On 2009-02-12 01:59:46 -0800, spleen42[at]gmail.com said:

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The dangers of scams, ripoffs, miseading sales practices, etc., are
somewhat greater in Canada than in the USA. Regulation of securities
markets is lax. Be careful before you invest in any financial product,
especially one promoted by a sales person. Constantly keep in mind the
standard advice that, if it seems too good to be true, it probably is.

It is doubly important in Canada to do a lot of research and ask a lot
of questions before leaping into anything. A lot of the trouble comes
from the fact that securities regulation is a provincial
responsibility, and there is no overall federal regulation like in the
USA. So there is patchwork of different regulations in different
provinces, and criminals and scamsters take advantage of that fact. The
Vancouver, BC, area where I live, is rightly called the stock fraud
capital of North America. Be careful and good luck.

"Elizabeth Richardson" <erichktn[at]worldnet.att.net> wrote in message
news:gc6ll.22841$4m1.4963[at]bgtnsc05-news.ops.worldnet.att.net...
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Hi Elizabeth. You have given some good posts and responses in this forum in
the past years and I want to thank you for that.

The Suze Orman book I have is called the Road to Wealth. I recommended it
because it is a Question and Answer type book of the most common questions
she is asked: Stuff like what is involved in divorce, how to file
bankruptcy, how to write a will, when and when not to buy illiness insurance
or life insurance, custody of children, power of atterny etc etc. She
answerers questions the OP can get help on like how to write a savings plan,
what is FICO, how to share finances when living with your lover.

It is not a book about timing stock or bond funds but she does explain how
to purchases these sorts of instrutments. I have found it a very useful
tool in dealing with everyday money issues. But she is by no means the only
author to offer this type of book.

I don't know about her television show. I don't think it's in Canada. I
didn't know she had one. I thought she only did radio.

Elizabeth Richardson wrote:

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Well, all I can say is that she has a weekly show and has discussed
this situation many times. She has repeatedly advised people NOT to
pull money out that is already in the market. She has advised people to
not dump a lot of new funds in at this time, but to dollar-cost-average
it in.

I did not see the show you mention, but what you report is inconsistent
with her general run of advice.





Brian

--
Day 10 of the "no grouchy usenet posts" project

"Default User" <defaultuserbr[at]yahoo.com> wrote in message
news:6vlmqjFkl5qjU1[at]mid.individual.net...
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This was on CNN. I'd never spend time watching her on purpose.

Elizabeth Richardson

Elizabeth Richardson wrote:

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I watch her show each week on CNBC, and I haven't seen her give any
advice like that.



Brian

--
Day 10 of the "no grouchy usenet posts" project

On Thu, 12 Feb 2009 21:57:20 -0600, "Elizabeth Richardson"
<erichktn[at]worldnet.att.net> wrote:


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If this is true, I would be disappointed in her.


-HW "Skip" Weldon
Columbia, SC

"The Henchman" <don'taskme[at]iampoor.net> wrote in message
news:P26ll.198891$9i5.111456[at]en-nntp-07.dc1.easynews.com...
- quote -

My advice would be not pay attention to Suze Orman, period. In 1999, her
advice was "buy high, sell higher". I've sort of lost interest in her since
then, so don't know what she might have been saying the last few years.
However, I did hear her last night tell people to sell now, that it doesn't
matter whether stocks will go up from here or not, they've already lost the
money, so they might as well cash out. This, by the way, was advice to a
fellow in his early 50s saving for retirement, and then the same advice to
someone whose child would be starting college in 2 years.

Elizabeth Richardson

<spleen42[at]gmail.com> wrote in message
news:9d6eb808-c2ea-4f1c-bf29-ebf5aca77bb9[at]x38g2000yqj.googlegroups.com...
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A FRUGUAL choice would be the local public library. There is a specific
Canadian version book from the "For Dummies" people that explores budgeting,
taxes and investing that I learned the basics from. I am also a fan of Suze
Orman's books although she is american, she answers everday questions about
money, just don't pay attention to her tax advice.

Mostly get out some books that teach you to budget and "pay yourself first".
It's a public library so the books are free for you to use and reuse so take
notes and save your book money for your debt repayment plan. Learn how to
set small goals first and learn what success at achieving those goals tastes
like before making lofty goals like being a millionaire at so and so age.

A good suggestion is to subscribe to some Canadian blogs that can help you
with your overall financial health. Million Dollar Journey and Nerd money
and wheresdoesallmymoneygo.com and Money Gardener are all good Canadian
bloggers that update their diary everyday about the struggles and the
success of building wealth, one dollar at a time. Many of these sites have
forums where you can ask questions and advice and they will not shun you for
being in debt or for making mistakes. Participation is free, that's why I
suggest them and from there you will be exposed into a world of wonderful
advice and reasearch and ideas.

Try:

http://www.financialwebring.org/index.html


spleen42[at]gmail.com wrote:
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On Feb 8, 10:15*pm, Don <dwz...[at]telus.net> wrote:
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So I sold my mutual fund and paid off about half of my credit card
balance. I figure that with my 2007 and 2008 tax refunds (both of them
filed this year) and by leading a more reasonable lifestyle I'll be
able to pay off the rest before summer.

