Topic: Entering the CF and YOUR Money....

[Basic Person]

I was watching the news and the GIC's aren't doing very well... some of the shorter terms were below the inflation rate.

[Gunner]

That is true, but you gets what you pays for!  Lower risk means lower return, conversely higher risk means potentially higher returns.  I would wait until interest rates go up before buying into GICs.  Having said that, it depends on what you want to use that money for in the short or long term.   

[Jaxson]

heh I'm 19 and i took my dads advice he said "once you get your first tax return, open an RRSP" that was when i was thirteen Ive dropped 200$/month since then thats $14,400 +interest I'm glad Ive already saved so much money as it will come in handy since when i join the army i have a feeling my income is going to be less then what i make now, but you don't even need an RRSP, i also have a savings account with a withdrawl hold or something like that i forget the term the bank used, you can just drop a little bit of money a week in or even a large sum every month. the point is, saving is saving and every little bit helps out in the long run.

[Cyr]

I was wondering as a new recruit joining the armed forces, about how much money do you get paid a month at Basic in St. Jeans Quebec for the 10 weeks? I'm just trying to get an idea seeing as have got a couple of answers and was wondering which one was correct. Also how much does the CF charge you when your at basic? (Room and board). 

[East Side Soprano]

I was wondering as a new recruit joining the armed forces, about how much money do you get paid a month at Basic in St. Jeans Quebec for the 10 weeks? I'm just trying to get an idea seeing as have got a couple of answers and was wondering which one was correct. Also how much does the CF charge you when your at basic? (Room and board). 

I just finished my IAP at St-Jean so I could probably help you out althought officers' pay and deductions differ somewhat. My base pay was $1356/month, rations came out to $365 and single quarters to $92. With other basic deductions my net came out to about $766/month, more when I got field pay. I'm not sure of basic recruit pay but your quarters may be cheaper since you don't get individual rooms like the officers.

[CallOfDuty]

   Don't you mean 1356$ per pay?....Instead of per month?
    An NCM recruit makes 2421$ a month in basic.
Cheers
Steve

[East Side Soprano]

   Don't you mean 1356$ per pay?....Instead of per month?
    An NCM recruit makes 2421$ a month in basic.
Cheers
Steve

I wish, it's $1356/month. I'm ROTP so that probably explains my low pay, I know UTPNCM OCdts make $2400/month or so.

[Simian Turner]

It is not fair to compare OCdt ROTP and NCM Basic pay.  An OCdt is also having his education/tuition and books paid for during the school year.

[Scarlet]

Has anyone here dealt with Edward Jones and mutual funds?

Thanks!

[I_Drive_Planes]

I've dealt with mutual funds a fair bit (finance is something of a hobby of mine), but not Edward Jones.

Planes

[Redeye]

Has anyone here dealt with Edward Jones and mutual funds?

Thanks!

Edward Jones is a full service broker, which isn't necessarily a bad thing, if you have a decent sized portfolio.  If you're starting off, you're likely going to be better off with a bank's mutual funds.  The MER's are lower, there are no loads, and most of the banks have funds with some very impressive returns.  They're usually more flexible than funds sold through dealers.  I'd shop for a banker just as for anyone else though, because some of them don't know what they're talking about.

Someone mentioned ING - I've had good experiences with them as a provider of an easy to use savings account.  It's considered financially prudent to keep 3 months' salary in a liquid investment, and ING allows this while paying a better return than the next best alternatives, either conventional bank savings accounts or money market mutual funds.  They're simple to deal with.  I'd be careful with their mortgages though, I have seen disasters happen from dealing with them in mortgages, including a funding mistake that nearly cost the borrower thousands of dollars.  Realistically, their rates and terms aren't much better than what a bank provides, and they pertain to priveleges that are rarely used anyhow.

Lastly, Ethical Funds.  I wouldn't bother without doing a lot of research.  The returns on these funds aren't great, and while you might feel a little better about yourself, you're not going to change the world with them.  Go with an investment that is well managed and stands a better chance of good returns.  Their history is lacklustre, as a trip to morningstar.ca might tell you.  The reason you're not seeing direct investment in China (which we discussed at work today) is that the markets there have a lot of problems - lax accounting standards, difficulty with valuations, etc.  Investments anywhere in the world will benefit from China's staggering growth rate, because just about everyone is supplying them - with resources, technology, other capital.  The same goes for India.  A good mutual fund portfolio chosen with competent advice will get you in on it.

Since this stuff is what I do for a living, I figured I should chip in a little.

[COBRA-6]

Great thread!

