Minimum RRSP contributions
I actually was thinking that every employee of a company of more than (X) people - 30? - what's the definition of small business again? - should have some money mandatorily from their cheque for RRSP... if the company has no RSP or matching RRSP plan.
Yes, especially McDonald's and grocery stores.
Literally, 25c an hour - because a lot of people never save in the young years when they 'really should due to compounding'. I know the take-home pay of a 16 year old sandwich artist is not huge but a 40 hour a week job would save $10/wk - or 520$/yr - uh.... let's see, get the on-line calculator - after 49 years of just investing the 520$ - at 5% - 108,340.96$I just wish I had been saving a little during the early years. I think this is quite do-able...
Yeah, I don't want to coddle anyone... but a little helpful hint when you are young and silly
It's that Latte Effect - if you save the price of a latte and muffin - $3.50 a day - you will be beaucoup rich when you retire...
Yes, especially McDonald's and grocery stores.
Literally, 25c an hour - because a lot of people never save in the young years when they 'really should due to compounding'. I know the take-home pay of a 16 year old sandwich artist is not huge but a 40 hour a week job would save $10/wk - or 520$/yr - uh.... let's see, get the on-line calculator - after 49 years of just investing the 520$ - at 5% - 108,340.96$I just wish I had been saving a little during the early years. I think this is quite do-able...
Yeah, I don't want to coddle anyone... but a little helpful hint when you are young and silly
It's that Latte Effect - if you save the price of a latte and muffin - $3.50 a day - you will be beaucoup rich when you retire...
posted by MylesH at 5:35 AM
0 Comments:
Post a Comment
<< Home