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To the original poster, yes, interest does exceed 11% here in CR. But only in what you pay on your mortgage in colones. For those with rates not locked in or in US$, the rate jumped by about 50% last year.
Alberto…. Thanks to sites like this and the information it provides… most of us do live well below our means…. hence the reason we can even dream about/and make a reality of a life in Costa Rica… unlike the poor folks stuck on the treadmill of life that never get any closer to the carrot.
As for the original poster… I think he was more asking about interest on investment (ie bank deposits)… 11% might be realistic… but only on accounts in colones… which after factoring in the dollar exchange rate and the almost constant change in the exchange rate… really isn’t worth the risk.
I doubt anyone here really knew what was going to happen and when. Having a vague clue that things would not go well indefinitely is not he same as making a life decision based on predicitions of what was precisely likely to happen.
I am a stock trader. One thing I have learned learned in this business is that there is a huge difference between saying you believe something and acting on those beliefs. If anyone here believes with certitude that we are headed for a world wide crisis involving the destruction of currencies and the ensuing food and fuel shortages with the attending rioting and total breakdown of societies, then you would be acting right now in order to get your butt high up in the mountains where you would be building stores of food.
In the meantime, it is entertaining to discuss the possibilities and probablities without ever lifting a finger in reaction. For those of us who are fortunate enough to not be embroiled in the worst of this crisis, it is also easy to pat ourselves on the backs as wise people who mad decisions early on that saved our bacon. I won;t do that, thjough. My bacon was saved by pure chance..and nobody’s bacon is eternally safe anyway form what I believe might be coming at us.
Edited on Mar 11, 2009 08:58
Edited on Mar 11, 2009 08:59
Well I certainly couldn’t predict how corrupt the deacons of Wall Street were, but when I felt that the price someone was willing to pay me for my house was crazy, I sold and moved to Costa Rica.
Having seen the speed of collapse in the dot com saga, we didn’t wait to time the market. I didn’t need charts and graphs, only gut instinct that something was again out of balance. We live in CR comfortably and don’t see much change here from the melt down up there. A few more contractors looking for work, but the world is still turning. Pura Vida.
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