I still have not invested in RRSPs. I am 25 and have thought about them but haven't looked too deep into what it all means. It's a bit confusing with the GICs, Mutual Funds etc.
Currently I have two bank accounts: Scotiabank, and ING Direct.
Where should I contribute to RRSPs? Should I be looking into GICs or Mutual Funds? What is the safest route to go?
What do you do?
In other news, I worked three days this past week which were really good. I enjoyed them a lot. I had a game night with D and two friends. D and I watched a couple movies this weekend and went out for ice cream and sat by the lake. It was a chilly weekend compared to normal. It was nice to hang out with him and hope to see him again soon.
I also contributed $600 to my TFSA on payday Friday woohoo.
I think that with GICs you need a minimum amount to open one up. I have one with ING and I think they required a min. of $500.
ReplyDeleteSo I currently have a GIC with ING as well as their Streetwise Mutual Funds and just a regular old RSP Savings account. And then with my regular bank I have a set amount I contribute towards RRSPs.
I have mutual funds through TD. I've never had a GIC
ReplyDeleteI have an RSP account and mutual funds with ING. I think ING usually has the highest interest rates. I stopped contributing to that RSP when I got them through work because now it comes off my paycheck. But once I dont work there anymore, depending on my next job if they dont have RSPs I will just go back to using my ING one.
ReplyDeleteThinking of RSPs at your age is a great thing - think of all the growth potential, you have until you retire. I started when I was 25 and am so glad I did, though, now I wish I would have listened to my parents and started even sooner. I have been contributing monthly, with automatic transfers going into mutual funds inside of an RSP. I treat it as a bill payment and account for it that way into our monthly budget.
ReplyDeleteWe also have Non-Registerd Money Market Funds for monthly savings for a Vacation Fund and for Emergency Fund, Property Tax and Short Term Savings for big purchases - It's a lot of different Money Market Funds, but each one is identifiable (with a purpose/goal) and each one has a contribution automatically directed to it each month.
Good on you, for contributing to a TFSA.
Keep up the good work!