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02-26-2016, 05:09 PM
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Join Date: Jul 2010
Location: North of Cochrane
Posts: 6,774
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What I have decided.
I'm going to live everyday like it is my last.
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"The well meaning have done more damage than all the criminals in the world" Great grand father "Never impute planning where incompetence will predict the phenomenon equally well" Father
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02-26-2016, 05:09 PM
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Join Date: Nov 2014
Location: Parkland
Posts: 1,659
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Nope, been setting myself up over the years and was largely protected from provincial and national issues while serving. This is a terrible time for some and I don't envy the position. I feel I'm good to go at any rate.
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I take everything with a grain of pepper, I'm just different that way.
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02-26-2016, 06:24 PM
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Join Date: Dec 2008
Posts: 2,589
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Not buying anything big and shiny that's for sure! But I'm going to keep living my life! I was raised on the ol' chicken today, feathers tomorrow kind of way. So I've been expecting this. I work oil and gas but I made sure to get a stable position in a very technical field. I should be ok! Best to live you're under the boot though! What's killing me is all the guys were are laying off! I hate this and I feel bad for all of them! Whether they are piled in debt or house paid off I still feel it. Survivors guilt I suppose eh!
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02-26-2016, 07:02 PM
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Join Date: Jul 2011
Location: West Edmonton
Posts: 5,174
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^ I can tell its getting to my buddy at Finning as well. They have laid off tons of people including some guys he has worked with for nearly 10 years now.
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02-26-2016, 07:25 PM
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Join Date: Dec 2008
Posts: 2,589
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Yeah it's sad. Worked for years with these people, knew that buddy had two eggs and 6 pieces of bacon everyday like clock work. Now they're at home trying to sell everything.
I'm happy my career strategy is working as I hoped so far! But I'm sad for the ones it didn't. I never wish I'll on others! Some do but they've got their own cancers to deal with.
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02-26-2016, 07:28 PM
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Banned
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Join Date: May 2007
Location: YEG
Posts: 9,981
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I've been living this ALBERTA ADVANTAGE as a business owner since 1980...so uhh umm the doom and goom will taper off..buckle up folks
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02-26-2016, 08:28 PM
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Join Date: Jul 2012
Location: Morinville
Posts: 898
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Quote:
Originally Posted by ESOXangler
Not buying anything big and shiny that's for sure! But I'm going to keep living my life! I was raised on the ol' chicken today, feathers tomorrow kind of way. So I've been expecting this. I work oil and gas but I made sure to get a stable position in a very technical field. I should be ok! Best to live you're under the boot though! What's killing me is all the guys were are laying off! I hate this and I feel bad for all of them! Whether they are piled in debt or house paid off I still feel it. Survivors guilt I suppose eh!
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I live the same way. But earn my security by out working everyone and being the best at what I do. Or try at least, and works out for me. I work to ensure a steady job, and while relying heavily on Oil and gas, also support city operations, counties, land fills. etc. So while we are hurting, I still maintain security by earning a top place.
Wife is a teacher and building her seniority and reputation. We try to live within our means, but never in fear, or frugal to the point I cant enjoy the fruit of my labors.
We have adjusted spending to survive. Simply from a lack of hours standpoint. OT has dissapeared almost entirely. But my budget was always build around 40 hours. Any excess is gravy.
Most the people I see suffering these days, is the people who has been milking the system in the gravy times. Using the job market security to their benefit. I strived to be the best all along. And I hope its gonna pay off for me in the tough times.
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02-26-2016, 08:50 PM
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Banned
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Join Date: Dec 2008
Location: Uranus
Posts: 236
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It's mostly the younger guys in mid 20's that build good credit and make good money for several yrs after high school that end up in trouble.Its not all these young guys fault,creditors see a nice fat t4 and will give them the world. I myself have been in the oil patch for 20 yrs and seen many fools with 4 quads,2 boats,sleds,bikes,600k house,holidays etc etc because lenders just keep letting them buy it then when times are tough they will sht on them! I was smart about it and hammered the payments to my mortgage and am debt free now,I also wouldn't buy anything big unless I had 50% down and a solid reserve.
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02-26-2016, 08:53 PM
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Join Date: Aug 2014
Posts: 59
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I work in the medical field and I'm lucky enough to have a very secure position.
I've made some great investments over the years that have had huge returns, all in real estate.
I agree with whoever said, now is a time that toys and other things go on sale... Including real estate and other investments.
Waiting now for the real estate market here to bottom and I might buy another.
