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goalpost
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Finances

Postby goalpost » January 25th, 2023, 12:39 pm

Was having a convo with a buddy of mine who said he has a lot of credit card debt, and while making good money has a large mortgage and not really saving.

So I was just wondering generally how people surviving these days. Pay cheque to pay cheque or do generally people have a savings? If so, what is the savings for? Emergency? Children when they die?

Additionally what are parents' plans (if any) for their children after they die. Are they trying to keep liquid cash for them? Just house and pension?

Just curious as to what we, as adults are doing to survive in the present and also, the future.

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Re: Finances

Postby bluefete » January 25th, 2023, 1:00 pm

Well, I ole so I could tell you what I did to survive when I was younger.

LIVE BELOW YOUR MEANS! OR DON'T HANG YOUR HAT WHERE YOUR HAND CANNOT REACH!

People with long eyes does get them jook out!

Sacrifice! Something young people do not seem to know about today.

Opportunity Cost in Economics - What are you willing to give up to get what you need or want?

Talk done.

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Re: Finances

Postby bluefete » January 25th, 2023, 1:09 pm

With respect to parents plans:

Having gone through the trauma of probating a will, I have tried to dispose or make provincial arrangements for almost all of my assets.

House, land already drawn up with child(ren) as co-owners BUT nobody getting nutten until wifey and I dead and then some ...

And we have to die from natural causes, eh. No killing me to make it look like suicide.

Some of allyuh children real tusty out here and could barely wait for your parents to croak.

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Re: Finances

Postby Musical Doc » January 25th, 2023, 1:16 pm

bluefete wrote:Well, I ole so I could tell you what I did to survive when I was younger.

LIVE BELOW YOUR MEANS! OR DON'T HANG YOUR HAT WHERE YOUR HAND CANNOT REACH!

People with long eyes does get them jook out!

Sacrifice! Something young people do not seem to know about today.

Opportunity Cost in Economics - What are you willing to give up to get what you need or want?

Talk done.


X10000!!!

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Rovin
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Re: Finances

Postby Rovin » January 25th, 2023, 1:27 pm

well said blue mamoo ...

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dogg
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Re: Finances

Postby dogg » January 25th, 2023, 1:46 pm

will you be willing to post some details on the procedures?
bluefete wrote:With respect to parents plans:

Having gone through the trauma of probating a will, I have tried to dispose or make provincial arrangements for almost all of my assets.

House, land already drawn up with child(ren) as co-owners BUT nobody getting nutten until wifey and I dead and then some ...

And we have to die from natural causes, eh. No killing me to make it look like suicide.

Some of allyuh children real tusty out here and could barely wait for your parents to croak.

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Re: Finances

Postby fokhan_96 » January 25th, 2023, 1:54 pm

Musical Doc wrote:
bluefete wrote:Well, I ole so I could tell you what I did to survive when I was younger.

LIVE BELOW YOUR MEANS! OR DON'T HANG YOUR HAT WHERE YOUR HAND CANNOT REACH!

People with long eyes does get them jook out!

Sacrifice! Something young people do not seem to know about today.

Opportunity Cost in Economics - What are you willing to give up to get what you need or want?

Talk done.


X10000!!!
This. Don't waste money consumables....
Fancy car
Fancy phone
Fancy gadgets
Fancy clothes
Fancy shoes
Fancy food
Fancy fete
Fancy restaurant
Fancy gyul

Instead spend money on...
House
Education
Healthcare
Retirement

pugboy
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Re: Finances

Postby pugboy » January 25th, 2023, 1:56 pm

he’s not making good money, he is losing good money

goalpost wrote:Was having a convo with a buddy of mine who said he has a lot of credit card debt, and while making good money has a large mortgage and not really saving.

So I was just wondering generally how people surviving these days. Pay cheque to pay cheque or do generally people have a savings? If so, what is the savings for? Emergency? Children when they die?

Additionally what are parents' plans (if any) for their children after they die. Are they trying to keep liquid cash for them? Just house and pension?

