Invest In Your Future
It’s hard to plan ahead for the future, especially when you can’t even think about what you’re going to do today. But, if you play your cards right, and think long-term, you’ll be able to put funds aside. When you’re out of school and working full time, you’ll see that it was one of the best decisions you ever made. Seriously.
You’ve probably heard about Registered Retirement Savings Plans (RRSPs), or at least seen them advertised on television. If you never paid attention, it’s time you did.
What’s an RRSP? Essentially it’s a fund that you build up to access when you retire, but can also help you pay less tax each year, as RRSPs are tax deductible.
Retire? Sure, that seems a long way off now, but RRSPs can actually be used for a number of different things between now and then. If you set up an RRSP account now, and even start making contributions of $50 a month, you’ll be on your road to creating valuable savings for the future.
Anyone can contribute to an RRSP who earns actual “earned income”. That is, from your first real job, where you begin to pay income tax, you can make contributions to an RRSP. All funds put into an RRSP accumulate interest over time, and that’s where the magic happens. Aside from retirement, an RRSP can also be used to help buy your first home! Not bad!
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