Yes it ain't like the Stones song. You can till turn quick money in real estate, or lose your shirt, and just about everything else.
My parents house has gone up big too, I like to see them sell now that theyre retired and move to the country for at a fraction the cost of everything compared to where its booming.
I'm with you for the most part the best investment is smart personal planning and not living about your means. A friend is making huge payments on a brand new dodge pickup, that could easily be a comfortable mortgage payment. While he rents his house at double what it could carry for if patience is practiced while acquiring a down payment. Not saying its easy, but it's necessary.
I saved for cars and other necessities since I got my license. I have made mistakes. But no way in hell have I or would I bury myself. It still shocks me how many people put min payments on cards and things of that nature, while 30k in the hole and sinking
My parents house has gone up big too, I like to see them sell now that theyre retired and move to the country for at a fraction the cost of everything compared to where its booming.
I'm with you for the most part the best investment is smart personal planning and not living about your means. A friend is making huge payments on a brand new dodge pickup, that could easily be a comfortable mortgage payment. While he rents his house at double what it could carry for if patience is practiced while acquiring a down payment. Not saying its easy, but it's necessary.
I saved for cars and other necessities since I got my license. I have made mistakes. But no way in hell have I or would I bury myself. It still shocks me how many people put min payments on cards and things of that nature, while 30k in the hole and sinking
I have no debt. I own my home, I own the house where my business is, I own a decent car, I carry no balance on my cards.
All because while my friends were out at nice restaurants, I learned to cook. While they went on vacations, I would take day trips. While they wore nice clothes, I was in jeans and a T. While they had nice cars, I had a tool box in the trunk. While they stayed out late, I got up early. I worked Saturdays. I, I, I...
Sound like a story you've heard before? Of course it does. It's also true. I'm now north of 50 and still young enough to enjoy the things that I thought I was missing before.
All because while my friends were out at nice restaurants, I learned to cook. While they went on vacations, I would take day trips. While they wore nice clothes, I was in jeans and a T. While they had nice cars, I had a tool box in the trunk. While they stayed out late, I got up early. I worked Saturdays. I, I, I...
Sound like a story you've heard before? Of course it does. It's also true. I'm now north of 50 and still young enough to enjoy the things that I thought I was missing before.
I am similar to you Cal, I live a frugal life style, this has allowed me to retire at around 55. I laugh that I could retire early, since I have no kids to support. KD goes out of date in my cupboard, as I do eat well enough to not need to resort to KD.
Next year, at 60, I get to draw from my CPP even. I do not own a business like you. I live off the dividends, that I get from my investments (mostly pref shares). I really have not touched my RRSP yet. I pay no income taxes. Strange that I am considered poor in the gov eyes, since I have no work income. I get Ont Gov assistance (Trillium) for my expensive Crohns drugs and HST rebates etc. We are fortunate in Canada vs the health care rat race that is described to me in the US.
For me, Simple Simon comes to mind.
It comes down to how much crap do you need to be happy and healthy.
I do feel sorry for the next generation in this country, with housing going through the roof, in my area at least. They said in the papers that in my area, Georgina, the houses went up ~60% last year, which is really nuts. We are catching up to England/London, as fast as the ice caps are melting.
I guess that I am fortunate in my position these days, but that is because I saved and did not waste my $ on crap that just ends up in the junk pile eventually. Yes I am bad for the economy or is that the multi-nationals that bleed the country dry.
I remember my Dad saying to me a long time ago, in England/London, you can not pay off a mortgage in one life time, so your kids get to inherit a mortgage instead of a debt free house. Aren't them fun times these days, I am glad I am not a young kid these days.
All the best guys
Next year, at 60, I get to draw from my CPP even. I do not own a business like you. I live off the dividends, that I get from my investments (mostly pref shares). I really have not touched my RRSP yet. I pay no income taxes. Strange that I am considered poor in the gov eyes, since I have no work income. I get Ont Gov assistance (Trillium) for my expensive Crohns drugs and HST rebates etc. We are fortunate in Canada vs the health care rat race that is described to me in the US.
