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6 Posts
I am brand new to the site and have only recently decided to do my own investing, which may or may not be a good idea.
My current situation is as follows. My wife and I are 59 y/o and want to retire at 65. Our income in retirement will be CPP and OAP of about $2,000 p/mth. We currently have $560,000 in assets, not including our house which will be paid off just before retiring.
We have been using an investment advisor with RBC Dominion who has done little to give us gains in the stock markets. I believe he manages in excess of 400 million for his other clients so we are quite small time with him with only $190,000 (stock value) and $40,000 (cash) of our money. I am sitting on the remainder of our cash ($330,000) and would like to put it to use through a self directed plan.
Literally, during the market turmoil last spring I called the advisor every week after the TSX started dropping through 14,000. I felt we should liquidate our positions but he convinced us to stay in the market. Some of those discussions were quite acrimonius. We watched the stocks go from $240,000 to $125,000 during that period. The stocks have bounced back to $190,000.
I heard from our advisor last week for the first time since the market began it's decline. I imagine he realized we had the $40,000 in the account and decided it was time to invest it and generate some commissions. I wish he had called after it was somewhat clear that the market had hit bottom.
We opened up a direct investing account in December through an online service (Canadian Bank-which I am already unhappy with). I have already purchased some Manulife, Riocan and Bonaventure Energy Trust but only small amounts of each (total $30,000).
I feel I need to stay conservative but still make some money on the remaining cash we have for investments (the $330,000). We will still be able to contribute another $100,000 over the next five years giving us a grand total of $660,00 even if it is not invested in anything.
I would appreciate any advice any of you could give with regards to what to do with the remaining cash. TIA.
My current situation is as follows. My wife and I are 59 y/o and want to retire at 65. Our income in retirement will be CPP and OAP of about $2,000 p/mth. We currently have $560,000 in assets, not including our house which will be paid off just before retiring.
We have been using an investment advisor with RBC Dominion who has done little to give us gains in the stock markets. I believe he manages in excess of 400 million for his other clients so we are quite small time with him with only $190,000 (stock value) and $40,000 (cash) of our money. I am sitting on the remainder of our cash ($330,000) and would like to put it to use through a self directed plan.
Literally, during the market turmoil last spring I called the advisor every week after the TSX started dropping through 14,000. I felt we should liquidate our positions but he convinced us to stay in the market. Some of those discussions were quite acrimonius. We watched the stocks go from $240,000 to $125,000 during that period. The stocks have bounced back to $190,000.
I heard from our advisor last week for the first time since the market began it's decline. I imagine he realized we had the $40,000 in the account and decided it was time to invest it and generate some commissions. I wish he had called after it was somewhat clear that the market had hit bottom.
We opened up a direct investing account in December through an online service (Canadian Bank-which I am already unhappy with). I have already purchased some Manulife, Riocan and Bonaventure Energy Trust but only small amounts of each (total $30,000).
I feel I need to stay conservative but still make some money on the remaining cash we have for investments (the $330,000). We will still be able to contribute another $100,000 over the next five years giving us a grand total of $660,00 even if it is not invested in anything.
I would appreciate any advice any of you could give with regards to what to do with the remaining cash. TIA.