So, how's the market treating you?

[thebitterguy]

Just got my RRSP statement today. My retirement savings have decreased in value by 17% this year.

Ruh ro, Raggy.

Posted via LiveJournal.app.

Comments

[granolademonic.livejournal.com]

Your future security decreased by a full fifth, you respond as Scooby-Doo would.

I salute your noble contributions to the fine art of Monte-pleasing.

[absinthe-dot-ca.livejournal.com]

Actually, his future only went down by a sixth. I know, quibble, quibble. :-)

[granolademonic.livejournal.com]

Bugger, you're right.

[creativedv8tion.livejournal.com]

's funny, mine's not gone up or down at all...

Oh, wait. Yeah.

[pyat.livejournal.com]

Ours went down by 11%... hey, remember when banks paid interest?

[thebitterguy]

Only vaguely. Thank God for the OTPP, eh?

[autobotsrollout.livejournal.com]

I don't have ANY investments! My "wait until I am in my mid-30s to actually have any money" plan is proceeding nicely.

[heron61.livejournal.com]

There are definitely advantages to not having more than a couple thousand in savings and nothing remotely resembling investments. Of course, there are also no shortage of disadvantages too...

[absinthe-dot-ca.livejournal.com]

Until you cash out your RRSP, you have neither gained nor lost any real money. So, don't fret about it. Odds are very good that within a year (two at most) the stock market will get back above 12000, possibly upwards of 15000. In the meantime, keep contributing - buy low and sell high, as they say.

[thebitterguy]

I know, it's still a bit of a slap in the face with a trout to see it spelled out in black and white.

Of course, I've had some very poorly performing investments up to date (I cry everytime I think about my company stock value), so this is just more of the same.

[velvetpage.livejournal.com]

I have two words for you - ING Direct. If you feel like you're throwing good money after bad, switch half your RRSP contributions to an ING Direct savings account. They'll earn interest there - three percent - which isn't much compared to what the stock market would earn on other investments in a normal year, but is a damn sight better than losing three times that much.

[troy-duffy.livejournal.com]

Saaave... your money!

[summ3r-daze.livejournal.com]

um.. maybe not such a good idea?
Taking money out of an RRSP will probably trigger Deferred Service Charge fees (anywhere from .5 to 5.5%, depending on how long you've held the funds) plus you'll pay Deregistration fees.
And yeah, you'll get 3% at ING, but trying to time the markets on when to move the money back is a loser's game. You can easily lose a huge percentage of your gain by not having the money in the fund when it starts its upswing. You'll have made a classic blunder (second only to being involved in a land war in Asia), you'll have sold when the market was down, and be buying when the market is going up.

The market is doing what it does. Best thing is to leave the money right where it is.
yeah, I work for a financial planner. does it show?

[velvetpage.livejournal.com]

I'm not saying to take money out that's already in there - just to cut down how much he's putting in for the moment if it's worrying him.

[redeem147.livejournal.com]

You're young. There's a very good chance they'll go up again. Meanwhile, make sure that the bank is investing in a diversified way - not putting all your eggs in one basket.

[madmanofprague.livejournal.com]

I'm getting evicted! Yay!

[thebitterguy]

Oh, fine, give me perspective.

CBC

[saltedlithium.wordpress.com (from livejournal.com)]

Have you thought about kidnapping a Canadian reporter for ransom? Seems like one of the few growth industries around.

Re: CBC

[thebitterguy]

Why do you love the terrorists so much?