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NEW BRUNSWICK’S TOP “THINKING AHEAD” SMART TIPS: VINCE Start putting money into an RRSP or TFSA as soon as you can and do it regularly. Take even $20 or $10 per pay if that is all you can afford. The sooner you start the sooner it will start to grow. If you start in your early 20’s, by the time you reach retirement age, all that money you put in when you were young will have multiplied many times over. Just remember… the earlier the better! CATHRYN I wish I’d listened to my father and started an RRSP as soon as I got my first job! Compound interest is incredible!! BRENDON When purchasing your first vehicle, make sure to factor in an estimate of repair costs over the life of the vehicle in order to avoid defaulting on payments or inheriting a fancy lawn ornament with an empty tank of gas. To help your children understand the importance of thinking ahead and making a plan for the future, start with something more timely like saving for college or university. Then, once they’ve graduated and entered the workforce, the importance of saving for retirement will resonate more. With the power of compound interest, the earlier you start saving, the less money you’ll need to put away to meet your savings goals. Remember: time is an asset as you build your savings. 12 3 6 9


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