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Rank: Frosh
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Joined: 4/11/2008
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Location: Calgary, AB
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Everything i say in this forum is true, i have got all my information from a real financial consultant.
He was telling me that he could explain to me how to become rich in 10 mins. and he did.
The key is kids that you must open a mutual fund. If you can put 10-50 $ in mutual fund every paycheck and leave it till your 60 then you'll have at least 2 million dollars. He said the trick is to never sell. He told me to put money in every paycheck but never use my money in my mutual fund. Only put money in that you can afford too don't put money in that you need, if you just live your life and leave your mutual fund off to the side and keep putting money in it, it will grow tremendously. Another way is to play your money in the stock markets. Same thing NEVER SELL! If you put 50$ into a company and the company drops 30$, do not sell your shares. if you do you will be losing 30$. If you don't sell, you don't lose. The stock market ALWAYS goes back up. Society shows that no matter what happens in the world the stock markets always ends up going back up. A company dropping is like a sale at Safeway, because you know it will go back up. So buy it when it's cheap and just wait for it to go back up.
And well thats what i have to pass on from what i learned =). Thanks for reading.
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Rank: Valedictorian
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Joined: 3/4/2008
Posts: 521
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tranquille wrote:Everything i say in this forum is true, i have got all my information from a real financial consultant.
He was telling me that he could explain to me how to become rich in 10 mins. and he did.
The key is kids that you must open a mutual fund. If you can put 10-50 $ in mutual fund every paycheck and leave it till your 60 then you'll have at least 2 million dollars. He said the trick is to never sell. He told me to put money in every paycheck but never use my money in my mutual fund. Only put money in that you can afford too don't put money in that you need, if you just live your life and leave your mutual fund off to the side and keep putting money in it, it will grow tremendously. Another way is to play your money in the stock markets. Same thing NEVER SELL! If you put 50$ into a company and the company drops 30$, do not sell your shares. if you do you will be losing 30$. If you don't sell, you don't lose. The stock market ALWAYS goes back up. Society shows that no matter what happens in the world the stock markets always ends up going back up. A company dropping is like a sale at Safeway, because you know it will go back up. So buy it when it's cheap and just wait for it to go back up.
And well thats what i have to pass on from what i learned =). Thanks for reading. What about companies whose stock crashes, and then the company folds? Don't you end up shafted?
UWO '12 Social Science
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Rank: Frosh
Groups: Member
Joined: 4/11/2008
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Location: Calgary, AB
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Oh thats a good question. But he told me to try and invest in trusted compagnies, that are well known.
Never pick a company that has a high stock but it will go down. Always buy cheap like i said earlier. And if a company does crash and fold then i guess its bad luck?
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Rank: Valedictorian
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Joined: 3/4/2008
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tranquille wrote:Oh thats a good question. But he told me to try and invest in trusted compagnies, that are well known.
Never pick a company that has a high stock but it will go down. Always buy cheap like i said earlier. And if a company does crash and fold then i guess its bad luck? LOL yeah, that's why I don't put too much faith in the markets, because even 'secure' companies can end up crashing. Look at what happened to the French bank with that guy who was playing with the money behind the scenes. They were pretty 'secure' before that. The mutual funds one isn't bad advice though, it's something I've heard before from my banker as well as business teachers at school.
UWO '12 Social Science
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Rank: Student Council
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Joined: 3/4/2008
Posts: 342
Location: Guelph, ON
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bigbadsheep wrote:tranquille wrote:Oh thats a good question. But he told me to try and invest in trusted compagnies, that are well known.
Never pick a company that has a high stock but it will go down. Always buy cheap like i said earlier. And if a company does crash and fold then i guess its bad luck? LOL yeah, that's why I don't put too much faith in the markets, because even 'secure' companies can end up crashing. Look at what happened to the French bank with that guy who was playing with the money behind the scenes. They were pretty 'secure' before that. The mutual funds one isn't bad advice though, it's something I've heard before from my banker as well as business teachers at school. Or Enron. BIG mistake.
facebook profileUW Math/WLU Business Double Degree 2013[/u]
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Rank: Student Council
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A higher risk mutual fund is a pretty safe bet. You can expect to gain like 6-8% interest per year with one of those... throw in compound interest, make regular contributions, and you will be set 30 years down the road.
Honours BMSc Double Major in Physiology and Medical Science UWO '09
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Rank: Student Body President
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Posts: 1,396
Location: Wilfrid Laurier University
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tranquille wrote:Everything i say in this forum is true, i have got all my information from a real financial consultant.
He was telling me that he could explain to me how to become rich in 10 mins. and he did.