One point on credit cards:

The goal of course is to pay off the balance of the card each month, to avoid the insanely high interest rates. However, the pace of army life can be very hectic, with courses, exercises, deployments etc. It can be easy to forget and not pay your bill on time. To avoid damaging your credit rating, I highly recommend contacting your bank to have them set it up so that the minimum payment for each month is automatically transfered from your checking/savings account to your CC account. I learned this the hard way

Automatic payment is available for most household bills, like auto insurance, phone, power, cable etc. It greatly simplifies your life when you're away from home allot.

Cheers!

Mike

[MTH]

Hi, Thanks for all the great advice.  I have a question about debt.  I had a credit card that I failed to pay off and subsequently sent to a collector about a year ago  .  I have since paid it off (1000).  My question is this, is there anything I can do to improve my credit (can't get an other card or loan) or do I have to wait it out? 

Thanks for the help

Matt

[Gunner]

http://www.professionalreferrals.ca/IMG/_article_PDF/article_693.pdf#search='how%20to%20improve%20my%20credit%20rating'

Here are a few steps that you can take now to improve your credit score:

1- Pay all bills on time.

2- Lower your total credit card debt – It is a good idea to keep the ratio of outstanding balance to total available credit as low as possible. When you are close to the limit, it will look like you are desperate for money and will have a negative impact on your credit score. Therefore, start with the cards or lines of credit where you are closest to your credit limit. Keep in mind that paying off a collection account or a judgment will not remove it from your credit report. It will still stay on your report for seven years.

3- Keep your older credit cards active and always pay your bills on time. Research shows that consumers with longer credit histories have a lower risk of default than those with shorter credit histories.

4- Don’t open a number of new credit cards that you don’t need, just to increase your available credit. This could actually lower your credit score. Also, don’t close unused credit cards as a short-term strategy to raise your score. In fact, owing a fixed amount but having fewer open accounts may lower your score.

5- Every time someone (other than yourself) requests a credit report from a credit bureau, an “inquiry” notation is made in your file. Too many inquiries on your credit report can negatively impact your credit score, as it can signal that you are looking for new credit. Therefore, only apply for new credit when you need it and wait before applying for more. When you are rate shopping for mortgages or loans it is better to do it in a short period of time, so that you are not penalized with multiple inquiries that relate to one credit transaction.

6- If you have a good credit history and have managed your debts responsibly, having a variety of credit products, such as credit cards and installment loans, can raise your score. Still, it is better to apply for credit only if you need it.

7- Carrying balances from month to month (rather than paying your credit card bills in full) will not have any impact on improving your credit score. However, lenders may be more likely to offer credit to people who carry balances because they have a history of paying interest on their accounts.

8- If you are having trouble making ends meet and handling your debts, contact your creditors or see a legitimate credit counselor. The sooner you can get your finances under control the sooner you will be on your way to improving your credit score.

9- Review your credit file regularly to stay informed about the details in your file.

If I can ever give one piece of advice to someone reading this tread, it would be to "take control of your money, don't let it take control of you".

[Scarlet]

Just to add to Gunner's latest reply, it's a good idea to get your full credit report. I just did on Friday morning. You can go to http://www.equifax.ca and request a full credit report (including your score) online. You'll need to pay $21.95 for it, but it's worth it. You can also write to Equifax and request a free credit report.

This way you can see if there's anything outstanding on your report that you need to dispute.

[GonzoK83]

Firstly, I have been considering resigining into the reserves. Looking at the NCM Reserve payscale pretty much has me convinced. I'm glad this string was posted.

[Springroll]

it's a good idea to get your full credit report. I just did on Friday morning. You can go to http://www.equifax.ca and request a full credit report (including your score) online. You'll need to pay $21.95 for it, but it's worth it. You can also write to Equifax and request a free credit report.

This way you can see if there's anything outstanding on your report that you need to dispute.

My husband and I did that before we were to purchase our home and found out that someone elses credit had been tacked on my husband's credit record while we were outside of the country(NATO posting). We contacted Equifax, told them about it and after they checked into it, they found that the person had the same name as my husband, but a different SIN number...so it was promptly removed from his credit records.

Also, make sure if you have a student loan, that you keep on top of it. Two months of non payment from 2001 almost prevented us from getting our mortgage in 2004. As it turned out, the student loan company I went through had not updated my file between 2001 and 2004 and it was still reading that I was still in arrears(60 days late) even though I had already made the late payments and had made payments on time from 2001-2004(thanks goodness for bank statements as my proof!). It took alot of kicking them in the butt to correct it, but it was corrected.

Keep on top of your credit!!!
Best advice ever!

[Simian Turner]

Springroll - What is your career/uniform status these days - are in the Reg Force?  I tried to PM you but received a message saying your Inbox is full - what's up with that - popular?

