Inflation 101
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Bnorth
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Another thing to consider is that inflation is measured in 12 month intervals similar to realtor association frankenumbers. So when inflation was 8% in Sept that is measured against last September 2021, when we were already into the inflation swing, rather than say Jan 2021 when inflation hadn't really taken off yet. A more accurate comparison on the avg Canadian's wallet would be to compare cost of living today to a baseline year.
Mike270412
Golden Boy
We keep hearing about interest rates. Who is collecting all this interest? Those are the real criminals.
Bnorth
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Bond holders and Banks. IMO every canadian should own some cdn bonds and cdn bank stock, if you don't you are missing out.
Caper11
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Doug, whats your thoughts on the education system of today?
I asked a question to two of my younger coworkers today, one just graduated high school actually. My question was, did the school system teach you basic life skills like doing taxes, management of a budget and a cheque book, etc? Things that I thought at the time, when I was in school, were actually part of the curriculum, but were they?
Their answer was hell no! I wonder, back in the day, was this actually taught in school, or was I alongside of others that were very fortunate to have the teachers we did? I actually grew up in the east, dont hold it against me please. Lol
I believe, finance’s should be taught at a young age. After seeing how things are going lately, definitely how our electoral system works in Canada, I actually didn’t pay attention to politics until Trudeau became party leader.
I wasn’t old enough to go through what my parents went through when the first Trudeau, I knew the history enough. Trudeau JR is doing everything his dad did, its a scary mirror image actually.
I feel things are going to get worse, before they get better.
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I asked a question to two of my younger coworkers today, one just graduated high school actually. My question was, did the school system teach you basic life skills like doing taxes, management of a budget and a cheque book, etc? Things that I thought at the time, when I was in school, were actually part of the curriculum, but were they?
Their answer was hell no! I wonder, back in the day, was this actually taught in school, or was I alongside of others that were very fortunate to have the teachers we did? I actually grew up in the east, dont hold it against me please. Lol
I believe, finance’s should be taught at a young age. After seeing how things are going lately, definitely how our electoral system works in Canada, I actually didn’t pay attention to politics until Trudeau became party leader.
I wasn’t old enough to go through what my parents went through when the first Trudeau, I knew the history enough. Trudeau JR is doing everything his dad did, its a scary mirror image actually.
I feel things are going to get worse, before they get better.
Sent from my iPad using Tapatalk
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papajake
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so you mean what Castro is doing not pierre different fathers
Frosty19
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I heard an interesting take on this a week or two ago on what is taught in schools.
To paraphrase it up, was something along the lines of - It's easy to take away freedoms or oppress ideas and information that isnt taught to the people in the first place.
Bnorth
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Canadians are hugely and woefully illiterate when it comes to finances. It's not a new phenomenon but it has gotten worse. It has led many to be overleveraged chasing real estate with the false belief that real estate never goes down and also believing at the time that interest rates won't go up. People have been snorfling debt at historically low interest rates for at least a decade and now it's time to pay the piper.
pano-dude
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And there has been lots of jobs. Late 80s early 90s unemployment was in the double digits I believe. I came out of Nait in 90 and 4or 5 classmates got jobs out of 30, they were visible minorities and women ...
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ferniesnow
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Funny that you ask. I am not familiar with what they teach in school these days but it is one of things our children bring up in family conversations. “I wish I was taught more about money management when I was younger” and they point the finger at mom and dad and the lack of financial management in the school system. 3 out of 4 of them had trouble managing. Mostly, they have figured it out to some degree. Both myself and my wife learned on our own as our parents never taught us money management. There is a lot of common sense to managing money and on the other hand it is a very complicated system to learn on one’s own. In hindsight, a person needs some basics, like don’t live beyond your means, pay for things as you go, and don’t put yourself into a position where you can’t sleep at night. It all sort of breaks down with the introduction of a mortgage into the mix and the desire to still have all the things your friends have. Too much credit and credit that is too easy with an attitude of “I want everything right now and I am not going to wait until I am old!"
I don’t agree with the philosophy of mounds of debt and everything that I have I have to make a payment to keep it. I also believe that if you have $40 put it in your gas tank and go to work. Phuck, I am still doing that at my age, so obviously, I didn’t learn enough to get rich.
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ferniesnow
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Times change for sure. When I came out of NAIT, we all had jobs before we graduated. Now that was a long time ago and we were the first grads of a two year program at that fine institution.
DaveB
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I don't recall being taught anything about personal finances are the like in high school (Grad 85). But I had a father who was very conservative, both politically and fiscally...and he tried to beat the idea of saving, not living beyond your means, and working for something you want. As a dipchit kid I of course mostly ignored his advice and partied my brains out for the next 10 (20-30???) years. I was lucky enough living in RD in the early 90's to have one of my best friend's dad look me in the eye and tell me to go see his golf buddy who was the bank manager at the (then) Canada Trust. A bunch of my dad's advice came rolling back to smack me in the lips, but I'm thankful and from then on, I started saving, stayed away from debt, and watching where my funds went. I think it's paid off. I've never made "big money" in my life, but I think between my wife and I we've managed a pretty good gig. I haven't carried a balance on a CC for probably 25 yrs.
That's a whole other story: the wife. She was a typical shopping woman. (My nickname for her is Shoppy Shopperson) She held VERY high credit card debt for years. I finally got through to her and now she loves having money on hand for things instead of running up the CCs.
That's a whole other story: the wife. She was a typical shopping woman. (My nickname for her is Shoppy Shopperson) She held VERY high credit card debt for years. I finally got through to her and now she loves having money on hand for things instead of running up the CCs.
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papajake
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you find out real fast how to manage your money and where your priorities are when you put your children through university and college for years a doctors degree is not cheap but I am glad I did it for our daughter she is remarkable doctor
Bnorth
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Rate increase today of 0.5%. I think it should have been 0.75% and am concerned that the BOC is backing off too quickly to corral inflation.
I remember a short video in high school that taught something about finances. The only part that stuck was telling us to not waste money on the lottery. I should have paid more attention to the rest. My parents were the king and queen of "if you have any money, spend it. Whether that was KFC, rent to own, $1600 Rainbow vacuums. Growing up in subsidized housing lit the fire for me.
papajake
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so if you spend everything how in the hell do you retire live under a bridge or with your kids no thanks I want to eat meat not some slime sandwich from a retirement home at 65
SUMMIT TREE
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SUMMIT TREE
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I liked this explanation of inflation.
smokinD
Active VIP Member
Need sound $$ but not Fiat currency Imo, something like the Bric's are doing. Need to get out from the PWCB bs, with all the taxes we pay and going higher just to pay that loan the Gov of Can Inc borrows from the PWCB. Real currency backed by commodity's or precious metals is what is needed. Because all we as canucks are doing is paying taxes upon taxes without representation to pay down the loan sharks interest rate. Hence why when Trudumazz took office he changed the bank law to the "bail in clause" just in case they cannot pay the sharks then he can come for your $$ in your acct, and we have all ready seen that play play out on a not so nice occasion. PWCB have 2 mandates and that is to keep peeps employed and keep inflation in check, only this time they are going to let it implode to usher in there new currency worth even less than the devaluing 1 we have now. Happened in 1971 when comin of the gold standard going to the fiat now it will happen again, only to even more worthless $$. Sure hope the USA people put a stop to this and get the Fed auited or shut down and move to a new sound currency as this will play a very big part up here north of the 49th paralell.
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