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- January 5, 1965
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Actually... the quebec ice storm disaster occurred in Jan of 1998... the Toronto storm was sometime in early 1999. Two separate storms atleast a year apart. I was deployed for both.
The quebec one was particularly nasty because a storm a month or so earlier had already crippled many hydro towers, So the rest were very weak and the temp wooden ones couldnt deal with the ice from the Jan ice...
The Quebec one was a real disaster, for the Toronto one, I stayed in a nice hotel with my girl friend while we waited for the super storm that never arrived.
There is also TFSA.. tax free saving accounts. These dont provide the income tax shelter at the time of investment but they grow tax free forever. And you can add about 5k per year of investment.
Rule of 8 is a nice little rule to know. Take any sum... invest it @8% for 8 years and the initial investment doubles. So invest $5000 @ 8% for 8 years and you now have $10 000.00 all tax free. You will never pay a penny of tax on anything in your TFSA. Because you start with after tax income.
What I did for my wife was got her a money manager that she liked, and that she understood. I researched and interviewed a few. Any good one will show you what his investments earn typically and for the last 20 years say.
Banks provide this service but gouge you and you typically only make 1/4 what a manager will do for you. But that part is upto you.
my mother likes her small town banker so doesnt care if she gets 4% yearly return...where my wife's investments have averaged 16% over the same period.
But Doos is right.... investing works best when you pay it and forget it. automatic withdrawls... say $50/month forgets the RSVP and just put it in a TFSA. And forget it.... everytime you get a raise... call them and have them take a little more. When you TFSA is full each year... then go to RRSPs. This is retirement money.... leave it alone for 30 years and just keep adding a little bit each month... in 30 years I will be 85 years old and you can buy me a nice bowl of soup with your millions.
just invest and the sooner the better. you want to figure out how much you can afford to invest every year. Then do 12 equal monthly payments. That adds the strength of dollar cost averaging to your portfolio.
Surprisingly the most important part of the investment is the term. Not the amount. Think about it this way. If you were to invest 1 dollar a day for 35 years and average 8%-10% return on your investments you will be a millionaire when that term expires. And if it is grown in a tax free saving account then 100% of that growth is tax free.
It is nice to be 50 and only have to work to be challenged not because I want to eat.
My all-time favorite Canadian book is called THE WEALTHY BARBER. Reading it is the single best thing you can do for your retirement. Again... the sooner the better.
Any of you young parents out there.... start putting a dollar a day in your kids tax free saving account today. they will thank you when they can retire and pursue hobbies at 40 years of age
And yes all this works. I met my wife 9 years ago.... at that point she was recently divorced with a small investment nest egg but no retirement savings. Her net value now is about half a million but that has cost her around 750-1000 dollars a month...whereas if she had started 30 years ago... the amount she would have needed to invest would have been much less.