SOS 2008 RRSP

Yesterday, I finish (again!) early at my morning job, so I call RBC to transfer the mutual funds I transfer too quickly into the free of tax savings account into RRSP. And it was quitted of a challenge. At first, I call and ask if they could transfer the mutual funds I had in the free of tax account outside of it, so after, I could just visit a financial advisor who could had just transferred everything into RRSP and printed out the taxes paper I desperately need. I got the entire plan in my head on how it should have been done, but it didn’t exactly turn out the way I wanted!! lol!! The person I first talk to over the phone explain to me that they would be able to do all the transactions needed onsite. So I ask if someone was available for that afternoon. I had an appointment an hour later with a financial advisor. Until there, everything was working find. Until I actually meet the financial advisor lol!!!

It didn’t turn out the way I wanted. The financial advisor didn’t agree with the move, from moving the mutual funds out of the free of tax account into RRSP. She wanted me to take a RRSP loan at 4.75% with no payment for the first 2 months or something like that.

But hey, where in the world was I going to take the money for a loan? I already have 15 000$ or so in debts right now. Anyway, as I saw she just didn’t want to follow my plan, I apologize to her, saying I had to think about it. But the worst part was when she actually tell me that investing in mutual funds was for long term investment (like am I looking that dumb) and explain I should definitely take a loan and invest in… no mutual funds (that was the worst part was to come) but in MONEY MARKET FUNDS. And I the end, forget about making money through my investments!!! What a shame!

BUT WHY DID SHE WANT ME TO INVEST IN MONEY MARKET FUNDS?

I didn’t ask. I didn’t want to destroy her self-esteem forever.

She gave me a card that I throw away in a garbage can. Before that, she told me she would give me a call to see if I was interested. But I told her not too bother, that I was going to call her (lol) and that anyway, the number I had was just paging number.

Immediately after, I call RBC. And over the phone I explain what I wanted without talking about the meting I just had and without talking about the RRSP loan. But the agent I talk too also suggest me a RRSP loan him too! I was liked what the hell is going on?

RBC is too sell oriented and a bank should be there to help out small investor and it’s a real shame that having to deal with the stupidest financial advisors of all time and ever of my life I will invest through a financial institution. With a brokerage account – no investor profile, no « update » needed (because if I do not update, everything get freeze and out of control).

Anyway, at the end, I explain to the agent that I didn’t have any money left for new investment this year and that I already had a student loan. It was like a desperate situation. It was like no one was willing to help me! I am the one who’s working 80 hours per week for the money and things are going to be one the way I want them! And it did!

But he finally agrees to help me out. But before that, he put me on hold, and I wait and wait and than, I learn the happy news, it was going to be ok; he will transfer everything into RRSP.

But there again (lol!!), I run out of luck.

He calls me in the evening around 8PM because one of the funds I have is now close and it couldn’t be move into RRSP. Financial system is so suck, the only thing it make me wanna do is to run away and never look back. For the rest, it was ok, but the other funds had been put into RRSP. Finally.

Financial advisors really suck and they are just like sale persons and I really dislike financial advisors. I try many times to deal with them, but each time, it didn’t work out too well, as they wanted to keep too much control on my assets. Like I don’t have too much money here and all the decisions regarding my money will be mines. All mines, for the better or the worst.

Dealing with bank, financial advisor and mutual funds, but especially mutual funds is complicated. Its seem like I couldn’t just get the thing transfer like that. They had to sell, and purchase back to transform it into RRSP. Or something like that. But I do not really want to learn more about it. What a nightmare. Or what a nightmare am I.

Next step, is CIBC and Desjardins. I am basically taking everything I have out of RRSP (as mutual funds) and turning them into RRSP. It’s taking a lot of my time and I find taxes, RRSP and financial advisors very annoying and frustrating.

I now understand how it’s all work

And I am very excited and I need more cash! Because I want to Stop working right now! But in 2 hours from now, I will be back at work.

At the time I write this, I taught that PGF.UN was provided a 2.04$ annual dividend…. I was so wrong, but I don’t remember I get the 2.04$ info from where. No better source than the Web site of the company itself… I visited PGF.UN Web site… and oh surprise, the annual dividend is being set at 2.70$... Knowing I purchase last week 300 stocks, I will earn, in 2009, the income of 810$ of that investment alone… WOW!

It took me times and 3 DF books to understand but I finally get it, purchasing stocks is the way out. And it’s part of the reason why it didn’t take me too long before purchasing PGF.UN. For a 9.70$ per stocks, I received 2.70$. Which is around 21% of the initial value of 9.70$ in return.

