by young, I meant under 30 with income.
I notice that they usually dine out at least 3-4 time a week costing around $50 on each meal.
My advice to them is to set up automated $50 per week contribution to their RRSP or TFSA to a diversified portfolio of TD e-Series. I even offered to help them fill the forms. All they need to do is keep $50 in their bank account per week.
Their replies were:
1) "I will think about it", and usually they forget about it,
2) "I don't have money for this commitment", yeah but you dine out so often though.
3) "I don't want to do it" simply without reasons. Maybe that person doesn't want to hurt my feeling by calling me a con artist or something.
For those close relatives, I even guaranteed that you will make more than what your saving account is offering you over 10 years. If it felt short, I will reimburse you back at the end of this 10 year period.
All of them think I am playing with fire as I mentioned the word "stock market".
My wife even went on and said that she is keeping the money in the bank so she can feed me after I lose all my money in the stock market.
Or may be the reason is due to the fact that they don't trust anything they don't understand.
When I said: "honey, what about we combine our money and buy an over priced house"? The answer was quick and simple: "okay". I wouldn't buy a piece of GTA real estate if she pointed a gun at my head right now.
Only those above 40-50 would take my advices into consideration. Some hesitated of course, but at least some in this age group is taking it seriously. Anyone above 50, I simply told them I can't help, too late.
Edit: took out some personal info.
I notice that they usually dine out at least 3-4 time a week costing around $50 on each meal.
My advice to them is to set up automated $50 per week contribution to their RRSP or TFSA to a diversified portfolio of TD e-Series. I even offered to help them fill the forms. All they need to do is keep $50 in their bank account per week.
Their replies were:
1) "I will think about it", and usually they forget about it,
2) "I don't have money for this commitment", yeah but you dine out so often though.
3) "I don't want to do it" simply without reasons. Maybe that person doesn't want to hurt my feeling by calling me a con artist or something.
For those close relatives, I even guaranteed that you will make more than what your saving account is offering you over 10 years. If it felt short, I will reimburse you back at the end of this 10 year period.
All of them think I am playing with fire as I mentioned the word "stock market".
My wife even went on and said that she is keeping the money in the bank so she can feed me after I lose all my money in the stock market.
Or may be the reason is due to the fact that they don't trust anything they don't understand.
When I said: "honey, what about we combine our money and buy an over priced house"? The answer was quick and simple: "okay". I wouldn't buy a piece of GTA real estate if she pointed a gun at my head right now.
Only those above 40-50 would take my advices into consideration. Some hesitated of course, but at least some in this age group is taking it seriously. Anyone above 50, I simply told them I can't help, too late.
Edit: took out some personal info.