Today is the deadline for contributing to your Registered Savings Plan.
The economic situation may prompt many of us to hang onto our money but one expert says today’s RSP contribution deadline is the best time to invest.
Toronto-based Managing Partner of VentureLink Funds John Varghese tells Bayshore Broadcasting News that your money can grow in a number of sectors.
Varghese says what goes down can only come up again and a recent prediction by the Chair of the US Federal Reserve should be encouraging.
Varghese says the economy is close to bottoming-out but it’s not there yet.
Varghese says Ben Bernanke’s forecast of improvement should inspire confidence as you make your contribution.
Varghese says there’s always a silver lining to the economic cloud no matter how dark the cloud might seem.
He says Canada continues to lead the world in fields like alternative energy sources and President Obama’s determination to cut the American budget defecit in half are encouraging signs for investors.
Varghese says there’s no reason to be nervous about what might happen to the economy and the important thing is to gets funds flowing and working again.
Varghese says recessionary or deflationary markets are often followed by upswings in the money markets but the trick for investors is not to try to guess when the economy will hit bottom.
A recently-released poll says seven out of 10 respondents will contribute the same or less to their RSPs while almost three out of 10 will let today’s deadline go by without contributing anything.