I read here and there that there was going to have a dividend cut around this stocks. But still, I do not mind and I do not worry too much about it. On this date, the PGF.UN Web site still advertise 2.70$ in annual dividend.

I just keep thinking about it and went with this idea:

I do not make any big expenses and usually, my expenses for a month are around 1 200$, up to 1 500$ when I am in a shopping mood. So lets say I am need of a total income of 15 000$ per year. PGF pay 2.70$ per share.

If I calculate: 15 000$ ⁄2.70$ = 5 556 stocks. Which mean I need 5 556 stocks of PGF.UN to reach an income of 15 000$ per year. It’s about all I need for my little living.

Right now, PGF is at 9.81$.

5 556 x 9.81$ = 54 504.36$

All I need is the amount of 54 504.36$ and invest in all in PGF.UN.

But of course, I cannot just invest in a one stock. But….. It’s quite tempting to do so! Especially with PGF.UN.

My goal is not to become rich, it’s just to make my life easier and, if not retired early, just make a more comfortable living and move in something that’s a bit bigger than a 1 and a half apartment lol. And after that, who care about the market volability?

On my every day life

As I just get up early to go to work this morning for nothing. There was no work for me and I had been send back home. I am getting sick of this situation as sometime there’s work and some time not. It’s getting really frustrating. But it was part of my fault, as I didn’t call the previous evening to see if there was work for the next morning. I didn’t call because I taught there was enough work. Yesterday, I did my full shift, 4.5 hours, and everything went fine. Anyway, it’s a chance I can write about it, its provide at least a small release. I call it therapeutic blogging.

The trick with having multiple jobs is to remain calm when critical situation like this one happen. But I feel I deserve better treatment. In the morning, I am free from 8-9am until 3pm the latest. I can barely work 22.5 hours per week at the morning job I have right now and it’s been going on like this for several weeks now. And not only for me, for all other employees too.

I do not really want to get involve into job searching as I dislike searching for job and at a certain point, I just gave up, get into 3 jobs and that’s all. But now the plan is getting hurt a bit because one of them is just not working out correctly. I give myself until the end of the week to see what I will do about it. For now, I enjoy my free morning. But I am just not using the time correctly as I had my RRSP to look at and other. At this time, the situation is not critical. Last week, I work around 19 hours or so, and earn 200$. I just want to earn extra cash at this time.

I just take a quick look at my stocks and right now, PGF.UN is up to 9.83$, FTS is at 24.27$, SSI remain at 4$, which is better, and TIM down to 4.29$, BNS up at 31.52$, MX up at 12.04$, my funny BN down at 0.02 cents… and I could continue watching like this all day long, but it wouldn’t make any difference.

I had a friendly talk, if I can call with a colleague of mine. It was getting really quiet and than he begins to ask me why I was working at this place, the salary is low; I am bilingual (!!) and so on. The funny part came when he told me that I was the only one around who was a Quebecker and than, I told him proudly that I wasn’t a Quebecker, that I am from New Brunswick and so on… I didn’t go through the overall explanations, but part of the reason I have that night shift because its allow me to have a morning and beginning of the afternoon other job. And its also allow me to wok at another place during the weekend. But of course, I didn’t go through all this with him.

And another part of the reason why I remain like this is that before I had a well paying job, back in somewhere 2006, I was around 20$ per hour, but too much was taking away from the pay check – part of it was for the wealth benefits we were receiving and they were also taking money for my RRSP. That year, for the taxes, I was all mess up and really dislike the initiative, as I almost end up investing too much in my RRSP. Anyway, at the end, I was only touching 535$ after taxes per week on my pay check and I couldn’t take any other job with that one because it was too much. It’s after that job experience that I begin to make big money and invest in stocks and so on. And I am happily ever after and never regret the move.

Why Crestsreet Alternative Energy Fund is such a pain?

I invest 1 000$ in the Crestsreet Alternative Energy Fund back on January 5th over the phone with my broker. I taught everything was fine… until I consult my account online. Than, on the 9th, at the time I purchase some PGF stocks, the order had not been executed. I could clearly see that the order had been placed as I wanted, but the problem was that the order haven’t been executed and it date of today, the issue is still the same, even if I had been told by TD that the order would had been executed by Friday (of the 9th). I was quitted disappointed because when I proceed to the purchase over the phone on the 5th of January, I wasn’t told anything regarding the time of the process.

TD Waterhouse really suck and those people do not give a damn about small investors. If I would had knows it would had take so much time, I would probably not invest in the Crestsreet Alternative Energy. Instead, I would have purchased an extra 100 stocks of PGF.UN, which would had made a total of 400 stocks at an annual dividend of 2.04$...