For me, Simple Simon comes to mind.
It comes down to how much crap do you need to be happy and healthy.
I do feel sorry for the next generation in this country, with housing going through the roof, in my area at least. They said in the papers that in my area, Georgina, the houses went up ~60% last year, which is really nuts. We are catching up to England/London, as fast as the ice caps are melting.
I guess that I am fortunate in my position these days, but that is because I saved and did not waste my $ on crap that just ends up in the junk pile eventually. Yes I am bad for the economy or is that the multi-nationals that bleed the country dry.
I remember my Dad saying to me a long time ago, in England/London, you can not pay off a mortgage in one life time, so your kids get to inherit a mortgage instead of a debt free house. Aren't them fun times these days, I am glad I am not a young kid these days.
All the best guys
That's interesting a friend from Vancouver (someone you probably have all heard of) came to the states for cancer treatment.
Long debate, universal health care vs insurance based, profit/loss centers as hospitals. Different philosophies on governing for sure.
I do agree, if you are not getting the care you deserve, if you are on your death bed, or the hospitals do not offer the necessary care or expertise, time to look elsewhere/pay whatever it costs even if that means going out of country and bankrupt too. That is if you are fortunate enough to have the resources/support. If no resources/support, you are left with what you can afford or is offered to you free of charge.
Have to look at from the point of quality of care, comparing being healthy/well off financially(good coverage) vs being disabled from birth with poor or no parents. Basically a ward to the state. I do not know how well the US system helps someone who is disabled from birth.
I do know one EE, I worked with in Colorado, ~15 years ago, who said to me he can not retire like I did , ( he had way more share options than I), as his daughter came down with juvenile diabetes and he has to work to get company assisted health care or he would go broke very fast paying out of pocket with private insurance for a known condition.
I visit a Crohns (CD) forum and discuss care with many US patients, some who are not well enough to work. Some are hard pressed to get support for expensive drugs necessary to get well enough to go back to work. It took me 2 years, with support of the pharma (AbbVie Inc.) and the GI Dr. to get support out of the Ontario gov for Humira. I consider myself fortunate that I am getting good care. I wish everyone can get the care I am getting, regardless of the system. I just picked up my months supply of meds, ~ $1700.00, basically what I live on these days or get as far as dividends go. I think I would be screwed (road to the poor house) in the US if I did not work and had company supported coverage. Do you think if I worked at McDonald's in the US, I'd get the coverage I am getting now?
I do agree, if you are not getting the care you deserve, if you are on your death bed, or the hospitals do not offer the necessary care or expertise, time to look elsewhere/pay whatever it costs even if that means going out of country and bankrupt too. That is if you are fortunate enough to have the resources/support. If no resources/support, you are left with what you can afford or is offered to you free of charge.
Have to look at from the point of quality of care, comparing being healthy/well off financially(good coverage) vs being disabled from birth with poor or no parents. Basically a ward to the state. I do not know how well the US system helps someone who is disabled from birth.
I do know one EE, I worked with in Colorado, ~15 years ago, who said to me he can not retire like I did , ( he had way more share options than I), as his daughter came down with juvenile diabetes and he has to work to get company assisted health care or he would go broke very fast paying out of pocket with private insurance for a known condition.
I visit a Crohns (CD) forum and discuss care with many US patients, some who are not well enough to work. Some are hard pressed to get support for expensive drugs necessary to get well enough to go back to work. It took me 2 years, with support of the pharma (AbbVie Inc.) and the GI Dr. to get support out of the Ontario gov for Humira. I consider myself fortunate that I am getting good care. I wish everyone can get the care I am getting, regardless of the system. I just picked up my months supply of meds, ~ $1700.00, basically what I live on these days or get as far as dividends go. I think I would be screwed (road to the poor house) in the US if I did not work and had company supported coverage. Do you think if I worked at McDonald's in the US, I'd get the coverage I am getting now?
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Out of interest I looked to see what Humira costs in the US,
https://www.drugs.com/price-guide/humira
Ouch, why so much more?
https://www.drugs.com/price-guide/humira
Ouch, why so much more?
