Amral..thanx for the financial forum..please move this poll over there...

Total debts more than assets is subjective and depends on the valuation method. An asset can be "fully" depreciated (depending on the method) but still useful. What matters to me is positive cash flow.

Assets should be valued at fair market value, the valuation method should be one that's in use and not 'out dated'...

It's always good to do a quick valuation at least once per year and write it down somewhere so you know how you are doing - for personal assets.

On a different note, I run a budger on my computer every month. I log how the money is spent and how much comes in. It helps me 6 or so months later if I am checking something.
I keep track that way.

As for assets, I am pretty much about 20% more than my debits.

quote:

Originally posted by amral:
On a different note, I run a budger on my computer every month. I log how the money is spent and how much comes in. It helps me 6 or so months later if I am checking something.
I keep track that way.

As for assets, I am pretty much about 20% more than my debits.

you are doing awesome dude!!!

we only have 5 votes so far..come people please vote..it will help us all to have a clear idea of what is going on..and please be honest in answering

I always make sure to contribute to my RRSP every year and I buy saving bonds each year. I started my kids from a young age also to start buying bonds. It all adds up, even if you only buy 300.00 a year and you keep reinvesting and topping it up by a few hundred bucks every time they mature you will be amazed at what you have in 40 years time.

Right now Ontario Bonds are going up for sale and I will say to anyone if you have a couple of hundred bucks buy some and keep.
http://www.ontariosavingsbonds.com/home.html

quote:

Originally posted by amral:
I always make sure to contribute to my RRSP every year and I buy saving bonds each year. I started my kids from a young age also to start buying bonds. It all adds up, even if you only buy 300.00 a year and you keep reinvesting and topping it up by a few hundred bucks every time they mature you will be amazed at what you have in 40 years time.

amen to dat..
it is funny how unqualified and inexperienced "investment advisors" always tell people and GIC/CD and Government bonds are a waste because they do not return as much as the stock market...what they do not tell them is that whether the investors mamke money or not ..the "advisor/broker makers his commision ..the banks make theri commission etc...

I know an old man who became a multi-millionaire from investing in just GIC's and Govt bonds. At least with these types of investments you will not be out of your money ala many stock investors...it takes many stock investors to lose money for one to make....

I always say start small, but do make a start. If you cannot make the full contributions to your RRSP, then make small monthly contributions through your bank. Many people are depending on old age security from the Govt. Got news for them, that money is shrinking each decade. If you dont have a healthy pension plan start with some GIC's and Govt bonds. Stay away from the Mutual Funds if you dont want to gamble.

quote:

Originally posted by amral:

If you dont have a healthy pension plan start with some GIC's and Govt bonds. Stay away from the Mutual Funds if you dont want to gamble.

I concur with these, Government Bonds and GIC, for better investments from personal experiences.

Rule-of-thumb I learned from my dad and which I passed on to my daughters -- put aside, come hell or high water -- 10% of wages directly into savings that would never be touched.

Buget on the 9o% and from that also safe. Simple, but it has tremendous benefits in the long run.

based on the results so far it seems that Guyanese are doing exceptionally well. However, I doubt whether the overall Canadian and US population are doing that well.

quote:

Originally posted by politikalamity:
based on the results so far it seems that Guyanese are doing exceptionally well. However, I doubt whether the overall Canadian and US population are doing that well.

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Wow.. and I did not vote..We have been debt free for 3 yrs now...call me old fashioned...

Like Alena.....I am old-fashioned too.

Thank God.....we have been debt-free for the past five years....no mortgage or credit card balances or loan payments.

Not bragging... but many years ago we set financial goals....and with hard work and wise spending we attained them.

Now i guess everybady wants to know how old we are, eh?!

quote:

Originally posted by Villagebelle:
Like Alena.....I am old-fashioned too.

Thank God.....we have been debt-free for the past five years....no mortgage or credit card balances or loan payments.

Not bragging... but many years ago we set financial goals....and with hard work and wise spending we attained them.

Now i guess everybady wants to know how old we are, eh?!

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VB - debt free has nothing to do with age these days.. I consider myself one of the younger posters here.

We were lucky, we did better than the financial goals we set.

Congrats to you...

well based on the 10 votes ..seems like the general economy or at least guyanese are doing extremely well...or only the ones who are doing well are willing to vote...whatever the case...based on the results...things are fine for guyanese...

Most Guyanese know how to "scrimp and save"

I have zero debts...no car pmts..no mortgage pmts...no credit card pmts...no rent pmts...(I know, that could mean a lotta things )