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/biz/ - Business & Finance

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23303865 No.23303865 [Reply] [Original]

Is gold/silver worth converting canadian money into? Dad seems to think it's high risk and has lots of faith in fiat currency. He stresses to put it into an RRSP even though i'm low income (40K) and wageslave until 65.

I kinda wanna do short term investments, I have 20K to play with. Can't flip real estate so any advice would be nice. Unironically thinking something like 1st edition yugioh booster boxes. What other sealed collectables are going up?

>> No.23304029

>>23303865
at low income put it a tfsa not an rrsp

>> No.23304080

>>23304029
I was thinking tfsa too but they said that shit is always changing the rules and stuff. How much would I even save in taxes compared to just leaving my money in a basic chequing account?

>> No.23304106

>>23304080
100% of gains are tax free, you open an account at at a brokerage

>> No.23304124

>>23304106
Yeah but what do I do for my gains, the TFSA itself it like 2% which is fucking nothing, doesn't even match inflation rate.

>> No.23304140

Why wouldn't you just put into a TFSA and invest into stocks.

>>23304080
The only rules I can think of that they change are the contribution limits. Chequing accounts get you nothing, TFSA is tax free

>> No.23304170

>>23304124
buy stocks, you can open one at any financial institution/brokerage, it doesn't need to be a savings account

>> No.23304191

>>23303865
Don't try to flip collectables that's really risky unless you're willing to just accept that you bought over priced Yugi cards for yourself. Canada has Real Estate Investment Trusts or RIETs that are sold like stocks and pay a dividend that beats inflation.

>> No.23304207

>>23304140
>Why wouldn't you just put into a TFSA and invest into stocks.

Low returns. I wanna be able to flip shit and make money fast (5 years or less) while I live with parents and have no expenses. Goal is home ownership without paying a mortgage for 15-20 years.

>> No.23304213
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23304213

>>23304124
>the TFSA itself it like 2% which is fucking nothing
You fucking retard, you can use the TFSA for more than just a savings account.

>> No.23304246

>>23304213
I'm of the opinion stocks are a meme. I want big money short term.

>> No.23304285

>>23304246
Then don't use a TFSA or RRSP, gamble on shitcoins and just pay your taxes. I've made $26k of taxable income this year on shitcoins. Buy CLV.

>> No.23304314

>>23304285
shitcoins are also a meme.

Like realistically what could I be making per year with bugman stock TFSA investments dumping like 20K? A couple thousand bucks? chump change.

>> No.23304368

>I want to multiply my money instantly with no risk

>> No.23304398

>>23304314
If we were 18 in 2009 that puts your contribution limit at $63,500. At various annual returns (subtracting inflation), in 30 years that is:

1% $85,558
2% $115,021
3% $154,131
4% $205,955
5% $274,443

>>23303865
>i'm low income (40K) and wageslave until 65

>> No.23304423

>>23304368
I never said no risk, i'm just of the opinion risk is a meme. If you know what you are looking at the risk is negligible, and people purposefully sell junk they know will crash to idiots. Like for collectables, as a whole of course it's volatile, but i'm unironically pretty sure 1st ed LOB sealed booster boxes are stable and going up. Nothing could really crash it short of Yugioh itself going under. Pokemon base set is even more insane, but that's hitting the limit.

>> No.23304450

Start a business that produces something then selling it after a few years.

It's what I'm thinking of doing. I don't want to wagecuck for another faggot.

>> No.23304469

>>23304398
>in 30 years
lol not wageslaving that long and probably not even living that long. Plan is to turbo a house and then work seasonally or part time frugally or maybe even live off investments. I refuse to have debt. I'm forever alone so it doesn't matter if I'm trailer trash/cabin in woods tier poor.