People starting to think about the future and paying off debt.


JLM
+1
#1
Zero savings: A fifth of Canadians put nothing aside in 2013 | Financial Post (external - login to view)


Not sure what this says more about - the state of the economy or peoples' wisdom. On a side issue I was checking out the cost of heart bypasses the other day, just to have some idea in case gov't funding for health care runs out. If you have to foot the cost of a triple bypass expect to pay up to $200 grand. (I would have thought maybe 50)
 
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Walter
-1
#2
Quote: Originally Posted by JLMView Post

Zero savings: A fifth of Canadians put nothing aside in 2013 | Financial Post (external - login to view)


Not sure what this says more about - the state of the economy or peoples' wisdom. On a side issue I was checking out the cost of heart bypasses the other day, just to have some idea in case gov't funding for health care runs out. If you have to foot the cost of a triple bypass expect to pay up to $200 grand. (I would have thought maybe 50)

Those who don't save are stupid.
 
JLM
+2
#3
Quote: Originally Posted by WalterView Post

Those who don't save are stupid.


Not all the time!
 
petros
+1
#4
Saving is useless. You have to invest.
 
JLM
#5
Quote: Originally Posted by petrosView Post

Saving is useless. You have to invest.


Yes and no. Sometimes one can not be sure just how to invest, so while they are studying the situation, it's still smart to save. Especially now with tax free savings accounts, which can be converted to mutual funds.
 
petros
+1
#6
Learning isn't painful but stagnant savings are.
 
Machjo
+1
#7
Of course people need money before they can save it, though for many tht is an excuse.
 
WLDB
+5
#8  Top Rated Post
I'll start saving when I no longer have a debt to pay down. Putting money away rather than putting it on the debt just doesnt make any sense.
Last edited by WLDB; Jan 27th, 2014 at 01:16 PM..
 
Machjo
+1
#9
Quote: Originally Posted by WLDBView Post

I'll start saving when I no longer have a debt to pay down. Putting money away rather than putting it on the debt jut doesnt make any sense.

True. I forgot about that, being debt free and all myself.
 
lone wolf
+2
#10
Saving is near to impossible when you're pensioned off (gov't pension, that is) or in minimum wage employment - unless you skip out on the bills
 
Walter
#11
Quote: Originally Posted by petrosView Post

Saving is useless. You have to invest.

Same thing.
 
taxslave
+1
#12
Quote: Originally Posted by WLDBView Post

I'll start saving when I no longer have a debt to pay down. Putting money away rather than putting it on the debt just doesnt make any sense.

Ideally you wold do both. Paying down debt is good but one should have a few bucks socked away somewhere for emergencies.
 
petros
#13
Quote: Originally Posted by WalterView Post

Same thing.

Not at all.
 
karrie
#14
Quote: Originally Posted by JLMView Post

Yes and no. Sometimes one can not be sure just how to invest, so while they are studying the situation, it's still smart to save. Especially now with tax free savings accounts, which can be converted to mutual funds.

Diversification is key in my mind.

We have TFSA's, RRSP's, a plain savings account, stock investments, real estate investments.... you can't count on one thing. Plus, we invest in hubby's continued education to boost his worth at work.

Quote: Originally Posted by WLDBView Post

I'll start saving when I no longer have a debt to pay down. Putting money away rather than putting it on the debt just doesnt make any sense.

Hubby's company matches us a higher percentage to put money away, than we pay on our loans. So, by paying our debt down slower (his truck lease, which he gets paid from work for, and our mortgage), we actually come out better. A lot of people don't know how to maximize those sorts of company programs.
 
Kreskin
+3
#15
I think the key to putting money away is use the golden rule: pay yourself first. It's amazing that so many people can find money to give to the telecoms, Apple, Bill Gates, Future Shop etc yet don't set aside anything for their future. Building equity is a marathon and best done systematically right off the top of any pay cheque.
 
JLM
+1
#16
Quote: Originally Posted by KreskinView Post

I think the key to putting money away is use the golden rule: pay yourself first. It's amazing that so many people can find money to give to the telecoms, Apple, Bill Gates, Future Shop etc yet don't set aside anything for their future. Building equity is a marathon and best done systematically right off the top of any pay cheque.


That is absolutely right, and so easy to do. When I was working I would buy C.S.B.s and B.C.S.B. amounting to about 10-15% of my pay through payroll deductions and never missed the money, but it was sure nice a year later getting $3000 or $4000. The rate of return wasn't great but you knew what you were getting.
 
WLDB
#17
Quote: Originally Posted by karrieView Post

Hubby's company matches us a higher percentage to put money away, than we pay on our loans. So, by paying our debt down slower (his truck lease, which he gets paid from work for, and our mortgage), we actually come out better. A lot of people don't know how to maximize those sorts of company programs.

Even with interest taken into account? If so that definitely sounds like a good way to do it.
 
karrie
+1
#18
Quote: Originally Posted by KreskinView Post

I think the key to putting money away is use the golden rule: pay yourself first. It's amazing that so many people can find money to give to the telecoms, Apple, Bill Gates, Future Shop etc yet don't set aside anything for their future. Building equity is a marathon and best done systematically right off the top of any pay cheque.


