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Old 02-22-2021, 08:10 PM
roper1 roper1 is online now
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Quote:
Originally Posted by Ken07AOVette View Post
In 2007/08 3 friends of mine lost hundreds of thousands of dollars they had invested in mutuals. 2 guys and their dad. Their dad is 70 years old and forced to work until he dies because due to no fault of his own, all his savings investments disappeared overnight. It was his choice to not leave it in savings though.
Ken, I feel very badly for your friends & their dad. But they made some sort of catastrophic misjudgment call. How did they create that type of money in the first place? Every investor has ups & downs. To lose it all suddenly is quite unusual.

We pay truck salesman to tell us stuff we already know, we pay financial advisers to tell us stuff we need to know. Tax planning is huge once you've made some dough.

Blue chip Canadian companies can generate 5-6% compounded. The compounding is the key.

To the OP, there are definitely shysters out there, but there are decent advisers also. To do nothing or save cash only is a slow way to a very frugal retirement. Good luck!
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