Tuesday, January 16, 2007

Investing for those Not Ashamed of Economy

"They who never reserve a cent of their income, with which to meet any unforeseen calamity, 'pay too dear for the whistle,' whatever temporary benefits they derive from society. Self-denial, in proportion to the narrowness of your income, will eventually be the happiest and most respectable course for you and yours."
- The American Frugal Housewife, by Mrs. Child 1833

Today, having agreed with Mrs. Child most wholeheartedly, I have done something I encourage everyone to do, especially if you are young and starting out like I am. I have become ... an investor. I started an RRSP and am extremely cheery about it. Instead of working for my money, my money is now going to work for me! Over the next thirty or forty years it will grow and double and triple and do all sorts of wonderful things at very little inconvenience to myself. Imagine that. And the secret that will make me a millionaire - compound interest and putting a little aside every month. So simple isn't it? My favourite book that has taught me all I need to know about financial planning is by David Chilton called The Wealthy Barber. Easy to follow, clear, and sprinkled with cheesy Canadian humour (which I happen to like *grin*) it's a great primer, and makes the world of finances a lot less daunting.

Come on ladies (and gents), the sooner you start the better!

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