Just curious as to what we, as adults are doing to survive in the present and also, the future.

pugboy
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Re: Finances

Postby pugboy » January 25th, 2023, 2:05 pm

It is certainly a lot harder to save now with the cost of everything going up and up

A finance guy called Nigel Romano used to write a good article in the guardian in the 90s
I used to follow his advice with saving and making equity investments
saw him walking on Chancellor the other day and I had to stop and thank him.

Ian Narine writes a similar article now in same papers.

I remember when Movietowne first opened, I have friends who would go there 2-3 times a week, hundreds spending each time
movie, food, alcohol after. Yet when you see Chin and he sons walking around they not drinking or eating but they watching everybody whole night.

No way I was doing that.

bluefete
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Re: Finances

Postby bluefete » January 25th, 2023, 2:19 pm

dogg wrote:will you be willing to post some details on the procedures?
bluefete wrote:With respect to parents plans:

Having gone through the trauma of probating a will, I have tried to dispose or make provincial arrangements for almost all of my assets.

House, land already drawn up with child(ren) as co-owners BUT nobody getting nutten until wifey and I dead and then some ...

And we have to die from natural causes, eh. No killing me to make it look like suicide.

Some of allyuh children real tusty out here and could barely wait for your parents to croak.


Told my lawyer I wanted to put names(s) on the deed but it would not vest until parents dead and gone.

Easy peasy - Cost about $2,500.00 to get it done. Note: After we dead, child(ren) will have to go back to lawyer to get a Deed of Assent done to make it happen.

With respect to bank accounts: When the time comes, they will know the password for the bank cards.

Banks are the worse when it comes to survivors getting their monies. A will is good but the banks will pay nothing until the will is probated.

If you get sick (dementia etc) or incapacitated, you will need to give the passwords to the child you THINK you can trust the most and pray they don't drain your account.

That happened to a 91 year old aunt of mine. She has no children so she trusted one of her nieces. Lady got sick when she realized the account was empty.

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Re: Finances

Postby pugboy » January 25th, 2023, 2:27 pm

what happens if the bank cards expire ?

bluefete
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Re: Finances

Postby bluefete » January 25th, 2023, 2:34 pm

pugboy wrote:It is certainly a lot harder to save now with the cost of everything going up and up

A finance guy called Nigel Romano used to write a good article in the guardian in the 90s
I used to follow his advice with saving and making equity investments
saw him walking on Chancellor the other day and I had to stop and thank him.

Ian Narine writes a similar article now in same papers.

I remember when Movietowne first opened, I have friends who would go there 2-3 times a week, hundreds spending each time
movie, food, alcohol after. Yet when you see Chin and he sons walking around they not drinking or eating but they watching everybody whole night.

No way I was doing that.


Very true. Another one was Cecil Sylvester (deceased) who used to host several of the Central Bank's Financial Literacy programmes. I think I have some stuff he did but I will have to look for them.

My father never went to university but he was a big investor in stocks. Unfortunately, he was one of those who believed that children should be seen and not heard. So, he never discussed investments when I was a child growing up.

But I did learn to save (Eh, Rovin!) by walking to and from school and keeping the passage money - 10c each way and then 25c when taxi fares went up.

My basic rule of thumb has always been to spend less than I earn. It means doing without many things but I was able to pay off my mortgage YEARS before it was due.

I have only ever gone MovieTowne about 3 times for the most.

If they have free entertainment, I might take one in. But everybody is different. Even in these hard times, people can still live below their means.

Our grandparents and great-grandparents used to do it while raising 15 and 20 children :lol: :lol: :lol:

bluefete
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Re: Finances

Postby bluefete » January 25th, 2023, 2:36 pm

pugboy wrote:what happens if the bank cards expire ?


Then yuh up a creek without a paddle.

Long ago, you get a card from the bank and the only time you replaced it, is if it was lost.

Now, it seems as if the banks are replacing the cards, every 2 years. Pressure.

Another alternative is to make the account joint - BUT - that has risks if you have a tusty child.

AND - even making an account joint in 2023 is worse than going to a dentist.

bluefete
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Re: Finances

Postby bluefete » January 25th, 2023, 2:45 pm

goalpost wrote:Was having a convo with a buddy of mine who said he has a lot of credit card debt, and while making good money has a large mortgage and not really saving.

