Here are some general comments. The Record article notes that 19% of respondents age 18 to 34 save 10% to 25% of their monthly income. However, 54% of the respondents from the same age group report that they have a "rainy day fund." My immediate thought was to question just what these people consider a "rainy day fund" if most are saving less than 10% of their income.
What really struck me, though, was how this simple story was adding to the seemingly endless stream of conflicting statistics being reported in the media regarding personal finances and the economy. Here's a sample:
- Recession is over
- Unemployment is up
- Inflation rate is down
- Personal bankruptcies are being filed at a record rate
- Stock exchanges are up, now they're down, now they're back up again (you can check any paper over the span of a few days to see this one)
What does all of this mean to you if you are struggling to make ends meet? I always say to people that the financial questions that matter most are your own. Statistics don't pay the rent, buy groceries or clothe your children.
If your head is swimming with facts and figures, sit down and take a deep breath. In uncertain times, we are all forced to examine our priorities. If you have considered filing a personal bankruptcy or consumer proposal, feel free to give me a call at 310-PLAN or 519-747-0660 to review your options. You can also contact me by e-mail with your Kitchener bankruptcy questions.
posted by Ian Martin @ 8:06 PM
0 Comments:
Post a Comment
<< Kitchener Ontario Personal Bankruptcy Blog