The key is kids that you must open a mutual fund. If you can put 10-50 $ in mutual fund every paycheck and leave it till your 60 then you'll have at least 2 million dollars. He said the trick is to never sell. He told me to put money in every paycheck but never use my money in my mutual fund. Only put money in that you can afford too don't put money in that you need, if you just live your life and leave your mutual fund off to the side and keep putting money in it, it will grow tremendously. Another way is to play your money in the stock markets. Same thing NEVER SELL! If you put 50$ into a company and the company drops 30$, do not sell your shares. if you do you will be losing 30$. If you don't sell, you don't lose. The stock market ALWAYS goes back up. Society shows that no matter what happens in the world the stock markets always ends up going back up. A company dropping is like a sale at Safeway, because you know it will go back up. So buy it when it's cheap and just wait for it to go back up.
And well thats what i have to pass on from what i learned =). Thanks for reading. Mutual funds are a ripoff. You're paying somebody else to invest your money even though statistics show they can't consistently beat the market. If you want a hassle-free, easy investment, go with a broad-market ETF. It is a fallacy that stocks always go back up. It's true that the market overall recovers but individual stocks can easily drop and never come back up. Also, your "financial consultant" has an agenda of his own. He likely gets commission off every security he sells. Of course he's going to sit there and tell you to invest in a mutual fund.
-Stringer
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Rank: Frosh
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Joined: 3/23/2008
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If you read the book Automatic Millionaire by David Bach, you'll understand what he's talking about. However, I disagree with your stock concept, that it'll go back up eventually. If you had your money in Nortel, that thing went from 100/share to as low as 0.25/share - you're too optimistic (but I get the point you're making, I'm going it myself and I gotta tell you I get paid pretty well)
The point is to have your money work for you and cut down on your expenses!
It's called the 'latte factor'
Imagine you buy a coffee and sandwich every morning before you go to class (lets say that's $5) and you will buy a snack at the end of your day before dinner which is another $3. So on average, you spend $8/day.
Here's the math - I call it the power of your latte: (Remember this when you drink your coffee or latte)
$8 x 30days = $240/month
$240 x 12 = 2880/year
If you can invest that at lets say 5% a year - then in 50 years when you retire all this coffee will add up to this
$145,851
Do the math on compound interest, you'll understand.
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Location: London, UK
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145K sounds great now, but in 50 years it will not buy you much. Maybe a low-end used car, if that. Do the math on inflation rates, and you'll understand. 
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Rank: Student Body Vice-President
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xfl300 wrote:If you read the book Automatic Millionaire by David Bach, you'll understand what he's talking about. However, I disagree with your stock concept, that it'll go back up eventually. If you had your money in Nortel, that thing went from 100/share to as low as 0.25/share - you're too optimistic (but I get the point you're making, I'm going it myself and I gotta tell you I get paid pretty well)
The point is to have your money work for you and cut down on your expenses!
It's called the 'latte factor'
Imagine you buy a coffee and sandwich every morning before you go to class (lets say that's $5) and you will buy a snack at the end of your day before dinner which is another $3. So on average, you spend $8/day.
Here's the math - I call it the power of your latte: (Remember this when you drink your coffee or latte)
$8 x 30days = $240/month
$240 x 12 = 2880/year
If you can invest that at lets say 5% a year - then in 50 years when you retire all this coffee will add up to this
$145,851
Do the math on compound interest, you'll understand. $2880 x 50 = $144,000. $240 per month for 40 years (it's the max on ING's calculator) at 5% annual return compounded daily is $367,770.86, of which $252,570.86 is interest. Going another 10 years brings the total to over $600,000. I don't know what was in your coffee when you wrote your post ;)
 
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Rank: Senior Student
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um, considering the market right now, I'd say stocks aren't exactly the way to go at the moment... you know, what with bear stearns and stuff....
I hear GICs are pretty stable investments with decent investment rates, and well ur good old savings account.
Better yet, start up a new company with a great new product, convince people to sell ur product to other people who will sell it to other people who in turn will pay others to sell, and pay them some commission and....
"My parents live in Ohio; I live in the moment." -himym.
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Rank: Student Body President
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Miss wrote:um, considering the market right now, I'd say stocks aren't exactly the way to go at the moment... you know, what with bear stearns and stuff....
I hear GICs are pretty stable investments with decent investment rates, and well ur good old savings account.
Better yet, start up a new company with a great new product, convince people to sell ur product to other people who will sell it to other people who in turn will pay others to sell, and pay them some commission and.... There's no better time to invest in stocks than when they are low...
-Stringer
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Rank: Valedictorian
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"If you put 50$ into a company and the company drops 30$, do not sell your shares. if you do you will be losing 30$."
Am I the worst at buisness, or are you the worst at math... aren't you losing 20?
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Rank: Student Body Vice-President
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How the heck is that going to make me rich in ten minutes?
Taiyab wrote: Is it me, or is Karla Homolka gorgeous!
Lamoid wrote: SHE HAS A KILLER BODY.
