Quote:
Originally Posted by KTown
I never claimed to be an expert on investing. Was I lucky I don't think I was, Every job I ever got wasn't handed to me I had to interview for them. I never had a friend or a parents friend ever get me a job. I also go turned away for work plenty of times but I kept on trucking. Using equity you built up in an investment or property is your smartest way of making money. Your right that I am over leveraged right now probably, but if you don't take a risk then chances are you won't make money. If all my tenants start to leave and I lose my job than there is a good chance I'd have to sell some properties or some of my shares in my investments. Do I think I will lose my contract job? No considering I just got a raise on my rates by about 25% since another firm tried to steal me away from my current firm. I've got a good reputation out there in the industry that I built up over time.
I have lost money on investments any investor will. The question is do you make more than you lose, I also bought stocks last summer when everything was at its lowest point. Was I lucky there or was I smart? Probably a bit of both. Buy low sell high, right. Easier said then done it takes a bit of a risk taker to buy stocks when everything is tanking and people are losing there jobs left and right.
I have no problems disclosing how I've managed to start taking care of my future and how I am years ahead of people in there 40's and 50's. I just hate when people question ones integrity.
I always say work hard, invest hard and then play hard.
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Well aren't you just the cat's meow. You may be good at investing or saving or building wealth through some good decisions, but you are horrible at displaying any humility. Ultimately, people want good advice, but you don't need to jerk yourself off to provide it. And that goes for several other people in this self-appreciating contest thread. It's like sitting around with a bunch of finance grads talking about how sweet their stocks and bonuses are, nobody gives a crap, and you aren't doing yourself a favour by bragging because this is viewed as a negative quality. There's confidence, being classy and knowing you've done well, and then there's being ######y about it.
As for the topic at hand, I believe there are 2 reasons for people being unable to save enough. One is the obvious societal change in perception on debt and how it doesn't matter if your VISA is maxxed and your largely paying interest, and the other is the
fact that the buying power of a dollar today has been eroded over the years. What our baby boomer parents could do with their money was generally more... and this helped them be able to save more. And if the government really cares, maybe they should consider policies that influence the little oligopoly of banks we have in this country and allow citizens to ACTUALLY build a savings account. Thanks for the 61 cents of interest Royal Bank, that was awesome.