Comments on: How is the recession affecting you? http://www.canadiancapitalist.com/how-is-the-recession-affecting-you/ Helping you invest and prosper Sun, 12 Feb 2012 00:54:40 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Gasper Jack http://www.canadiancapitalist.com/how-is-the-recession-affecting-you/#comment-244494 Gasper Jack Tue, 17 Aug 2010 08:03:26 +0000 http://www.canadiancapitalist.com/?p=1747#comment-244494 Since 15,June 2009, I`ve been laid off and the company would not give us our severence pacakages, I`m entitled to 30 1`/2 years benifits but none is forthcoming, have lost both of my vehicles, a 2007 B4000 4by4 and 2008 Honda Civic and have collections agencies hounding me for the m/c outstanding balances, I am on the verge of losing my EI funds and am enrolled to take welding in three weeks time, may have to use social assistance to get by, Gasper Jack. Since 15,June 2009, I`ve been laid off and the company would not give us our severence pacakages, I`m entitled to 30 1`/2 years benifits but none is forthcoming, have lost both of my vehicles, a 2007 B4000 4by4 and 2008 Honda Civic and have collections agencies hounding me for the m/c outstanding balances, I am on the verge of losing my EI funds and am enrolled to take welding in three weeks time, may have to use social assistance to get by, Gasper Jack.

]]> By: Topics about Plants » Archive » Comment on How is the recession affecting you? by Goldenhawk http://www.canadiancapitalist.com/how-is-the-recession-affecting-you/#comment-186441 Topics about Plants » Archive » Comment on How is the recession affecting you? by Goldenhawk Tue, 24 Mar 2009 07:59:53 +0000 http://www.canadiancapitalist.com/?p=1747#comment-186441 [...] The Counter-Feminist added an interesting post on Comment on How is the recession affecting you? by GoldenhawkHere’s a small excerptSadly, my father and her mother have both lost their jobs, both connected to the auto industry (parts plant shutdown and dealership downsizing… [...] [...] The Counter-Feminist added an interesting post on Comment on How is the recession affecting you? by GoldenhawkHere’s a small excerptSadly, my father and her mother have both lost their jobs, both connected to the auto industry (parts plant shutdown and dealership downsizing… [...]

]]> By: Poedin http://www.canadiancapitalist.com/how-is-the-recession-affecting-you/#comment-182591 Poedin Wed, 18 Feb 2009 19:35:22 +0000 http://www.canadiancapitalist.com/?p=1747#comment-182591 Sampson, You're right re: "diversified". I moved to <15% equities prior to the decline - our portfolio is heavily skewed towards non-equity assets. Dollar cost averaging back into the market. Sampson,
You’re right re: “diversified”. I moved to <15% equities prior to the decline – our portfolio is heavily skewed towards non-equity assets. Dollar cost averaging back into the market.

]]> By: Annie http://www.canadiancapitalist.com/how-is-the-recession-affecting-you/#comment-182521 Annie Wed, 18 Feb 2009 02:16:55 +0000 http://www.canadiancapitalist.com/?p=1747#comment-182521 Hmm, well I lost over half my mutuals, but this year, I have almost doubled my income already with new business. (I'm a business communications consultant/writer.) So, I think it's a case of desperation prompting action! Hmm, well I lost over half my mutuals, but this year, I have almost doubled my income already with new business. (I’m a business communications consultant/writer.) So, I think it’s a case of desperation prompting action!

]]> By: Sampson http://www.canadiancapitalist.com/how-is-the-recession-affecting-you/#comment-182476 Sampson Tue, 17 Feb 2009 17:56:33 +0000 http://www.canadiancapitalist.com/?p=1747#comment-182476 Its great to see how everyone has positive news. I'm quite surprised. Hi Poedin, Can you enlighten on "4) Our diversified portfolio incurred <1% paper loss last year;" I can see how a portfolio could have only sustained <1% paper loss. But not one I would consider 'diversified'. Its great to see how everyone has positive news. I’m quite surprised.

