) off my resume and highlighted my work ethic and attitude as the main selling point.

Basically went in and looked around the store until I figured out who the manager was, went up to him when he was not busy and asked him if they were currently hiring. He asked for my resume and gave me an on the spot interview. He asked me why I chose to work for them and told him honestly that with the current economy, I needed something to help pay the bills. Ended up starting work a few days after. Got quite a bit of OT too from the start but that's probably because of the holiday rush.

All in all not a bad gig. Drive to work from home only takes 8minutes as opposed to 40minutes and I lost quite a bit weight as a bonus. The employee discount and knowing when the sale for particular items start was also nice during the holiday season :P

Best of luck to you man

[A790]

Have you considered marketing yourself on freelancer sites like Upwork?

[ExtraSlow]

The responses to this thread are both fascinating and helpful. As well, I have received several really helpful PM's, and I'm thankful for all of the advice and tips.

Really interesting that there is no consensus on the investments liquidation options. I am actually pretty surprised at that.
- Sell house first vs. Sell house Last
- Sell RRSP first vs. Never sell RRSP until bankruptcy

etc. Very interesting.

I should also be clear, I'm not as hard up as some of you are assuming. I have a pretty frugal lifestyle. I'm mostly discussing that stuff to help others who are too shy.

[DTTB_36]

The problem with selling the house is you could end up taking a big hit as if you are forced to sell, it will almost certainly be in a bad market. Potentially people may be underwater if they put 5% or less on it. It could still be better to sell, it just may not always be the best decision.

On the other hand, if you put more than 20% down in Alberta, and the house market crashes like the USA, you can just walk away from the house. Might kill your credit but meh.

I do agree though, cash flow is king when you have nothing/very little coming in.

[flipstah]

Originally posted by ExtraSlow
I am interested to hear from beyond finance gurus (like HiTempguy1) what order they'd put these options in. THis should probably be it's own thread, but WTF, we're already somewhat sidetracked.

- Selling a reliable vehicle and switching to a beater
- Selling RRSP
- Selling TFSA
- Liquidating RESP
- Selling other investments
- downsizing home.
- Withdrawing from HELOC.

Some of those carry risks and some incur significant costs and some have tax implications. I suspect there are a few ways to skin this cat.

- I'd sell TFSA first
- If no loan, I would not sell the car. If loan, then yes
- Sell other investments
- Then start taking hits because now it's getting tougher so... RRSP
- RESP
- Downsizing home would be last because depending on the size, it would be hard to balance moving costs/take penalties/legal fees. Moving takes time, which is a cost as well.

I took paths of least penalties first, because once you declare bankruptcy it's a wash. Prolong the pain if you can.

[ercchry]

If the path ends in bankruptcy.... then leverage the shit out of your life first so it's worth while, why would you declare bankruptcy with no debt and equity in your home?!

When you have nothing to lose it's time to YOLO your life... take on all the debt you can, open margin account and go for it!

If it's all ending the same way anyways might as well attempt the impossible

[phreezee]

Originally posted by blindsight


Is this true? I assume you mean paying taxes means you have income, which would prevent certain social benefits.

It is exactly like having to use all your vacation payout and severance after you are laid off before you get EI payments, Extraslow has already experienced that. Same BS, they know about that money and hold out on benefits until it's gone.

With the way the country is going, tax deferral will be moot with the increases in taxation and inflation unless you live the life of a hermit in retirement.

[blindsight]

.

[Xtrema]

Originally posted by blindsight


Time is not a cost. Time is money, only if it would be time spent otherwise making money.

I don't know if you meant it that way or not, but any time some person says "time is money" on something personal, to justify a decision that actually isn't costing them anything but time itself, they are kidding themselves.

Selling a house = realtor and lawyer fees

Moving = Moving fees, at minimum a truck and/or gas/mileage of multiple trips.

If you are moving from a $600K home to a $400K home, you are only unlocking around $170K and probably mostly just on size of mortgage and reducing payment and doesn't turn into cash on hand.

A lot of other factors like kid's access to school etc has to be considered as well. It's also a major psychological change. While investments are just a number. House tends to have more emotional attachments.

Also, given in this depressed market, it's even worse to downgrade because when the market does come back, it'll cost more to upgrade.

I would burn all my RRSP/TSFA/Investments before I move. But I will do that if it comes to that. Unless you lived in $1M+ home, then you should have moved 2 years ago.

Originally posted by blindsight


Is this true? I assume you mean paying taxes means you have income, which would prevent certain social benefits.

Correct. Current rule, you will lose out on GIS if you have sizable income from RRSP/RRIF.

If you have a $1M RRIF at 71, you are pretty much forced to draw $40K/year. Combined with CPP and OAS ($1600), you are pretty much guaranteed to have $0 OAS and some income may even be taxed in higher bracket.


