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Old 09-12-2010, 11:31 PM   #1
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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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Old 09-12-2010, 11:36 PM   #2
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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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Old 09-13-2010, 08:07 AM   #3
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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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Old 09-13-2010, 09:01 AM   #4
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(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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Old 09-13-2010, 09:08 AM   #5
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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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Old 09-13-2010, 09:32 AM   #6
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whats your risk tolerance
whats your time horizon

without those its hard to suggest anything..
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Old 09-13-2010, 10:38 AM   #7
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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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Old 09-13-2010, 01:05 PM   #8
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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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Old 09-13-2010, 02:48 PM   #9
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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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Old 09-13-2010, 03:35 PM   #10
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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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Old 09-13-2010, 04:07 PM   #11
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Originally Posted by taylor192 View Post
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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Old 09-13-2010, 04:21 PM   #12
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Quote:
Originally Posted by Spoon View Post
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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Old 09-13-2010, 04:26 PM   #13
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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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Old 09-13-2010, 04:41 PM   #14
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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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Old 09-15-2010, 12:04 AM   #15
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Maybe consider participating whole life insurance or a term-100
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Old 09-20-2010, 04:14 PM   #16
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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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