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Old 04-13-2012, 11:05 PM   #1
soliloquy
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Retirement? investment? ...guitar...?

so, 2011 was an insane year for me. i graduated with zero debt (other than 2000 that i owe my parents, which i HAD to get during last year of uni...long story). while going through university, i worked as a part timer who worked more than full timers in terms of hours. i got TONS of over time for it. as such, when most people graduate with a massive debt, or zero in their account, i managed to save up quiet a lot

the company i work for is Wal-mart. despite all the .... that wal-mart gets, i actually really, and i mean REALLY love working for em. why? tons of reasons, like they way they treat me, the people, tons of ways to work up, and also profit sharing. each year walmart gives their workers a bit of the profit they earned depending on the hours they did. i got a full share, so i got TONS of money back.

my tax return was fairly huge, about 5 times larger than last years (i bet its partly due to graduating university)

plus, i'm getting a decent amount per paycheque from my job.

so, the question is, i have tons sitting in my account that i'm not really doing anything with. so, should i start an RRSP (retirement fund) at the age of 24(never too young to start huh?)? i'm assuming dumping 1200 dollars RIGHT after tax season each year (so 100 a month) and let it grow? down side, the money will be locked away, so in case a rainy day, i wont really be able to use that money

or, should i invest it? it will be random returns depending on the market and what i invest in, but it wont be locked

or, should i buy my dream guitar? (would be under 2 grand)

or, should i just keep saving for a house, a car, a family, or some other ....?




and i'm looking for serious answers. no 'buy the guitar, .... the rest'...sure, this is a guitar forum, so all i may get out of it is just that, but whatever

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Like here is our beverage bar, we have everything from everclear to hard whiskey to make the pain go away, over there is the friend zone, and in this corner we have computers for massive amounts of porn to counteract the lack of ...... that you will be experiencing! Enjoy your stay! And remember! Once you leave the singles club, don't forget your friends!
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Old 04-13-2012, 11:07 PM   #2
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Start saving now, friend. Maybe put away a marginal amount every once in a while for a gear fund- but there are many things that are more important.

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Old 04-13-2012, 11:24 PM   #3
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Damn dude, I'm jelly. Id say you're off to a good start. What were you studying? Id say its never to soon to start saving for retirement...wish I could. haha. Maybe I'll fill out an application for wal-mart haha.
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Old 04-13-2012, 11:28 PM   #4
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Hmmm I would say go with any of the 3 options that aren't the guitar, the guitar can wait. I'm also a bit wary of the investment option, that one might not pan out so well. Saving money is definitely what I think you should do though.

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Old 04-13-2012, 11:31 PM   #5
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Quote:
Originally Posted by Faine View Post
Damn dude, I'm jelly. Id say you're off to a good start. What were you studying? Id say its never to soon to start saving for retirement...wish I could. haha. Maybe I'll fill out an application for wal-mart haha.
i work in their retail store, and even then, they treat me quiet well.

i took public administration & justice studies with honors degree. i just wish i knew what to do with that degree the only way to be considered for a job in my degree is if i had a PHd, and MAYBE i'd be considered with a masters...or if i volunteer at local social service shelter for a few years...

and my networking is fairly weak, so


and i'm just good at saving and i know where to cut corners or where to not splurge. good thing one of my hobbies is cooking. spending about 10-15 dollars on a meal if you buy outside, or spending about 20ish dollars and cook for about 5-7ish meals sure saves a lot. plus, it helps that my work is 2 minutes walking distance from me

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Like here is our beverage bar, we have everything from everclear to hard whiskey to make the pain go away, over there is the friend zone, and in this corner we have computers for massive amounts of porn to counteract the lack of ...... that you will be experiencing! Enjoy your stay! And remember! Once you leave the singles club, don't forget your friends!
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Old 04-13-2012, 11:40 PM   #6
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Dont be a ....., start an account with Questrade and buy as many shares of NENE as you can afford.
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Old 04-14-2012, 06:01 AM   #7
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Dont be a ....., start an account with Questrade and buy as many shares of NENE as you can afford.
do explain...i'm lost

also, another reason why i'm looking into investments is due to inflation.
the current rate of inflation is about 3.3% or something like that. if i keep the money in my account where it grows at 1ish %, then that means by next year, my 1 dollar is worth a bit less just by default. with investments it may grow at a faster rate than 3.3%


