If you’re dreaming of an early retirement, you need to start saving at an early age, too.
That can be difficult if you’re just stepping into your first full-time job, or if you’re also saving for a house or paying off a student loan. While it’s true that paying down debt and saving for a home are important, the earlier you start saving for retirement, the greater the benefits of compounding. Read More…
But the problem is so many people are caught up in buying now that we dont feel it necessary to save for anything.
Blame the barage of tv ads saying 0% finance!
Now i feel sick to my stomach. I am 30-something and although i am comfortable financially i have not even looked into what an RRSP is.
The article fails to mention that exploiting one’s RRSP or equivalent through discount brokerage investing (e.g. low-fee ETFs) is the best approach.
The stock market, although it looks risky, is the best place to invest. In the long term it moves with inflation and goes up. It is far superior than to just put it in your savings account at relatively low (or no) interest at all.
I’ve been saving since i was 16. And i am still in trouble 🙁
I’m just going to lpay the lottery. That’s what everyone is doing. I’m the lucky one. You just wait until next week 😛
Yea but what if you’re 50? No point saving now and just roll over and…
This mentality to save is not strong in Canada and so its no wonder our kids have no incentive to save.
I commend CRA in trying to give incentives like TFSA and RRSP but for the young its not enough to inspire them.