Comments on: A Portrait of a Joe Canadian in Bankruptcy http://www.canadiancapitalist.com/a-portrait-of-a-joe-canadian-in-bankruptcy/ Helping you invest and prosper Sun, 12 Feb 2012 00:54:40 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: David Grant http://www.canadiancapitalist.com/a-portrait-of-a-joe-canadian-in-bankruptcy/#comment-267 David Grant Tue, 15 Nov 2005 15:31:45 +0000 http://www.canadiancapitalist.com/?p=279#comment-267 Interesting... I have a high-interest savings account at ING direct and that is always what I've thought of using. The ease of creating automatic withdrawal schedules from my chequing account is a big advantage. On the other hand, I haven't built up any emergency fund, because like you, I've decided that any spare cash after RRSPs should be used to pay down our student line of credit, and in an emergency, we'll draw money from the line of credit. Interesting… I have a high-interest savings account at ING direct and that is always what I’ve thought of using. The ease of creating automatic withdrawal schedules from my chequing account is a big advantage.

On the other hand, I haven’t built up any emergency fund, because like you, I’ve decided that any spare cash after RRSPs should be used to pay down our student line of credit, and in an emergency, we’ll draw money from the line of credit.

]]> By: Canadian Capitalist http://www.canadiancapitalist.com/a-portrait-of-a-joe-canadian-in-bankruptcy/#comment-266 Canadian Capitalist Mon, 14 Nov 2005 23:54:33 +0000 http://www.canadiancapitalist.com/?p=279#comment-266 David: You want to access an emergency fund at very short notice. So, the best bet, despite its disadvantages is a money market fund or a high-interest savings account. Personally, I don't have a big emergency fund because I think I am better off paying off the mortgage and using my secured line of credit as a backup. I made an <a href="http://www.canadiancapitalist.com/2005/09/16/emergency-funds" rel="nofollow">earlier post</a> on this topic. David: You want to access an emergency fund at very short notice. So, the best bet, despite its disadvantages is a money market fund or a high-interest savings account.

Personally, I don’t have a big emergency fund because I think I am better off paying off the mortgage and using my secured line of credit as a backup. I made an earlier post on this topic.

]]> By: David Grant http://www.canadiancapitalist.com/a-portrait-of-a-joe-canadian-in-bankruptcy/#comment-265 David Grant Mon, 14 Nov 2005 21:13:39 +0000 http://www.canadiancapitalist.com/?p=279#comment-265 I've always wondered what the best investment vehicle is for an emergency fund, besides cash (which will bleed with inflation)? I’ve always wondered what the best investment vehicle is for an emergency fund, besides cash (which will bleed with inflation)?

]]> By: Canadian Capitalist http://www.canadiancapitalist.com/a-portrait-of-a-joe-canadian-in-bankruptcy/#comment-264 Canadian Capitalist Wed, 09 Nov 2005 20:55:22 +0000 http://www.canadiancapitalist.com/?p=279#comment-264 You are absolutely right. In fact, the news story points out that many Canadians are a paycheck or two away from financial disaster. Payday lenders are common here as well. There was a news story a few months back that most of their clients are comfortably middle class. Like you say, it is all very sad. You are absolutely right. In fact, the news story points out that many Canadians are a paycheck or two away from financial disaster. Payday lenders are common here as well. There was a news story a few months back that most of their clients are comfortably middle class. Like you say, it is all very sad.

]]> By: Jonathan http://www.canadiancapitalist.com/a-portrait-of-a-joe-canadian-in-bankruptcy/#comment-263 Jonathan Wed, 09 Nov 2005 06:06:44 +0000 http://www.canadiancapitalist.com/?p=279#comment-263 I agree. I would predict that although Joe Canadian makes a decent income, Joe also still lives paycheck to paycheck due to high monthly obligations like a nice house, car, etc. When Joe experienced that major live event, he went off a slippery slope, which snowballed into bankruptcy. At least in the US, most Payday-loan lending places (not sure if they are as common in Canada) are frequented more often by people with average to above average incomes, not the poverty stricken. Very sad. I agree. I would predict that although Joe Canadian makes a decent income, Joe also still lives paycheck to paycheck due to high monthly obligations like a nice house, car, etc. When Joe experienced that major live event, he went off a slippery slope, which snowballed into bankruptcy.

At least in the US, most Payday-loan lending places (not sure if they are as common in Canada) are frequented more often by people with average to above average incomes, not the poverty stricken. Very sad.

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