So I was just wondering generally how people surviving these days. Pay cheque to pay cheque or do generally people have a savings? If so, what is the savings for? Emergency? Children when they die?

Additionally what are parents' plans (if any) for their children after they die. Are they trying to keep liquid cash for them? Just house and pension?

Just curious as to what we, as adults are doing to survive in the present and also, the future.


I am sure your buddy will not want to do this if he is the typical Trinbagonian but:

To reduce his debt:

1. Get a scissors.
2. Cut credit card in 1/2
3. Put a plan in place to reduce credit card debt. It seem as if he is paying maximum interest to the bank so he has not managed the cc properly.
4. I would leave the mortgage as is because it seems as if he wants to pay it off as soon as possible. he needs to sit down and really re-assess his income and expenditure and put a plan in place to save $100.00 per month. Don't laugh. It will be a start. He can put it in Unit Trust / mutual funds / An Individual Retirement Annuity - just some ideas. . It all depends on what his goals are and if he is married with children. Then, that is another story.

5. Everyone who is working should save 10% of either their gross or net earnings every month.

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death365
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Re: Finances

Postby death365 » January 25th, 2023, 2:47 pm

stop peltin meh na boy... i guilty of 5 outa the list.

Fancy car = new car ??? or expensive/ high end ?


fokhan_96 wrote:This. Don't waste money consumables....
Fancy car :D
Fancy phone :D
Fancy gadgets :D
Fancy clothes
Fancy shoes :D
Fancy food
Fancy fete
Fancy restaurant :D
Fancy gyul

Instead spend money on...
House
Education
Healthcare
Retirement

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gastly369
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Re: Finances

Postby gastly369 » January 25th, 2023, 2:57 pm

Live within your means
Some simple words trinis never understand...

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DMan7
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Re: Finances

Postby DMan7 » January 25th, 2023, 3:00 pm

Lots of finance talk on tuner these days boi. I feel it's time to change the name to FinanceTuner.com

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wing
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Re: Finances

Postby wing » January 25th, 2023, 3:04 pm

The financial advice is very welcome especially with the crap the government is doing to the population.

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Re: Finances

Postby Musical Doc » January 25th, 2023, 3:39 pm

Many people get themselves in trouble with credit cards. Even myself last yr. I ran up by cc to $13000 from a trip to florida and couldn't payback. But by management you can get it back under control. 2 rules I use, if you want to buy something but you don't have the cash to pay it back right away, then don't buy it. and #2 is if you have to buy it(like gas or groceries) when you paying it back to your credit card, pay back a bit extra. If you full $270 in gas, pay back $300 when you get your cash to pay it back.

goalpost
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Re: Finances

Postby goalpost » January 25th, 2023, 3:41 pm

So if u have 100k in Unit Trust as emergency funds (liquid cash) an external annuity, company's pension plan & medical plan. All with beneficiaries as my kids. Seems reasonable?

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Re: Finances

Postby bluefete » January 25th, 2023, 3:55 pm

goalpost wrote:So if u have 100k in Unit Trust as emergency funds (liquid cash) an external annuity, company's pension plan & medical plan. All with beneficiaries as my kids. Seems reasonable?


That is way more than at least 50% 0f the population currently have. Quite reasonable.

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Re: Finances

Postby VexXx Dogg » January 25th, 2023, 4:24 pm

Treat your credit card as a debit card.
Only spend money you have. It's easy to slide into a debt trap with that.

Buy the best car you can afford - think Boots theory or the poverty premium. If you lucky enough to have a job with a transport/car allowance, try to tie your monthly instalment to that amount. Unless you rolling in paper, leave it stock. You don't need big slam, or fancy wheels or anything else - UNLESS YOU CAN AFFORD IT AS A HOBBY.

Buying food should be considered a luxury. You'll save hundreds if not into the thousands by making your meals at home - individual or family. If time is a problem, shift your schedule and prep meals a day or two in advance.

Independence is good, but rent money is dead money. If you are a young adult now entering the job space and you can stay at home for a few years again, ditch the idea of renting. on the flipside It's almost impossible for low and mid income earners to take out a mortgage and have decent savings - which is why HDC home ownership is so desirable for most of the population.

