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Revscene Wall Street.
Consolidating debt? Good business tips? Buying stock? How's our economy doing? Discuss and share advice and tools on everyday banking, investing, wealth management and insurance. |
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09-12-2010, 11:31 PM
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#1 | | Banned (ABWS)
Join Date: Sep 2006 Location: vancouver
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| Extra Cash
So I have an extra 9k to play with right now. I was wondering what you would do to get the most guaranteed return for your money? I'm looking into GIC's but 1.2-1.6% for a year isn't really appealing  Any help or advice would be great! I plan on heading to Coast Capital and sitting down with a financial advisor and seeing what they have to say.
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09-12-2010, 11:36 PM
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#2 | | Rs has made me the woman i am today!
Join Date: Mar 2010 Location: PM
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buy a civic and rice it out.....
but seriously, maybe use that as a down payment on a cheap 1 BR appt located somewhere with a possible boom coming, maybe near a university where housing is going to be scare soon. Charge rent close to what the mortage payment is and you're good to go  sell it once you get close to peak and make a decent bit of money....
even more seriously buy a civic and go crazy then sell it to a high school kid
(Disclaimer) I hardly know anything about investment and there is wayyy more than what I just attempted to explain that the smarter, older guys will come in and help with
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09-13-2010, 08:07 AM
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#3 | | Rs has made me the man i am today!
Join Date: Apr 2004 Location: Vancouver
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if you want a safe investment...put it in a TFSA
ING is paying 2% right now
or you can buy a dividend paying stock within your TFSA...like BCE, BMO
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09-13-2010, 09:01 AM
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#4 | | Banned (ABWS)
Join Date: Feb 2009 Location: Kits/Richmond
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| Quote:
Originally Posted by Jgresch  (Disclaimer) I hardly know anything about investment and there is wayyy more than what I just attempted to explain that the smarter, older guys will come in and help with | No offense dude, yet please keep stuff like this in OT. The business forum has lots of informational posts, no need to clutter with typical OT non-sense replies.
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09-13-2010, 09:08 AM
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#5 | | Banned (ABWS)
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| Quote:
Originally Posted by waddy41 or you can buy a dividend paying stock within your TFSA...like BCE, BMO | He could, yet then his $9K might not be $9K by year end.
OP, since the $9K is "play" money, why not take some risk with it? Are you saving for something? Low risk means low reward, as you've already found out. Plus many of the higher paying "guaranteed" investments have lock in periods like GICs, so hopefully you don't need this money anytime soon.
If you're saving for a house someday (hopefully not someday soon, yet that';s another topic) then my suggestion would be to put all $9K into your RRSP (provided you have enough contribution room) and get a 20-35% return. Take that and put it back into your RRSP (provided you still have room). When it comes time to buy a house you can withdraw $25K from your RRSP using the HBP, and the above strategy means you'd be almost half way to $25K in your RRSP.
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09-13-2010, 09:32 AM
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#6 | | MiX iT Up!
Join Date: May 2006 Location: vancouver
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whats your risk tolerance
whats your time horizon
without those its hard to suggest anything..
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Make the effort and take the risk..
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09-13-2010, 10:38 AM
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#7 | | Revscene.net has a homepage?!
Join Date: Jun 2004 Location: Vancouver
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use time and money to read financial books get educated first
then use the 9K to invest it
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09-13-2010, 01:05 PM
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#8 | | Banned (ABWS)
Join Date: Sep 2006 Location: vancouver
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My dad is giving me 9K to buy a car, however I don't really feel like it's such an urgent or better yet, smart thing to do with the money when I can invest it and get an appreciating asset rather than a depreciating one. I don't want anything too risky, I would just like some sort of constant income from it, I was looking at the CCS website and was thinking of Income 40/60 fund. https://www.coastcapitalsavings.com/.../Income_40_60/
Any input?
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09-13-2010, 02:48 PM
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#9 | | Rs has made me the man i am today!
Join Date: Apr 2004 Location: Vancouver
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| Quote:
Originally Posted by taylor192 He could, yet then his $9K might not be $9K by year end. | Sorry Taylor, I don't know what you're trying to say.
Are you saying he'll spend some? or His investment will grow over $9k?
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09-13-2010, 03:35 PM
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#10 | | I contribute to threads in the offtopic forum
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Originally Posted by waddy41 Sorry Taylor, I don't know what you're trying to say.
Are you saying he'll spend some? or His investment will grow over $9k? | He's talking about what message forums seldom talk about regarding investing: losing money.
OP clearly wants to put his money where he won't lose his principal. So putting them in stocks is clearly the wrong vehicle. OP should consider GICs or a high interest savings account unless he's willing to up his risk tolerance.
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09-13-2010, 04:07 PM
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#11 | | I bringith the lowerballerith
Join Date: Dec 2003 Location: Vancouver
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| Quote:
Originally Posted by taylor192 He could, yet then his $9K might not be $9K by year end.
OP, since the $9K is "play" money, why not take some risk with it? Are you saving for something? Low risk means low reward, as you've already found out. Plus many of the higher paying "guaranteed" investments have lock in periods like GICs, so hopefully you don't need this money anytime soon.
If you're saving for a house someday (hopefully not someday soon, yet that';s another topic) then my suggestion would be to put all $9K into your RRSP (provided you have enough contribution room) and get a 20-35% return. Take that and put it back into your RRSP (provided you still have room). When it comes time to buy a house you can withdraw $25K from your RRSP using the HBP, and the above strategy means you'd be almost half way to $25K in your RRSP. |
Please elaborate on the 20-35% return on RRSP?
thanks
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09-13-2010, 04:21 PM
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#12 | | Banned (ABWS)
Join Date: Feb 2009 Location: Kits/Richmond
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Originally Posted by Spoon He's talking about what message forums seldom talk about regarding investing: losing money.
OP clearly wants to put his money where he won't lose his principal. So putting them in stocks is clearly the wrong vehicle. OP should consider GICs or a high interest savings account unless he's willing to up his risk tolerance. | Bang on. 
I'm still sitting on a lot of cash cause I don't know where to put it without losing money later this year. Canadian economy seems set for some bad news in the fall.
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09-13-2010, 04:26 PM
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#13 | | Banned (ABWS)
Join Date: Feb 2009 Location: Kits/Richmond
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Originally Posted by Nssan Please elaborate on the 20-35% return on RRSP?
thanks | Not much to elaborate on. Contribute to RRSP, it lowers your income, and thus lowers your tax bill. If you've paid more tax than your now lower tax bill, then you get a refund.
Thus if you made $30K/yr, you're in the 20% tax bracket. For every $1 you put in your RRSP, you now owe $0.20 less tax, so the government will give you a refund of $0.20.
Tax brackets are here: http://taxtips.ca/taxrates/bc.htm | |
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09-13-2010, 04:41 PM
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#14 | | Ubereem Mod
Join Date: Mar 2002 Location: Richmond
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meh, until you decide.
Park it into the savings. Best bet right at this point. Consider you have your options right now. And like people here, time frame probably one of the most important information we'll need.
1 year or 5 years, or anything in between and what's the usage of the money, retirement? Car, later on?
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09-15-2010, 12:04 AM
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#15 | | wants to know why blow-up dolls always look so surprised
Join Date: Jan 2007 Location: Vancouver
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Maybe consider participating whole life insurance or a term-100
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09-20-2010, 04:14 PM
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#16 | | I contribute to threads in the offtopic forum
Join Date: Dec 2003 Location: Vancouver
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Put it into a savings account for now until you decide what to do with it. RRSP is probably not the right way to go if you are looking at short term investment.
If you do go RRSP, use it to buy bank stocks.
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