Last week that just pass, I do not what happen to me, I just borrow almost 5 000$ on my credit lign and I invest in that miserable mutual fund and all the rest in PGF.UN. I really wanted to make my move. I was fascinated by Crestsreet Alternative Energy and I was totally enthusiast by the 2.04$ annual dividend of Pengrowth Energy.

And just like a fellow reader wrote to me previously, there’s never been a better time to invest, and I really believe it’s true. My only regret is not having enough money to invest. I do not worry too much of the money I took form my credit line.

I now have a tax-free savings account

I was quite busy this week as I try to figure out a plan to make things better for me. I realize – but too lately, that I have invested too much in mutual funds. But I believe it was something I had to figure out by myself. It took be time and several reading if DF books. However, I do not regret any attends I made.

I finally read Money for Nothing of DF. At first, the reading was difficult, but I bring the book at work with me to read over again and some guy notice I was reading and come to me, asking what I was reading. At work, it’s aloud to read a book when do not received calls, but we are not allowed to magazines. And recently, we are not receiving as much calls as usual. I just hope I won’t loose my job.

Anyway, I show him the book and he asked me if I had money invested in stocks. I told him that no, that I was only reading the book for fun, telling him that the author was pretty good and that he had self-published 2 other one before this one and so on. I never told anyone about my investments I do not plan to do so. No one knows about my 50 000$. Let say I do not talk to others about my money. I prefer not too and its part of the reason why I prefer to blog anonymously and just to have fun with it by my own. And I have to say, I would look pretty stupid if I would go out about it, as my 3 jobs pay, 10.68$, 12$ and 10$ per hour.

Earlier this week, I open a tax-free savings account at RBC and I transfer some of my mutual funds in there. I was quite happy to learn that it’s possible to reinvest the amount of money I could withdraw from the savings account. It’s a huge benefit. But knowing how much I am paying in taxes, I really needed something like this at this time as my overall earnings before taxes make it around 43 000$. It’s not that much, but for me, it’s a lot. And it might be a lot for the government too as I expect to be paying extra taxes on this salary, unless I invest in my 2008 RRSP.

As usual, I did not invest in a month-to-month basis in my RRSP. With my terrible job situation, I prefer, as always, to wait at the beginning of the New Year. And with all the investments I made this year, I do not have extra money to invest in my RRSP. At this point, I realized I might have done my move too quick in the savings account. The issue being that if I do not invest the max of my limit for the 2008 RRSP, I will probably have to pay extra in taxes. And I currently do not have a penny left to pay on taxes.

I consider moving some of my non RRSP mutual funds into my 2008 RRSP.

May 2009 be the year

I had been searching lately for a mutual fund or stock that would had help me gain money – knowing that I had lost so much so far. That’s part of the reason why I purchase Fortis. And its part of the reason why I purchase Dereck Foster third book just today actually.

Today I was off from my 2 jobs and I really enjoy the stay. I sleep in and I went downtown. Some stores were open until 9pm. It was amazing.

On my way, I went to Chapter. Read on some magazines about Angelina Jolie, Britney Spears and so on and, it wasn’t plan from me, I went on the upper floors and there, I saw it, it was it, the third book of Dereck Foster. So I told myself, why not? And there you go, I went home with the book. At first, I read a couple of pages, and I was like gees, he is repeating himself from his previous books, talking about mutual funds and their fees and blabla… But than, I begin to read some new content, something about options… There, I decide to purchase the book, as I felt there was something new right there. And I felt that it was important to purchase and not just to read directly on the spot. One of the reason why of this is that everyone deserve to earn money from what they want to share with others and second, I couldn’t understand at first what it was all about so I decide to buy to study the book at home… oh lol! And I didn’t read it yet.

In the meantime, I am just looking for easy alternative to make money. And I am really sucked at investing. I lost around 15 000$ if not more. But anyway, I just continue doing my way. And there it comes, the Creststreet Alternative Energy Fund (CAM400). The fund had provided a very huge benefit of 21.33% within the last 3 months. This is the kind of return I am looking for. I first did a search on MorningStar. Only the Horizons BetaPro catch my eyes, but those are closes now, from what I understand. After what I go through La Presse Affaires. And there I read Creststreet Alternative Energy Fund. The minimum investment is of 1 000$, which is perfect for me. I read in Canadian Business about the fund and for some people, the fund is kind of suspicious. And no one seems to know about the fund fees. And someone told that the fund had provided 1% in return per week…. For 1 000$, I have nothing to loose. And after loosing so much, I decide to give it a try. My next purchase, on Monday 5th will be Creststreet Alternative Energy Fund.