I Don't Like Money
November 23, 2009 7:45 PM Subscribe
I honestly have no interest in money, but I'm constantly reminded to invest my money. I've tried learning about it with little success, presumably because of my uncommon beliefs regarding money. So how do I invest this stuff so that I can maximize my joy in life and minimize my reliance on money?
posted by Kippersoft to work & money (22 answers total) 35 users marked this as a favorite
I'm 21 and live in Canada. I'm going into my 4th year of university and yet I probably know less about money than a 15 year old. I was never taught anything about in school and I've never had any interest in it. We're working with an entirely blank slate here (to put it into perspective, I was asked by my bank cashier if I got money on my tax return last year and I didn't understand what she meant... I'm totally stupid when it comes to money :P).
I recently picked up a Personal Finance for Dummies book and a Complete Idiots Guide to Personal Finance. I also read The Wealthy Barber a few years back. All of these were totally over my head. Furthermore, I assume this is all outdated because of the recession or whatever. ;)
I think my problem is that I don't really care about money -- it just doesn't mean that much to me. I don't buy much, I don't have any debt, I don't have any real expenses, and most of it just sits around.
So, all that said, what do I do with this stuff? Which of the Bonds/RRSPs/RRIFs/GICs/ROFLs/BBQs accounts do I put my money in? Here are my basic interests:
- Lets make it an even $10,000 I want to invest
- I want to save for my retirement and use this compound interest thing
- I don't want to lose money. I'm happy with whatever I've got, but I want to minimize my reliance on money. I don't want to be working while I'm 65 just so my family doesn't freeze in the winter. The more time I can enjoy life, the better.
- I want the "set it and forget it" approach. I don't have enough interest to make this a hobby for me.
- I don't want to pay anyone and I want to understand and run things myself (I just need to know where to start)
- Locking 100% of my money away for retirement means I can't enjoy life while I'm young which is a waste. I want some money available for my often spontaneous ideas. ("Maybe I'll by a car tomorrow or go on a vacation next Thursday...")
I know a sound like a naive, 90-year-old grandpa still living out the Depression with his money buried in a coffee can in the back yard (I'm only one step above that... I don't even own a bank card yet), but I just have no idea where to start and not enough ambition to learn about financial stuff which changes from month to month.
I know these might be a unique situation (which is exactly my problem), but where would you begin? What would you do to make the ideal, simple way to invest $10,000? What are the only one or two concepts (RRSPs, etc.) I need to learn and use?
All ideas and suggestions are very appreciated! :D