PuckChaser said:Considering people can join when they're 56 or 57, I think your poll results are going to be skewed. You're also not owed any promotions beyond Cpl/Capt, so you could be 45 with 19 years in and still be a Cpl/Capt if you're not good at your job.
At the end of the day, if you're joining the CAF for the money, you're doing it wrong. We're fairly well compensated but you're not getting rich.
dapaterson said:Most CAF members have no understanding of their most valuable asset: their pension. A 45 year old Captain with 15 years in would have a pension with a net present value of around half a million dollars.
Make it a LCol with 25 years, and you're probably over $1.25M in pension value.
Colin P said:When I left in the 80's I was under $100,000, if I had stayed in and retired now, I be well over a couple of million, mostly thanks to the Vancouver real estate market, with a lane wayhouse now valued at 1.9million.
AbdullahD said:Hey Mike some of those links dont work for me. Fyi.
ontheedge said:I'm thinking of joining the reserves,
Navy_Pete said:Be careful buying a house; the day of real estate automatically building equity are gone and some markets (particularly around some of the army bases) are riding a pretty good bubble. It really depends on the area, the local market, etc. For example, there are a few lawsuits against the gov from people losing their shirts when moving from cold lake/Edmonton when the market cratered with the oil sands. Similarly, even with a good salary and some savings, the majority of us wouldn't be able to afford much in places like Toronto, Vancouver, Victoria etc anymore, so there is a big element of luck and timing involved as well. The era of buy low, sell high belonged to the boomers, with gen x getting the tail end, but pretty much at 'buy high, hopefully sell a bit higher' now.
Worth talking to a financial wizard about, but you may be better of financially renting and investing the delta. Really depends on your goals too and who little you are prepared to live with (like the freedom 35 people that live like spartan hermits).
If you use common sense and are reasonable with your budget, you shouldn't have trouble paying the bills, but doesn't take much to run into something that runs you off a cliff. Probably reasonable though to lump us in as solidly middle class, but even streaming up and getting promotions ASAP, you won't get rich (but should be comfortable).
Navy_Pete said:Worth talking to a financial wizard about, but you may be better of financially renting and investing the delta. Really depends on your goals too and who little you are prepared to live with (like the freedom 35 people that live like spartan hermits).