Tuesday, July 16, 2013

Tuesday Tip: RRSPs

Even though you may be starting out in your career and feel that you have decades to build up an RRSP, I am here to tell you to start NOW. My father was told when he was my age that if he started investing in an RRSP then, by retirement he'd be close to, if not over, a million. Well guess what? We aren't millionaires and my dad is still working even though he's officially retired. Why? Because he didn't take the advice that so many people overlook or fluff off in their twenties. 

I don't know about you but I fully intend on enjoying retirement. I know it's a good 30-40 years away but when I hit the twilight of my life, I want to be able to kick back and be financially sound. I'm also super lucky that I get an RRSP contribution at my current job. So I made the decision at the tender age of 23 to begin investing in my future and opened a mutual fund. Guess what? It felt pretty good. It also made me feel like an official adult. 

Whether it's a GIC, Mutual Fund or Bonds, it is so important to begin considering saving for retirement. Otherwise, life could get in the way and 30 years from now you'll be scratching your head wondering why you have so little left to enjoy. 

To find out more about Canadian investing opportunities go to your local bank You can also check out the Fund Library which is a great resource for new investors. 

PS: I discovered Daily Worth, which is an amazing financial resource for women. So many interesting articles and advice!

UPDATE: One of my professors kindly directed me to this blog about Canadian investments as well - Canadian Couch Potato (Thanks David!)

UPDATE 2: I don't know a whole lot about investments except that I should make some, therefore, I'm open to advice. That said, I've been told TFSAs are also a great idea for young professionals! 

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