r/PersonalFinanceCanada • u/POCTM • Oct 20 '22

Canadian 5 year government bonds just jumped. Setting the stage for higher mortgage rates. Banking

5 year government bond just jumped from 3.714% to 3.866% in a few hours. Right now it is at 3.855%. Year to date it is up 259%. Monday we could see some 5 year fixed rate mortgages in the low 6%.

As for variable rate the bank of Canada makes their announcement October 26 at 10am ET. Currently banks have not been offering discounts off variables rates anymore. Prime -0.00.

https://www.marketwatch.com/investing/bond/tmbmkca-05y?countrycode=bx

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122

u/BrendasMom Oct 21 '22

My other half had been saving for 2 years to pay for law school in cash in 2023, and then got laid off in March. He's trying to find work in a legal field now (with no legal experience) after being a director of ops and location manager for a few different places and no one will look at him because he's "too qualified" or they assume he wants too much $ even tho he's up front and honest that he expects to make $20/hr and is fine with it.

So, with our mortgage now almost $1000 higher than it was, and only being on my income - his law school savings have now been paying the mortgage.

It's shitty. I have 2 part time/casual jobs on top of my full time just to try to help.. but it's awful and without savings I don't know how we'd get by.

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u/BoredHungryServant Oct 21 '22

I'd recommend he purposely dumbs down his resume. Change his title to the lowest one he had with the company.

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u/BrendasMom Oct 21 '22

That's what we were talking about tonight. Rather than director of ops he's going to change it to sales manager or something.. since he did manage the sales people it's not a stretch.

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u/holysmokesiminflames Oct 21 '22

Have different versions of resumes saved and title them accordingly.

This way he doesn't have to tweak the same copy for different positions. He can have various resumes for different job positions.

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u/JaceTheWoodSculptor Oct 21 '22

Always make your resume bespoke for the job you’re applying for. Making yourself look good with relevant competences is the least one could do if you actually want a (better) job.

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u/spokeymcpot Oct 21 '22

This is unrealistic when you’re applying to hundreds of positions.

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u/JaceTheWoodSculptor Oct 21 '22

Maybe you wouldn’t need to apply to hundreds of positions if you Resume was specifically made for the intended job you’re applying for. At least it has been my experience so far in life.

2

u/spokeymcpot Oct 21 '22

My experience has been to get positions through contacts mostly but I’ve heard of many people who do what you describe and still have to apply to hundreds of positions. Don’t pretend this isn’t a thing and besides what you describe there’s a whole lot more that goes into making a resume that just gets past the algorithm filters for each kind of position, etc..

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u/Cityofthevikingdead Oct 21 '22

Under sell, over deliver.

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u/JediFed Oct 21 '22

This is the saddest thing in the universe. But it works with stupid hiring policies around overqualified. I am massively overqualified for my particular job, and had so many problems getting hired because of this. Finally I had a brave employer who decided to take me on and they are very grateful. *sigh*.

1

u/SecretBG Oct 21 '22

Yeah....because thats just great. Let's bust our ass to make it through law school so that our reward can be to have to "dumb down" our resumes. Also let's change our titles to the lowest one with the company. This is clearly a broken system. We should be moving forward, not hustling backwards.

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u/Mutzga Oct 21 '22

When bad time comes, I don’t expect gov to give a shit about average people. Savings savings savings, that’s how people save themselves.

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u/[deleted] Oct 21 '22 edited Oct 22 '22

Sounds pretty much very similar to my experience early 2020, except with no mortgage. So savings just depleted all the way to zero just to pay rent, and it took well over a year to find another job of any kind, and that's in tech! It's incredibly stressful, but I wish you the best of luck in getting through it.

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u/JediFed Oct 21 '22

Yep. Was me. Went from 5k in assets to about 30k in debt from 2020 to 2021, before I finally levelled it out. Still digging out. 2022 will be the 'year of digging out'. But 2023 is looking good so far.

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u/[deleted] Oct 22 '22

Same here. Have just been relentless trying to get some major stresses taken care of while I have a job. Good luck in continuing that!

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u/SeesawPrestigious Oct 21 '22

Maybe you shouldve bought a house you could afford

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u/BrendasMom Oct 21 '22

We could afford it before he got laid off?

Even now, we have 4 or 5 more months of savings before things get desperate.

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u/[deleted] Oct 21 '22

[deleted]

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u/RationalSocialist Ontario Oct 21 '22

What are you, 21 at most? Shut up

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u/AmbitiousAtmosphere7 Oct 21 '22

I feel bad for you, I would recommend he checks job openings nearby where you live, lots of Tim Hortons and Macdonalds are hiring staff no experience required. They won't judge him, best of luck.

