Comments on: Fortunes, Fortunes, Everywhere!

By: Financial Samurai

Financial Samurai — Wed, 27 Apr 2011 16:18:13 +0000

The no-choice factor is a safety net which helps far more people than hurts imo. There are too many spendthrifts out there who detonate their finances, and ends up hurting the rest of us!

By: My University Money

My University Money — Wed, 27 Apr 2011 12:30:21 +0000

I work in Canada as a teacher and am hoping to one day be a recipient of one of those pensions. I actually would like to go to more of a USA-style defined contribution plan (I’m in a very tiny minority however). I hate the idea the someone else is responsible for my money earning far less on it then I might. I understand why the union provides this service (chiefly for people who can’t manage and invest their own money) but I wish we had the option. Say I wanted to use that money to fund my own small business, I do not have access to the money that I worked for, it is an automatic union deduction. I don’t like the no-choice factor, I just hope the current system holds up so under the boomer retirements and longer life expectancies. My gut tells me that my pension will look much different than the one I am funding for others right now.

By: engin33r

engin33r — Mon, 25 Apr 2011 23:07:46 +0000

Construction Management makes more than I thought. You can work with a general contractor for 10 years and expect to make 125-200k. Upper echelons can get in the 300-400k range (this includes bonuses). Not bad for needing a bachelor’s degree and decent communication skills (and it helps greatly to be a minority or female). I know plenty of people in construction who come from very diverse backgrounds (biology, sociology, engineering, math, golf course management).

These are not laborers, but those that manage the laborers.

By: krantcents

krantcents — Mon, 25 Apr 2011 23:02:22 +0000

If you go into a career purely for the high wages, you will probably fail! There are lots of jobs that pay very well, but I would not be very good at it. For example, auto mechanics at dealerships receive incentives and some make $200K! I would make a lousy auto mechanic. My philosophy is and always will be find something you love and you will be good at it! If you are good at it, you will be successful and well compensated. If you are not, you can leave!

By: Untemplater

Untemplater — Mon, 25 Apr 2011 18:55:18 +0000

The more options we have the better. I never would have guessed those dock workers make that kind of money!

By: Financial Samurai

Financial Samurai — Mon, 25 Apr 2011 17:26:16 +0000

Hi Ray, thanks for your thoughts. Yes, the capitalized present value of one’s pension is worth A BOAT LOAD. The private sector and public sector need to realize this when bashing each other or complaining. And, the healthier you are, and the longer you live, the more valuable the pension!

All about just being in the game, to take advantage of the inevitable upswings.

By: Darren

Darren — Mon, 25 Apr 2011 17:18:03 +0000

Yeah I agree that there’s more money out there than we can imagine. Not sure if people make more money than perception, but I believe people come across more money than they think in their lifetimes.

It’s just that they buy lots of stuff that they don’t really use or need, which drains them of their wealth-creating potential!

By: Squirrelers

Squirrelers — Mon, 25 Apr 2011 16:35:51 +0000

I know this was posted a while back, so this will be the 1st comment on this in a while. However, I have to say that you’re spot on here. People need to think broadly, and question assumptions about how tough things can be and how there are limited options. This is not to say things are easy for everyone because they certainly aren’t. However, there are opportunities out there that some just overlook.

Your pension example is great. I know some folks that are educators that may not be making big salaries now, but have very nice pensions lined up…..the type that corporate types (like many of us) aren’t a part of. The value of these pensions can be tremendous, and can be invaluable for retirement. Most people just don’t realize they’re out there.