Personal Investor: 3 risk-free ways to boost your net worth
Many of us assume that investment goes hand in hand with risk; that you have to be willing to take on the possibility of losing it all for the chance of higher investment returns. However, for many people, there are other ways to make or keep more of their money without incurring risk. For instance, if you’re carrying debt, pay it off to avoid the interest charges. Create an investment strategy to avoid, reduce or delay taxes, which will allow you to achieve a higher after-tax return. And, look for low-fee investment opportunities as even a one percent annual saving will compound over time.
“Utilizing available tax tools including a registered retirement savings plan (RRSP) and tax-free savings account (TFSA) can divert much of your money from the Canada Revenue Agency back into your account, and that money can compound over time.”
Read more: https://www.bnnbloomberg.ca/personal-investor-3-risk-free-ways-to-boost-your-net-worth-1.1118719