I considered calling the local credit counselling agency, but after
reading their website I wasn't sure what they could do for me. I have
already started using GnuCash to track my finances and follow a
budget. I can't scare my creditors into reducing my interest by
threatening to declare bankruptcy, because I have a job and am I not
going to declare bankruptcy. I think the only thing the credit
counselling agency could do for me is reassure me that I'm on the
right path.

While I was at the bank I was advised to apply for a consolidation
loan at 17.5% interest, and also to open one of those new tax free
savings accounts. I said no to both. I think it just seems dumb to
apply for a loan at 14.5% above prime. And if I am selling off my
investment to pay my debts, why should I be starting another
investment right now?

I also tried to get more information about why I ended up with a
taxable mutual fund when I had asked for an RRSP. The best answer I
could get was that some RBC financial advisors use the term "RSP-
matic" to refer to any automatic payments, no matter what type of
account the payments are made towards. Maybe this was a contributing
factor? I have no documented proof that I was actually trying to start
an RRSP. I'm not going to file a formal complaint. I'm upset that my
tax refund would have been double if I had been contributing to an
RRSP, but right now I just want to move on.

Can anybody recommend a good "How To" book for novice Canadian
investors? This was the last time I will ever ask the bank for
financial advice.

Thanks again, everybody.

On 2009-02-10 15:27:38 -0800, "The Henchman" <don'taskme[at]iampoor.net> said:

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People complain a lot about the many extra charges and fees banks make
on various transactions. That is good, but I would like to see more
concern about inappropriate advice and putting people in unsuitable
mutual funds. Those mistakes can result in much larger losses in the
long run.

"Don" <dwzimm[at]telus.net> wrote in message
news:2009020819150943658-dwzimm[at]telusnet...
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Royal Bank or RBC have a policy of moving their everyday branch advisors
around 24-30 months from branch to branch. Because RBC are so big you could
stop this "drone" from advancing furthur if you can file a complaint.

My girlfriend had a similar expierence with Royal Bank a few years ago when
she though she was contributing to a RSP but was instead contributing into a
taxable account. She did not understand how to read her statements, at
least until she met me. She got audited twice by Revenue Canada in one year
when the "error" was noticed in the second audit. Royal bank or RBC have
never paid her a cent back and she has sinced moved on and let bygones be
bygones.

Corrections were made by the way still using RBC funds. This is not a
reflection on Royal Bank as a whole as they have a number of low costs fund
index beating options. Mistakes happen.

On 2009-02-07 16:33:14 -0800, spleen42[at]gmail.com said:

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And after you have followed all the good advice, go back and make more
inquiries about the actions of that drone. You might somewhow help
others avoid mistakes. Think of it as community service.

On Feb 7, 10:37*pm, JoeTaxpayer <JoeTaxpa...[at]comcast.net> wrote:
- quote -

I have, but I didn't see anything that made me think the account type
was not what I had asked for. It wasn't until I went to the bank and
asked for receipts for my RRSP contributions that I realized what had
happened. You are right though, if I had been paying closer attention
I would not have let my financial situation get so dire.

Thank you everybody for the advice. It all seems so straightforward
now!

On Feb 7, 4:33*pm, splee...[at]gmail.com wrote:
- quote -

Plan B. You are making an immediate 28% on your money by using it to
pay off your credit card debt.

spleen42[at]gmail.com wrote:
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You haven't looked at any statements in 2 years? Paying attention to
details is the first step to getting your financial life in order.
Yes - pay off 28% credit card debt in full, and stop racking up that
kind of debt.
Joe

On Feb 7, 7:33*pm, splee...[at]gmail.com wrote:
- quote -

Definitely lose that 28%!! The basic equation is what you make v. what
you pay. It's doubtful you'll make a 28% annualized return. Even if
the market doubles by Feb 2011, you lose. Pay off the highest interest
cost, first. All you do with the 28% balance is lose 28% a year. Then
think about the student loan.

If you can't get a line of credit (try a credit counseling agency to
at least lower the rate to something half way reasonable!), then sell
the fund and pay off the debt. Pay everything to get rid of the 28%!!
Take on a second job! The RRSP limit contribution is cumulative, so
you can focus on making more money and contribute more in later years,
and it will still be tax deductible.

I thought I had started an RRSP 2 years ago, but recently discovered
that the RBC drone I dealt with made a mistake and I have been putting
my money into a regular, non-registered mutual fund. I am trying to
decide the best course of action, but I am financially naive.

I can't decide between the following:

Plan A: Cash in my mutual fund and reinvest in a real RRSP. This is
what the bank is telling me to do.

Plan B: Cash in my mutual fund, take a capital loss, and use the money
to reduce my credit card debt. Take the $100/month I was putting into
the mutual fund and put it into an RRSP instead. This is what my
friends are telling me to do.

Plan C: Stop paying into the mutual fund. Wait a year or two until the
economy has recovered and then cash it in when it will be a capital
gain. Don't start an RRSP until my net worth is non-negative. This is
what feel is the best choice, but am 38 years old and I also feel like
I should be saving for retirement no matter how big by debt is.

Please help. Any advice will be appreciated.

PS: What I really want is to get a line of credit to pay off my credit
cards and student loans, and then pay it back at 5% or 10% interest
instead of the 28% interest that MBNA is charging me. I've tried to do
this a few times, but the Royal Bank will not give me a line of credit.