For luxury items, or splurge purchases/gadgets, think twice, or three times about it.

But also....buy what you need, but treat yourself occasionally. Life is for living, don't suffer yourself for the whole ride and then look back with regret.

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Re: Finances

Postby pugboy » January 25th, 2023, 4:34 pm

also doh do like bolt and trust yuh padnas with yuh money

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timelapse
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Re: Finances

Postby timelapse » January 25th, 2023, 4:38 pm

The government makes money.
Everybody else TAKES money.
Just be good at taking money and not letting others take yours.
Understand that mindset and you good.

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Re: Finances

Postby paid_influencer » January 25th, 2023, 6:11 pm

the definition of wisdom is being able to see things in the correct context. I don't claim to be wise but that is a good jump off point for thinking about things. lewwe talk context.

first to begin with, we are living on a shiethole island. if you go into debt to buy a house on a shiethole island, you need to contextualize in your head what you are doing. ideally you should be trying to leave the shiethole, not buying a house on the shiethole.

realize that things are not going to get better on the island. philip trying to fix it and people not only not voting for him (voting keith and kamla instead), but they attacking philip every day. at this point, you have to accept is not just a shiethole, this is a hopeless shiethole.

if you young, your goal should be to leave. use all the resources at your disposal to get out. education away is not that important for undergrad. undergrad everybody teaches the same things (unless you get harvard or MIT or something). go local, get your undergrad become a "bachelor" and then try as all hell to get employment or internships or masters or further education abroad, and get the hell out of the shiethole.

now wisdom is about context. part of being in a hopeless shiethole is that there is no hope for advancement. yes you could have a big house, prado, disposable income, and some good boy would break into your house and rape everybody and kill you out tomorrow. i know a fella with a good education and money and future prospects and he went royal castle at the wrong time and he get kill out. that is part of the island experience.

spend your money to make your happy in the short term. yes plan for the medium term but be aware the deck is stacked against you. inflation devalues your money. saving your 10 cents allowance makes sense if the economy rebounds and you can invest it in wealth creation of multiple oil booms. but we ent in the stage. it have nothing to look forward to. oil done, gas done, climate change is here, biosphere collapse, nuclear war, pestilence, plastics in the groundwater. we on the titanic sinking and you studying to save the last bottle of wine for later. that bottle of wine going to be 1000feet underwater soon so you might as well drink it now

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timelapse
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Re: Finances

Postby timelapse » January 25th, 2023, 6:20 pm

paid_influencer wrote:the definition of wisdom is being able to see things in the correct context. I don't claim to be wise but that is a good jump off point for thinking about things. lewwe talk context.

first to begin with, we are living on a shiethole island. if you go into debt to buy a house on a shiethole island, you need to contextualize in your head what you are doing. ideally you should be trying to leave the shiethole, not buying a house on the shiethole.

realize that things are not going to get better on the island. philip trying to fix it and people not only not voting for him (voting keith and kamla instead), but they attacking philip every day. at this point, you have to accept is not just a shiethole, this is a hopeless shiethole.

if you young, your goal should be to leave. use all the resources at your disposal to get out. education away is not that important for undergrad. undergrad everybody teaches the same things (unless you get harvard or MIT or something). go local, get your undergrad become a "bachelor" and then try as all hell to get employment or internships or masters or further education abroad, and get the hell out of the shiethole.

now wisdom is about context. part of being in a hopeless shiethole is that there is no hope for advancement. yes you could have a big house, prado, disposable income, and some good boy would break into your house and rape everybody and kill you out tomorrow. i know a fella with a good education and money and future prospects and he went royal castle at the wrong time and he get kill out. that is part of the island experience.

spend your money to make your happy in the short term. yes plan for the medium term but be aware the deck is stacked against you. inflation devalues your money. saving your 10 cents allowance makes sense if the economy rebounds and you can invest it in wealth creation of multiple oil booms. but we ent in the stage. it have nothing to look forward to. oil done, gas done, climate change is here, biosphere collapse, nuclear war, pestilence, plastics in the groundwater. we on the titanic sinking and you studying to save the last bottle of wine for later. that bottle of wine going to be 1000feet underwater soon so you might as well drink it now
Sounds good except, eff the politians.None of them are any better than the other.Power corrupts

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Re: Finances

Postby FuadAdnan » January 25th, 2023, 6:20 pm

paid_influencer wrote:
first to begin with, we are living on a shiethole island. if you go into debt to buy a house on a shiethole island, you need to contextualize in your head what you are doing. ideally you should be trying to leave the shiethole, not buying a house on the shiethole.



