Again I had the privilege of being on a discussion panel for CBC’s The National with Peter Mansbridge. The other panelists were the same as before: Amanda Lang, Patricia Croft and Jim Stanford. This time we were talking about RRSPs. As usual, never enough time to cover all the important points (or to counter Jim’s suggestion to forget investing if you only have $1000!) :)
I don’t know if you’ll notice, but I was in a bad mood that day – I think you can see it in my face a few times, although I made a conscious effort to control it showing too much. I don’t know why, I was just in a funk that day. What was really funny, was that the Leafs game was on in the background and Peter said he had to muzzle himself when they scored during the discussion. Secrets from behind the scenes… :)
Two parts:
Segment One (15 minutes): CLICK HERE
Segment Two (5 minutes): CLICK HERE
I really didn’t like Jim’s blatant representation of his employer’s agenda. But he makes a good point (over and over) about how many Canadians simply don’t have enough discretionary income for future savings.
Great to see you again on The National Preet. Jim’s comments are somewhat incorrect – $1000 can go a long way. The “savings for your kid’s college funds or stimulating economy” is the wrong mentality to go into it. You simply cannot rely on the government to take care of you and Canadians must own up to their responsibilities and do something about it. The comment about “the wealthy barber” and how the “saving 10%” doesn’t work is wrong. Understand WHY and HOW compound interest works and you’ll realize why patience is key and why it will work in the long run.
You weren’t that bad, but I agree, it is nearly impossible to convey meaningful RRSP advice in that short time period they give you. CBC execs should consider giving you at least a 30min episode to fully explain some topics, rather than lumping you in with others’ opinions and creating a whole mess of confusion.