Quote:
Originally Posted by Myst
WG I used to think like you.. why change now when the rate is bad? The thing is if its going to get worse (like people are predicting) take advantage.
Say you have $200,000 right now in USD. You convert to CAD now at 0.93, you have $186,000CDN. In two months the rate is now 0.90. Convert that back to USD (if you want) and youve got $206,666 USD. Let the USD sit there like you are thinking right now, youre still going to have $200,000 in 2 months. I know you are one of the more successful people here.. and if you have a lot of US currency - youre not dealing with chump change..
Change it. Now. And when the new president takes office and everyone predicts the USD is going to go up.. do the opposite. Am I right or am I right?
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Actually I've prepaid 2007 taxes back in May (1.08) so I shouldn't need to pay anything next year in tax. Now the plan is to end the year with a loss (and since all my assets are in USD, that means I've lost 20% in assets already since January), then I should get a refund. That refund should cover my expenses until Spring of 2009. Hopefully by spring of 2009 the exchange rate will have stabilized back to par or better.