The Personal Development & Financial Independence Thread


good episode where he he breakdowns some popular advice and then addresses peoples questions
since I am trying to up my reading game, the rungs of reading was quite cool, starts around 33:34
 
With a recent move to Canada, I sat down this morning to gauge my financial standing and recalculate my net worth. I had always kept a simple spreadsheet with the numbers. Previously I had used 22seven, but the experience of syncing everything up to your banking accounts was jarring so I dropped the app and went back to spreadsheets. The good news is, my overall financial standing remains mostly firm for a 31 year old. In Canada / developed countries, I am most likely below average while in South Africa, I was most likely well-above the average. I am not a big believer of cryptocurrency hence the low amounts. The move did cost me almost R100K in total. For the month of Oct 2025 I had $3420 left over which I allocated to ETFs and emergency fund. Salary isnt bad but I do need to find a higher paying role in the future so the needle can move faster.

I kinda feel weird at the moment - I have moved, but I still feel the first 6 months to 1 year will be the weirdest time for me. Having a job doesn't mean you are secure but it does give you some assurances.

The fun part will be next year: I assume that will be the year SARS will expect departure taxes to be paid.

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koeks525 said:
With a recent move to Canada, I sat down this morning to gauge my financial standing and recalculate my net worth. I had always kept a simple spreadsheet with the numbers. Previously I had used 22seven, but the experience of syncing everything up to your banking accounts was jarring so I dropped the app and went back to spreadsheets. The good news is, my overall financial standing remains mostly firm for a 31 year old. In Canada / developed countries, I am most likely below average while in South Africa, I was most likely well-above the average. I am not a big believer of cryptocurrency hence the low amounts. The move did cost me almost R100K in total. For the month of Oct 2025 I had $3420 left over which I allocated to ETFs and emergency fund. Salary isnt bad but I do need to find a higher paying role in the future so the needle can move faster.

I kinda feel weird at the moment - I have moved, but I still feel the first 6 months to 1 year will be the weirdest time for me. Having a job doesn't mean you are secure but it does give you some assurances.

The fun part will be next year: I assume that will be the year SARS will expect departure taxes to be paid.

View attachment 1859741
Click to expand...

Why’d you move and how’d you get the Canada gig?
Let us know how you find your first Winter
 
Pho3nix said:
Why’d you move and how’d you get the Canada gig?
Let us know how you find your first Winter
Click to expand...

I did it for adventure / see what is on the other side. I have always wondered: Do I want to try move? I am probably going to join the many youtubers / content creators to document my experiences. I am still young so room for risk still exists, though one could argue that at 31, you are running out of runway for risk. I am still single, got no kids, no home, no car. Given all that, I thought, "why not try?". I also felt that maybe, instead of working away at a corporation that will replace you whenever it is convenient to do so, why not use your time to live and work in another country? I think that being able to live and work in many countries is a trophy, haha.

I applied for the job online via LinkedIn while I was still in South Africa. While the income is decent (it pays the bills and I can save and invest left over money), I probably should move up into something more senior to make the most of my time in Canada. I have interviewed at a few companies here, but this is to get a feel for interviews. Realistically speaking, I think the right opportunity will avail itself months from now. For now, I think I am doing good - I am not working a survival job which is a blessing. What stunned me here a bit is that there are quite a few newcomers in "in-demand" fields working survival jobs. The Uber drivers were medical practitioners/scientists/IT consultants back in their home country of origin. I do count myself very lucky.

The winter is starting to show its tenticles and I am starting to feel myself slump a little. To counter this, I am trying to fit in regular exercise and ordered a SAD Lamp light. Lots of run clubs here which is nice.
 
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If you are not planning on ever coming back to SA then you need to get your financial emigration sorted ASAP, the longer you leave it the more your net worth builds up, therefor the more exit tax you will pay.

Remember you are still liable for SARS tax every year, yes you can work outside the country and claim the 183/60 rule which gives you R1,250,000 tax free. Anything over that and you will be taxed... they will have to work out the difference between Canadian tax vs SA tax <-- it's complicated.

But you still have to file your tax returns otherwise you will get penalised monthly.. 10% owed fine as well.

Option C is always to clean out all your accounts locally and move your money to Canada, every cent then disappear <-- but know you are never coming back here. Always a risk and you don't have much so I wouldn't suggest this.

--------------

1) get rid of everything SA account based, EE the likes
2) move all that cash to Canada
3) put that money into a Canadian investment company where you can buy stocks / ETFs / Crypto etc.
4) the above is cheaper as more US / Canadian companies are free, eg. IBKR <-- highly recommended
5) start the paperwork to financially emigrate, use an accountant who specialises in this here in SA.
6) get settled and steady before you chop and change jobs every 6 months, it doesn't look good.

---------------
 
Wrath of Khan MD said:
If you are not planning on ever coming back to SA then you need to get your financial emigration sorted ASAP, the longer you leave it the more your net worth builds up, therefor the more exit tax you will pay.

Remember you are still liable for SARS tax every year, yes you can work outside the country and claim the 183/60 rule which gives you R1,250,000 tax free. Anything over that and you will be taxed... they will have to work out the difference between Canadian tax vs SA tax <-- it's complicated.

But you still have to file your tax returns otherwise you will get penalised monthly.. 10% owed fine as well.

Option C is always to clean out all your accounts locally and move your money to Canada, every cent then disappear <-- but know you are never coming back here. Always a risk and you don't have much so I wouldn't suggest this.

--------------

1) get rid of everything SA account based, EE the likes
2) move all that cash to Canada
3) put that money into a Canadian investment company where you can buy stocks / ETFs / Crypto etc.
4) the above is cheaper as more US / Canadian companies are free, eg. IBKR <-- highly recommended
5) start the paperwork to financially emigrate, use an accountant who specialises in this here in SA.
6) get settled and steady before you chop and change jobs every 6 months, it doesn't look good.

---------------
Click to expand...
Financial Emigration was actually discontinued in 2021 (and it even then it didn’t mean you weren’t a tax resident).

What she should do, is five RAV01, as soon as possible to declare non-residency, and avoid that taxation over R1.25m.
 
Google "prodigious accumulator of wealth" to see where you stand...
 
Jeruanamo said:
Google "prodigious accumulator of wealth" to see where you stand...
Click to expand...
I am around 1.1N, so I am just above average.😢

Fortunately, I know enough maths to realize that this formula is going to be horribly wrong for those with extended periods of rapid growth.
 

title is actually shite but the principle he clipped is a good reminder
 
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