Comments on: The RRSP Book Review and Giveaway

By: Brenna

Brenna — Thu, 24 Jan 2008 15:17:08 +0000

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

Stephen Winters — Thu, 24 Jan 2008 02:36:41 +0000

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

The RRSP Book Contest Winner | Quest For Four Pillars — Wed, 23 Jan 2008 08:03:04 +0000

[...] The Financial Blogger [...]

By: Jason

Jason — Tue, 22 Jan 2008 19:42:31 +0000

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

Chris H — Tue, 22 Jan 2008 15:48:53 +0000

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

WhereDoesAllMyMoneyGo.com — Tue, 22 Jan 2008 03:48:50 +0000

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

Joel — Tue, 22 Jan 2008 01:54:08 +0000

I would love to win the book

By: The RRSP Book - Review And Contest | Quest For Four Pillars

The RRSP Book - Review And Contest | Quest For Four Pillars — Tue, 22 Jan 2008 01:17:06 +0000

[...] at The Financial Blogger also did a review - check it [...]

By: sundae1888

sundae1888 — Mon, 21 Jan 2008 22:13:28 +0000

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).

By: Chris

Chris — Mon, 21 Jan 2008 21:45:35 +0000

I always try and keep on top of my RRSP. Sometimes, I wonder whether I contribute too much when I read the blogs of those who disclose their assets…

I’m hoping to win the book…