[ready to go]

I will apologize now for what I am about to say. Sorry. I just don't understand what credit has to do with serving your country. I think it's retarded, personally. I don't have any credit cards or mortgages, but I do have a few debts from a few years ago that now will restrict me from serving my country in time of war. Money really means little to me. Honour, duty, integrity, courage and sacrifice mean everything. I was born to be a soldier and they tell me I can't be because I didn't 'keep my mind on my money and my money on my mind'. Yes I am mad at this and I know there is nothing I can do and it is a big waste of time to even complain. But I speak up when I think things are wrong and I think this is wrong. I should be judged according to my person, my character and my values...not my credit. I want to serve my country. I want to fight on the frontlines with the rest of the brave men and women who are already over there. I've been training my whole life for this. And now I learn that instead of focusing on transforming into a soldier I 'should have' been counting my pennies...
Regardless of my ranting, I am going to kick this stumbling block out of my way and keep going. As if the thing I care least about is going to stop me.

[Springroll]

Well, my opinion is that if you are having money problems, who says you won't go and sell some TS information for a bit of coin....it's been done before.

Gunner98, all my testing is done, just waiting for the call now 

[CDN Aviator]

I will apologize now for what I am about to say. Sorry. I just don't understand what credit has to do with serving your country. I think it's retarded, personally. I don't have any credit cards or mortgages, but I do have a few debts from a few years ago that now will restrict me from serving my country in time of war. Money really means little to me. Honour, duty, integrity, courage and sacrifice mean everything. I was born to be a soldier and they tell me I can't be because I didn't 'keep my mind on my money and my money on my mind'. Yes I am mad at this and I know there is nothing I can do and it is a big waste of time to even complain. But I speak up when I think things are wrong and I think this is wrong. I should be judged according to my person, my character and my values...not my credit. I want to serve my country. I want to fight on the frontlines with the rest of the brave men and women who are already over there. I've been training my whole life for this. And now I learn that instead of focusing on transforming into a soldier I 'should have' been counting my pennies...
Regardless of my ranting, I am going to kick this stumbling block out of my way and keep going. As if the thing I care least about is going to stop me.

 

I'm willing to bet that the CFAT was unfair, the PT test unrealistic and the medical pointless ?

Your credit reflects on alot of things.  Credit problems say alot about how you handle resposabilities.  They say alot about your management skills. As Springroll alluded to , it also goes towards your reliability as well.  The military doesnt want to hire potential financial burdens as well, we have enough to deal with in the units as it is.  You see it as a money issue but for the military its a "character" issue.

"i was born to be a soldier"

If i had a dime for every time i have heard that    It makes you no more special that the next guy who didnt know about the CF until yesterday.  It doesnt exempt you from the standards we ALL have to measure up to.

Suck it up, sort your finances out........or McDonalds is always looking

[ready to go]

It depends on the person I guess. I don't live for money, never have, never will. I believe it corrupts a person's soul. Judging a person on physical fitness and stamina is a good judge of character: it takes discipline and perseverence to sustain a healthy, active lifestyle, especially in this day in age when everything is a 'click' away. I take 2-3 trips on my bike with a hiking bag on my back to get groceries, rain or shine, for example, as opposed to drive. Work, to me, means sweat and blood, not offices and computers. Payday is cash in hand. I guess you could say I am 'old-school'.
Judging a person on their medical and mental condition is also a very valid factor in determining character. I wouldn't want a guy beside who is half deaf in his left ear and can't read just as much as a guy who would sell me out for any amount of $. Try and tell me people don't 'sell out'. Try and tell me people don't 'buy in'. I have been working like a dog at an oil refinery off and on for 3 years and let me tell you; money talks a hell of a lot louder than a person's 'character'. I had 2 co-workers be basically 'bought out' by the employer when they got seriously injured right beside me...all to avoid a WCB claim. They went home and had to suffer with their injuries alone so that the companys WCB premiums wouldn't go up and the 'safety record' would stay clean.
The point of this all is simple: money has nothing to do with character. About 3 weeks ago there was an emergency plant evacuation. My partner was struggling removing his chemical suit and was left behind by the crowd. I, alone, went back and helped him rip it off because I do not leave my men behind. I will put my life on the line for my comrades. How does my credit report prove otherwise? How does my credit report prove that I am a man of my word? I never made any promise or commitment regarding money. I told a friend I would help him start a construction business. I moved across the country and lived with 5 people in a 2 bedroom apartment for 8 months, working 10-14 hours a day to get his business off the ground. Never once did I turn my back on him.  He offered me 50% of the company and I told him I was fine with $15/hr because I wasn't there to start a business, I wasn't there to get rich: I was there to help a friend. I was offered a job with Citigroup in Calgary that would have made me a millionaire in less than 2 years. I chose to go back home to mom and help her build a house for free. My pay was a house to live in, a roof over my head. Right now I have no kitchen, but in 3 weeks my mom will have a brand new, fully modernized kitchen with a nice stovetop in an island, dishwasher, double sink, in-floor heating, everything. As for the McDonalds comment...I'd rather burn it to the ground than work in it. I cook my own food and work hard for the money to buy it. Thats what money is for: not to judge character.

