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Advisors have good intentions, but many of them seem pre-disposed to focus on the wrong things. The evidence is clear that cost correlates negatively to performance and that past performance is of virtually no value in determining future performance. In spite of this, many advisors consistently recommend high-cost products with strong recent past performance at the expense of low-cost products that are likely to produce strong future performance. Ultimately, retail clients are the unwitting victims of these advisors’ misguided beliefs.The ongoing use of embedded compensation has not only impeded meaningful progress regarding investor education and protection, it has also created a culture of indifference toward product cost amongst many advisors. As it now stands, many advisors would happily recommend high-cost products that pay embedded compensation over low-cost products that do not. This is sometimes mischaracterized as a debate between active and passive approaches or between mutual funds and ETFs…
What it takes to retire at 45
– moneysense.ca
Q: I’m 27 years old with a relatively healthy income of around $125,000. I’m aiming to get on the early retirement track with any luck and retire around the age of 45.
I’ve been aggressively in the investing game for a few years now and have been putting money into my RRSP, which now has a balance of around $46,000 (25% fixed income and 75% equity). I realize that putting the majority of my savings into an RRSP is a bit counterintuitive given my early retirement ambitions, however, and am starting to think about placing a larger portion of my savings into a TFSA so I can withdraw from it before age 65.
I’m at odds here, as I appreciate the reduction on my income tax from contributing to my RRSP. Any wisdom or considerations here would be greatly appreciated!
– Konstantino
A: The financial independence, retire early (FIRE) movement seems contrary to what many older Canadians think about millennials. The thing I like most about personal finance is the emphasis on “personal” – personal decisions, personal goals, and personal planning…
I’ve been aggressively in the investing game for a few years now and have been putting money into my RRSP, which now has a balance of around $46,000 (25% fixed income and 75% equity). I realize that putting the majority of my savings into an RRSP is a bit counterintuitive given my early retirement ambitions, however, and am starting to think about placing a larger portion of my savings into a TFSA so I can withdraw from it before age 65.
I’m at odds here, as I appreciate the reduction on my income tax from contributing to my RRSP. Any wisdom or considerations here would be greatly appreciated!
– Konstantino
A: The financial independence, retire early (FIRE) movement seems contrary to what many older Canadians think about millennials. The thing I like most about personal finance is the emphasis on “personal” – personal decisions, personal goals, and personal planning…
