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 The
Money Management Newsletter: Managing
Money
Investment planning throughout the life-cycles:
ABCs & 123's
Ages 21-30:
Laying the foundation - starting out
By the Money Management Editor
Money Management Newsletter
School's out, career and possible family on the horizon - this is the
point in time when establishing future financial and educational plans
should be at the forefront. Saving for a downpayment on a home, the start
of a retirement portfolio, life and disability insurance, and perhaps
a properly drafted will. While your income will most likely be lower during
this period, time is on your side. Setting and adhering to established
financial goals will have a big impact on what you have later in life.
Pointers:
Invest in yourself, start a continuous savings plan, and with more time
on your side to offset the volatility of returns, you could consider investing
a greater portion of your investments in growth-oriented funds.
The earlier the start the more the compounding effect.
Saving for a new home? Take advantage of any RRSP opportunities to reduce
possibly your largest yearly expense - personal income taxes. Also consider
taking advantage of the Home Buyers' Plan with a careful analysis of the
future mortgage savings vs. lost compound growth in your RRSP.
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Next page: Ages 31-40 -
Making the dollars go further - juggling priorities |
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, Fiscal Agents Money Management Newsletter
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