Advice needed: RSP and Mutual Funds...
Im a new prospective investor and would like some advice on RSP and mutual funds... Does anyone know a good person to go talk to? We are in the GVR region, more specifically in Abbotsford.
My wife and I dont know anything about mutual funds as we have always invested in GICs etc. I don't have much in RRSPs (5K) and my wife has (10K). We will be starting to contribute to RRSPs every year starting this year. We will be maxing out our contributions. She has 28K available and I have 5K.
We are currently renting and looking to buy a house in the next year. We are likely going to be spending about 400K on the house and we are hoping to have 40% of a down payment. We will not be using our RRSPs as a down payment on the house.
I'm self-employed and expected to make between 60-70K a year and she is an employee making 35K (before taxes and write-offs). We are not planning on touching our RRSPs until we retire (I'm 26, my wife is 29). In the future (10 - 15 years) I may be starting my own business, which will be fairly low risk.
We don't have any debt, own one vehicle, no lines of credit, no loans, and are currently living off my wife's income and saving mine. We don't have any children but will likely be starting a family in the next 2 years. No more than two.
Does anyone have any advice for me?
My wife and I dont know anything about mutual funds as we have always invested in GICs etc. I don't have much in RRSPs (5K) and my wife has (10K). We will be starting to contribute to RRSPs every year starting this year. We will be maxing out our contributions. She has 28K available and I have 5K.
We are currently renting and looking to buy a house in the next year. We are likely going to be spending about 400K on the house and we are hoping to have 40% of a down payment. We will not be using our RRSPs as a down payment on the house.
I'm self-employed and expected to make between 60-70K a year and she is an employee making 35K (before taxes and write-offs). We are not planning on touching our RRSPs until we retire (I'm 26, my wife is 29). In the future (10 - 15 years) I may be starting my own business, which will be fairly low risk.
We don't have any debt, own one vehicle, no lines of credit, no loans, and are currently living off my wife's income and saving mine. We don't have any children but will likely be starting a family in the next 2 years. No more than two.
Does anyone have any advice for me?
yes. Talk to your friends and family. Find a financial planner.
Interview them until you find one you are comfortable with.
Get a financial plan created for you.
If you don't know anyone who knows a planner... goto www.cfp-ca.org and find a CFP in your area.
best of luck.
M
Interview them until you find one you are comfortable with.
Get a financial plan created for you.
If you don't know anyone who knows a planner... goto www.cfp-ca.org and find a CFP in your area.
best of luck.
M
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