Bayshore Broadcasting Corporation

From Where I Sit

November 14, 2008
by: Maggie Clegg

The roller coaster ride continues on the stock markets - I guess I never really understood what that phrase meant, until some of my hard earned dough was strapped in for the ride.

Just recently out of school and entering my career, I thought it was the grown up thing to do to get an RRSP.

The first month was very exciting - after watching sluggish interest accumulate on my chequing account it was very nice to see my RRSP grow by a couple bucks in just one month.

Then we hit September and the markets hit major turbulence.

I've found a lot of the talk about the trouble on the markets focuses on people who have been contributing for years and what they should do to protect themselves.

But hey - I'm brand new to this game and I would definitely like some guidance.

I don't have enough money in my RRSP to have taken a big hit yet, but it's still unnerving.

And the advice I've found is telling me to just get used to it.

I'm being told that since I'm young I should stay in the game.

I don't have a lot of debt at this point in my life, so I can make contributions without feeling too stretched.

And because an RRSP is meant to be a long term investment, everything should have worked out in my favour by the time I'm ready to retire decades from now.

But I bet that's exactly what the people nearing retirement age right now or already relying on their RRSPs were told when they started out in the investment world.

It is a gamble, I do understand that.

But with every dip on the roller coaster, I'm getting closer to asking to be let off.

From Where I Sit, I'm Maggie Clegg

 

From Where I Sit is on 560 CFOS Mondays, Wednesdays and Fridays 7:08 am and 5:08 pm

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