i take that back about 2 years. It should be Higher Education is the key to become a successful trader. The reason i take that back is, i didnt realized back then how lower educated most elitetrader members are.
How "higher" is the education? I heard many people with PhDs blew up, and blew up quickly. Are you going to say that "medium" education is the key to success? or "slightly below medium"? If you endorse "slightly below medium," I would be very appreciative, because I fit that category. Your endorsement will give me hope. Thank you in advance.
Wow, at least you're humble and don't feel the need to talk down to other members... Seems to me there are some pretty smart people on these boards - formally educated or not. I'm not sure what your level of education may be but I'm sure it taught you the words "just" and "lose" since you seem to have those down pat.
LF, really like this thread. It brings forth much reflection. jo0447, I feel ya, but I've done sort of the same. What can I say? its business and I had a boss who demanded it. Hiring "desperate" type people is a common practice. Managers often times seek out people with lots of student loans. People like to hire though networking so they can know a bit about the prospects. Although an employee with bad credit may not be desirable, but having lots of student debt, a mortgage, and car loan is indicative that the employee will work like a dog. Steven.Davis, Just wanted to say you have some great posts.
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.
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).