Economic collapse!!What should be done to prepare?

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madjak30
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Re: Economic collapse!!What should be done to prepare?

#21 Unread post by madjak30 » Fri Aug 26, 2011 3:29 pm

It's not really worth worrying about...if the economy collapses, the dollar won't be worth anything anyway...so live your life, and hope that retirement is something that can happen...I buy RRSPs, but I also buy toys and go on trips...I probably should buy more RRSPs and live less...but why, so that when I am 70 I will have money to spoil grandkids? I really don't think that retiring at 60 is in the cards for me...maybe 65, but probably 70...or retirement will be just taking a lower paying, lower stress job and keep on living the way I do now...which isn't a bad thing...by that age, my mortgage will be paid off, the kids will be out of the house & I should have some RRSP money to "play" then the daily life can be covered by a job that is more social than task oriented...

I just don't see the reason behind stressing yourself out over daily or weekly ups and downs in the market...pick a payment amount that you can afford and do automatic payments to an RRSP account...when the market is down, you get more shares...when the market is up, you get less shares...but after 20 to 30 yrs you will have a "nest egg" due to the gradual increase in share value and the increase in share quantities...it will take care of itself...

Live life & be happy!!

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Re: Economic collapse!!What should be done to prepare?

#22 Unread post by mogster » Fri Aug 26, 2011 4:00 pm

I am not in the least stressed by the ups & downs of the international money markets!

I have no spare cash now.........I will have even less in the future!

IF I live into retirement I guess that long awaited diet will start :lol: :lol:
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Re: Economic collapse!!What should be done to prepare?

#23 Unread post by blues2cruise » Fri Aug 26, 2011 8:32 pm

I'm doomed. I forgot to buy a lottery ticket. :laughing:
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Re: Economic collapse!!What should be done to prepare?

#24 Unread post by sv-wolf » Fri Aug 26, 2011 9:00 pm

'Course you bought a lottery ticket, blues. We all did! Have you forgotten? :D

(I suspect that long awaited diet is looming a bit closer for some of us, though. LOL.)

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Re: Economic collapse!!What should be done to prepare?

#25 Unread post by blues2cruise » Fri Aug 26, 2011 10:13 pm

I think I better get a room mate to share expenses.....unless my lottery ticket that I plan to buy is a winner....lol

Ya know..there are actually people out there that say winning the lottery IS their retirement plan. Given the odds of 1 in a billion to win....they have rocks in their heads.
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Re: Economic collapse!!What should be done to prepare?

#26 Unread post by sv-wolf » Sun Aug 28, 2011 8:22 am

blues2cruise wrote:I think I better get a room mate to share expenses.....unless my lottery ticket that I plan to buy is a winner....lol

Ya know..there are actually people out there that say winning the lottery IS their retirement plan. Given the odds of 1 in a billion to win....they have rocks in their heads.
I guess for some it is already too late. I recently saw of pictures of tent cities outside Sacramento, Denver, Seattle... Bloody hell. That really brought it home to me just how bad it is for many people over there. What a disaster! And for all its well-chosen words, the government seems either paralysed or wholly cynical (just like it is here).

We don't hear much about how the recession has hit Canada, Blues. What's the news from your part of the world?
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Re: Economic collapse!!What should be done to prepare?

#27 Unread post by ceemes » Sun Aug 28, 2011 8:37 am

blues2cruise wrote:I think I better get a room mate to share expenses.....unless my lottery ticket that I plan to buy is a winner....lol

Ya know..there are actually people out there that say winning the lottery IS their retirement plan. Given the odds of 1 in a billion to win....they have rocks in their heads.
You would think that but no. Think about how much income the average person makes these days given our never ending race to the bottom of the wage pool and how much it takes just to make ends meet. For most people these days, there is usually more month left then pay and they have very little if anything to squirrel away for retirement. So playing the lotto make a bit of sense, yeah the odds are long, but they are even longer if you don't play. And for a very lucky few, it actually pays off.

As for hitting the 6/49 the odds are: 1 in 13,983,816 and for the Lotto Max the odds are 85,900,584, so yeah the odds are high but not as high a 1 in a billion.

For those who like to muck around with numbers, here is the formula to calculate the odds:
6/49: 1/[(6/49)*((5/48)*(4/47)*(3/46)*(2/45)*(1/44)
Lotto Max: 1/[(7/49)*((6/48)*(5/47)*(4/46)*(3/45)*(2/44)*(1/43)
Always ask why.

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Re: Economic collapse!!What should be done to prepare?

#28 Unread post by blues2cruise » Sun Aug 28, 2011 10:16 am

sv-wolf wrote:
blues2cruise wrote:I think I better get a room mate to share expenses.....unless my lottery ticket that I plan to buy is a winner....lol

Ya know..there are actually people out there that say winning the lottery IS their retirement plan. Given the odds of 1 in a billion to win....they have rocks in their heads.
I guess for some it is already too late. I recently saw of pictures of tent cities outside Sacramento, Denver, Seattle... Bloody hell. That really brought it home to me just how bad it is for many people over there. What a disaster! And for all its well-chosen words, the government seems either paralysed or wholly cynical (just like it is here).

We don't hear much about how the recession has hit Canada, Blues. What's the news from your part of the world?
So far, Canada is doing ok. The banking system is different than the USA which definitely helps.
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Re: Economic collapse!!What should be done to prepare?

#29 Unread post by ceemes » Sun Aug 28, 2011 11:27 am

blues2cruise wrote:
sv-wolf wrote:
blues2cruise wrote:I think I better get a room mate to share expenses.....unless my lottery ticket that I plan to buy is a winner....lol

Ya know..there are actually people out there that say winning the lottery IS their retirement plan. Given the odds of 1 in a billion to win....they have rocks in their heads.
I guess for some it is already too late. I recently saw of pictures of tent cities outside Sacramento, Denver, Seattle... Bloody hell. That really brought it home to me just how bad it is for many people over there. What a disaster! And for all its well-chosen words, the government seems either paralysed or wholly cynical (just like it is here).

We don't hear much about how the recession has hit Canada, Blues. What's the news from your part of the world?
So far, Canada is doing ok. The banking system is different than the USA which definitely helps.
In some respects this is true, however when you look at wages and the cost of living, not so much. I used the term "race to the bottom" and that is what most of us are facing wage wise. When I graduated back in 1997, the starting wages for an entry level position in my industry was around C$36,000 to C$42,000 per year. My company is now paying C$38,000 per year for entry level people. Five years ago, with my experience, training and knowledge, I could demand and get a minimum of C$60,000 per year. Today I am lucky to start at C$48,000.

And its not just my industry, the race to the bottom is taking place across most sectors and industries. All the while, the cost of living is going up and up. Another apt term to describe most working people is "working poor". I figure if I am lucky, I will be able to retire sometime between the age of 70 and 75, if I plan to stay in Canada that is. However, I do have another option. When it comes time to retire, me and the missus to be will go back to her homeland in the the Philippines and hopefully the Canadian dollar will still be strong enough against their Peso to afford us a comfortable retirement.

And in keeping with that, here is a somewhat date tune which pretty much sums up the situation in the US, UK and yes even Canada.

Always ask why.

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