[ready to go]

I am already working on the problem, by the way. I was just venting some frustration. I will be in the August BMQ come hell or high water.

Oh and just for the sake of saying so, I wrote and managed the program that handled my friend's finances, invoicing, employees, taxes and assets. I was also his 'go-to guy', right-hand man because I was reliable, trustworthy, dedicated and knew how to take control, make things happen and get the job done.

[Civi U(ntrained)]

The actions that you've mentioned are certainly admirable and it does seem that you have a "good" character. Nonetheless, you must understand that the CF has universal standards that have to be met by all applicants in order for them to be enrolled into the Forces. The standards are fairly rigid, and if you do not meet any of them (i.e. bad credit in your case) then you're out of luck. If you're serious about getting into the CF, then I guess the only way for you to achieve you goal is to deal with the credit problem and enrol as soon as you can. Until then, do not expect the CF to tailor the recruiting standards to every applicant. Good luck.

[CDN Aviator]

It depends on the person I guess. I don't live for money, never have, never will. I believe it corrupts a person's soul. Judging a person on physical fitness and stamina is a good judge of character: it takes discipline and perseverence to sustain a healthy, active lifestyle, especially in this day in age when everything is a 'click' away. I take 2-3 trips on my bike with a hiking bag on my back to get groceries, rain or shine, for example, as opposed to drive. Work, to me, means sweat and blood, not offices and computers. Payday is cash in hand. I guess you could say I am 'old-school'.
Judging a person on their medical and mental condition is also a very valid factor in determining character. I wouldn't want a guy beside who is half deaf in his left ear and can't read just as much as a guy who would sell me out for any amount of $. Try and tell me people don't 'sell out'. Try and tell me people don't 'buy in'. I have been working like a dog at an oil refinery off and on for 3 years and let me tell you; money talks a hell of a lot louder than a person's 'character'. I had 2 co-workers be basically 'bought out' by the employer when they got seriously injured right beside me...all to avoid a WCB claim. They went home and had to suffer with their injuries alone so that the companys WCB premiums wouldn't go up and the 'safety record' would stay clean.
The point of this all is simple: money has nothing to do with character. About 3 weeks ago there was an emergency plant evacuation. My partner was struggling removing his chemical suit and was left behind by the crowd. I, alone, went back and helped him rip it off because I do not leave my men behind. I will put my life on the line for my comrades. How does my credit report prove otherwise? How does my credit report prove that I am a man of my word? I never made any promise or commitment regarding money. I told a friend I would help him start a construction business. I moved across the country and lived with 5 people in a 2 bedroom apartment for 8 months, working 10-14 hours a day to get his business off the ground. Never once did I turn my back on him.  He offered me 50% of the company and I told him I was fine with $15/hr because I wasn't there to start a business, I wasn't there to get rich: I was there to help a friend. I was offered a job with Citigroup in Calgary that would have made me a millionaire in less than 2 years. I chose to go back home to mom and help her build a house for free. My pay was a house to live in, a roof over my head. Right now I have no kitchen, but in 3 weeks my mom will have a brand new, fully modernized kitchen with a nice stovetop in an island, dishwasher, double sink, in-floor heating, everything. As for the McDonalds comment...I'd rather burn it to the ground than work in it. I cook my own food and work hard for the money to buy it. Thats what money is for: not to judge character.

I see that you are still missing my point and focussing on the money itself.  I told you that how you manage money and credit is a reflection of who you are.  I'm not saying that it everything about who you are but its an indicator.  If you cannot stay out of financial/credit troubles, how can you be trusted to manage the CF's affairs ?  If you buy stuff on credit and dont pay the bills, what does that say about your sense of responsability ?  As well, do you honestly think that the CF wants to hire someone who has credit probelms ? these individuals turn into admin burdens for the units, miss work days to deal with those issues and generaly dont have their mind on their work.  Note that i know this by experience...i have had to deal with soldiers like that.  it happens when guys are in the forces, no need to recruit them with problems.

You are one of those who come on this site, bitching that they were turned down as if it was their god given right to be in the CF.  I have news for you, you have no RIGHT to be in the military. Your little sob story, although entertaining has nothing to do with the fact that the CF took issue with your reliability and character. Money is not a judge of character, what you do with it is.

Now as far as this thread goes, i know your type and nothing short of a full page of sympathy and total agreement with you will make you happy.  Rest assured that i will not be the one to hold you by the hand and say "it's ok....have a cookie".  Your high morals asside, you have said nothing here that warrants and ounce of my consideration.  I told you, you are nothing special, I have joined when i was 17, decided to join when i was 5, military family, never asked what the pay was and still dont.

McDonalds no good ?

Maybe a greeter at Wal-mart would be better then.....