Hi Poedin,
Can you enlighten on
“4) Our diversified portfolio incurred <1% paper loss last year;”

I can see how a portfolio could have only sustained <1% paper loss. But not one I would consider ‘diversified’.

]]> By: J. http://www.canadiancapitalist.com/how-is-the-recession-affecting-you/#comment-182423 J. Tue, 17 Feb 2009 00:20:07 +0000 http://www.canadiancapitalist.com/?p=1747#comment-182423 I was lucky to get hired before the recession really hit (This is my first year on the job) and negotiated a decent salary. So I'm still enjoying the dramatic increase in income, compared to the one from my student days. My employer has recently announced hiring freeze, but my job is *very* secure. I have no debt of any kind (still renting though), and my monthly overhead is less than 50% of my take home, and I keep saving (even though I can't quite save 50%). My investment has taken some hit (percentage-wise), but the size of my nest egg is quite small, so the actual dollar amount is not bad. I've been pumping more money into my investment and increasing my equity positions. This is my first recession experience, but I think I can comfortably ride out this one. I was lucky to get hired before the recession really hit (This is my first year on the job) and negotiated a decent salary. So I’m still enjoying the dramatic increase in income, compared to the one from my student days. My employer has recently announced hiring freeze, but my job is *very* secure.

I have no debt of any kind (still renting though), and my monthly overhead is less than 50% of my take home, and I keep saving (even though I can’t quite save 50%).

My investment has taken some hit (percentage-wise), but the size of my nest egg is quite small, so the actual dollar amount is not bad. I’ve been pumping more money into my investment and increasing my equity positions.

This is my first recession experience, but I think I can comfortably ride out this one.

]]> By: Credit Card Guide » Blog Archive » So the Stimulus Bill Passes Sunday Links http://www.canadiancapitalist.com/how-is-the-recession-affecting-you/#comment-182383 Credit Card Guide » Blog Archive » So the Stimulus Bill Passes Sunday Links Mon, 16 Feb 2009 05:03:16 +0000 http://www.canadiancapitalist.com/?p=1747#comment-182383 [...] Capitalist asks how the recession is affecting you and got quite a few responses.  How about you?  Did you even feel [...] [...] Capitalist asks how the recession is affecting you and got quite a few responses.  How about you?  Did you even feel [...]

]]> By: Phil S http://www.canadiancapitalist.com/how-is-the-recession-affecting-you/#comment-182356 Phil S Sun, 15 Feb 2009 14:41:47 +0000 http://www.canadiancapitalist.com/?p=1747#comment-182356 Wow. This is great to read about everybody's personal stories! For me, my portfolio took a massive beating like many of you out there... I had mainly invested for income and that investment income has taken a massive hit - I was previously clearing $2K a month and that has dropped to just a couple hundred a month now. Part of it is due to reduced or suspended distributions but the rest is due to my selling off of assets to pay off leverage, thankfully before the massive correction in the market. Regardless of the reason and despite being thankful of eliminating my leverage before the crash, it still does hurt to essentially lose that $2K per month of extra income. My employer recently announced some pretty massive layoffs but I'm still OK for now. But since my job is in the collapsing manufacturing sector, I did build up a sizeable rainy day fund... Albeit the interest rate on that rainy day account is now a pathetic 2.25%. I am just starting down a path to finding a new career since I know this one is going to result in a dead end - but it will be a long journey. It has taken me 20 yrs to get to where I am today as an engineer and I shouldn't expect to become something else on an overnight basis. So, in summary, while I am pessimistic about my future employment, I think that I am financially prepared for it and I am trying to get mentally and emotionally prepared for it. I am currently completely debt free with some additional cash savings in the bank. Right now my cash flow = my expenditures mainly because I'm sinking a lot of money into tuition expenses. Luckily it is tax deductible, so a good chunk of it will come back to me when I file my 2009 taxes. Wow. This is great to read about everybody’s personal stories!

