financial planning secrets in Canada
Financial Planning secrets in Canada Go to: --keep investing 10 percent of your income. --start financial planning the earlier the better --Nobody cares as much about your money as you do,you have to take responsibility for your own future, it's not hard. --invest 10 percent of all you make for long term growth, not just save, invest for growth. --most people convert wants into needs easily, that's why they can't save money. --pay yourself first. pay-yourself-ten-percent-first rule. -- invest into mutual fund, e.g equity mutual fund managed by good manager. benefits: 1.professional management. 2.diversification 3.hands-off, you don't have to track and trade it all the time. good for working people --how to choose mutual funds actually is to choose a good fund manager, by reading financial columns in newspaper, go to financial forum to ask. -- you may buy monthly by sign a pre-authorized chequing plan. but don't sign contractual plans. -- interest is fully taxable but capital gains of mutual funds is not fully taxable. and you won't pay tax if you don't sell your funds. -- you may also invest a real estate if the market is stable and going up and the rent can cover your mortgage.and the interest rate is good. -- for selecting property, locate a agent with good reputation. -- do not: abuse credit cards, no RRSP (Next: estate planning ) |