Layoffs

[L39Guy]

Saw this movie in the 2008 crash, lots of people either retired or nearing retirement getting burned when the markets drop and so do their retirement savings as they are too heavily invested in equities and other higher risk adventures.

A good rule of thumb is that the proportion of your retirement investments that should be in low risk investments (GIC's, bond, etc) should be your age. For example, if you're 70 years old 70% should be invested in low risk; the balance in higher risk such as equities. At the other end of the scale, someone in their 30's should be heavily invested in higher risk (70%) and lower risk (30%) as they have lots of time to recover from a stock market downturn.

[nottellin]

He lost $700k but yes he started with $2.6M.

My point is his cheap ass couldn’t enjoy it and now it is gone. He doesn’t seem too worried. He still has lots.

Do I detect the makings of a “prodigal son”

Your missing the point

[complexintentions]

He lost $700k but yes he started with $2.6M.

My point is his cheap ass couldn’t enjoy it and now it is gone. He doesn’t seem too worried. He still has lots.

My other point is the AC pilot that this retirement package targets has lots of money - already. But time is a resource that is limited no matter who you are. Even if the math tilts towards staying, what is the cost in terms of health & time?

I'm sorry but where do you get off calling someone cheap ass because they prefer to keep their money in their own pocket instead of putting into the hands of others? What makes you assume your dad doesn't enjoy his hard-earned money, or his life while he was accumulating it? That's presumptuous bordering on arrogance.

When I was working in the ME I got this all the time because I didn't drive a "pilot car", ie high-end Range Rover/BMW/Merc. Was perfectly happy with my used QX4, and I hardly lived like a monk - but I put the vast majority of my salary in my bank account, not into "glamorous meals" and "nice cars on vacation". I'm pretty glad about that now - no worries financially, WHATEVER the stock or job market does.

It sounds like you have more regrets than your dad does. With the better part of $2 million left his wealth is hardly "gone".

You've as much said that one is "crazy" to want to keep working if they don't absolutely have to, but again - who are you to say how someone chooses to spend their time OR money? Some people actually enjoy their flying job. Still. Risks and all. Not everyone chooses to live in fear that the dreaded coronavirus is an End Of Days event. It's true that people with a lot of wealth can still be very poor in spirit, but not everyone with money is miserable just because they don't share your spending habits.

Perhaps if a few more people had sacrificed like your dad, we wouldn't have entitled idiots planning to not pay their rent next month because they are broke and out of the game with a single month's loss of salary, and millions of people clamouring for the government to "save them". But hey, when you're busy livin' your best life on Insta, can't worry about the future, right?

Not like anyone's been warning people forever about not saving and taking on debt...

[altiplano]

Yeah, there's a lot to be said about having fock you money. I think it certainly would put the mind and stresses of the world at ease.

[Kaykay]

I'm sorry but where do you get off calling someone cheap ass because they prefer to keep their money in their own pocket instead of putting into the hands of others? What makes you assume your dad doesn't enjoy his hard-earned money, or his life while he was accumulating it? That's presumptuous bordering on arrogance.

When I was working in the ME I got this all the time because I didn't drive a "pilot car", ie high-end Range Rover/BMW/Merc. Was perfectly happy with my used QX4, and I hardly lived like a monk - but I put the vast majority of my salary in my bank account, not into "glamorous meals" and "nice cars on vacation". I'm pretty glad about that now - no worries financially, WHATEVER the stock or job market does.

It sounds like you have more regrets than your dad does. With the better part of $2 million left his wealth is hardly "gone".

You've as much said that one is "crazy" to want to keep working if they don't absolutely have to, but again - who are you to say how someone chooses to spend their time OR money? Some people actually enjoy their flying job. Still. Risks and all. Not everyone chooses to live in fear that the dreaded coronavirus is an End Of Days event. It's true that people with a lot of wealth can still be very poor in spirit, but not everyone with money is miserable just because they don't share your spending habits.