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02-26-2016, 08:54 PM
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Banned
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Join Date: Sep 2012
Posts: 425
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Not going to do a darn thing differently.
I remember the 1973 oil shock/recession; the 1981 recession when the BoC overnight rate broke 20% for the first and only time in our history, when CSBs were yielding 19% because the government was pretty much broke and 1/3 of people in the three western provinces were on some form of social assistance; the 1990-1991 Gulf War oil shock/recession; the 1998 oil shock; the Latin America currency crisis; the Asia currency crisis; the 2001 911 shock; SARS; the 2008-9 recession.
Learned a long time ago to live within my means, hope for the best and prepare for the worst. Paid off all of my debts, resolved to not borrow for anything I want, and not want anything I didn't need.
Kinda wish governments and public-sector unions might get the gist of that too, but not much chance of that I imagine.
One thing different now: I have the financial capacity to help out family & close friends who are struggling through no fault of their own. That makes me feel like what I learned and what my parents taught me had a reason, and that's a good thing.
Once this is all over though, I'll have a lot of money to spend on expensive whiskey & cheap women. The rest I'll just waste.
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02-26-2016, 09:04 PM
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Join Date: Aug 2014
Posts: 59
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Quote:
Originally Posted by Peter Gill
Not going to do a darn thing differently.
I remember the 1973 oil shock/recession; the 1981 recession when the BoC overnight rate broke 20% for the first and only time in our history, when CSBs were yielding 19% because the government was pretty much broke and 1/3 of people in the three western provinces were on some form of social assistance; the 1990-1991 Gulf War oil shock/recession; the 1998 oil shock; the Latin America currency crisis; the Asia currency crisis; the 2001 911 shock; SARS; the 2008-9 recession.
Learned a long time ago to live within my means, hope for the best and prepare for the worst. Paid off all of my debts, resolved to not borrow for anything I want, and not want anything I didn't need.
Kinda wish governments and public-sector unions might get the gist of that too, but not much chance of that I imagine.
One thing different now: I have the financial capacity to help out family & close friends who are struggling through no fault of their own. That makes me feel like what I learned and what my parents taught me had a reason, and that's a good thing.
Once this is all over though, I'll have a lot of money to spend on expensive whiskey & cheap women. The rest I'll just waste.
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Student of Dave Ramsey?
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02-26-2016, 09:18 PM
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Moderator
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Join Date: Aug 2012
Location: Wheatland County
Posts: 5,818
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Won't change a thing, always lived below my means, work hard at a steady job in town, run our little place frugally, been saving since grade 7, still have fun roping a little, shooting a little, whack a few gophers, try to sneak up on some game in the fall, camp in the hills a few times in summer, life is great.
I do truly worry about the attitude towards debt today in society, both private & public sector though.
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02-26-2016, 10:20 PM
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Join Date: Oct 2009
Location: Okotoks
Posts: 1,090
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Spent a decade in pulp and paper before moving to Fort McMurray for a decade. In my p&p time I went through 7 corporate downsizings, although never was impacted personally. That set my mindset for life. I've spent the last 12 years wondering when the other shoe would drop.
While in FMM we always lived below our means, maxed out savings and kept debt low. I'm a 1percenter on paper but drive a 14 year old Toyota. i have several co-workers who never imagined this could happen and are leveraged to the hilt. A decade ago my employer had an incident that cut our production by 59 percent for 8 months. Direction from the top was no OT, maintenance was M-F , 40 hrs a week. Many guys took a pay cut of 50% and almost lost everything because they had build their OT into their household budget. Payments on the $69k Harley's became hard.
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02-26-2016, 10:29 PM
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Banned
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Join Date: Sep 2013
Posts: 3,939
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Won't be changing much.
I've been in the work force forty years now and thank the powers that be that I chose a field that is little affected by happenings in the energy sector.
I'm probably one of few that, having been in the work for as long as I have, I've never had to avail myself of EI .
That being said I've always conducted my financial affairs with the thought in mind that I be able to survive at least six months with no income before I would have to worry about cashing in savings and such.
Means I haven't got as many toys as a lot of my friends, but it also means I don't owe anyone any money (I buy four five year old used vehicles, pay cash...haven't had a car payment in thirty years)...and I never lose sleep worrying about money.
I truly feel for the people that take the bait. The banks are too willing to let you get into debt, as long as you pay the interest charges...and I do a slow burn everytime I get the 'you've been preapproved' letters in the mail, knowing how many people fall for them.
