The Canadian Economy.

Actually my friend it started with Reagan, and continued to evolved under Clinton and GWB made it something it should have never been...he should have halted it to make it better...not encouraged non accountability.

But what is the most hilarious in all this....Im not a liberal or democrat at all...lol.....im a republican and conservative through and through....im just not a fan of dumbass republicans or democrats...and GWB is the black dot for all Conservatives....followed by a very close hair second place....Sarah Palin

Lets just pray Bob Rae doesnt become finance minister here in Canada anytime soon....and or Jack Layton as the Opposition leader. These 2 clowns would make GWB and Sarah Palin win a nobel prize

 

GWB did win the Noble Peace Prize. Bar-talk Obama just picked it for him.

 

Besides, I don't care if your liberal, conservative, right,left, green .... whatever. I'm a realist. I liked Clinton, some of his policies I did not agree with but whatever. Like your boat, Ferrari, Big house etc... thank Reagan. He created the platform by which created more wealth to more people enhancing the 50's based economy to new heights. I hate typing so I am short forming and not getting too complex but educate yourself, and understand what brings us to where we are... trust me, this prick in the white house is a racist and has a deep hatred for you know who. Financed by non other (primarily) than Oprah Winfrey. When they get the chance, the will reverse what Reagan did and you can say good by to your Ferrari. Here's the best part, the media manipulations are so sophisticated, relentless and powerful that by the time that happens you will be conned into believing that you are happy to do so, under the guise of social responsibility of course. The people who don't want to work (the entitiled) will strip us of what we have worked for. I'll help you sleep a little, the chinese aren't ready to take the world...yet. Before that happens india will lap them, until then the States still has the largest consumer market in the world and it's mature. They have a 14 trillion $ highway system alone... If you want to know who is scares me, it's the Saudi's. GWB did what he had to do to get a base there. And he did it. Not for what the small minds believe and are led to believe.

****, I hate typing

 

Any suggestions I should be finalizing some RRSP investment - > Mutual funds and some into the tax free savings. I will be going through TD financial and will be investing aorund $10000. any input is welcomed and appreciated!

 

In my humble opinion, take $5000.00 put in your wife's/son's name. Put $5000.00 in your own name under the tax free investment program. Put it in Bank of America (BAC) and wait for 1yr. You will take care of your kids tuition. Tax Free. Investment advisors don't know their a$$h*le from a hole in the ground.

 

I'm 20 years old with no children and a girlfriend. I have $10000 to invest, my younger brother and I will put $2500 a piece into a tax free savings account under my name. $5000 into RRSP mutual funds, unsure where yet. This will save me enough for Christmas after which I will be employed and allow me to invest more of my money. RRSP will allow me to save my money and tax free remove it as it will be for my first home purchase in 3-5 years.

Thanks though anyone else have some more input into this?

 

Smart. One piece of advice. Make sure the girlfriend is on the same page. They have a propensity to change once you marry them.

A woman marries a man expecting he will change, but he doesn't.

A man marries a woman expecting that she won't change, and she does.

A woman worries about the future until she gets a husband.

A man never worries about the future until he gets a wife.

A successful man is one who makes more money than his wife can spend.

A successful woman is one who can find such a man.

 

That's great dude, but you have to pick the right vehicle. Mutual funds are great for teachers that brag about their pensions. Just because you are vested doesn't mean that it will appreciate.#1. At your age you have to be in stocks 100%. #2. Don't tell your girlfriend anything... other than you are broke... oh and you love her.

 

Love to hear it guys. I'm hoping to split up my mutual investments throwing 2 into high risk and 3 into medium. Please everyone inputs. I am just learning about all this stuff in my school programs and would like to be able to form my own opinion through advice and research!

EDIT: GIC's a nono as rates are silly low correct? What about a market growth GIC since we are in the ****ter at the moment...Just one idea please let me know !

 

For god sakes man! Who is advising you, ferris bueller's principal, a 70 year old civil servant retiree? You are 20 yrs old! You should be investing in the riskiest stuff out there, your recovery time is long if it fails, the market is still low overall and there is really good stuff out there that isn't suicidally risky. Don't listen to your prof. completely after all if he was really good at it he would be living in a spanish villa with Berlesconi as his drinking buddy. You are at the age to take risk, f#%k a thousand women and see as much as you can see.

Now go out there and do it!

 

This is bad advice

This is good advice

My advice is if you can save $50k...buy a small condo from a builder, in 2 years it will be built and you can rent it out and collect some income as it is appreciating in value.

 

My yearly income is under $10000 would take to long to save up to 50k. I will be getting engaged/married in the 3-5 year span so thats why I was looking toward a 3-5 year investment as a house would be the result of them.

This is the main reason RRSP's are inviting with the free of charge removal for first time home buyers. I know I got some money to throw around and it is a time for risky which is why I'm asking. I still need money for my Amsterdam trip, Montreal, Sunny Destination and Las vegas so I have that money to play with.