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Mutual funds really don't have that high of a return rate when you compare it to other services and accounts available through banks... they're a relatively small return except for the very few who get rich quick. xfl300 wrote:If you read the book Automatic Millionaire by David Bach, you'll understand what he's talking about. However, I disagree with your stock concept, that it'll go back up eventually. If you had your money in Nortel, that thing went from 100/share to as low as 0.25/share - you're too optimistic (but I get the point you're making, I'm going it myself and I gotta tell you I get paid pretty well)
The point is to have your money work for you and cut down on your expenses!
It's called the 'latte factor'
Imagine you buy a coffee and sandwich every morning before you go to class (lets say that's $5) and you will buy a snack at the end of your day before dinner which is another $3. So on average, you spend $8/day.
Here's the math - I call it the power of your latte: (Remember this when you drink your coffee or latte)
$8 x 30days = $240/month
$240 x 12 = 2880/year
If you can invest that at lets say 5% a year - then in 50 years when you retire all this coffee will add up to this
$145,851
Do the math on compound interest, you'll understand. Awesome book!
Accepted to Carleton University, Honours Bachelor of Arts in Law
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Rank: Frosh
Groups: Member
Joined: 3/23/2008
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Location: Ontario
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That is a pretty good strategy to get rich, unless the stock markets crash the day before you retire...
I think diversification is the way to go, max out your RRSP's every year, max out that new $5000.00/year tax-free savings account coming out soon every year, invest 5-10% of your net income into mutual funds, heck, even invest 1% of your net income into the lottery.
The key is, don't put all your eggs into one basket.
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tjmontario wrote:That is a pretty good strategy to get rich, unless the stock markets crash the day before you retire...
I think diversification is the way to go, max out your RRSP's every year, max out that new $5000.00/year tax-free savings account coming out soon every year, invest 5-10% of your net income into mutual funds, heck, even invest 1% of your net income into the lottery.
They key is, don't put all your eggs into one basket.
What you should be doing in your 20's and 30's is different from what you should be doing in your 50's. When you are young and a long ways from retirement you should be going for a much higher risk (with much higher rewards over the long term, but possibility for short term losses) than when you are in your 50's, where you want to make sure all that money you've saved up is safe. So yeah, don't have all your money in stocks and mutual funds the day before you retire. But you don't want all your money in GIC's 30 years before you retire either, as you want growth and can afford short term losses.
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Rank: Frosh
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Kaylya wrote:tjmontario wrote:That is a pretty good strategy to get rich, unless the stock markets crash the day before you retire...
I think diversification is the way to go, max out your RRSP's every year, max out that new $5000.00/year tax-free savings account coming out soon every year, invest 5-10% of your net income into mutual funds, heck, even invest 1% of your net income into the lottery.
They key is, don't put all your eggs into one basket.
What you should be doing in your 20's and 30's is different from what you should be doing in your 50's. When you are young and a long ways from retirement you should be going for a much higher risk (with much higher rewards over the long term, but possibility for short term losses) than when you are in your 50's, where you want to make sure all that money you've saved up is safe. So yeah, don't have all your money in stocks and mutual funds the day before you retire. But you don't want all your money in GIC's 30 years before you retire either, as you want growth and can afford short term losses. And my strategy satisfies all of your criteria, so what is your point?
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Rank: Student Body President
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tjmontario wrote:That is a pretty good strategy to get rich, unless the stock markets crash the day before you retire...
I think diversification is the way to go, max out your RRSP's every year, max out that new $5000.00/year tax-free savings account coming out soon every year, invest 5-10% of your net income into mutual funds, heck, even invest 1% of your net income into the lottery.
The key is, don't put all your eggs into one basket.
Mutual funds are garbage. Why pay fees to a mutual fund manager when they can't consistently beat the market? And investing 1% of your income into the lottery? That is not investing, it's stupidity.
-Stringer
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Rank: Frosh
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Location: Ontario
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Stringer wrote:tjmontario wrote:That is a pretty good strategy to get rich, unless the stock markets crash the day before you retire...
I think diversification is the way to go, max out your RRSP's every year, max out that new $5000.00/year tax-free savings account coming out soon every year, invest 5-10% of your net income into mutual funds, heck, even invest 1% of your net income into the lottery.
The key is, don't put all your eggs into one basket.
Mutual funds are garbage. Why pay fees to a mutual fund manager when they can't consistently beat the market? And investing 1% of your income into the lottery? That is not investing, it's stupidity. Well most people don't want to take the time to research and pick their own stocks so mutual funds is a convenient way to potentially make more money than a standard savings account. And investing 1% of your income in the lottery is investing. If you don't think it is then you have no idea what investing means. Just because the odds of making any profit are extremely low, does not mean it isn't a form of investing. Tell a lottery winner that they were stupid to buy that 10 dollar ticket with a payout of 20 million, they will laugh in your face. If you treat it as purely an investment that has an extremely low probability of return with an extremely high possible return, and don't invest very much into it, then it isn't that bad at all, it's when people become addicted and spend thousands a year on it, then it becomes a problem. You can't win if you don't play.
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