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Thursday, September 20, 2007

I have 9 459.13$ sleeping in my bank account

I now, it's awful, I have thousands and thousands of dollars who are currently inactive. It's very bad, knowing that the money, put at 4.75% could give me 463.06$. But the real question that I have been asking myself is: how I was able to save so much! I am quite impress I have to say. And I am quite tired too. I have problems to stay awake starting at 11h in the morning. And the coffee at the coffee machine is not great and there's no place to buy coffee around. Its bushes all over the place. I have free transportation to get to the job.

I am quite busy and I will be until December. Until there, I will have to continue to work at 2 jobs at the same time, doing 33 hours at one and 37.5 hours at he other one. It's not as bad as it look since I can sleep in Sunday morning. It's just that I do not have too much time to deal with other things, like, for example, looking for an account that will keep my money save and will provide a high interest. I want to be able to have access to the money at any time, whenever I need it. And doing my laundry and my grocery can be quite challenging, especially when I decide to sleep in on Sunday. I begin to work at 12 on Sunday. Anyway, the work schedule is crazy and I am quite excited about my mutual funds. I made over 900$ by doing nothing except investing. I just knew that my mutual funds would get better. I just hate the summer that we had.

I have a ING account, but I don't want to use it. So I keep waiting, and I keep loosing money. I am waiting to see what RBC will have to offer when I will open an account with them and after that, I will see.

It's still easier to give a call to Caisse Desjardins and ask for the rate they have for one of those placement that you can have access to your money at anytime. Last time, I had a 2.5% with Desjardins and I could have access to my money at anytime. I just needed to give another call so the interest and the money go back in my regular account to access to the money.

As you can see, I am still a beginner and I have too much to do with my little money.


Q said...


If you are sitting on 9800, why not pay off your debt.

Here's why:

If you have $3800 at 10% you are paying $380 in interest (non deductible, so you are paying after tax dollars)

The $463 you could earn in an account with 4.75% will be taxed and you will have to pay 24% (possibly higher in la belle province) on that $463 dollars.

Get yourself debt free ASAP.


Sunny said...

Hi Q,

Thanks for the reply and the good advice. I have been reading a bit on finance and it's true it's always better to pay off debt before investing. But my situation is a little bit different. I have one stable job that provide me an average income of 1 100$ monthly after tax. With that income, I usually pay my regular expenses, like rent, food, etc... But for the rest, I am on contract, so I don't have a good deal of permanent income that I am sure that will come in my pocket. That's why I prefer to invest than paying debt, but I might start paying some, at least the credit card debt.

Q said...


Look at how much your monthly payments for your debts are.

You are paying that with "after tax dollars" meaning you don't get any benefit to the borrowing.

Once you have the debt paid off, keep making the same payment, but put it in your savings account.

Just a thought



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