Posted on: 11-05-12 15:45:54
Quote:
Originally posted by GlobalIndian
A lil over 10 years between US and Great North and I am a solid half a mil ahead; if it weren't for savings and a lil mix-n-match with folks, I would have returned to Africa, where weather was great and girls were cute! (don't read anything offensive into the girls part above)... I was always blessed with great health so that has never figured into equations... One thing sourly missing is the tasteful Indian cuisine (work as much I might, it always turns into a tasteless mess; I think unless you learn good cooking early on, you never learn it well
You mean to say you got 500k stashed in the bank ? I hope not, get them out please , economy is tanking because of people not spending.
Quote:
Originally posted by ashedfc
Quote:
Originally posted by san-hugo
You mean to say you got 500k stashed in the bank ? I hope not, get them out please , economy is tanking because of people not spending.
get them out and do what... if the economy is tanking; let it stay wherever it is.. in the bank "just make sure; the bank won't go bankrupt"..
Exactly get them out and burry in the backyard, you neva know what these bankers are doing now a days...
This will have multiple answers. I will agree with all of them. In my case I had between 65 - 75 K family income in last 5 yrs and saved like 50 K over 5 yrs which includes RRSP (to save taxes). Age Wise i'm in 40s. So if everything remains same i.e income vs expenses, when i will retire I will have like 150 k. which is not enough to meet expenses of my two child's study and a good retired life.
As income increases, lifestyle also goes to next level. Kids are getting things before even their requirement rise, house interior and backyard looks better than before. No matter income increases or decrease, expenses keep on increasing. Things are costlier than before.
We will not get any pension or retirement home after 15 years because politicians might have sucked all funds by then.
I would have spent 70 K out of 150 K of saving for children study. What I will be left @65 with are 80 K, OLD myself, OLD wife and OLD House.
Seems bit Worrried..............but this is what gone a happen with every average person like me. And if faced something unexpected expense, will be left with zero saving. Will start new immigrant life again.....
That's why it is said "Life begins at 50" so I will be teen when I am @ 65....... LOL.....
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એક જ ટીપામાં હો જાણે સાત સમંદર,
એવા ઝંઝાવાત હજુ હૈયાની અંદર
Quote:
Originally posted by love_n_peace
This will have multiple answers. I will agree with all of them. In my case I had between 65 - 75 K family income in last 5 yrs and saved like 50 K over 5 yrs which includes RRSP (to save taxes). Age Wise i'm in 40s. So if everything remains same i.e income vs expenses, when i will retire I will have like 150 k. which is not enough to meet expenses of my two child's study and a good retired life.
As income increases, lifestyle also goes to next level. Kids are getting things before even their requirement rise, house interior and backyard looks better than before. No matter income increases or decrease, expenses keep on increasing. Things are costlier than before.
We will not get any pension or retirement home after 15 years because politicians might have sucked all funds by then.
I would have spent 70 K out of 150 K of saving for children study. What I will be left with are 80 K, OLD myself, OLD wife and OLD House.
Seems bit Worrried..............but this is what gone a happen with every average person like me. And if faced something unexpected expense, will be left with zero saving. Will start new immigrant life again.....
That's why it is said "Life begins at 50" so I will be teen when I am @ 65....... LOL.....
your analysis is correct to large extent, but there are solutions ...
Here is what i think and exercise...
Saving money by screwing your current life and putting in banks will not help (RRSP is exception and a must do), but building assets slowly which escalate over a period of time will definitely help. Land is one asset which will only go expensive. so buy here or buy in India. Invest in new projects in India (land only). There are suburbans of blore, delhi/gurgaon, other small cities growing big like jaipur, baroda, pune / chennai suburbs where land / plots are comparatively affordable today buy today , and reap the fruits when you are in 60s.
second, build expertise and aptitude for work which will not be strenous in old age, like writing, blogging , doing taxes, insurance or like something you can work from your couch. 100s of options here.
and the master stroke remedy in your old age will be sell off your home which will have high equity component by that time and shift to either old age homes or with kids if they agree and help raising their kids saving on day cares, or a small cozy condo/apartment with less liabilities as compared to home. You can also think of reverse mortgage !
That is why I insist to buy home today instead of renting. Thinking abt recession, tanking economy and falling home prices in near future or even saving money without building assets is short sightedness, This is purely my view and I am bashed by many for that but I will not buzz. I got 4 properties till now , 3 with lands, one on mortgage on so called overpriced house but got nothing in the bank, and I am tension free if you ask me abt my old age and not yet 40. :-). Few years back my family had to go through tough times, I sold a property that time and many problems were resolved. So sure abt this formula.
Nice weather today !! there are free things to enjoy in life at all ages, isnt it ? ;-) have fun.
Kya baat he..hats off. 
San_hugo: You are right. Properties will make man richer. I tried to buy a Land in canada before but Bank dont give loan to buy a land or asks 50% down payment.
Once a bank was offering me a money. When I started talking about a Land, he pulled his tongue in mouth and stop talking about landing.
I am not worried but enjoying my life even better and better day by day......no matter where I end up......
I have'nt mentioned about buying a house and it's appreciation because there are certain people on CD who will take this thread to another level and start talking about "not to buy house", "How you know your house is appreciated" , "Economy in US" and "Upcoming recession"
As usual......
People's nature NEVER change.....Not even @65....
Have a fun!!!
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એક જ ટીપામાં હો જાણે સાત સમંદર,
એવા ઝંઝાવાત હજુ હૈયાની અંદર
Quote:
Originally posted by bhootnath
Yeh to Apki Nawazish hai Bhoot Bhai kee mere liye topi utaar dee aur ice cream pesh karr rahey ho !! , bass apnee khud ki himmat ke fazal se hum kudrat se tod tod kar khaa rahey hain varnaa so called tajurbakaar huakram ke sadkaa yeh dinyaa doobtee see lagg rahi hai ... kibla ranjo gum nahi rahega aghar dannt tapakney se pehley khud tapak gaye kee jee bhar key jeeyey nahi !!
French to ayeee nahi socha urdu ko hee mooon marlooon. ...
