Statistics Canada's latest numbers said inflation was at 3.1%. Meanwhile, gas prices is way higher and has shot up nearly 28%, insurance is climbing, and checking out at the grocery store still feels like paying a small mortgage. I don't know who is calculating a "3%" average for the average Canadian household, but the math is completely disconnected from real life. See the attached pic because this is exactly what it feels like right now. 🇨🇦📉 I am fortunate to still able to invest, travel and have surplus but I feel for the many who are pinched to the limit....the lower class dont have any disposable income to invest anymore...and as government continue to increase spending, asset prices will go up so the rich (people who invest) get richer while the poor feel impact of our currency being devalued.
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27 Comments
Paul Santori
@paulsantori · 7d
C’mon Will, but Canadians are doing better than ever! Carney said so!! 😂
RandomYaapping
@randomyaapping · 7dEdited
Most people haven't opened a CPI report ever in their life 🤷♂️... Open the report and read what the numbers mean. See what the basket stats Canada is measuring and tradeoffs that come with it 😄. Stats Canada is ALEARDY looking at you dead in the eye and saying that it's 3% or whatever the number is that month. They publish their basket numbers with EXACT prices 👀 If you want poke holes, at a minimum know that that report exists 🤷♂️ Here is the food one for instance, with EXACT month to month pricing for every food item they measure. Have fun 🤓 https://www.statcan.gc.ca/en/topics-start/food-price
MigWeer @mig65weer · 7d
I think numbers have to be a tad bit higher. In the end I have realized wealth is really dependent on frame of mind. I have been on all fronts. I am a dentist and do fairly well but went from a great life with wealth to one where I still had good money and earning but lost a lot in divorce. The system forced a sizeable payout to a lazy spouse who didn't really work. Lost my matrimonial home proceeds and a large portion of my RRSP to equalize on the value of my practice value and spousal support for almost 20 yrs of marriage. On top of that I had custody of the kids and had them all in boarding private. Mindset had to change for me to recover given the economic changes over the past 10 yrs.... Educated them, learned to avoid things and enjoy the simple things in life and invest a large bulk of my income while maintaining a rental thereby not getting sucked into home ownership. Decided to buy back my cars off lease and hold onto them. Less entertainment and eating out allowed me to grow net worth in just 10 years to recover. Lots can't do that but young people if they watch spending, compounding is an amazing thing. In the end I'll be ok. We have to remember interest rates can vary anytime. As long as you don't put your hat where you can't reach we can survive the storm. I have always believed in buy with cash and don't have unnecessary debt and use other people's money to make you money. Hopefully throw a bit of luck into the equation and it all works out just fine.
Not Financial Advice @anpc86 · 7d
I am going to do some research on this... but frankly, it's the beginning of the K-shaped economy/society, imho the fruition of the "participation ribbon" mentality of raising children and helicopter parents, and people assume government can just be trusted and will(should) take care of your housing, income, healthcare... maybe yes to a point but have some agency about it (save, invest, compound, give yourself options, think critically). some of the stories you read about the hardship of Canadians, it's hard times...
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