Financial tips for 20 somethings with Lesley Scorgie and Rob Carrick

Lesley Scorgie, author of Rich by 30 a young adults guide to financial success, with Rob Carrick from the Globe and Mail discuss financial tips for 20 somethings. * How do I get rich by 30? * How much of your paycheck should you save? * How do you decide where to put your savings? * What are the benefits of a TFSAs compared to an RRSPs? * How do you begin to save for a house? The Investor Education Fund is pleased to be cosponsoring this video series with the Globe and Mail called "Lets Talk Investing." The series is hosted by renowned Globe and Mail columnist Rob Carrick and features prominent Canadian financial experts discussing topics that are relevant to investors. http://www.getsmarteraboutmoney.ca/managing-your-money/planning/investing-basics/Pages/what-mix-of-investments-is-right-for-me-at-my-stage-in-life.aspx

Comments

1. this girls a bitch
2. @hyeinee if you have utilized a good chunk of your TFSA room, it's worth it to explore better investment options, assuming you don't require those funds in the next year or two. Consider preferred shares, corporate bonds, or income funds. If you have 5 years + until you need the funds, consider blue chip/dividend paying equities. 7-10% is the historic range of long term equity returns
3. @naheedg I agree. Most of the financial gurus estimate the rate of return at 7-10%. If that's the case, a million dollars over 30years of compounding is possible. But where are they finding these generous interest rates? My TFSA can barely maintain a 2% return!
4. Disagree with most points here. Simple example is if someone earns $50k, 10% saved is $5k. $5k x 30years is $150,000; 15% wouldn't be that much more. Assuming 3% net return (after inflation), it's only $240k. Fine you could argue reinvest the tax refund. But the millionaire concept?? RRSP doesn't provide more room than TFSA!!! It depends on income!!! And RESP guarantees 20% in grants - can an RRSP do that? NO, again, it depends on income. And how about mention of the HBP (home buyers plan)?
5. @playranges123 agreed...it's not clear how she's built up her wealth, good for her either way.
6. @partyhouse88 i believe she is 28/29
7. typical bad "common sense" investing advice...probly plans to get rich by 30 with selling her investing books