In Canada, if you have money, you get dealt with quickly, if not, you wait. Two tiered health care is fine for the wesalthy but a burden for the masses.
This is getting political. I will stop now.
In the USA, Disable from birth qualifies for SSI (Supplemental Security Income) and Medical care under Medicaid (which is state controlled rather than federally controlled). In most states there is Section Eight or equivalent supplemental support for housing at a reduced rate. Many states have additional programs for supplemental energy assistance in the winter, Food Stamps, etc.
Thanks's for the info. I wonder what the monthly medical insurance would be for someone who worked part time for McD or Wal Mart? esp if they have a pre-existing condition like I have for Crohns (CD). I realize every state would probably be different. I am assuming people in this position are ones who get the short end of the stick in the US.
I think you have to further differentiate between company-owned and franchised outlets. Most employees in company-owned stores qualify to purchase a bare-bones plan after 90 days employment. Not a great plan, but a plan nonetheless.
Speaking of WalMart -- if you have the time to burn it's always amusing to web-search "men of WalMart", and "women of WalMart" -- for an afternoon's chuckle.
Economics (DIYinvest) is political, or is everyone kidding themselves that it isn't?
Money has no smell. (Денег нет запаха)
While artificial restrictions on who has access to goods and services may be political, investing isn't.
A VERY good point was raised to be aware of potential (often hidden and catastrophic) costs of health care.
I bought long term care insurance as a hedge.
It's a genuine risk, and one that has played out often enough to "put down a marker".
http://www.snopes.com/643000-bankruptcies-in-the-u-s-every-year-due-to-medical-bills/
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Sure you could make money short term. Its gone up since December. On $20,000 you'd be looking at about $2300 profit which isn't bad at all. Or it could always dip again.
Its steadily seen increases over 5 10 15 and 30 years, it seen 300% increase in three decades. But also hit a huge low a decade prior. Can you imagine getting in when it was $35
Sure, the price of gold could have increased 300% when you look at $ per oz. But if the US$ went down by 300% over 30 years you'd see the same result even if Gold didn't move when priced in pesos. That's why you have to look at the price of gold not in US$ but in a basket of currencies.
In other words, the price of gold is a measure of the purchasing power of your currency. Inflation eats away at it. You have to look at the price of gold against some other 'ground reference'.
Hence, why earlier in the thread I suggest thinking about your retirement savings goal not in absolute $ terms, but in relation to the wealth of the community you live in - it being your 'ground reference'.
So for investing, you are looking for returns relative to the rate of inflation where you live. Many multinational companies look at local inflation rates when setting salary increases for the various offices they operate around the world. They try to provide raises that are meaningful relative the wealth/inflation of the community these people live and work in.
You can increase your retirement savings value simply by relocating to a community where your currency goes further - you have moved your 'ground reference' favourably. It's getting harder to do this as the global market for goods levels prices but the global market for services is not as easy to level nor is the price of a house and the land it sits on so there will generally be somewhere 'cheaper' you can move to. And even better, it may have a nicer climate than the one you moved away from.
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I understand, I was referring to the fact that I had dealt with 'country specific and often political' things that we ask the members to steer clear of.
I think the best investment is in yourself.
Learn to take care of yourself.
Learn to garden.
Learn to raise chickens and possibly goats or a few sheep.
If you can afford enough land, get a couple of calves and raise them yourself.
Learn to fish and hunt.
Be as self sufficient as you can. The more you depend on the rest of society,the weaker will be your retirement unless you are financially independent, and even then you are subject to market forces. How many people saw their investments drop dramatically during the crash of 1987 and 2010.
Learn to take care of yourself.
Learn to garden.
Learn to raise chickens and possibly goats or a few sheep.
If you can afford enough land, get a couple of calves and raise them yourself.
Learn to fish and hunt.
Be as self sufficient as you can. The more you depend on the rest of society,the weaker will be your retirement unless you are financially independent, and even then you are subject to market forces. How many people saw their investments drop dramatically during the crash of 1987 and 2010.
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