That said, given Liberal just estimated that we are in deep debt by 2050, and with more work forces replaced by AI that doesn't pay into CPP, I don't know how any of these programs can be maintained in the future.

[zhao]

Originally posted by ExtraSlow
I am interested to hear from beyond finance gurus (like HiTempguy1) what order they'd put these options in. THis should probably be it's own thread, but WTF, we're already somewhat sidetracked.

- Selling a reliable vehicle and switching to a beater
- Selling RRSP
- Selling TFSA
- Liquidating RESP
- Selling other investments
- downsizing home.
- Withdrawing from HELOC.

Some of those carry risks and some incur significant costs and some have tax implications. I suspect there are a few ways to skin this cat.

Its completely case by case for everything there. Take the car for example (we can all relate to that):

IMO it'd be retarded to sell a car you spent 60g on that you still owe 40g on that you can only sell for 30g realistically and maybe 25g to a dealership, and then be faced with buying some new economy car which will come out to 25g after tax anyway (because the 12g model you did your calculations on how smart this decision was is a base with no ac and a manual, and you need a few options so you need to go up two trim packages in price, plus tax and pdi and freight and oh you might as well get 3m and some other dipshit thing) and be worth 15g when you drive it off the lot.

PLenty of morons do that exact thing all the time, and as the saying goes, two 'completely retarded head up your ass when it comes to finances and simple math' wrongs don't make a right. Probably better to keep paying the 1200 a month or whatever at what should have been a lower rate than what you can get for even a mortgage let alone a personal loan.

It'd also be retarded to hang onto some older baller money pit, like a 8 year old rangerover sport. If I had one of those I'd be turfing that before it's next major service, or as everyone else calls it, tuesday.

Either way logically it'd be smartest not to buy a big expensive new car if there is any chance you are going to have financial issues in the future. Logically it'd be financially smartest to buy a $500 sunfire, and patch it with parts from pickandpull for minor stuff, or sell it for $150-200 scrap value if it blows up hard and buy another one for $500. But no one wants to do that..... because they 'need' a new car for 'reliability'... even though having that reliability costs them 50% of the value in the first 3 years which far far far exceeds whatever they would of spent on repairs or replacing for a beater.

[cancer man]

2 rib racks 42 dollars.
I think I'll buy a pig and start a back yard butchery business.

[ExtraSlow]

I'm extremely grateful for all the advice and well-wishes in this thread and in my PM mailbox. Actually had one generous beyonder offer me a position, which I was unable to accept. Have had two others give me excellent suggestions, which I've already started following up on.

Also, I know it's inevitable that some members will stay fixated on the financial advice, but for myself, I have already made the assessments suggested, and I've taken all the posts into account. I'm no longer actively requesting further advice on that topic.

I'm having a great monday so far, I hope everyone else is too.

[lasimmon]

Might not be the right thread... But I thought I would ask anyway.

If you were applying to a job on a website that said "Send Resumes to XXX email" would you include of cover letter or not?

[killramos]

Originally posted by ExtraSlow
I'm extremely grateful for all the advice and well-wishes in this thread and in my PM mailbox. Actually had one generous beyonder offer me a position, which I was unable to accept. Have had two others give me excellent suggestions, which I've already started following up on.

Also, I know it's inevitable that some members will stay fixated on the financial advice, but for myself, I have already made the assessments suggested, and I've taken all the posts into account. I'm no longer actively requesting further advice on that topic.

I'm having a great monday so far, I hope everyone else is too.

Oh I am going to keep giving you advice whether you like it or not

[ercchry]

Originally posted by lasimmon
Might not be the right thread... But I thought I would ask anyway.

If you were applying to a job on a website that said "Send Resumes to XXX email" would you include of cover letter or not?

Of course you'd include a cover letter... the whole thing will be printed off and put in a stack to probably be looked over by a few people... in the email just write a quick "please see attached cover letter and resume" or something to that effect

[HiTempguy1]

Originally posted by killramos


Oh I am going to keep giving you advice whether you like it or not

What does he think this is, ask.com?

You get what you get on Beyond!

I love Zhao's idea of doubling down on a bad idea though, it needs to be a different thread to discuss that shit-show of awful. :P

[schurchill39]

I went out in the spring and got a part time job working at the distillery in Turner Valley. When I got called in for an interview they had my resume out and asked what I could possibly want from a job there seeing as I was grossly over qualified. I told them I just had a genuine interest in making liquor and what they do so I was willing to do what ever it took to be a part of that; from running their lab, to driving a delivery truck, to cleaning the fermentation vessels, or sweeping the floor. In response to pay all I said was that I wanted to be paid accordingly for what ever position was available and I didn't have any dreams of having it substitute my career's income.

If you can get your foot in the door it might be worth while coming up with some boxed answers to interview questions to help ease their minds when they see your qualifications and job history.