Perhaps if a few more people had sacrificed like your dad, we wouldn't have entitled idiots planning to not pay their rent next month because they are broke and out of the game with a single month's loss of salary, and millions of people clamouring for the government to "save them". But hey, when you're busy livin' your best life on Insta, can't worry about the future, right?

Not like anyone's been warning people forever about not saving and taking on debt...

+1

Flashheart really should be apologizing to their Dad for those comments.

[mbav8r]

I'm sorry but where do you get off calling someone cheap ass because they prefer to keep their money in their own pocket instead of putting into the hands of others? What makes you assume your dad doesn't enjoy his hard-earned money, or his life while he was accumulating it? That's presumptuous bordering on arrogance.

When I was working in the ME I got this all the time because I didn't drive a "pilot car", ie high-end Range Rover/BMW/Merc. Was perfectly happy with my used QX4, and I hardly lived like a monk - but I put the vast majority of my salary in my bank account, not into "glamorous meals" and "nice cars on vacation". I'm pretty glad about that now - no worries financially, WHATEVER the stock or job market does.

It sounds like you have more regrets than your dad does. With the better part of $2 million left his wealth is hardly "gone".

You've as much said that one is "crazy" to want to keep working if they don't absolutely have to, but again - who are you to say how someone chooses to spend their time OR money? Some people actually enjoy their flying job. Still. Risks and all. Not everyone chooses to live in fear that the dreaded coronavirus is an End Of Days event. It's true that people with a lot of wealth can still be very poor in spirit, but not everyone with money is miserable just because they don't share your spending habits.

Perhaps if a few more people had sacrificed like your dad, we wouldn't have entitled idiots planning to not pay their rent next month because they are broke and out of the game with a single month's loss of salary, and millions of people clamouring for the government to "save them". But hey, when you're busy livin' your best life on Insta, can't worry about the future, right?

Not like anyone's been warning people forever about not saving and taking on debt...

+1

Flashheart really should be apologizing to their Dad for those comments.

Relax people, I’m sure it was said tongue in cheek, my kids called me a cheap bastard, I called my dad a cheap fucker and so on.
Some people prefer frugal, however when someone is too frugal because they don’t ever want to feel helpless again due to past times of being near broke, they compensate by not spending. This has obvious risks unless you keep your fortune under your mattress, believe me after my portfolio rebounds, I’m considering some type of mattress savings account, fortunately I have time on my side(no guarantees) but 16 or so years to retirement.
Perhaps this guys dad should’ve considered a less risky investment after retirement but I get the not spending thing, I’m currently reassessing where I can spend less and save more.
On that topic, those who are off now or expecting to be off, consider changing you vehicle insurance to pleasure vs all purpose(Manitoba) to save a few bucks(40/mth). Next, if my wife is off longer than expected we will completely park one vehicle and save another 100/mth.

[tallyho]

I'm definitely in the firing for layoff, survived the first cull but will definitely be on EI if there's a second wave. Instead of arguing whether someone invested his $2.6m wisely how about suggesting good ways to save money and keep paying the bills instead of deferring mortgages (a bad idea unless you have no choice).

1. We will park one car and save on insurance. $100
2. Down to one streaming service for kids, Netflix just because it has the most content. $20
3. Eat less meat, its by far the biggest expense in our groceries. $100
4. Home security will go, not really required if we're always at home $40
5. Finally going to purge the home phone $25
6. Fortunately all the kids programmes are gone. $350
7. SIngle Malt scotch $100 (so sad)

There will be more, but thats about $735 per month right there. Any other ideas much appreciated.

[skypirate88]

Turn down your thermostat at night. Ours is set to 68 at night and likely could go lower. Buy bulk if you can and don't buy outside of a flyer. Also buy what's in season. When you're driving accelerate less aggressively and drive at a more economical speed. Consolidate investment and banking accounts so you aren't paying multiple management fees. Switch to an equal billing plan for utilities. It won't save anything but equalizes payments.

