Seven New Year’s Resolutions that Should Be on Every Investor’s List

Jan. 7, 2009 - PRLog -- It’s time for Canadian investors to take stock of what happened to their savings and RRSPs in the financial meltdown of 2008 and plan for better returns in 2009. Independent investor and personal finance author Gail P. Bebee has identified seven New Year’s resolutions that she thinks should be on every investor’s list for 2009.
1. Open a Tax Free Savings Account. Anyone 18 or over can open one of these new accounts. This is one of the few ways for the average Canadian to avoid paying tax on their investing profits.
2. Evaluate your financial advisor’s performance in 2008. If he/she didn’t contact you in the thick of the stock market meltdown to discuss what was happening, you may need to changes advisors.  
3. Brush up on investing basics.  Review your financial goals. Read up on the pros and cons of various investments: fixed income (cash, GICs, etc.), stocks, bonds, mutual funds, exchange-traded funds.
4. Adjust your investments to reflect your real tolerance for losing money, as newly discovered in 2008. This likely means more GICs, government bonds and other safe fixed income.
5. Get your debt under control.  Make a budget and stick to it. Pay off those credit card balances with 18 or 19% interest rates.  
6. Build up your cash emergency fund. Aim for at least 3 months of living expenses, more if you can. It will come in handy if you lose your job.
7. Contribute to your RRSP. Use the tax refund to pay down debt such as a car loan or your mortgage.
For more information or to arrange an interview, please contact:
Gail Bebee
Personal finance speaker and author of No Hype - The Straight Goods on Investing Your Money
All the investing basics for Canadians from a savvy financial industry outsider
www.nohypeinvesting.com

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