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Investing

What Is Forex Trading? A Guide For Beginners

Wine, gold, real estate and collectibles are popular alternative investments to cash and stocks. Trading currencies, or forex, however, is an investment gaining popularity among investors looking for alternatives to the volatile stock market. Here, we will look at how to start trading forex.

Warning: You should always seek professional advice before commencing with forex trading as it is a highly leveraged financial product which comes with risks. Never invest more than you can afford to lose. If in doubt, do NOT trade.

January 25, 2012

Investing

How To Avoid TFSA Transfer Out Fees

If you currently have a Tax Free Savings Account (TFSA) at a financial institution but you would prefer to have it somewhere else, the good news is that you are able to transfer it; The bad news is that most (if not all) financial institutions will charge you a transfer out fee ranging from $50 to $100.

There are ways that you can avoid this transfer out fee. Check out the tips below to see if one of these will work for you.

November 25, 2011

Investing

How Many Hours Did You Work For Yourself Last Week?

I am reading through David Bach’s book entitled The Automatic Millionaire. It is a very straightforward, easy to read book about how to set yourself up for success financially no matter how much money you earn.

One of the neat things Bach brings up in the book is the question: “How many hours did you work for yourself last week?” If you look back to last week and discover that you didn’t save a penny of your earnings, then that means you didn’t actually work for yourself at all.

April 4, 2011

Investing

Is It Wise To Put Money Back Into An RRSP After A Withdrawal?

If you had to withdraw funds from your RRSP in 2010, the good news is that you still have until March 1, 2011 to make a contribution to help offset your withdrawal. Although you will never get your contribution room back for the amount you took out, at least you won’t suffer as many tax penalties by putting some or all of the money back.

However, before you decide to put the money back, make sure that you can truly afford to do so. If you don’t already have some money set aside for emergencies, then it is probably better to refrain from adding any additional money into your RRSP. Why? Because you are just as likely to end up having to make another RRSP withdrawal and then it defeats the purpose of contributing to an RRSP altogether. Just be prepared to pay some tax in the Spring.

January 6, 2011

Investing

Start Saving For Retirement When You Are Young

Have you ever stopped to think about how long your retirement may last? For some people, retirement can be as much as one third of their lives! That can be a daunting thought considering we need to prepare for retirement during our working years and hope we have saved enough.

Due to advanced technology in the healthcare field, it is much easier for many folks to live a lot longer than they might have anticipated. In order to prepare thoroughly, we must start saving for retirement as soon as possible.

January 4, 2011

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