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Thursday, January 24, 2008

I place a total of 2 500$ for my RRSP so far

And I have another 2 500$ to place. I still wonder where I am going to place the money, but I still time. I wanted to do everything yesterday and today regarding my RRSP investment for 2007, but let's say I have done what I could for now. All those things have exhausted me, plus, I went to a job interview (for a second job).

So yesterday, I had an appointment at CIBC. I went there, the representative was cool, and he was ok to give me what I wanted. I invest 1 000$ in the CIBC Monthly Income Fund for my RRSP. I also invest 500$ in the CIBC Dividend Fund (non RRSP) and also 500$ in the CIBC Emerging Markets Index Fund (non RRSP). I haven't invested in mutual funds since a while now, and I just wanted to put some money somewhere, even if I know what's going right now in the US and everything.

So far, for my RRSP, I have invested in, yes, mutual funds, but also in GICs. Since my situation is not very stable and, let say it, that I don't have a good situation, no pension plan coming from any employers, etc.... I decided to invest in some GIC. But knowing that I have both RRSP and non RRSP investment, it won't hurt that much I believe to put money in a save place, like RRSP. Dividend funds and Monthly Income Fund are pretty save too.

So today, I went to the RBC, have buy 1 000$ in a GIC, 3 years, Canadian market and 500$ in RBC Dividend, both for my RRSP.
I still have a 1 500$ to invest and I don't know yet where to put the money.


A R S H I said...

Dear friend
its good to know that you care about your future and retirement.

Here are your words "I went there, the representative was cool, and he was ok to give me what I wanted". I have few questions for you

1. Are these funds suits your risk tolerance.
2. Are these funds suits your Investment style.
3. Are you advised on how investments in registered and non registered vehicles meet your goal.
4. Do you know 75% of current income is required in your retirement years? Is your $1000 investment meeting such targets.

I assume your are a young man in age of building wealth. WHY GICS?

Gics avg. annual rate of return 4%
Annual rate of Inflation 3%
what you getting 1%

Is it all you want to earn from your wise investments.

Moreover, if your situation is not will not help but a right INSURANCE will.

Sunny said...

I am a young woman. I invest in the product I find interesting. CIBC Monthly Income Fund had win an award for being the best investmnt in its category. As for GIC, I had a couple of them, and GIC I pick from Desjardins and RBC had good potential of growth. With a GIC of Desjardins, I got a rturn of mor than 100 in just 2 years. Not bad for an initial investment of 500$ I believe. The GIC I pick have a higher annual rate of return than 4%. My tolerance to risk is high, but I like to put some of my RRSP in risk-free investment. As for taxes and investment, I know I pay tax for the non-RRSP investment, but I am ok with that. I beleive my situation might not be so bad, becaus I am only missing about 16 000$ or something before reaching my first 50 000$. At my age, putting money in an insurance would be like throwing money away for expensive clothes, it won't help me in any way and I say no to insurances, since I am single with no kids yet.

A R S H I said...

Hey Sunny

I am not arguing you on the choice of investment u made but rather i was trying to bring in light things, which should be considered before investing.

I believe when you plan for your retirement, you should look for growth not income bcoz you are planning for 30-35 years not for a year or two.

GICs are good option but not if you are high risk tolerant. i would rather look for gics in later years when i go more conservative and preserve my wealth.

Sunny said...

I appreciate your review.

I mix GIC and mutual funds because I also have money put in non RRSP mutual funds, so the idea was to put some money at safe.

A R S H I said...

Hello Sunny

This is ashfaque sharif. hope u remember me? how is it going?

we had few comment exchanged over your topic " i place a total of $ 2500 for my rrsp so far".

well just wanted to find out how your portfolio is doing?

did u sat down with your advisor to review your portfolio after this ups and downs in market?

i know few investment option emerged as more safer tool than GIc's which are principal safe too.

i will like to sit down with you and discuss your portfolio. i mean taking a second opinion is not bad in any situation.i will buy you a coffee and gurantee that it will not be a waste of your time.

reply me back and have yourself a wonderful day

Sunny said...

Hi Ashfaque,

I am late at replying to you.

I have a broker account, it's for a reason, it's to avoid discussions with advisors :)


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