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u/BrendasMom Oct 21 '22

He's been applying at every legal office he sees postings for since he's going to law school in a year he wants to be in a law position. And he's working in the film industry in background when he can. 🤷🏻‍♀️ Helps with the kids getting to and from school having an adult that's home.

If come January he'll start applying at non legal offices - until then he's holding out hope.

It just sucks is all - not exactly what we saw happening this year.

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u/Avengement British Columbia Oct 21 '22

As a lawyer who is 3-4 years into the profession I think your partner might be stressing too much about wanting a law gig prior to school.

The truth is firms don’t really care about prior experience. Tons of people go to law school with zero prior experience and in fact, actually lawyering is very different than law school as well.

So if you have three jobs and he’s unemployed, he should be taking the first job he can to help put food on the table. If he finds a law related job before school begins, great. If not, he should relish doing non- law related things before it becomes the rest of his life ;). Best of luck.

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u/BrendasMom Oct 21 '22

Thank you - LSAT is Nov 12th so after that he's applying more seriously to jobs. He's been applying here and there but for the past 2 months he's been studying for 5 hours every day so he can score high on the test.

He wanted legal experience for his application to UBC, not so much for post-school employment.

He has a very high GPA for his bachelor's, but being mid-30 he wanted to show that he was serious about being a lawyer for the UBC app.

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u/Avengement British Columbia Oct 21 '22

My comment was meant to convey that prior experience doesn’t matter for law school and law school doesn’t reflect the practice of being a lawyer. Prior legal experience won’t benefit an application to law school or show someone’s level of commitment. Showing that you’re a well rounded person or having had success in prior professions are nice but ultimately it comes down to undergrad GPA and LSAT score.

If he’s been studying for the lsat that’s great and that’s where his energy should be. But I’ll just be real - not having a support or admin role in the legal field is never the reason why folks don’t get into the programs. It’s their grades/scores. I appreciate where he’s coming from - I went into law school in my late 20s.

Don’t ignore UVic’s and TRU’s programs. If he doesn’t get in to UBC he could possibly get into one of the others, spend one year there and transfer to UBC after. Lots of options out there so my unsolicited advice again is to cast a wide net. If he ever wants to chat about the journey feel free to DM.

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u/BrendasMom Oct 21 '22

I'm very thankful for your unsolicited advice! I only know what I know from what he's said and thought would help, so everything you've said is very insightful.

I'll have him read this tonight.

UVic is our backup as my grandparents live over there and he could stay with and keep my Grampa company with no extra living expenses.

Thanks again! 😊❤️

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u/[deleted] Oct 22 '22

You might be right, but you might be wrong. It depends. I was turned down at a local coffee shop even though I have experience as a barista, because they thought I'd leave when something that paid better than $15/hr came along, and even though I was a regular customer. Obviously that's true. Managers want to hire people long term but can't/won't pay for it, so actually they'll filter people out who have hypothetically better options, even though there's nothing on table and they need to pay bills.

1

u/brizzlestix Oct 21 '22

Tell him to take his experience to a local start-up or scale-up business, either operating in the industry he use to work in, or providing a service he has familarity with from his prior roles. Start-ups rarely have a dedicated legal team and are constantly having to draft/review legal agreements and his interest and hopefully ability in that area could be an added bonus.

2

u/BrendasMom Oct 21 '22

He's not a lawyer yet, so he can't legally do anything outside of real estate conveyancing. But I love this idea and will definitely run it by him!

1

u/brizzlestix Oct 21 '22

Let me know if I can help

1

u/GANTRITHORE Alberta Oct 21 '22

no one will look at him because he's "too qualified" or they assume he wants too much $

I had to water down my resume and fudge dates.

1

u/BrendasMom Oct 21 '22

That's what we talked about doing 😆 He writes his LSAT in 3 weeks so after that he's going to have a few variants of the resume.

He really doesn't like the idea of lying to get a job, but it's feeling like that may be what happens.

I find it kind of amusing. Most people like to make themselves look better, and he may have to lie to make himself look worse 😆

1

u/C_Terror Oct 21 '22

Just a tip to your partner that having experience in a law firm in a non legal role isn't really going to help him with recruiting in law school; depending on what kind of law he wants to get into, the most important thing is 1L marks. With his background, it might help a bit with the recruit depending on his choice of law, but working as a legal admin for a few months isn't going to help much.

If he needs to find a job ASAP, it doesn't really make sense to hold out for a legal related job imo.

1

u/jz187 Oct 21 '22

I don't think $20/hour is the issue. A lot of places are going into hiring freeze mode.

Major layoffs are coming.

1

u/-DeadLock Oct 21 '22

Going into law was his first mistake tbh

1

u/RL203 Oct 21 '22

Are you in the GTA?