So much truth in this, particularly hiring employees that really, really need the job.
For example, there are regular news articles in Canada re: approx. half of Canadians would have financial difficulties if ONE pay cheque was delayed. One!!! How much do these people depend on their employers? How likely are they to start their own businesses?
What is even better is that many of these people don't seem to have any difficulties taking one or more expensive vacations each year. And everyone needs to drive a nice car and live in an, overpriced, flashy home. The ideal wage slaves...
This is ridiculous. I do IT consulting in my normal life at the moment (heck, i do only that most of the last year) and 6 months living expenses have been my baseline for a long time.
Even back when I was employed, 3 months were my safety line. I can not imagine having to borrow money for a small car repair just because it is a month's net pay.
But this is Canada / USA and starts being some of europe (though mostly BECAUSE OF the recession here). People just not acting responsible with their finances.
This is ridiculous. I do IT consulting in my normal life at the moment (heck, i do only that most of the last year) and 6 months living expenses have been my baseline for a long time.
Even back when I was employed, 3 months were my safety line. I can not imagine having to borrow money for a small car repair just because it is a month's net pay.
But this is Canada / USA and starts being some of europe (though mostly BECAUSE OF the recession here). People just not acting responsible with their finances.
I couldn't agree more, the situation is dire and continuing to worsen ( in canada for sure, last numbers I saw it looked as if the us consumer is starting to pay down personal debt). The root of the problem is for the most part, that young people start out of the gates leveraged to the hilt!! You can't get a half decent job without an expensive degree (applicable like engineering) or an undergrad with years of experience along with that. Add in the insane property values that force first time buyers to leverage higher due to an inability to accumulate any capital. ( I'm referring to a modest home, something liveable). Finally, Canadians have this superiority complex now and believe "it can't happen to us" wrong!! I don't know how many people I've warned that cheap money can't last forever and prices cannot rise in perpetuity!! We recently purchased a new home and paid half of what we were approved for...too many people become frustrated with the bidding wars and unscrupulous realtors so they just bid up to stop the aggravation. The big bill is in the mail, just depends whose name is on it.
I couldn't agree more, the situation is dire and continuing to worsen ( in canada for sure, last numbers I saw it looked as if the us consumer is starting to pay down personal debt). The root of the problem is for the most part, that young people start out of the gates leveraged to the hilt!! You can't get a half decent job without an expensive degree (applicable like engineering) or an undergrad with years of experience along with that. Add in the insane property values that force first time buyers to leverage higher due to an inability to accumulate any capital. ( I'm referring to a modest home, something liveable). Finally, Canadians have this superiority complex now and believe "it can't happen to us" wrong!! I don't know how many people I've warned that cheap money can't last forever and prices cannot rise in perpetuity!! We recently purchased a new home and paid half of what we were approved for...too many people become frustrated with the bidding wars and unscrupulous realtors so they just bid up to stop the aggravation. The big bill is in the mail, just depends whose name is on it.
Yes, Americans have been deleveraging for the past couple of years (or more), while Canadians seemed determined to set new personal debt records each quarter. We also have a very nice housing bubble in Canada, despite having an excellent example immediately south of us re: how destructive a housing bubble can be. Also agree about cost of education, though we have it pretty good here (I spent approx. $25K for my entire undergrad degree).
A couple years ago I got started in trading and had very good results with my first few trades. I had several subscription services that made money (sporadically). I quit my job to pursue trading full time. It was so easy at first.
Two years later I'm working again and have basically tried everything in the market that my heart pulled me into. I believe I'm standing on the doorstep to my own personal grail, which was actually presented to me by one of my subscription services, 2 years ago. I was too new at this to recognize it.
The grail for me was to find the winning setup / system, then trying everything else and truly convincing myself that no corners can be cut, all risk must be miminized and taken into account, and the full grail must be waited for - it can not be diluted.
Not having a job accelerated the process greatly for me. I also tested the "Carnegie Secret" and it, too, accelerated the process.
You know what? Traders that survive know it's all about risk. It's all about the details. And it takes discipline.
Not having a job will force you to think about what actually works over all market conditions, not what worked great in the beginning of your trading career. Your mind will be free of negative influences from the work place where losers naturally end up. Winners seek each other out. They become consumed by their talent, and obsessed with their own personal grail.
When you find it, it may be something you would have rejected in the beginning, before going on the journey.
