Comments on: The RRSP Book Review and Giveaway http://www.thefinancialblogger.com/the-rrsp-book-review-and-giveaway/ This is where your finance takes place Thu, 09 Feb 2012 04:02:52 +0000 hourly 1 http://wordpress.org/?v=3.2.1 By: Book Giveaway #4: RRSPs by Yours Truly : WhereDoesAllMyMoneyGo.com http://www.thefinancialblogger.com/the-rrsp-book-review-and-giveaway/comment-page-1/#comment-4630 Book Giveaway #4: RRSPs by Yours Truly : WhereDoesAllMyMoneyGo.com Thu, 29 Jan 2009 02:47:10 +0000 http://www.thefinancialblogger.com/the-rrsp-book-review-and-giveaway/#comment-4630 [...] The Financial Blogger [...] [...] The Financial Blogger [...]

]]> By: Brenna http://www.thefinancialblogger.com/the-rrsp-book-review-and-giveaway/comment-page-1/#comment-1710 Brenna Thu, 24 Jan 2008 15:17:08 +0000 http://www.thefinancialblogger.com/the-rrsp-book-review-and-giveaway/#comment-1710 Time is on my side and when I got my first job I put away 10% gross to savings into my IRA and 10% to build wealth. I have fully funded my IRAs and my husband IRAs as well as investing my money to work for me at a greater percentage than the banks > 15%. I would love to retire prior to my 40s and having RRSPs to support myself later on because I can't rely on these funds until I'm retired anyway. Time is on my side and when I got my first job I put away 10% gross to savings into my IRA and 10% to build wealth. I have fully funded my IRAs and my husband IRAs as well as investing my money to work for me at a greater percentage than the banks > 15%. I would love to retire prior to my 40s and having RRSPs to support myself later on because I can’t rely on these funds until I’m retired anyway.

]]> By: Stephen Winters http://www.thefinancialblogger.com/the-rrsp-book-review-and-giveaway/comment-page-1/#comment-1708 Stephen Winters Thu, 24 Jan 2008 02:36:41 +0000 http://www.thefinancialblogger.com/the-rrsp-book-review-and-giveaway/#comment-1708 The debate between RRSP and paying down your mortgage. I have read many articles on both. Each raving about how good the other is. My RRSP opinion.....I do extra mortgage and RRSP payments 50%. Great blog. Keep up the great work. The debate between RRSP and paying down your mortgage. I have read many articles on both. Each raving about how good the other is. My RRSP opinion…..I do extra mortgage and RRSP payments 50%.
Great blog. Keep up the great work.

]]> By: The RRSP Book Contest Winner | Quest For Four Pillars http://www.thefinancialblogger.com/the-rrsp-book-review-and-giveaway/comment-page-1/#comment-1704 The RRSP Book Contest Winner | Quest For Four Pillars Wed, 23 Jan 2008 08:03:04 +0000 http://www.thefinancialblogger.com/the-rrsp-book-review-and-giveaway/#comment-1704 [...] The Financial Blogger [...] [...] The Financial Blogger [...]

]]> By: Jason http://www.thefinancialblogger.com/the-rrsp-book-review-and-giveaway/comment-page-1/#comment-1699 Jason Tue, 22 Jan 2008 19:42:31 +0000 http://www.thefinancialblogger.com/the-rrsp-book-review-and-giveaway/#comment-1699 To be honest, I have never heard of RRSP's before today, or at least that term. I alway love reading an article that forces me to do a google search and learn even more. Thanks! To be honest, I have never heard of RRSP’s before today, or at least that term. I alway love reading an article that forces me to do a google search and learn even more. Thanks!

]]> By: Chris H http://www.thefinancialblogger.com/the-rrsp-book-review-and-giveaway/comment-page-1/#comment-1698 Chris H Tue, 22 Jan 2008 15:48:53 +0000 http://www.thefinancialblogger.com/the-rrsp-book-review-and-giveaway/#comment-1698 I like the contest. RRSP's are a big part of my retirement plan. Put money in when you are in the higher income brackets - take it out when you are in the lower earning brackets. Works for me. I like the contest. RRSP’s are a big part of my retirement plan. Put money in when you are in the higher income brackets – take it out when you are in the lower earning brackets. Works for me.

