Starting out?

[Musclehead]

What's a good way to start out investing some money for someone who just started a carreer? I was thinking about RRSP's, but it is optimal to buy them around Jan and I was too late. I want to put some money into something and just have it grow and get fatter and fatter without me having to do much lol. I guess I should talk to a financial planner at my bank and set something up, but I haven't had much time. I don't want to end up on a crappy pension when I'm older and not be able to afford anything....I want to live it up when I retire......MUCH further down the road lol.

[St]

Does you job have a pension plan?
I do like GIC index,you put down 500.00 and lock it in 3 or 5 years,and if the index goes up you get up to 75% interest in five years.But if the index doesn't go up then you still have your coin.

[leeroy]

Look for the $5000 tax free savings account in 2009. Secure and tax free. Will be a great return in 10-15 years savings.

[St]

Look for the $5000 tax free savings account in 2009. Secure and tax free. Will be a great return in 10-15 years savings.

Won't be great if the NDP,or the Liberals get back into power you will just get it up the ass.

[Mr.Freeze]

yeah but at least the Liberals puts vaseline.lol

[MuSuLPhReAk]

Won't be great if the NDP,or the Liberals get back into power you will just get it up the ass.

Not sure if that will go over well with the general population though. It'll be a death sentence for any party that will take it out now.

[dainbramaged]

Not sure if that will go over well with the general population though. It'll be a death sentence for any party that will take it out now.

You would think so. Can't see anyone in the middle class NOT wanting this. Of course, if someone in government tries to get rid of it, it'd be interesting to see what justification they use.

[Musclehead]

Smart Tony, yes I do pay into a pension. I want to be living much better off though when I'm at retirement age.....pensions don't seem like enough these days. I don't like the idea of RRSP's because you get charged for cashing them. I need to do some research.

[St]

Smart Tony, yes I do pay into a pension. I want to be living much better off though when I'm at retirement age.....pensions don't seem like enough these days. I don't like the idea of RRSP's because you get charged for cashing them. I need to do some research.

Ya with RRSP you lose 10% when you cash them in.Then look into the GIC index fund great return.

[shithead]

Split the deck and have a few smaller investments rather than one large one.

[Diesel_250]

If you have a pension GIC's and Mutual Funds are the way to go. If you have that pension when you retire and you invested in RRSP's when you cash them in not only do you take a 10% hit but it puts you into a higher tax bracket.

[Diesel_250]

just talked to a financial planner today, he said GIC's are on the decline. Best way to go is to get a nonregistered account, its tax free and unlike a GIC or RRSP if you need to get your money out you can do it in 3 days with no hit.

[theboss]

mutual funds...but you have to accept that to make money you have to risk what you have...its easy to lose..but just as easy to gain....i like to make weekly purchases into different funds...actually i do it all through my bank..each day i make purchases automatically..its a good way to save and make $$

[scubadiver]

No kidding about losing out on one investment, especially in the stock market... I transferred my entire RRSP from GIC to 2 indexs fund last year. It's been painful watching it lose 50% of it's value. I can't take it out now because it's not a huge amount, so it's there for the next 15 years. Hopefully more than enough time to bounce back and then some.

Good luck with your choices.


mutual funds...but you have to accept that to make money you have to risk what you have...its easy to lose..but just as easy to gain....i like to make weekly purchases into different funds...actually i do it all through my bank..each day i make purchases automatically..its a good way to save and make $$

[BAM]

Stuff your money in your mattress and wait for better times.

[cedric]

Smart Tony, yes I do pay into a pension. I want to be living much better off though when I'm at retirement age.....pensions don't seem like enough these days. I don't like the idea of RRSP's because you get charged for cashing them. I need to do some research.

yes, but did you not say youre also looking for long-term growth? think about it as bb. over the years you keep training etc. sometimes for whatever life circumstances, injuries, life etc. your diet getes all ****ed up or you dont train, and your body gets into a slump, but over the long run you come out a winner. rrsp's are tax shelter as well

[#8]

Find yourself a knowledgeable hedge fund manager, let him move money for you.