[Regina]

raydan raydan:

The ones in the second group were ALWAYS in my office though.

And for some reason I bet they all had big boobs.

[andyt]

$1:

Bernanke says weak consumer spending is striking aspect of slow economic recovery

http://ca.news.yahoo.com/bernanke-says-weak-consumer-spending-striking-aspect-slow-182312513.html

"If we stop spending the terrorists have won."

Those are some of the things driving overspending. People are getting whipped from 2 directions. "Have some self-control and save money for your retirement" and "if you stop spending the economy will collapse." Especially in the US, where I've read comments that spending was seen almost as patriotic duty.

Seems the whole system we live in is a house of cards. If we don't spend the economy collapses and people lose jobs and can't spend anymore. If we keep on spending people amass too much debt and go broke and can't spend anymore.

Maybe economic models based on ever increasing growth aren't sustainable in the long run. Maybe the standard of living we think is normal isn't. And we're probably facing a choice between a few at the top continuing to be able to live large, with most getting poorer and poorer, or going to a system where we reduce expectations, but start at the top rather than the bottom.

Bit with so many people living paycheck to paycheck, increasing CPP contributions and payouts seems like a no brainer. Better than having to support them on govt money instead.

[DrCaleb]

andyt andyt:

Maybe economic models based on ever increasing growth aren't sustainable in the long run. Maybe the standard of living we think is normal isn't. And we're probably facing a choice between a few at the top continuing to be able to live large, with most getting poorer and poorer, or going to a system where we reduce expectations, but start at the top rather than the bottom.

See! Now that is another case where you'd get a +1 from me, if your rep were enabled.

I just came off 3 months of unemployment. Since I work for myself, that means 3 months of no income at all. Yet, I didn't miss a payment, bill nor miss a meal.

Planning is key, as Bart says.

[raydan]

Regina Regina:

raydan raydan:

The ones in the second group were ALWAYS in my office though.

And for some reason I bet they all had big boobs.

I wish.

[CDN_PATRIOT]

I dunno. I budget well, don't spend recklessly, and still can't save hardly anything. I do contribute a small amount from my paycheck to my RRSP, but an extra three months set aside in case of emergency? Yeah right. Maybe if taxes weren't so freaking high, I could save more. They way I'm going, there won't be no retirement.

-J.

[Tricks]

http://en.wikipedia.org/wiki/The_Wealthy_Barber

Great book on this.

[Brenda]

CDN_PATRIOT CDN_PATRIOT:

I dunno. I budget well, don't spend recklessly, and still can't save hardly anything. I do contribute a small amount from my paycheck to my RRSP, but an extra three months set aside in case of emergency? Yeah right. Maybe if taxes weren't so freaking high, I could save more. They way I'm going, there won't be no retirement.

-J.

Same here. I don't know if it is necessarily taxes tho, or just the cost of living.

[CDN_PATRIOT]

Brenda Brenda:

CDN_PATRIOT CDN_PATRIOT:

I dunno. I budget well, don't spend recklessly, and still can't save hardly anything. I do contribute a small amount from my paycheck to my RRSP, but an extra three months set aside in case of emergency? Yeah right. Maybe if taxes weren't so freaking high, I could save more. They way I'm going, there won't be no retirement.

-J.

Same here. I don't know if it is necessarily taxes tho, or just the cost of living.

True that. The cost of living seems to get higher everyday. It would be nice if my paycheque increased to offset higher prices, but we all know that won't happen.

-J.

[saturn_656]

CDN_PATRIOT CDN_PATRIOT:

True that. The cost of living seems to get higher everyday. It would be nice if my paycheque increased to offset higher prices, but we all know that won't happen.

-J.

Sure it can happen. Just have to find the right employer.

[Brenda]

saturn_656 saturn_656:

CDN_PATRIOT CDN_PATRIOT:

True that. The cost of living seems to get higher everyday. It would be nice if my paycheque increased to offset higher prices, but we all know that won't happen.

-J.

Sure it can happen. Just have to find the right employer.

At the moment, many people are happy they have an employer.

*edited for Shep, although my point does not come across that well now

[ShepherdsDog]

an not a

[jeff744]

CDN_PATRIOT CDN_PATRIOT:

True that. The cost of living seems to get higher everyday. It would be nice if my paycheque increased to offset higher prices, but we all know that won't happen.

-J.

Now think how current students feel with record debt levels and an extremely small open job market for them to target.

[Brenda]

jeff744 jeff744:

CDN_PATRIOT CDN_PATRIOT:

True that. The cost of living seems to get higher everyday. It would be nice if my paycheque increased to offset higher prices, but we all know that won't happen.

-J.

Now think how current students feel with record debt levels and an extremely small open job market for them to target.

What about 40-ers with mortgages and kids in high school, going on to college, while they are still paying off their own student loan, because they went back to school a few years ago, and weren't able to find a job in their field? The moms that stayed home for the kids, and want to go back to work now, but can't, because they are under-educated?

[ShepherdsDog]

Adversity and challenge weeds out the weak. Rather than looking at 10% unemployment look at it as 90% of the people being able to secure employment.

[Caelon]

The stat does not surprise me. It is not a generational thing either. We have people retiring trying to live on CPP, OAS and income supplements as they never saved a dime. With the average life expectancy continuing to climb we may have to adjust our expectations of required savings or postpone retirement a few years. There are not enough younger people to support the tax burden the boomers are going to create with the demands they will place on the health care system as they advance into old age. Freedom 75?

We are back to fundamentals. The old adage of pay yourself first is still the secret to accumulating a reserve or extra for retirement. We all tend to adjust our spending to match our take home pay. As our income goes up so does the grocery bill, clothes, vacations etc. to the point there is nothing left for savings. We just have more and nicer stuff. It takes discipline to reduce your expenditures, but if you can bite the bullet and start by saving 10% of your gross and live within the remainder good things happen. Then as wage increases occur the remainder gets larger and we get to spend more again to make life a little more pleasant. I wish some one had made me start the practice when I first started working. I would be in a better situation today.

The few in society that practice the above may never be rich, but they will also never be poor.