]]> By: WhereDoesAllMyMoneyGo.com http://www.thefinancialblogger.com/the-rrsp-book-review-and-giveaway/comment-page-1/#comment-1689 WhereDoesAllMyMoneyGo.com Tue, 22 Jan 2008 03:48:50 +0000 http://www.thefinancialblogger.com/the-rrsp-book-review-and-giveaway/#comment-1689 Hi FB - sorry, it is not yet available on Amazon or any other online retailers - probably another 6 weeks. It won't be in stores until after the deadline I'm sure. But, for those who want to buy a copy NOW, they can buy it at the book's website: http://www.theRRSPbook.com Thanks for running the review and contest! Cheers, Preet Hi FB – sorry, it is not yet available on Amazon or any other online retailers – probably another 6 weeks. It won’t be in stores until after the deadline I’m sure.

But, for those who want to buy a copy NOW, they can buy it at the book’s website:

http://www.theRRSPbook.com

Thanks for running the review and contest!

Cheers,
Preet

]]> By: Joel http://www.thefinancialblogger.com/the-rrsp-book-review-and-giveaway/comment-page-1/#comment-1688 Joel Tue, 22 Jan 2008 01:54:08 +0000 http://www.thefinancialblogger.com/the-rrsp-book-review-and-giveaway/#comment-1688 I would love to win the book :) I would love to win the book :)

]]> By: The RRSP Book - Review And Contest | Quest For Four Pillars http://www.thefinancialblogger.com/the-rrsp-book-review-and-giveaway/comment-page-1/#comment-1687 The RRSP Book - Review And Contest | Quest For Four Pillars Tue, 22 Jan 2008 01:17:06 +0000 http://www.thefinancialblogger.com/the-rrsp-book-review-and-giveaway/#comment-1687 [...] at The Financial Blogger also did a review - check it [...] [...] at The Financial Blogger also did a review – check it [...]

]]> By: sundae1888 http://www.thefinancialblogger.com/the-rrsp-book-review-and-giveaway/comment-page-1/#comment-1685 sundae1888 Mon, 21 Jan 2008 22:13:28 +0000 http://www.thefinancialblogger.com/the-rrsp-book-review-and-giveaway/#comment-1685 In principle, I RRSP is a good thing. I try to contribution as much as I can/should into my RRSP every year. In addition to examining the tax brackets of the current year (2007), I also checked 2008's tax rates and brackets to determine the amount I should contribute this year in order to minimize the total tax I have to pay. On the other hand, I won't borrow to contribute unless I can pay it back within a quarter. (The interest rate on unsecured loan is too high, and I personally hate owing people money.) Additionally, I won't move my existing non-registered investments into RRSP. The investments are not inside a registered account for a reason: they are either taxed more favourably than income, , involves higher risks, and/or needs to be liquid. I view my RRSP as a last-resort, a retirement safety net. As such, my investment strategy inside RRSP will be more conservative than my normal trading account. Currently, the majority of my RRSP are held inside PCF's Interest Plus RRSP. I like it because the interest rate is as good as, or sometimes better than, many 1-year GIC, but without being locked in. This year, when the stock market tanks (further), I will move the majority of it to index funds and high quality stocks. One concern I have regarding RRSP is contributing too much -- I am not a big fan of RRIF due to the minimum withdrawal. I will have to work out the numbers before I'm required to collapse my RRSP. Good thing I'm not yet 30 (almost there). :) In principle, I RRSP is a good thing. I try to contribution as much as I can/should into my RRSP every year. In addition to examining the tax brackets of the current year (2007), I also checked 2008′s tax rates and brackets to determine the amount I should contribute this year in order to minimize the total tax I have to pay.

On the other hand, I won’t borrow to contribute unless I can pay it back within a quarter. (The interest rate on unsecured loan is too high, and I personally hate owing people money.)

Additionally, I won’t move my existing non-registered investments into RRSP. The investments are not inside a registered account for a reason: they are either taxed more favourably than income, , involves higher risks, and/or needs to be liquid.

I view my RRSP as a last-resort, a retirement safety net. As such, my investment strategy inside RRSP will be more conservative than my normal trading account. Currently, the majority of my RRSP are held inside PCF’s Interest Plus RRSP. I like it because the interest rate is as good as, or sometimes better than, many 1-year GIC, but without being locked in. This year, when the stock market tanks (further), I will move the majority of it to index funds and high quality stocks.

One concern I have regarding RRSP is contributing too much — I am not a big fan of RRIF due to the minimum withdrawal. I will have to work out the numbers before I’m required to collapse my RRSP. Good thing I’m not yet 30 (almost there). :)

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