"Welcome tooo this placeee, I show you everyyyythannnggggggg

Like here is our beverage bar, we have everything from everclear to hard whiskey to make the pain go away, over there is the friend zone, and in this corner we have computers for massive amounts of porn to counteract the lack of ...... that you will be experiencing! Enjoy your stay! And remember! Once you leave the singles club, don't forget your friends!
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Old 04-14-2012, 06:28 AM   #8
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Originally Posted by soliloquy View Post
do explain...i'm lost

also, another reason why i'm looking into investments is due to inflation.
the current rate of inflation is about 3.3% or something like that. if i keep the money in my account where it grows at 1ish %, then that means by next year, my 1 dollar is worth a bit less just by default. with investments it may grow at a faster rate than 3.3%

I was just half serious

You raise a really good point, a lot of people like to put money into bonds that let them beat the inflation rate so that over time they have just as much purchasing power. Bond are considered super safe, after all, if the Canadian government can't pay its debt then you're probably ....ed anyways...I'm not too sure what the bond market is like at the moment as I'm not really into that but it is something to look into because they might not actually be a good idea at all right now.

I wouldn't bank on putting money into any companies in the long run either, as a general trend financial meltdowns are becoming more and more common, its just kind of risky to pour all your money into X company and that's generally a pretty bad idea which is why a lot of people just throw their money into whatever mutual fund their bank tells them to.

Im also quite hammered atm, so everything I said is probably wrong but this is your new best friend, read the comments more than the articles.

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Old 04-14-2012, 06:36 AM   #9
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Life is pointless if you dont splurge a bit now and then. Work out what you think is an acceptable budget for s guitar and bank the rest of the money.

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Old 04-14-2012, 06:37 AM   #10
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I don't know what the best option is, but investing in your future is a wise thing to do. You've got the rest of your life to put money aside for your dream guitar, and you know after a couple of years/months/weeks/days you'll have a different dream guitar anyway
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Old 04-14-2012, 06:46 AM   #11
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How to save money in one step:


-Ask to be banned so you stop GAS'ing
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Old 04-14-2012, 06:53 AM   #12
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^ you'll be on the Forbes rich list in no time then
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Old 04-14-2012, 06:54 AM   #13
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Saving and investing are important for the future, as unsexy as it is with all the cool .... out there to buy, but it's also important to have an emergency fund immediately available for car repairs, etc. If you believe that you can afford to sock-away a few extra bucks a month into a retirement plan, then go for it. Is it called a TFSA where you can deposit post-tax dollars (in the US, it's called a Roth IRA)? Also, if your employer offers a program where you can deposit pre-tax dollars with a company match (RRSP up there? 401k down here), that could also be an option or something you can do in addition.

Regarding investing in general- don't be afraid of it. If you invest in risky stuff, you could do very well or lose your shirt, but if you invest conservatively or diversify your portfolio (maybe a few risky things, some middle-of-the-road, some ultra-conservative) it will be less likely to be a roller-coaster ride.

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Old 04-14-2012, 01:55 PM   #14
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Personally I'd save up for a house. I mean buy one, not rent! It's a Great step to own your own place in the world! Good luck!

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Old 04-14-2012, 01:57 PM   #15
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No its not, especially if you're single without kids.
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Old 04-14-2012, 02:35 PM   #16
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Save for a car/house and things like that!

Put back some money for a gear fund as well every month because hell you have to live a little.


The best answer I can give you is give us all 20 dollars
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Old 04-15-2012, 12:58 PM   #17
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You work at Wal-Mart? They have direct deposit. The question is, how many different accounts can you use for said deposits?

I have my paychecks divided between quite a few accounts. One is housing/groceries, one is utilities/phone/consistent payments, one is car expenses, one is non-essential purchases (gear, going out, books, cds, games, etc.), and one is serious savings. In addition, I put the maximum matched contribution towards retirement at work.

