This article was written during the 2008 financial meltdown, when global markets were in freefall, governments were improvising, and RRSP holders were lighting candles in the hope that their balances would stop shrinking. Even though the world looks different in 2025: pandemics, inflation waves, tech layoffs, and geopolitical chaos the same question still lingers: Is it safe? Spoiler: still NO!
Too Long: Didn’t Read (TL:DR)
One of the most terrifying movies I have ever sat through is Marathon Man, which stars Sir Lawrence Oliver as a crazed Nazi dentist hiding jewels and Dustin Hoffman as a pawn in the entire scheme. In this movie, there is a set of scenes where the crazed Nazi dentist torments the Dustin Hoffman character with a hobby drill. The dentist drills his teeth, and his only question is, “Is it safe?”. Just recollecting this scene puts the chills up my spine, but it is a good metaphor for any of the current financial crises we have had over the past few years.
At the macro level, governments have no idea whether “It is safe.” They don’t know the answer to the question, but in fact, this movie is an even more potent metaphor at the level of Personal Finance.
Are We Safe?
Is it safe? What does that mean? Is our money safe? Are our jobs secure? Are our lifestyles safe? Is our family safe? Is that safe? Are my RRSPs safe? Is it safe to retire? Is my house safe? (to paraphrase a frantic Dustin Hoffman), The question without context is tricky to answer, and there is the more complicated part: what is the answer?
Is it safe? I have no idea, but I think we are all fighting to find out “Is it safe?” (financially, health-wise, life in general). I hope we are safe, but I guess we really won’t know what the question means and what the answer is until the latest crisis ends, now, will we?
Are you safe? How can you make yourself safe? Is safety what we should be looking for?
Is it Safe?
I hope we are safe (Spoiler: Nope)
TL: DR Is it Safe Redux 2025
Most Canadians don’t realize their financial exposure until a crisis reveals it: job loss, market drops, inflation spikes, or government policy shifts. I wrote this when I was laid off from Nortel, and that was an eye-opener.
The real trick isn’t being safe, it’s being mostly bullet-proof. Your finances don’t need to be invincible; they need shock absorbers. Emergency funds, diversified portfolios, employable skills, and flexible budgets do more for safety than guessing what the markets will do next. How about getting out of debt?
Financial Risk is like plaque, ignore it long enough and something’s going to get drilled.
Really Terrible Dad Humour
And yes, destructive news cycles will keep coming. But being prepared at least dulls the drill.
So it is not safe?
If you leave your retirement funds in Nortel’s pension plan instead of moving it to a LIRA, I’m not going to read your blog anymore. 🙂 Just kidding.