Money all over the place. What to do, what to do? | Page 4 | General financial discussion | Discussion forum

Please consider registering
guest

sp_LogInOut Log In sp_Registration Register

Register | Lost password?
Advanced Search

— Forum Scope —




— Match —





— Forum Options —





Minimum search word length is 3 characters - maximum search word length is 84 characters

No permission to create posts
sp_Feed Topic RSS sp_TopicIcon
Money all over the place. What to do, what to do?
June 23, 2016
12:17 pm
Koogie
Member
Members
Forum Posts: 334
Member Since:
November 19, 2014
sp_UserOfflineSmall Offline

Loonie said

Personally, I wouldn't go for a secured LOC, especially if you think you're not going to use it anyway. The rate may be lower, but there are costs to set it up, as it's a lien, and costs to take it off later. I'd just take an unsecured one. If it starts to look like you're going to be using it regularly, then switch to secured.

If frittering it away is the alternative, then, yes, you're better off without a lot of access to cash.

We specifically got a secured LOC last year when we bought our house on the recommendation of my lawyer. We had an unsecured one before. With the high level of title and identity fraud going on in Canada at the moment, it is a cheap and easy way to block it (as a secured LOC is a mortgage against the property and makes it difficult for fraudsters to get another one).
It helped that at that time TDCT had a deal for us where we were refunded all opening costs for the secured LOC after 90 days.

June 23, 2016
1:08 pm
Loonie
Member
Members
Forum Posts: 9213
Member Since:
October 21, 2013
sp_UserOfflineSmall Offline

To me, getting a lien on your house to prevent the unlikely possibility of someone else from fraudulently doing so seems a very odd strategy. At that rate, we'd all be eager to keep ourselves maxed out with LOCs as a form of insurance.

A lawyer would likely make money on it though.

In my experience, lawyers are quite comfortable with being in conflict of interest, however. One need look no further than to the very significant number of them who function as executors - and then set the fees that the executor will take from the estate. This often occurs with relatively little documentation. If you want to fight it, you can, but of course then you'd have to, guess what? - hire another lawyer!

February 4, 2017
3:59 pm
mmlt
Member
Members
Forum Posts: 164
Member Since:
February 4, 2017
sp_UserOfflineSmall Offline

One thing I've learned from experience is to avoid managed portfolios. I went with a qtrade package through a credit union. Mostly bonds and some stocks. Low risk. It looked great. The graph over years showed nice returns. Wrong!

The only ones that made money were the CU and qtrade. Nice of me to assume all the risk so they could take all the profit.

I should also note these managed portfolios are not keen on showing you fees and costs. Duh. Stay far away.

You gotta bite the bullet and look after your own money. Hunt around for GIC, term deposit, and savings account rates. Safe and secure. You don't want to risk your hard earned cash on stocks and bonds with TrumptyDumpty in the political scene.

Don't get excited about investment brokers either although I'm sure they may be some good ones out there. I was able to find better rates than the brokers I talked too. They are just sales people and go after what pays "themselves" the best. Beware.

February 4, 2017
7:14 pm
Schrodinger's Ape
Member
Members
Forum Posts: 49
Member Since:
April 12, 2016
sp_UserOfflineSmall Offline

Yeah, we got out of the managed portfolio business. We're using indexed ETF's now. Low MER.

We do have some managed funds through my husband's group RRSP from work, and they're performing better than our indexed funds so I think I'll keep them in the portfolio for now.

I'm okay assuming some risk in exchange for a higher likelihood of return. Trump can't permanently crash the whole world market, and we've got decades before retirement. In fact, any harm he does to the economy in the next 4 years basically equates to lower purchase prices for us and associated higher returns in retirement. I would *not* want to be in my early 60's right about now!!

February 5, 2017
8:46 am
Top It Up
Member
Members (temp break)
Forum Posts: 1363
Member Since:
December 17, 2016
sp_UserOfflineSmall Offline

Schrodinger's Ape said
I would *not* want to be in my early 60's right about now!!  

Shouldn't be a problem . In that age group and beyond, exposure to speculative investments shouldn't even be a consideration.

February 5, 2017
9:06 am
Schrodinger's Ape
Member
Members
Forum Posts: 49
Member Since:
April 12, 2016
sp_UserOfflineSmall Offline

Top It Up said

Shouldn't be a problem . In that age group and beyond, exposure to speculative investments shouldn't even be a consideration.  

Good point!

No permission to create posts

Please write your comments in the forum.