Unless you buy the house and rent it out and let them pay it off.

if you young, your goal should be to leave. use all the resources at your disposal to get out. education away is not that important for undergrad. undergrad everybody teaches the same things (unless you get harvard or MIT or something). go local, get your undergrad become a "bachelor" and then try as all hell to get employment or internships or masters or further education abroad, and get the hell out of the shiethole.



Unless you 1% and your business set.


spend your money to make your happy in the short term. yes plan for the medium term but be aware the deck is stacked against you. inflation devalues your money. saving your 10 cents allowance makes sense if the economy rebounds and you can invest it in wealth creation of multiple oil booms. but we ent in the stage. it have nothing to look forward to. oil done, gas done, climate change is here, biosphere collapse, nuclear war, pestilence, plastics in the groundwater. we on the titanic sinking and you studying to save the last bottle of wine for later. that bottle of wine going to be 1000feet underwater soon so you might as well drink it now


how long we saying that now

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88sins
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Re: Finances

Postby 88sins » January 25th, 2023, 8:52 pm

goalpost wrote:Was having a convo with a buddy of mine who said he has a lot of credit card debt, and while making good money has a large mortgage and not really saving.

So I was just wondering generally how people surviving these days. Pay cheque to pay cheque or do generally people have a savings? If so, what is the savings for? Emergency? Children when they die?

Additionally what are parents' plans (if any) for their children after they die. Are they trying to keep liquid cash for them? Just house and pension
?

Just curious as to what we, as adults are doing to survive in the present and also, the future.



This,is where life insurance with listed beneficiaries comes in handy.
Other than that, put what money you want to leave for them in an "and only" joint account with them that doesn't have a debit card. When you kick the bucket, they present your death certificate to the bank along with your ID and the bank removes the deceased person from the account, making it theirs by default. Or they can open an account and name the beneficiary in the event of their death.

Op, PLENTY ppl does fall into the debt trap. He ain't alone.
Besides living below your means, the trick is to understand what things are actually worth spending your money on and how to spend money. Two things I learned long ago come to mind. One is "never invest your own money in depreciating assets." Cars, fancy clothing and jewelry, expensive furniture and appliances, etc. all fall into this category. Even if you can buy it cash outright, keep your money locked down and spend the banks own, (but only using financing that carries the lowest costs, and that eliminates using credit cards and predatory lenders). The other is "never borrow money that is going to be spent on anything that is not going to mak you at least a modest return or eliminate a major liability "

Another tip, save something for emergencies. Even if is a measly 2% of your monthly income. And the earlier you start, the better. And if ever you have a little extra cash that you don't need to spend, drop that in it too. Because ...
1-It eventually adds up to a decent amount after a while, and can then be used to finance whatever you choose
2- its most useful to have just in case of unexpected emergencies, and those can put you in a deep hole quick.
If you know how many people fall victim to high interest predatory lenders and max out credit cards when they in a jam, because they desperate for money and have absolutely nothing put aside it not funny. Island fine ants lives off those people.

Make wise financial decisions after thoughtful consideration, and the rest will fall into place.

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Re: Finances

Postby alfa » January 25th, 2023, 9:07 pm

Spend minimally on unnescessary things and only a fraction of what's left of your income after everything is paid for at the end of the month. In other words you could splurge a little if you have a lil excess change. You won't believe how much people spend on the most expensive fetes, liming and jewellery but always asking if pay reach in the bank yet

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Re: Finances

Postby pugboy » January 25th, 2023, 9:24 pm

waiting for the mlm investor talks

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