So, I know I've got the normal stuff covered. I know that no company can auto-bill me for more than they should without it immediately becoming apparent. I know that I'll eventually be able to buy any piece of gear as long as I'm patient enough to save money in that account. I can go out, or buy some movies, or so on, but can't go overboard on it.

I don't have to engage in heavy math when I wonder about going out of town, because I can just look at the leisure fund instead of what credit cards haven't been paid.

The best part about this is that I overpay into some of the accounts, so occasionally I notice that I saved some without really thinking about it.

Whatever you choose to do, good luck!

If you don't care enough to research your own question, why should anyone else care more?

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Old 04-15-2012, 04:41 PM   #18
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/\ you seriously seem to impress me day by day! you're a strange yet interesting man :P

i personally hate banks and what they do (not because they take my money, but because they confuse me). so i tend to keep things very simple and old school. one account, maybe two accounts at a time. the second account usually comes and goes depending on if i owe anyone money, or if anyone is dumping money into my account for X amount of time (at times people do give me money, thinking i need it, but wont take 'no' for an answer, so i just open an account and let it sit there for a few weeks, before i return it :S ).


the odd thing is, my gf is in banking, but she doesn't like to live invest in the future all too much. if she has money, she will spend it on her family or something. shes trying to talk me out of having a retirement fund this early in life, as random expenses do come up from time to time. however, if the past is any indication, up until 2011, i always kept a minimum of 1000 dollars in my account at all time. but that minimum hasn't hit my account in a good number of years, so i'm usually safe with that. as such, if there is an emergency, i should be fine for at least a week.

as such, i need to do something with my money other than having it sit in my account and grow via whatever money i get from my job or tax returns...

"Welcome tooo this placeee, I show you everyyyythannnggggggg

Like here is our beverage bar, we have everything from everclear to hard whiskey to make the pain go away, over there is the friend zone, and in this corner we have computers for massive amounts of porn to counteract the lack of ...... that you will be experiencing! Enjoy your stay! And remember! Once you leave the singles club, don't forget your friends!
Unlike" -DoomJazz
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Old 04-15-2012, 05:27 PM   #19
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Quote:
Originally Posted by soliloquy View Post
the odd thing is, my gf is in banking, but she doesn't like to live invest in the future all too much. if she has money, she will spend it on her family or something. shes trying to talk me out of having a retirement fund this early in life, as random expenses do come up from time to time.
She might work at a bank, but that's really bad advice (your average brick-and-mortar bank is usually not terribly sophisticated when it comes to actual investment knowledge & resources). You want to have more money than less money available to you when (or, apparently IF) you want to retire, so there's nothing wrong with starting early... especially when economic futures are uncertain. She might be right in that you want to have some liquid assets available, but you need to start thinking about your future, too.

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Old 04-15-2012, 09:00 PM   #20
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@Soliloquy - There's even more ways to rend maximum advantage out of such a set-up, but it takes a bit more work.

If you have interest-bearing checking/savings accounts, and at least two credit cards which give you a rebate at the end of the year, then use one card for all expenses you can for a month, leaving the money in an interest bearing account instead of paying it out as you go.

At the end of the month, take that card out of your wallet, and put in another card which hasn't been used for a month. Pay the first card off in full, using the money which has been earning interest all month. At the end of the month, repeat, switching cards, and paying off the new balance on the second card.

At the end of the year, you'll have earned a few percentage points of interest on your daily expenses, your luxuries, and will not have to pay interest on the money you borrowed and paid off in each 30 day period. How much do you spend on food in a month? How about your telephone/cell/cable bill? Utilities? Imagine getting a few percent back on that.

As the bills cut off at the end of the month, you normally have a few weeks to pay them, and you'll even get interest on the cash until you pay the bill off.

And, if you keep all the receipts from that card so you know to the penny how much you spent, you can pay not just what the bill seems to be, but the entire amount... so then when you make a larger payment than what you've been billed, you improve your credit score.

The important thing, of course, is to pay the whole thing off, so you don't start the credit clock. Having a balance on the card means they charge you interest on the unpaid portion, and geting a cash advance means that they start charging you interest immediately.

----

Lastly, if you really want to get fancy, you can transfer the money which is purely interest and rebates to an account like at ING, and just let it run in the background.