[ahramin]

An excellent idea Tallyho. I have to admit that being frugal even in the best of times has left me rather at a loss on how to cut expenses. Probably should think about parking one car but I just renewed the insurance, not sure how much of a savings it would be.

I'd rethink your choice for #2, our Netflix has completely stopped working 80% of the time so we're going to cancel it.

I think you meant unfortunately in #6.

I have asked my wife to cut down on bubble tea but that's not going to happen, especially since I was always asking her to do that. This is the problem with nagging people about spending habits when you're making mad money, you have nothing new to say when you're on EI, especially since she's the only one working . What a nightmare.

[tsgas]

Always check with GasBuddy for the lowest prices on gasoline.

[digits_]

- change that cellphone plan (do you still need international/US coverage?)
- learn to do your own small car maintenance. if you drive old junk and don't care about resale value or warranty: oil changes are not mandatory every year
- braking is what makes you burn more fuel. avoid roads with stop signs, or with cops around stop signs
- drink only water. It's the healthiest and cheapest drink available.

[goldeneagle]

3. Eat less meat, its by far the biggest expense in our groceries. $100

At superstore, in the meat counter where they keep the wieners. 1.5 kilo of beef wieners, 15 bucks. Right beside it, 1.5 kilo chicken wieners, 6 bucks. Cheaper than dog food, I buy them for dog treats, cost far less than what you find for treats in the dog food aisle, and the puppy loves them. Your kids will love them. 39 wieners in that pack. They are great diced and into the macaroni casserole, half the price of hamburger to put some meat in the casserole.

I've always told the kids, keep a big sack of rice in the cupboard. The day will come when money is tight, that 20lb sack of rice will feed you for a month. Learn to be creative making various meals from that bag. Son texted me a photo last nite, fancy rice dish. His comment, not laid off yet, but, getting in practice....

Baking bread is trivially easy once you get the hang of it. A 20 kilo sack of flour from Costco will make a LOT of loaves of bread. We have been baking our own bread for the last 20+ years. I shudder walking by the bread aisle in the store and see a decent loaf of bread costs upwards of 5 bucks, and the run of the mill cheap stuff is still a couple bucks. If you have a kitchen aid stand mixer, learn to use the dough hook. If you dont, well, you need the exercise so knead it by hand. Fresh baked buns at lunch time, fabulous. We buy the 20 kilo sack of Rogers flour at Costco, it rises better than the Robin Hood stuff you see at the regular grocery stores.

If the kids are young, and you are going to be stuck at home spending a lot of time due to 'shelter at home' edicts, bake cookies. You can keep a herd of young kids engaged for an hour or more baking a batch of cookies. They absolutely love to lick the beaters, clean the mixing bowls, watch the cookies bake, then cool, and in the end everybody gets to eat them. Again, for the price of a small bag of store bought cookies, you can bake up a huge batch yourself, especially if you cut the chocolate chip count to 1/4 of what the recipe calls for.

[Daniel Cooper]

All flour and baking powder has been sold out here for weeks.

[flashheart]

I'm not even sure how to respond to that thrashing other than to say I fortunately live down the road from my parents and not in the middle East so I know intimately his cheapness.

For the record - he is not cheap to others, but cheap to himself.

I take it youre not buying any beers on layovers. Keep counting those bucks over there and may I never fly with your jaded self

[shimmydampner]

Double post

[shimmydampner]

3. Eat less meat, its by far the biggest expense in our groceries. $100

Eat MORE meat. Learn to hunt. A $1.25 well placed round could get you 100 or more pounds of free range, organic meat. Fishing is good too. Every man should be somewhat self sufficient when it comes to putting protein on the table.

