- Joined
- Oct 21, 2007
- Messages
- 181
We are investigating ways to maximize our investments, and the topic of RRSP`s has come up again. We are committed to RE investment and are focused on the 17-3 program, etc. and are making great headway. Our properties are paying for themselves and we have begun working with JV partners, so they are contributing the capital and we are managing the properties.
In the meantime, we are looking at our investments in total and making decisions. We are disappointed with the performance of our mutual funds and the fees involved in paying the fund manager, etc. We would like to begin investing in dividend stocks on our own, but we are wondering about the wisdom of using tax-deferred dollars. Most of the financial planning books that we read say that a person would be a fool to ignore this advantage (i.e. the 30% tax-free portion by saving pre-tax dollars); however, others have suggested that RRSP`s are a problem when it comes time to cash them in, since a person cannot control the timing and their income level may be higher at the time, etc. We have decided that we will no longer give the control of our $ to a "financial planner" who is making money by selling us his favorite funds. We want to take control of this area. The main question we have (besides the learning curve of choosing the best companies to invest in) is whether or not to do it through a self-directed RRSP or to use post-tax $.
If any of you have self-directed RRSP`s, could you please tell me how to go about setting that up? We would like to begin making automatic payments into our savings, and we don`t know how to set up this type of RRSP, should we decide to do so.
Thanks in advance for the help!
In the meantime, we are looking at our investments in total and making decisions. We are disappointed with the performance of our mutual funds and the fees involved in paying the fund manager, etc. We would like to begin investing in dividend stocks on our own, but we are wondering about the wisdom of using tax-deferred dollars. Most of the financial planning books that we read say that a person would be a fool to ignore this advantage (i.e. the 30% tax-free portion by saving pre-tax dollars); however, others have suggested that RRSP`s are a problem when it comes time to cash them in, since a person cannot control the timing and their income level may be higher at the time, etc. We have decided that we will no longer give the control of our $ to a "financial planner" who is making money by selling us his favorite funds. We want to take control of this area. The main question we have (besides the learning curve of choosing the best companies to invest in) is whether or not to do it through a self-directed RRSP or to use post-tax $.
If any of you have self-directed RRSP`s, could you please tell me how to go about setting that up? We would like to begin making automatic payments into our savings, and we don`t know how to set up this type of RRSP, should we decide to do so.
Thanks in advance for the help!