Thinking of RRSPs. Any idea?

Hi guys,

I need some sugguestions. I%26#039;m turning 21 in a week, and i%26#039;m starting to think more about my futre such as rrsp etc.

I don%26#039;t have any investments at the movements. I%26#039;m interested in getting RRSp, which bank do you guys suggest i should get from? I was looking at President%26#039;s choice, and their offering 4.10% for RRSPs, do you think thats a good rate? How much do you think i should put in? I%26#039;m going to get a loan from the bank for the RRSP, Thinking of about $3000 atlease.

this question goes to ppl in Canada, since we don%26#039;t have the good rates as americans...loll

Thinking of RRSPs. Any idea?online loan

You can certainly do that, but you might want to think about putting money in mutual funds automatically every month. They have a lot more ups and downs, but over the long haul they will generally earn you more money. (Like, 7-15% instead of 4%). You can get some through banks, but other investment companies offer them as well. You should ideally look at the performance history of the fund, consider how much risk you are personally willing to take, and think about what they%26#039;re investing in, in general, before you pick one.

With mutual funds, sometimes they go down instead of up, but over the long run, you%26#039;re likely to see a lot more up than down. Because you%26#039;re not going to need that money for many years, you can afford to let the value of your investments bounce around. Then at some point when you are nearing retirement age and the market is high, you can transfer your investments to something with a fixed rate of return so you won%26#039;t risk having to cash in when your investments are having a bad month.

Thinking of RRSPs. Any idea?

loan

Starting early is the key to building up a lot of wealth.

Also like the previous poster if you%26#039;re willing to accept a little bit of market risk mutual funds might be a good idea. TD Canada Trust runs eFunds which are the cheapest index mutual funds in the Canadian fund business with MERs of approx 0.5%.