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Investing

Check out Bloomberg.com For Current Market Info

If you are interested in finding up to date information on how the economy is doing, Bloomberg.com is a great resource to start with.  It’s a reputable financial website that includes loads of information on the current market situation, and much more.  If you are just beginning to learn about investing and finance, you will appreciate the glossary containing explanations for confusing acronyms and other financial lingo.

The site contains information on stocks and bonds, and has well-written articles describing unemployment, the growth or decline of retail sales, and other interesting tidbits that will give you an idea of how the economy is doing.

One of its great features is  a wide variety of financial calculators for savings, loan payments, retirement, mortgages, currencies, and more.  There is also “breaking news” on subjects such as Politics, Law, Arts and Culture, Sports, Science, etc. in addition to the current financial news.

The site is not limited to just one location either.  It contains information on the Americas, Asia, as well as Europe.  I find it very informative and I like the layout of the site a lot.

Bloomberg.com is worth checking out to keep on top of things.  Whether you are a novice or an experienced investor, you will be able to appreciate the information and tools available to you.

August 31, 2009
Investing

Some Fast Facts About RRSPs

An RRSP (Registered Retirement Savings Plan) can be a great way for Canadians to save money for retirement.  They have various advantages and disadvantages and some of them are discussed below.

First of all, the advantages:

  • Your contributions to an RRSP are tax-deductible.  You don’t pay tax until you withdraw from it.  Hopefully you won’t have to withdraw any of the funds until you retire.  Presumably you will be in a lower tax bracket by the time you retire and as a result you will pay less tax.
  • Any income or capital gains earned from RRSPs is also tax deferred.
  • You can split your retirement income by contributing to a spousal RRSP and as a result your household will pay less tax.
  • RRSPs can be transferred from one financial institution to another and you can have more than one.

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August 19, 2009
Investing

5 Quick Investment Tips

Below are some quick investment tips to keep in mind before pursuing any type of investment.  While investing your money is definitely a good idea, it’s important to make sure you are doing your due diligence prior to making any decisions.

1.  Before making any hasty investment decisions, be sure to get professional advice from someone you trust that is completely independent of the investment opportunity.

2.   Make sure to check the credentials of the investment company before dealing with them.

3.  Understand that investments involve an element of risk and cannot guarantee a return.  If the companies tell you otherwise, be very wary.

4.  Don’t sign up for anything immediately and don’t let anyone pressure you to make quick decisions. If the investment is legitimate they will have no problem letting you do your due diligence before committing to anything.

5.  Check out the past performance of the investments and if it is unavailable find out why.

June 15, 2009
Investing

Avoid Investment Scams

Investments scams are everywhere. Every time you receive an unsolicited email or phone call about an “opportunity” it is likely to be a scam. It is important to pay attention to the warning signs so you don’t get fooled into falling for any of them.

Here are some things to watch out for:

1. Guarantees for success or promises that the opportunity is risk free.

2. Promises that you will make lots of money really fast and/or that the opportunity is risk free.

3. Sob stories from strangers asking you for favors in helping them access bank accounts.

4. Requests to invest offshore and benefit from tax sheltering.

5. Being told that you must keep the investment opportunity confidential.

April 27, 2009