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DONALD TRUMP WOULD BE PROUD!!!!!!
February 18, 2009
10:21 am
Roc
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Do you want to know the best places to park your money and get rich fast??? Then read on!!!

So I've got a pile of money kickin' around.....about $425,000.00 to be exact!!! Here's how I have this invested and you too can make a ton of loot like me. At People's Trust I have a high interest savings account with $300,000.00 paying me 3.60%. Which means I am earning I=Prt (Interest = Principle x Rate x Term), in my case that's $10,800/yr!!! Then I have $120,000.00 in a RRSP high interest savings account at ICICI Bank paying me 3.00%. I=Prt, which means I get another $3,600/yr tax free money!!!Thirdly I have $5,000 TFSA also with ICICI Bank paying me 3.00%, which is $150/yr tax free!!!!

So my total gross income yearly is $14,550.00!!!!Plus I have a good high paying job that pays me $60,000/yr gross income. Life is good when you have money in the bank, hopefully you too can follow in my footsteps. This would definitely make Donald Trump green with envy and proud!!!!!!

February 18, 2009
1:31 pm
Jason
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Removed by admin: the comment did not contribute to a productive discussion

February 18, 2009
8:33 pm
jeremywong
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February 3, 2009
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Roc said:

Then I have $120,000.00 in a RRSP high interest savings account at ICICI Bank paying me 3.00%. I=Prt, which means I get another $3,600/yr tax free money!!!


RRSP isn't tax-free; it's tax-deferred. RRSP withdrawals are fully taxable as income.

What's with the multiple exclamation and question marks? Did you learn to write from get-rich-quick ads? And do you think including the cents in your amounts makes them look larger?

I don't think Donald Trump would see you with envy. He's a capitalist, and you're just a working stiff. All the managers and advisors he meets with make at least two and a half times your salary.

February 19, 2009
3:53 pm
The Donald
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There are so many inaccuracies with what you're saying, I don't even know where to begin...

Do you want to know the best places to park your money and get rich fast??? Then read on!!!

Placing all your money in savings accounts is by no measure a way to get rich fast. "Park" is a very apt way to describe it.

At People's Trust I have a high interest savings account with $300,000.00 paying me 3.60%. Which means I am earning I=Prt (Interest = Principle x Rate x Term), in my case that's $10,800/yr!!!

Savings account interest rates are not fixed so there is no point in trying to accurately determine annual income over the long term. Interest rates do not stay constant from month to month, let alone year to year.

Then I have $120,000.00 in a RRSP high interest savings account at ICICI Bank paying me 3.00%. I=Prt, which means I get another $3,600/yr tax free money!!!

As Jeremy mentioned, RRSP investments are tax-deferred, not tax-free. There is a huge difference. When you eventually withdraw your money, you will pay tax on the entire amount you withdraw each year - both principal and interest.

So my total gross income yearly is $14,550.00!!!!

This total is incredibly misleading. In addition to taxes, you are neglecting the effects of inflation. The inflation rate in Canada is currently 1.2% (very low, but then again so are interest rates). So at the current inflation rate, each year your principal of $425k is reduced in real purchasing power by $5,100. Factor in taxes and you are left with not much at all.

This would definitely make Donald Trump green with envy and proud!!!!!!

I am certain that you will never even get the chance to hear "you're fired!" from Donald Trump.

Your investment advice is completely useless at best. All you've done is placed all your money in accounts from institutions that currently offer the highest rate. Anyone can do that, but very few should. Perhaps you could offer some advice on how someone with an average salary can accumulate such a large sum of money in the first place.

I am a strong advocate for individuals managing their money on their own, but in your case I would highly suggest you consult with a financial advisor. Most people with a decent amount of savings should have at least some portion of their savings invested in bonds and equities, especially if they are not retired. You should at least consider the alternatives. There are some serious drawbacks and opportunity cost associated with your investment plan, or lack thereof.

February 19, 2009
10:39 pm
guest
Guest
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Ha ha. The Donald summed it up beautifully. The only thing you have in common with Donald Trump is your arrogance. It is obvious that in order to have accumulated this amount of money on your own at your maturity level is through an inheritance, or dealing drugs. What is your occupation anyway that pays you $60,000 per year?

.

In addition, you are only allowed to contribute 18% of earned income into an RRSP to varying maximums which at an income level of 60 grand is $10800 per year. In order for you to have accumulated $120,000 in your RRSP would have required a minimum of 12 years. Since I believe you are in your 20's you would have to have started dealing in your teens. Is this an accurate assessment?

February 19, 2009
11:14 pm
Peter
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I am locking this thread. There was some good analysis, but I only see this thread heading away from useful.

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