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Lesley Scorgie, author of Rich by 30 a young adults guide to financial success, with Rob Carrick from the Globe and Mail discuss financial tips for 20 somethings. * How do I get rich by 30? * How much of your paycheck should you save? * How do you decide where to put your savings? * What are the... More
Added Jan 14, 2010
Channel Education
Duration 4:7 | views 2984
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Recent Comments 8
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Tags buying a house tfsa gic money market house poor afford payments tax-free savings accounts rrsp resp paycheck debt student financial literacy spending money investing saving financial tips 20 somethings get rich lesley scorgie rob carrick globe and mail
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Recent Comments (8)
naheedg Says:
if you have utilized a good chunk of your TFSA room, it's worth it to explore better investment options, assuming you don't require those funds in the next year or two. Consider preferred shares, corporate bonds, or income funds. If you have 5 years + until you need the funds, consider blue chip/dividend paying equities. 7-10% is the historic range of long term equity returns
hyeinee Says:
I agree. Most of the financial gurus estimate the rate of return at 7-10%. If that's the case, a million dollars over 30years of compounding is possible. But where are they finding these generous interest rates? My TFSA can barely maintain a 2% return!
naheedg Says:
Disagree with most points here. Simple example is if someone earns $50k, 10% saved is $5k. $5k x 30years is $150,000; 15% wouldn't be that much more. Assuming 3% net return (after inflation), it's only $240k. Fine you could argue reinvest the tax refund. But the millionaire concept?? RRSP doesn't provide more room than TFSA!!! It depends on income!!! And RESP guarantees 20% in grants - can an RRSP do that? NO, again, it depends on income. And how about mention of the HBP (home buyers plan)?
naheedg Says:
agreed...it's not clear how she's built up her wealth, good for her either way.
naheedg Says:
i believe she is 28/29
MsEFinancialChoices Says:
such a cool information shred..and tips..thanks for the uploads..!!
playranges123 Says:
typical bad "common sense" investing advice...probly plans to get rich by 30 with selling her investing books
partyhouse88 Says:
i wonder how old she is