I know there's a forum, but not everyone frequents the finance forum.. I was reading today that 40% of Canadians have no long term savings... this really blew my mind... (I also fell asleep right after reading this, so it may have been 40% of Canadians do have long term savings... either way....) So, take the poll!
I got mine too .. only $75 dollars .... gotta start somewheres! Well. actually its $100 , they sent out the statement before my last payment.
I have heard these stats before, it's crazy how many people don't have RRSPs/long term savings. I started mine when I was 22. I have my own RRSP, group RRSP and Employee Share Program so I'll be fine by the time I want to retire. I avoid looking at my statments because I know they look horrible, but when the markets recover everything will be fine so I'm not worried.
I opened my RRSP when I was 17 years old making about $14K a year, and have made a contribution every week since. I'm currently putting about 11% into it, along with 5% through my employer that gets matched. For fucks sakes people, if you don't have an RRSP, go open one. $500 up front (in most cases I think...) and as little as $25 a month after that. How can you possibly not afford $25 a month...
i have 7% of my salary going into rrsp i have 3% of my salary going into non-registered investments. ususally I`ll roll a portion of my non-registered investments into my rrsp once tax time comes. i also as of last year started to voluntarily added 1.5% to my pension.
I contribute 10% to RRSP Employer Contributes 15% to RRSP I try to save 4-5% for Non-registered Employee stock savings plan and Employee Stock options plan. I consider them saving becuase if they are ever actually worth something, I will probably invest quite a bit of it.
It's all about starting to invest while you're young! Check out this graph for investing $1000/year (that's less than $90/month), if you start early you're laughing!
I started when I was 21 ... and I put 25$ a month .. does that mean when Im 60+ ill have over $ 321.000 in savings? Shit ...... I think I'm way off.
I can't afford $25/month....:-( I'll be like every other male in my family, working until the day i croak.
This is the last year i'll be able to contribute 25% penalty free. I'm still exhausting a ton of carry forward room from university.
Lost about 35% in my RRSP portfolio this year. I made an extra large lump-sum contribution a few months back. I'd rather buy more while things are down. I'm not even remotely concerned. I've got another 20-25 years before I'll be considering withdrawing from it...
Yes, I have long term savings. I think it would be ironic if I didn't practice what I preach. I've always been a saver. Ever since I got my first job at 16, I've always tucked money away, at first just into a savings account, and more into the markets throughout university. Idrivemyrentsvan is absolutely right. Start early even if you can't afford much, because compound interest will add up big time. You can start investing in mutual funds with a $300 lump sum, or $25 a month. $25 a month is a meal at a restaurant. Stay home one night a month instead of going out to eat. There is no excuse whatsoever to not be contributing at least that. I find for most young people, it comes down to laziness. They don't want to sit down for 30 minutes and fill out an application. People, take the 30 minutes and invest in your future. I'm an Investment Rep so if anyone has questions, shoot me a PM. I have a feeling though that most people that know they should be investing already are, and the rest are too lazy to care.
I have a few different vehicles for long term, RRSP is down but I am continuting to dump money in. I was reading an release my dad forwarded to me and it makes sense. Basically it states that if any store, dealership ex. had sales between 30-80% people would be lining up to take advantage of the deals. However, with the uncertainty and no immediate payback for your money people are hesitant to invest. If you have extra cash laying around it is not a bad time to get in if you are young and can tolerate the risk.
Investment Loans may also be an effective strategy if you are in it for the long term. The markets are cheap, and rates are low. Take what you would normally be investing monthly and apply it towards the interest or interest/principle depending on the set up of the loan.
Fuck ya, anyone who doesnt have some sorta deal going on for retirement....I pity the fuck outta them, with our economy and all......Fuck knows what the future will bring.
