Canadian Money Forum banner

1 - 20 of 25 Posts

·
Registered
Joined
·
2,925 Posts
Discussion Starter #1
I am a person who trusts no one and I think everyone is out for themselves. I also believe analysts, CEO's, governments and almost everyone including your family and friends cannot be trusted.

I also value almost everything at nothing except food, air, water, land and weapons. So when I invest I start at zero for everything and don't give a sh--.

I think most people are probably positive without any idea why they are, while they rack up huge credit card bills.
 

·
Registered
Joined
·
4,647 Posts
I think most people have trouble cheating someone they know personally. Beyond that most people won't think twice unless you live in a small town.

A CEO has very little incentive to care about you or the environment and a government employee has little incentive to worry about the long term picture. I put as much faith in an analysts as I do the weatherman.
 

·
Registered
Joined
·
2,953 Posts
Always trust your financial services salesperson--but then always verify what they tell you. It's your money and nobody should have a greater interest in it than you and so never completely delegate responsibility for it.

And, keep your fees 'little'!!
 

·
Registered
Joined
·
7,252 Posts
Miss Marple always used to say believe the worst because the worst is often true (paraphrased).
I don't remember the exact quotes, but they were something like:
Someone: "You always believe the worst"
Miss Marple: "The worse is so often true."

Here's one I found via google:
Miss Marple: "People, I find, are apt to be far too trustful. I'm afraid I have a tendency always to believe the worst. Not a nice trait, but often justified by subsequent events."
 

·
Registered
Joined
·
1,165 Posts
I am a person who trusts no one and I think everyone is out for themselves. I also believe analysts, CEO's, governments and almost everyone including your family and friends cannot be trusted.

I also value almost everything at nothing except food, air, water, land and weapons. So when I invest I start at zero for everything and don't give a sh--.

I think most people are probably positive without any idea why they are, while they rack up huge credit card bills.
And your point is? Sounds like you have had a bad experince recently?
 

·
Registered
Joined
·
2,953 Posts
Keith, when your trusted advisor retired last year, chances are that he was not going to live out his life in poverty. This is a pretty lucrative business--one where you continue to make money whether or not your clients are!! No wonder that there are so many financial services salespersons out there. Nice work if you can get it!!:mad:
 

·
Banned
Joined
·
678 Posts
Hey Dogcom.....You can trust me!

I also am trying to figure out what your point is with this post.

Blindly trusting any "financial advisor", is a sure road to disaster.
Therefore...either keep your eye on him/her..or better yet, don't use one at all.
Open a discount broker account..and do it yourself.

Do what Belguy suggests...buy a few ETF's...some candian, some us, some intl, get a few bond ETF's, such as short term corp, inflation protected, a bit of junk, buy a bit of gold or better yet gold miners, add a reit etf,

make sure you allocate according to your risk tolerance.
maybe 50% stocks, 30-35% bonds,,,15% the rest, but do keep some cash handy.

and presto,,you are done.....never have to trust anyone again.

One should always keep one eye open, buy living a life where you can't or don't trust your family or friends , makes for a miserable existence.

I'm as skeptical a person as you will ever meet..but I do trust my family, and I do have some friends that I can trust,

Good luck
 

·
Registered
Joined
·
2,925 Posts
Discussion Starter #10
It is sort of an open ended post to seeing what effect the financial crisis, governments and all the concerns about manipulation and so on has had on people. I think with all the media coverage and instant access to information over the internet has changed people in different ways.

In the old days I believe people would have turned completely away from stocks after the scene we have been through over the past ten year. But I think people have an attitude now that they can go it alone trusting very few people and realizing there is manipulation and that they can somehow do better or hopefully find a way.

I could be wrong in my thinking here so it would be interesting to hear how others think about this. Because this level of tech, instant information and research has only been around for just over 10 years and we have also had two severe bear markets in that time period.
 

·
Registered
Joined
·
2,953 Posts
Well, if GIC's were currently paying say 8 percent or more, I would cash in my stocks tomorrow and go to a ladder of GIC's.

Mostly only the well-to-do invested in the stock market years ago. I know that my dad and his friends never did because they didn't believe in it or trust it.

Nowdays, just about every Tom, Dick, and Harry have a discount brokerage account and gamble--er, invest--in the stock market.

So, how come everybody isn't rich by now??
 

·
Registered
Joined
·
6,865 Posts
Keith, when your trusted advisor retired last year, chances are that he was not going to live out his life in poverty. This is a pretty lucrative business--one where you continue to make money whether or not your clients are!! No wonder that there are so many financial services salespersons out there. Nice work if you can get it!!:mad:
Granted there are many who have their own interests first. My guy would take the bus to work, and never recommended a company that he did not own personally. He was a rare gem! But he is the main reason that I do not generalize about FAs.
 

·
Registered
Joined
·
2,925 Posts
Discussion Starter #13
Belguy everyone has a discount brokerage and incredible access to information and should be rich. Unfortunately all these people do not have the discipline or the experience to get rich or properly use the information given to them. Also what TA that worked great in the day doesn't work the same way today because everyone knows about it or people with lots of money can exploit that and they get rich.
 

