If you would rather have an advisor handle your money and make sure you
will be financially safe why not visit a financial institution to help
manage your money or set you up with RRSPís or some sort of savings
retirement fund. They can be very helpful and less confusing than
trying to do it yourself.
"The safe way to double your money is to
fold it over once and put it in your pocket."
Now if you were just wanting to save money with no risk, you can do the
calculations yourself. As for what fund or RRSP you wanted to put your
money in, well thatís something you should definitely discuss with a
"The only way not to think about money is
to have a great deal of it."
But just to do some calculations on your own. Take the amount of money
you want to have by the time of your retirement and divide it by the
amount of installments you will be making between now and then. That
will give you the amount of money you need to be contributing for every
"Never spend your money before you have
You will want to decide on how often you wish to contribute, once a
month, bi-weekly, etc. Say you want to have $100,000 and are willing to
contribute bi-weekly. If you have 20 years left before retirement then
you will have 480 installments (12 months in a year, we are contributing
twice a month which equals to 24 installments in a year, times 24 by 20
years and viola! 480 installments)
"If you would
be wealthy, think of saving as well as getting."
Now to find out how much money I need to be contributing bi-weekly. I
take my goal of $100,000 and divide that by 480 installments and that
give me $208.33 that I would need to put into a savings account twice a
week. Now that may be a low number to be working with. But if you have
a longer period of time and depending on who you invest that final
number should be larger by the end due to interest accumulation. Thatís
why discussing with someone about your future retirement savings is the
best way to go.
money is no obstacle. Lack of an idea is an obstacle."