Originally Posted by marek
That's because people don't manage their $$$ properly. At my workplace the hourly rate for a assembly line employee is over $30/hr and yet most people live cheque to cheque and they get paid weekly and make a min of 8 hrs of OT a week!!
In fact there is a visible minority of people that ask for a pay advance on a regular basis.
The smart ones, have no mortgage, a few rental properties and sizable savings and no consumer debt.
The reason a good portion of those 60% that live pay to pay would be in trouble is because they are STUPID. That's right I said it.
^ Good Post.
I’ve never been to India (or China), but from friends who’ve bought houses and cars for parents in the major cities of India, it’s not cheap. Not everyone lives in “Tents” covered in filth. Ignorance is bliss…
Take a look at properties outside of New Deli (New Deli would be more)..... $253K USD, and I bet they don’t have much of a mortgage.
I looked into investment properties there. Gone are the days of buying a house for $25K USD in India near major cities.
*** See picture below
You’ll naturally have more India’s or Chinese with more education, because those societies put a greater importance on education (A lot of them have done their master’s and PHD’s here in North America
Things we learned in grade 10 science/physics are taught in grade 7/8 in major Indian schools.
And we are “not allowed” to fail or keep kids back a grade if they don’t pass….. nice!!!
That’s why in India, a bus driver, construction worker, or an assembly worker wouldn’t make an equiv of $60K/year. Education = $$$$$ not physical labour.
There are jobs. It was actually hard to hire Engineer’s who were truly smart (not book smart). Some people don't interview well. Some just passed by. Some went to bad schools.
Jobs went to two Indians who did their undergrads at Waterloo and UofT.
Among the whites, the work ethics was not there – a sense of entitlement was.
But here, because of the unions, you have bus drivers and auto workers making $60-$80K/year and most likely more than a new engineering graduate.
I know tons of these TTC/Union works…. No education at all… making very good money, waiting to retire with big pensions. Thanks Unions!!!!
Having house prices drop by 50% sounds great for people (more affordable), but that would mean huge unemployment, drop in the GDP, loss of jobs. You think the states was bad……
Buying a house would be the least of your worries.