·
Banned
Joined
·
678 Posts
Perhaps, as so many people have realized, and woken up to the fact that the "financial industry", and , "financial advisors". and friendly insurance salesman, seems to think of themselves instead of their clients first, people became untrusting.

I feel this is a good thing.

Yes it has been a bad 10 years for the markets...but if had of held solid dividend paying companies, with increasing dividends, you would have done ok, and better tax-wise than some one who held only gic's etc.

The ride sure was voliatile though: riding those wild ups and downs wasn't for the feint of heart, but I've actually done pretty well over the last few years.
Although I missed many great buys in the recession...I did buy many stocks that have coem back well, and have paid me a great yield in the meantime.

I LOVE seeing all my distributions and dividend payments go into my account every month.

Markets generally revert to the mean,,,so once things settle down , I am betting that being in these types of equities, mixed in with some small speculative plays will reward you. Of course only time will tell,


But to live life untrusting of ALL family, and ALL friends seems pretty sad .

Anthony
 

·
Registered
Joined
·
373 Posts
But to live life untrusting of ALL family, and ALL friends seems pretty sad .
That's not living life; that's existing. And to what purpose I might ask? To accumulate a few pieces of silver that will provide cold comfort in your times of need?

People today have become so smug; they have it all figured out. Everyone is out for themselves. Little do they know that this will become a self-fulfilling prophecy. So much for faith in humanity. :(
 

·
Registered
Joined
·
2,925 Posts
Discussion Starter #16
Sorry warp, when I mentioned trusting family it was from a financial standpoint. Meaning I don't trust some family members with the way they spend and deal with money. I have a stepson that receives letters in the mail from Moneymart even though he has a good paying job. To me letters from Moneymart is an enormous red flag on the way you deal with money. Of course my suspicions turned out to be correct.

In the end if he ever does come to me for money I will use that as an opportunity to teach him something. I will make him go for some kind of debt counselling and make him budget in return for any money or help.
 

·
Banned
Joined
·
678 Posts
Maybe you shouldnt wait for him to come to you......
Go to him,,,and point out some of the errors he is making, and try to educate him as to why he should do things differaently.

My family members absolutely trust me with theior fincial matters.....in fact I help/handle much of my families money.

I have a teenage son, and several nephews and nieces that I help.
I am always giving them bits of advice and try to teach them about investing,,,all the basic stuff..the difference between bonds and stocks, what dividnds are, how saving and watching out for fees and costs work/

Our educational systen rarely prepares these kids, 16 and over for their financial futures, which is why the "fiancial advisors" can make them belive its too hard to do on their own, and suck big commissiosnand fees out of their accounts.

In fact I am planning a "fiancial school" here at my house for these teenagers,once a week, for several hours to get them on the right path.
They are all very intereste din learning this stuff, which is cool,

The first Lesson I have always taught them is...save at least half of what they earning in their assorted part time jobs.

As well I gladly give any financial advice to friends who I think I can help in terms of spousal RRSP's etc...stuff very few people know or think about.

I will give everyone on here a quick thing you should all do.

At age 65 convert $10,000 from your RRSP into A RRIF.
Remember, you must convert your RRSP into a RRIF at age 71, but you can do it earlier if you want, but convert only $10,000 into a RRIF, at age 65.
Then withdraw $2000.00 a year for the next 5 years from your RRIF.
Because the RRIF payment qualifies as "pension income" in our tax code, you will be allowed to deduct up to $2000.00 from your taxable income.

You will basically get the $2000.00 out of your RRIF yearly TAX FREE.
Their may be some small provincial tax to pay...but its well worth it.

Also since you can elect to split pension income with your spouse you can put $20,000.00 into your RRIF at 65...take out $4000.00 a year, split it $2K each with your wife, since she gets the same $2000.00 pension income deduction as you do.

Thats $4K a year you can move out of your RRIF, and pay little or no tax on it.

thank me later.

Anthony
 

·
Banned
Joined
·
678 Posts
just a slight clarification

One thing to stress that I may not have mentioned...

Do this ONLY at age 65 and over,,,or you will not get the pension income deduction.

Anthony
 

·
Registered
Joined
·
7,252 Posts
In fact I am planning a "fiancial school" here at my house for these teenagers,once a week, for several hours to get them on the right path.
They are all very intereste din learning this stuff, which is cool,
That's an awesome thing you are doing...kudos and good luck.
I wish I had such a "financial school" when I was a teen.
It would make so much difference to so many kids if the could start their careers on the right foot.
 

·
Registered
Joined
·
2,925 Posts
Discussion Starter #20
Thanks warp I already talked with him about it and now it is up to him to crash and burn or turn it around.

Also that financial school thing is a good idea and hopefully you can get through to them. I think the hardest thing to teach people is how to look into the future when they spend money. So if you take up smoking for example, besides the health problems the future cost of this is huge and it is not very rewarding when you are doing it.
 
1 - 20 of 25 Posts
Top