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It may be an urban legend, but Albert Einstein reportedly once said that compound interest is “the most powerful force in the universe.” Compound interest can be a great tool to help investors quickly grow their money. However, if you owe money that is being compounded it can be detrimental to your finances.
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If you’ve been putting money away in an RRSP account for your retirement, eventually you’ll need to transfer it to an RRIF. Despite the fact many people have put aside money in an RRSP, few know what an RRIF is, or that they’ll need one when it comes time to retire.
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Investments make money in multiple ways, including:
1. By paying out income
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Annuities are financial products that delivers a steady payment to an individual. They are primarily used as an income stream for retired people.
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We conclude our investment risk series this week by looking at foreign investment risk.
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We’re getting close to wrapping up our risk series, and today we’re looking at longevity risk.
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This week our risk series is focusing on time horizon risk.
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This week our series on risk is looking at inflation risk.
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The risk series continues this week with a look at reinvestment risk.
Reinvestment risk is the risk of reinvesting the income from an investment or the principal at a lower interest rate.
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The risk series has landed on credit risk this week.