Many moons ago, when I opened my RRSP, I parked the money in a basic savings account, earning a pathetic amount of interest. Not only that, but I didn’t realize I was making significant money mistakes – sabotaging growth… missing out on benefits…
Why???
Because I didn’t know any better!
Over time, I slowly learned more efficient ways to make my RRSP work for ME – how to earn more meaningful amounts of money by investing and compounding my returns—tactics to minimize my taxes by planning ahead.
The RRSP deadline is coming up this week on March 1st, so I took on the monumental task of attempting to put together a comprehensive guide for Canadians on Registered Retirement Savings Plans. While it doesn’t cover everything, it goes over many of the basics and possibly even some features you didn’t know.
Either way, I hope you’ll come away with at least a little something new!
Pixelated Portraits Changing Hands for $760,000 | CryptoPunks
Think Bitcoin is crazy? Wait until you get a load of this. I first heard about this on the FIGarage podcast – people are now trading what amounts to ‘unique’ pieces of digital art (which could be argued if it’s “visual” art or if the art is in the concept.) Anyway, this is almost similar to trading digital currency because the value is derived mainly from scarcity. Take “CryptoPunks” for example – artwork initially free to be claimed by anyone, only 10,000 in existence and are now trading for $1,000’s of dollars to the highest bidder. Why would anyone want one of these? That remains a mystery to me.
How to Invest in 2021 – TFSA Rules Explained | Courtney Stephen
I came across Courtney Stephen’s website on Twitter and found a great video on TFSA rules along with a beautiful explanation of how to use your TFSA appropriately – what you should be using it for and what your shouldn’t. He’s got a cool website with other videos and lots of useful information for people who are just getting into investing, with the goal to have you Make, Manage and Multiply your money. Hopefully, he can inspire even more young adults to get interested in investing.
Teaching Kids About Stocks | PassiveCanadianIncome
Rob over at Passive Canadian Income had a great idea for teaching his young son how to invest. Having your kids set aside some of their allowance is a common money-saving lesson, but getting them interested in investing at an early age is even better. The biggest advantage young people have on their side when investing, is time. It can be incredibly boring watching small sums of money grow initially, amounts that seem like nothing. But once it begins to snowball, it can be amazing and exciting. Check out which stock they decided to purchase together and how much the first dividend payment was.
Check out the latest articles on the homepage, including “5 Defensive Canadian Stocks I’m Buying in 2021“, and have a great week!
