Comments on: Win $10,000 ING contest http://www.TechSack.com/2007/07/18/win-10000-ing-contest/ Technology & Life Sat, 19 Jun 2010 10:45:46 +0000 http://wordpress.org/?v=2.9.1 hourly 1 By: Jacqueline http://www.TechSack.com/2007/07/18/win-10000-ing-contest/comment-page-1/#comment-21868 Jacqueline Thu, 20 May 2010 12:53:40 +0000 http://www.techsack.com/2007/07/18/win-10000-ing-contest/#comment-21868 Well for the average person already saddled with a mortgage and yes I used "saddled" because saving money is a lot like feeding a horse....you can keep feeding him and feeding him but that doesn't mean the horse will necessarily perform or run. Savings is a lot like that...it can't perform unless you feed it and even if you feed it , if you don't feed it the correct food, it won't develop the muscle power to "build". Now adays a lot of people I talk to can't afford to save...they are so busy servicing debt and just trying to keep up to the constant increases in all services but are unable to make that paycheque stretch any further. Wages don't go up as quickly or as often as bills do ( taxes, utilities, household expenses, gas, etc ,etc). I like the new TFSA approach but then again, you need the " feed" to feed the horse...and if there is no money left over to buy feed ,,,that horse goes without. That is the reality of a lot of people. I then talk to people who borrow to invest in RRSP only to be disappointed that yes they got a tax credit but when the dust clears , they aren't really making any money, in fact some lost due to stock dips/plunges. If I was given the money..I would invest $5000 in the TFSA to max out my contribution to it...then I would take $5000 and pay down debt. Then the following year I would take another $5000 and invest that to make the $10,000 TFSA and then let it grow. So pick me..I need to feed my horse! And I need to upgrade to a newer vehicle instead of driving one that is a 1997. That's reality! Well for the average person already saddled with a mortgage and yes I used “saddled” because saving money is a lot like feeding a horse….you can keep feeding him and feeding him but that doesn’t mean the horse will necessarily perform or run. Savings is a lot like that…it can’t perform unless you feed it and even if you feed it , if you don’t feed it the correct food, it won’t develop the muscle power to “build”.
Now adays a lot of people I talk to can’t afford to save…they are so busy servicing debt and just trying to keep up to the constant increases in all services but are unable to make that paycheque stretch any further. Wages don’t go up as quickly or as often as bills do ( taxes, utilities, household expenses, gas, etc ,etc).
I like the new TFSA approach but then again, you need the ” feed” to feed the horse…and if there is no money left over to buy feed ,,,that horse goes without. That is the reality of a lot of people.

I then talk to people who borrow to invest in RRSP only to be disappointed that yes they got a tax credit but when the dust clears , they aren’t really making any money, in fact some lost due to stock dips/plunges.

If I was given the money..I would invest $5000 in the TFSA to max out my contribution to it…then I would take $5000 and pay down debt. Then the following year I would take another $5000 and invest that to make the $10,000 TFSA and then let it grow. So pick me..I need to feed my horse! And I need to upgrade to a newer vehicle instead of driving one that is a 1997. That’s reality!

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