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Putting Money Into RRSPs & Paying Extra On Your Mortgage Will Not Make You Rich
by Mark Huber
With the insights you are about to gain, I hope you will choose not to always follow the crowd (and accepted wisdom), but to find the best path for your journey towards financial independence.
For the first step on that journey, let's take a look at the two places most Canadians accumulate the most money: our homes and our RRSPs - generally in that order.
Following accepted wisdom, we put money into our RRSPs for retirement. We do this because our contributions are tax deductible and the growth of our RRSPs grow tax deferred. (I didn't say "tax free" - I said, "tax deferred". This is a distinction that gets lost on most individuals).
At the same time, Canadians assume (because we have been taught) that it's best to achieve the goal of financial security with outright home ownership. So, to save mortgage interest expense we begin sending extra principal payments to the bank.
Sound familiar?
However, like naive, inexperienced drivers, this is just like driving down the highway of life, pursuing financial security with one foot on the brake pedal and the other foot on the gas.
Now we may eventually make it to our destination, but only after a pretty jerky ride. Furthermore, we may wonder why a few others arrived at the station of financial independence sooner, achieving more, with a much smoother ride!
"But I am doing everything right!"
Suddenly we realize that during all of those years of earning money, we socked a portion away in tax sheltered investments (our RRSPs) that gave us a tax deduction on the front end, just to be hammered with taxes on the back end.
At the same time, we were making extra mortgage payments we were committing those extra dollars into an investment (our homes) where the money was making us a 0% return.
During our "golden years" of retirement, we painfully come to the realization that we increased our tax liability by postponing it to a time when we no longer had significant deductions.
In frustration, we complain, "But I did everything right! Everyone concerned about their retirement puts money into RRSPs, and I've always been taught that you should pay off your mortgage as soon as possible by sending extra principal payments to the bank!"
There is a valuable lesson here: All the dogs barking up the wrong tree doesn't make it the right one!
If what you thought to be the best way to save for retirement or to pay off your mortgage turned out not to be the best way, when would you want to know?
Now is the time to discover the best way to safely accumulate more money. The sooner you empower yourself with the knowledge to attain financial independence, the greater your net worth will become.
My goal is to create a meaningful transformation in your life through the concepts, truths, and strategies I am about to share with you.
Most educational experiences are information-based. However, on the other hand, I will provide an insights-based experience for you - based on my personal beliefs and observations gathered from over 21 years in the financial services industry.
When a person experiences personal epiphanies, he or she is motivated to change. As you continue to read, it is my sincere desire that a meaningful transformation will take place as you learn to give new life to your personal and financial assets.
Welcome to the "the path less traveled!"
About the Author
Mark Huber, CFP has over 21 years experience in the financial services industry and is author of "The UnCanadian Way" series of eBooks and audios. These powerful resources share innovative ideas and wealth building strategies to Canadians so that they will never again view their home, their mortgage, their debts, or their assets in the same way again! Visit HowToGetRidOfYourMortgage.com
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