----

BTW, I know a few people who have been with the same company since they were in their 20s, and they have over a million in their retirement accounts how that they're in their 40s. That's their portion, plus employer contribution, plus interest from the investment plan they chose.

One million dollars.

Still have at least 15 years of contributions and employer matching ahead, as well as interest compounding.

One million dollars.

If you don't care enough to research your own question, why should anyone else care more?

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Old 04-15-2012, 10:37 PM   #21
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BUY THE GUITAR, .... THE REST!!

That's cool that you like working at Walmart, I'm glad you work at a good one. I used to work at a Walmart before and I hated it, but maybe that was just one of the sucky ones. Or maybe Canadian Walmarts are just nicer

It sounds like your on the right track. Maybe keep saving and set aside a portion as a gear fund, like some of the others said. Although you did make a good point about investments. Maybe talk to a financial adviser?
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Old 04-15-2012, 11:08 PM   #22
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If I had a million dollars by the time I was in my 40's I think I would blow my brains out. If you're I think beyond emergency $$$, go super risky! If you're into finance at all learn to start trading too. Ive been trading for a little bit now and I find its pretty straightforward if you dont get too greedy by going for crazy returns.
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Old 04-15-2012, 11:20 PM   #23
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Well a retirement fund is only one of many things you could use your money for. What are you goals in life? Why are you working? What is your living situation. Retirement won't be for many years, it might not be the best thing to do with your money at this stage in life if you have a smaller income. You said you don't have a car? If you don't need one, I guess don't bother (living and working in the city might make it unnecessary). If you are looking at home ownership sometime in your life, you may want to start looking at that before a retirement plan. You can put your money in TFSAs or RRSPs to at least keep pace with inflation, or higher rates depending on the level of risk you're willing to take.

If you don't know what to do with your money, look at your life goals. Money is your vehicle to achieve them. If you can't find work and need to go to grad school in order to get a job, how are you going to support yourself financially. There's a lot of government grants and scholarships in Canada for grad students, with the time you would be working at Walmart, would you be better off using it to focus on your studies and perhaps end up with a better job once you graduate? Walmart doesn't sound like your career considering you have some post-secondary education, but the fact that you don't know what to do with it makes me question why you majored in it in the first place. Talk to some advisers at your school, talk to some of your professors in your faculty, alumni, etc.
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Old 04-16-2012, 02:56 PM   #24
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/\ my university is absolutely useless. they call their students as clients and its stated in their obligations and rules that their relationship with their clients expires as soon as the client has graduated. and the relationship between students and profs in other universities isn't shared at mine as its a commuters college. everyone is ALWAYS on the move. and as such, my university has blocked pretty much all access i had to my profs.

originally, from highschool, i wanted to go into business or marketing. however, all universities that i got into kept redirecting me to other programs, out of which, this seemed the most appropriate as it was a mix of business and political science. i wanted to switch out by about 3rd year into marketing, only to realize that my calculus credit from highschool never made it onto my highschool transcript, thus, they kept redirecting me to other programs. and if i was to switch at that point, i'd be back in year one as hardly any of my credits were going over. thus, i said i might as well finish it.

career wise, i honestly dont know. before business, i wanted to go into arts, but there is no real career out of that that can support a family and a house in the near future (in about 8 years from highschool). i also enjoy culinary, however, its not a life i want my future family to suffer through(horrible hours, horrible pay if any for the first 5 years of being in the career...), so i went into business. as such, i want to work at some office, and while i'm here and enjoying my experience at wal-mart, i'm trying to get into their head office. its not a promotion as its a completely different section of the company. kinda like truck driver is relevant to bread making, so is the baker, but in no way are they similar.

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Like here is our beverage bar, we have everything from everclear to hard whiskey to make the pain go away, over there is the friend zone, and in this corner we have computers for massive amounts of porn to counteract the lack of ...... that you will be experiencing! Enjoy your stay! And remember! Once you leave the singles club, don't forget your friends!
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Old 04-16-2012, 03:03 PM   #25
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^ Fair enough. Finding a career path is hard. I just graduated from university last spring, fortunately there is a great deal of demand for my profession right now. You're in a situation where you should be looking for long term benefits, and places where you can continue to advance and better your career and life.
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