CLIFFNOTES: RRSP's still seem to be shining, Market growth GICs? USD currency? If anyone has someone who they would personally recommend please pm me with name/number, thanks!

 

If your yearly income is under $10,000 you don't need RRSPs because you're not paying taxes. RRSPs are good if you contribute when you're in a high tax bracket. When you retire you should be in a lower tax bracket. Hence you get a deduction at the 50% rate and withdraw when your tax rate is only 25%.

The other thing you got to think about is capital gains (ie risky investments such as stocks) within an RRSP. If you make a $100,000 capital gain only half is taxable. Therefore, $50,000 taxable capital gain at a marginal rate of let's say 50% is $25,000 in income taxes. When you make that same capital gain within an RRSP account the tax is $50,000 at the same 50% marginal rate because RRSP withdrawals are taxed in whole regardless of whether it's a caital gain , interest, or dividends. Something to think about.

 

The US is dead man walking. It is when not if they default.



http://www.scribd.com/doc/21708457/Sprott-Oct-2009-Comment

 

Fine sir, this guy is 20! Where/how is he going to make enough t save 50K in 2 years?

I'll tell you, STOCKS! and with 10K seed money that's what he needs to do. We are in a fantastic time of opportunity at the moment. There are Quality stocks available right now for cheap where the growth is all but certain. He can direct these within his RRSP.

Hertz alone experienced 3000% appreciation since march.

I certainly don't want to come off as a Know it all but seriously, look at this kids lifestyle he needs to make some big plays if he wants to support his activities and generate ample capital for a house purchase and not be squashed by the day to day expenses that he is about to encur like say ... ah... marriage...kids...her futher education...oops...etc...etc...

Complex percentage payback and juggling schemes are not what will do it for this kid at this time and with his current capital situation. Put the money in American blue chip companies that were punished during this recession forget about them and keep your head down for min 1 1/2 years. Then reap the rewards. The kid probably has his RRSP contribution loaned which is another factor to consider in his positioning. I didn't say don't listen to his prof at all, just to consider information from all aspects. I tend to listen to people who have demonstrated the ability to accumulate wealth in the real world, not some toyota driving so called "financial planner" with a CSC plack on the wall who punches a clock at some shabby bank branch.

good luck

 

How about work ? What happened to working to make a good living and save money ?

This stock nonsense is whats wrong with our economy, our life styles, and our moral beings.

The only real people making money are the brokers, and CEOs of these companies that lie about BS growth, and outsourcing jobs to india to make wall street numbers. The stock market of today, is no thte stock market of the 70s, and 80s..even 90s.

Im sorry, the system is crap...going into the stock market is no different today than going to casino rama. The guys on wall street are all scammers, just like our politicans, dont get me started on that again. I know jeff you will rebuttal how wrong i am, but thats ok.

 

Well I have been lucky with casino's to date!

 

Thomas, my best advice is to Listen to BigRed!

1000 people will have 1000 different opinions about money. The only true fact is that Hard Work and Saving Money will get you safely ahead.

Never mind Stocks, RRIFs, Mutual Funds, etc....that stuff is volatile and will only pay you money if your broker gets paid from it first!

Put some money in a savings account, put some money in Real Estate, and put what else is left over in the Funds or Stocks. You want to minimize your exposure to the 'stock market' because you really have no control over it. And like BigRed said, most of the brokers/managers are scammers looking to increase their profits before yours.

You are young... as you grow older and witness people and businesses getting boned by these 'managers' you will realize where the true value of your money should go.

Don't get me wrong, I am NOT prejudice against stock brokers and money managers, I use them often.....but you will see your hard earned money dissapear if you give it to someone other than yourself!!!

 

I do save which is why I was looking into RRSP/Tax free savings account or other things I can save money and let it gain interest. I will be putting a few into riskier accounts, $3000 or so maybe to see what happens.

In perspective I'm 20 years old, payed off my car, paid off this years school and books and live rather thrillingly. Aside from all this I can comfortably put $10000 away into savings so I think that speaks that I can save. I will be consulting BMO tomorrow than back to my personal bank, TD to speak to there financial adviser and fill up my tax free savings account.

The rest will wait a tad as I finish school and get back to working 6 days a week!

 

RRSP's are a waste.
you can never use or get the money out until the other end unless you want to give it all away in taxes. At the other end you will probably give it anyway in taxes anyways unless you are still POOR. If you are not planning on being poor RRSP's are a waste IMHO.

 

There are ways to take the RRSP money out tax free, or at a low rate, if you move to certain treaty countries or you engage in the manipulation of thinly traded stocks causing losses within an RRSP and gains outside the RRSP.

Just beware of the CRA and the GAAR provisons.

 

For me removing the money for a first time home purchase is penalty free and I will have to check with all the taxes and so fourth. I'm more into asking about the conjuction of $5000 tax free savings accounts.

 

Ok $5000 is in the tax free savings of course. Now I have some time to review where I want my other $5000 to go.

 

In your attic

 

$5000 in my attic is $5000, $5000 in the bank is $5003.45 after interest