We put away almost 40% of hubby's paycheque, and run our day to day budget on what's left.
Big purchases take more thought and planning that way, and are often just deemed not worth it in the end.
 
WLDB
#19
Quote: Originally Posted by KreskinView Post

I think the key to putting money away is use the golden rule: pay yourself first. It's amazing that so many people can find money to give to the telecoms, Apple, Bill Gates, Future Shop etc yet don't set aside anything for their future. Building equity is a marathon and best done systematically right off the top of any pay cheque.

Yeah thats what I did after high school for about four years before going to school. Even though I was just making a few dollars over minimum wage I was still able to put away enough to get through my first year of school debt free. If the recession hadnt hit I would have had more but thats life. S*it happens.
 
karrie
#20
Quote: Originally Posted by WLDBView Post

Even with interest taken into account? If so that definitely sounds like a good way to do it.


Yeah. Hubby's company matches us 15%. I'd never have a debt with interest that high. Our vehicle lease is around 3% I believe. We're really better off getting that 15%. Plus, we can get the money, and after the required time, pull it out and pay the debt down anyway.
 
Walter
#21
Quote: Originally Posted by petrosView Post

Not at all.

Yes it is.
 
Goober
#22
Quote: Originally Posted by karrieView Post

We put away almost 40% of hubby's paycheque, and run our day to day budget on what's left.
Big purchases take more thought and planning that way, and are often just deemed not worth it in the end.

That is great. It means you are sure of what big ticket things you need, not want to have as so many do.
The flip side is your children learn as well.
 
Kreskin
#23
Knowing we wouldn't get an inheritance I spent a good chunk of my 40's working my *** off on an internet project, hoping to create my own inheritance. In the end it paid off and allows us to be debt free. In some ways I feel lucky but I worked too hard to have that feeling last too long.
 
karrie
+4
#24
My hubby's parents talk all the time about 'protecting the inheritance'. We were all there for dinner one night when they were talking about having helped out their eldest financially through a tough divorce, but that the rest of us shouldn't stress, as the will was rewritten to reflect the disparity, and it would all even out in the end. The response from everyone was, 'we have more money than you, we don't need an inheritance, and you never have to justify how you spend your money. Aim to go out at zero. You earned it, spend it on yourselves.'
 
darkbeaver
+1
#25
Germany Demands Broke PIIGS Bail-in Rich Citizens! (external - login to view)


The Bundesbank has dropped a DIESELBOOM on the European markets Monday morning, calling on Eurozone nations about to go bankrupt (ie Greece, Italy, Portugal, & Spain) to initiate a one-off capital levy bail-in on their wealthiest citizens prior to asking other nations (read Germany) for bail-out help.
Yes, you read that correctly, the most powerful Central Bank in the Eurozone has just openly called for Eurozone wide bail-ins.

Saving is a good idea but don't leave it in banks too long.
 
JLM
#26
Quote: Originally Posted by darkbeaverView Post

Germany Demands Broke PIIGS Bail-in Rich Citizens! (external - login to view)


The Bundesbank has dropped a DIESELBOOM on the European markets Monday morning, calling on Eurozone nations about to go bankrupt (ie Greece, Italy, Portugal, & Spain) to initiate a one-off capital levy bail-in on their wealthiest citizens prior to asking other nations (read Germany) for bail-out help.
Yes, you read that correctly, the most powerful Central Bank in the Eurozone has just openly called for Eurozone wide bail-ins.

Saving is a good idea but don't leave it in banks too long.


Most banks today sell mutual funds and G.I.C.s etc.
 
darkbeaver
#27
Quote: Originally Posted by JLMView Post

Most banks today sell mutual funds and G.I.C.s etc.

Yes they do and I don't think they're as secure as you do. I have begun to get out of banks altogether until the fix gets done.
I believe that anyone who has money locked in to one of those vehicles is going to watch them fall to zip. Remember the legislation is already in place to strip private accounts of all kinds
 
eh1eh
#28
Quote: Originally Posted by JLMView Post

Most banks today sell mutual funds and G.I.C.s etc.

Check the returns on those "products"

Quote: Originally Posted by darkbeaverView Post

Yes they do and I don't think they're as secure as you do. I have begun to get out of banks altogether until the fix gets done.
I believe that anyone who has money locked in to one of those vehicles is going to watch them fall to zip. Remember the legislation is already in place to strip private accounts of all kinds

I agree. If the bank wants you to invest in something prepare to be an_aly reamed as you dividend.
 
darkbeaver
#29
Quote: Originally Posted by eh1ehView Post

Check the returns on those "products"



I agree. If the bank wants you to invest in something prepare to be an_aly reamed as you dividend.

Yeah, the returns suck and we've lost some money over the last three years. One and a half percent sure ain't worth the bail in risks and since it seems it's already cutting into 401Ks in the states I'm reinvesting everything in hardware.
 
JLM
#30
[QUOTE=darkbeaver;1861084]Yes they do and I don't think they're as secure as you do. I have begun to get out of banks altogether until the fix gets done.
I believe that anyone who has money locked in to one of those vehicles is going to watch them fall to zip. Remember the legislation is already in place to strip private accounts of all kinds[/QUOTE


I have some with the bank and they are pretty close to par with the Investment companies, but Yeah should probably limit your investments in any one institution to $60,000.
 
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