[fish4life]

- change that cellphone plan (do you still need international/US coverage?)
- learn to do your own small car maintenance. if you drive old junk and don't care about resale value or warranty: oil changes are not mandatory every year
- braking is what makes you burn more fuel. avoid roads with stop signs, or with cops around stop signs
- drink only water. It's the healthiest and cheapest drink available.

Please change your oil at least once a year, changing oil is the cheapest thing you can do to keep a car running well. What I will suggest is if you normally take a car to a garage or quick lube for an oil change do one in the driveway yourself. Even if you don’t know where to start YouTube will have lots of videos that can walk you through what to do step by step. Just don’t forget to change the crush washer on the drain plug and make sure the old o ring from the old filter isn’t still on.

[dumbbell daddy]

Love avcanada. The industry is crumbling around us and we're too busy berating some 23 year old Jazz kid for calling his old man cheap.

[Victory]

Or those irresponsible millennials that bought bread and meat from the store instead of hand milling the flour from the wheat you grew last summer or the buck you speared, skinned, and butchered with a shard of obsidian.

[ayseven]

I just cannot keep my opinion to myself... spend less than you make. There is absolutely nothing else to think about.

[RippleRock]

Talk about thread drift....unreal.

[complexintentions]

Talk about thread drift....unreal.

Hmm...seems to me layoffs and job losses are more than slightly linked to financial preparedness...

I'm not even sure how to respond to that thrashing other than to say I fortunately live down the road from my parents and not in the middle East so I know intimately his cheapness.

For the record - he is not cheap to others, but cheap to himself.

I take it youre not buying any beers on layovers. Keep counting those bucks over there and may I never fly with your jaded self

If you think that was a "thrashing", no wonder you're clueless as to the difference between "frugal" and "cheap".

You don't get it, it's not about counting bucks, it's about values. You trash your dad's, which I find odd, as they've allowed him to absorb a financial loss most Canadians couldn't even conceive of. (And to not worry about a layoff, if that's "on point" enough for anyone.) I've never been shy about splashing out when the situation warrants. But that's a long ways from living a lifestyle one can't afford. From the crescendo of screaming from the masses for the governments to save them, apparently a lot of people have been doing exactly that.

At any rate, this "industry crumbling" is going to clearly show who's prepared for it, and who isn't.

I'm betting on the "cheap" folks doing better than the YOLO crowd.

This "ant" is outta here.

[flashheart]

Talk about thread drift....unreal.

I'm betting on the "cheap" folks doing better than the YOLO crowd.

While under traditional economic circumstances, you would be undoubtedly correct.

However, current cost of living in our Canadian cities after essentially selling out the middle class has created different circumstances.

The average pilot with student loans, rent, low pay, was no way in a position to create a "rainy day" fund. The math was impossible.

There is a fine line between saving and enjoying the moment and your health. I don't have the answer for everyone but there has to be a balance

[nottellin]

Talk about thread drift....unreal.

I'm betting on the "cheap" folks doing better than the YOLO crowd.

While under traditional economic circumstances, you would be undoubtedly correct.

However, current cost of living in our Canadian cities after essentially selling out the middle class has created different circumstances.

The average pilot with student loans, rent, low pay, was no way in a position to create a "rainy day" fund. The math was impossible.

There is a fine line between saving and enjoying the moment and your health. I don't have the answer for everyone but there has to be a balance

And now lots will get a reality check on what balancing actually is

[LennyLeonard]

I'm betting on the "cheap" folks doing better than the YOLO crowd.

While under traditional economic circumstances, you would be undoubtedly correct.

However, current cost of living in our Canadian cities after essentially selling out the middle class has created different circumstances.

The average pilot with student loans, rent, low pay, was no way in a position to create a "rainy day" fund. The math was impossible.

There is a fine line between saving and enjoying the moment and your health. I don't have the answer for everyone but there has to be a balance

[attachment=0]C031D0CD-6324-44AA-A72D-E ... ttachment]
And now lots will get a reality check on what balancing actually is