For me, my portfolio took a massive beating like many of you out there… I had mainly invested for income and that investment income has taken a massive hit – I was previously clearing $2K a month and that has dropped to just a couple hundred a month now. Part of it is due to reduced or suspended distributions but the rest is due to my selling off of assets to pay off leverage, thankfully before the massive correction in the market. Regardless of the reason and despite being thankful of eliminating my leverage before the crash, it still does hurt to essentially lose that $2K per month of extra income.

My employer recently announced some pretty massive layoffs but I’m still OK for now. But since my job is in the collapsing manufacturing sector, I did build up a sizeable rainy day fund… Albeit the interest rate on that rainy day account is now a pathetic 2.25%. I am just starting down a path to finding a new career since I know this one is going to result in a dead end – but it will be a long journey. It has taken me 20 yrs to get to where I am today as an engineer and I shouldn’t expect to become something else on an overnight basis.

So, in summary, while I am pessimistic about my future employment, I think that I am financially prepared for it and I am trying to get mentally and emotionally prepared for it. I am currently completely debt free with some additional cash savings in the bank. Right now my cash flow = my expenditures mainly because I’m sinking a lot of money into tuition expenses. Luckily it is tax deductible, so a good chunk of it will come back to me when I file my 2009 taxes.

]]> By: So the Stimulus Bill Passes Sunday Links | Personal Finance Blog by Money Ning http://www.canadiancapitalist.com/how-is-the-recession-affecting-you/#comment-182354 So the Stimulus Bill Passes Sunday Links | Personal Finance Blog by Money Ning Sun, 15 Feb 2009 14:00:53 +0000 http://www.canadiancapitalist.com/?p=1747#comment-182354 [...] Capitalist asks how the recession is affecting you and got quite a few responses.  How about you?  Did you even feel [...] [...] Capitalist asks how the recession is affecting you and got quite a few responses.  How about you?  Did you even feel [...]

]]> By: Pam http://www.canadiancapitalist.com/how-is-the-recession-affecting-you/#comment-182286 Pam Sat, 14 Feb 2009 16:28:44 +0000 http://www.canadiancapitalist.com/?p=1747#comment-182286 Mass layoffs in December which my entire department (VP level and below) somehow managed to escape, no salary increases for FY09, mandatory summer shutdown the first week of July (so employees are forced to take vacation time). I still got a bonus at the end of December. I never count bonuses or profit sharing as part of my budgeted income (even though I've never had a quarter without a bonus or profit sharing), so if those things disappear I won't really feel it. I just won't have those once-a-quarter splurge days where I let myself go crazy on a piece of art or a designer handbag. I'm young (24) and just started saving for retirement a couple of years ago, so while my portfolio has taken a hit (-14% growth), I figure that just means now is the time I'm buying low :D What WILL affect me is if my employer's RRSP contribution matching goes away. I'd have to up my contributions and I can't really afford it right now (I'm going through a breakup that involves a jointly-owned house). Mass layoffs in December which my entire department (VP level and below) somehow managed to escape, no salary increases for FY09, mandatory summer shutdown the first week of July (so employees are forced to take vacation time).

I still got a bonus at the end of December.

I never count bonuses or profit sharing as part of my budgeted income (even though I’ve never had a quarter without a bonus or profit sharing), so if those things disappear I won’t really feel it. I just won’t have those once-a-quarter splurge days where I let myself go crazy on a piece of art or a designer handbag.

I’m young (24) and just started saving for retirement a couple of years ago, so while my portfolio has taken a hit (-14% growth), I figure that just means now is the time I’m buying low :D

What WILL affect me is if my employer’s RRSP contribution matching goes away. I’d have to up my contributions and I can’t really afford it right now (I’m going through a breakup that involves a jointly-owned house).

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