I’ve always wanted to have a rental property but the “side problems” that comes with turn me off a little bit…. I am definitely not a handyman

I already got no 1. But, if you’re not a handyman or do not know one working for «a beer and a pizza»… be prepared to put your money on the table. Hopefully, we’re quite handy my (future)husband and I, as our pals… and they like being paid with beer and pizza

Also, I got my income property with the (now dead) CHMC 40 years mortgage, because we didn’t had 20% money for downpayment… and because we were’nt sure we want to keep it forever, so with taxes it was better that way.

And… I DO NOT RECOMMEND ANYONE DOING THIS… Seriously I’m telling you, it drove me insane for the past 2 years, and remember we’re quite handy! So keep your money and mental wellness if you’re not sure you have enough money AND enough skills to take care of this by yourself.

If you have both… well have it inspected before you make an offer (I’m sooo happy we did!), and… go!

I am not going to debate about the stock market since no one can predict the future. However, the past 100 years of history has shown that the stock market always rebound.

Since there is no way to tell if the stock market will continue to go up or not, the only way to make sure you are part of the next bull market is to stay invested.

If you go out the market and stick with GIC’s, don’t ever come back. Because if you do, you will do it after 2 or 3 years of growth and will have missed most of the bull market. Then, the market will go down again and you will lose more than you have gained

The economic situation is not perfect in Canada and it is worst in the USA. However, if you have a well diversified portfolio, you should also have stocks in Asia. China and India are doing well and it is the same thing in Australia (they have increased their interest rate a few times this fall).

As for the price of oil, well this is always commented by clowns. They said it was going to hit $200, then $10 and now I am not surprise they talk about $150 I don’t really read about oil price prediction… I prefer to see a fortune teller LOL!

#1 I understand that you may have run into some clowns (there are clowns that work as financial advisor / stock broker ). However, 2% won’t get you anywhere closed to a comfortable retirement.

Let say that you need $500K to retire at the age of 65. If you are 30, you will need to put $8,269 per year at 3% (let’s presume interest rate will rise). If you invest a part of your money in the sock market, you can aim for a 5% to 6% return (conservatively). Therefore, you only need $4,987 per year to get 500K in 35 year (at 5.5%).

I have clients who invested in 2004 and their 2009 investment statements are showing returns around 4% to 5% and this include the worst stock market crash ever since the Great Depression. In a few years, they will show a lot more money than the 2 – 3 or even 4% return by GIC’s.

#2 We don’t have inflation this year, but if you want to look at this year, the stock market soared by 30%. When inflation will come back, your 3% yield will seem pretty small.

In the end, you can still go with GIC’s, however, you will have to put a lot more money aside to make sure you have enough to live at 65….

I hope you find a good financial advisor one day!

where is it?

my taxes where i live i get 15% discount
nat gas bill get 10-20% discount on what the province charges
if inflation is here then why havn’t we seen higher gic rates
the bigggest problem for negative return could be the stock markett !! going forward !

and i would pay no taxes in a Tfsa acct

sorry but iv’e had bad run in with 2 fincial planners and 1 stock broker they were no good none of them
Gic’s are better than all of them comibined
and people with managed money will have to pay HST to the ont gov’t
have fun with that one to

Unfortunately, most savings account work with promotions and end-up with lower rate after a few months…

There online bank offer 2% savings no FEES no MIN

And 3.6% on a 5 yr gic