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02-26-2016, 10:52 PM
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Join Date: May 2007
Location: Fort Sask, AB
Posts: 4,978
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I won't change much either. Never spent a lot anyways, just what we need.
Job is good, Operator at major O&G refinery, NE of Edm, and ops are last to go.
Been doing the gig for 30 years now and I figure 6 years til retirement.
Even if the worst happens to the job, I'm 55 next month and they can early retire me, maybe a package on the horizon ?
Wouldn't be the end of the world.
No mortgage for past 8 years, pretty good vehicles, Hunting property (not totally paid for yet) so all is OK.
Job has allowed the wife to stay home, dual income not required, well ok I blame the wife for loan on our rec properties, ha.
A bit of a trade off with single income, could RRSP or TFSA more than we are now but it's OK.
Lump sum'd my 23 yr pension from last job and my investor has nearly doubled it since 2009, up 80% aprx.
Sad to hear about lay-offs for sure, but It'll come back around.
TBark
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02-26-2016, 11:00 PM
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Join Date: Jul 2011
Location: West Edmonton
Posts: 5,174
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Quote:
Originally Posted by bobtodrick
I truly feel for the people that take the bait. The banks are too willing to let you get into debt, as long as you pay the interest charges...and I do a slow burn everytime I get the 'you've been preapproved' letters in the mail, knowing how many people fall for them.
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I like getting preapproved letters. I have over 30k I could borrow if I need to but I won't touch it unless something drastic happens and I need that kind of money quick. It is a lot easier to borrow money from something you already have then to have to ask for a loan from a bank in a tough time. You just have to be smart about it and leave it as a rainy day fund, if you use it just because you have it will get yourself into trouble.
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02-27-2016, 01:51 AM
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Join Date: May 2012
Posts: 2,553
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No unnecessary purchases. Was about to start upgrading all the toys when the bottom started to fall out, been holding my money tight ever since. When I started in the oil & gas sector a wise man kept telling me "save your money" every time I told him about a new toy I bought. 20 yrs later I am telling the young ins the same thing when they drop 20K on a quad and can't afford gas for it. Slow & steady wins the race
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02-27-2016, 09:03 AM
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Banned
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Join Date: Sep 2013
Posts: 3,939
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Quote:
Originally Posted by RavYak
I like getting preapproved letters. I have over 30k I could borrow if I need to but I won't touch it unless something drastic happens and I need that kind of money quick. It is a lot easier to borrow money from something you already have then to have to ask for a loan from a bank in a tough time. You just have to be smart about it and leave it as a rainy day fund, if you use it just because you have it will get yourself into trouble.
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I agree with you. I toss them because I have my rainy day fund already...soon to become my retirement fund
But I know more than a few people who send in for the new card, or set up the line of credit...and soon have another card that is maxed out to add to the list of the three or four others they have.
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02-27-2016, 05:40 PM
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Banned
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Join Date: Sep 2012
Posts: 425
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Who's Dave Ramsey?
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02-27-2016, 06:49 PM
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Join Date: Feb 2016
Location: Red Deer
Posts: 124
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I have fortunately been very busy in o&g but I have been trying to network my way to a lineman/utilities labourer position as that is what greatly interests me. I have not had any luck so far but thankfully, I am very tight with my money so I have not had any issues financially. I have never had a break up but this year, I have already started networking and hopefully I find a position. Other than that, it has been chin up and being thankful for the work that is available. I have never thought short term so this "oil crisis" is only a small portion of my hopefully long life. I was in school during 08/09 and I think that has allowed me to be much calmer and optimistic about the current predicament.
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02-27-2016, 08:53 PM
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Join Date: Aug 2014
Posts: 59
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Quote:
Originally Posted by Peter Gill
Who's Dave Ramsey?
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Financial advisory.
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02-28-2016, 09:24 AM
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Join Date: Aug 2012
Posts: 2,169
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I think looking at the whole hydrocarbon value chain is important.... there is alot of stuff still being pumped and utilized, i dont think oil and gas should be pictured as a boom bust thing. We are still producing 3ish million barrels per day and a whole host of other products
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02-28-2016, 12:27 PM
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Banned
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Join Date: Aug 2014
Posts: 933
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I pretty much bought what I needed to this year (guns, ammo, parts). I may try to find a cheap truck but besides that I am gonna save save save as I expect oil to be low through 2017 and beyond. If I stay on this project I am on I may not need a truck this year cause I get the work truck.
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