DONALD TRUMP WOULD BE PROUD!!!!!! | Your stories | Discussion forum

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There are so many inaccuracies with what you're saying, I don't even know where to begin...

Do you want to know the best places to park your money and get rich fast??? Then read on!!!

Placing all your money in savings accounts is by no measure a way to get rich fast. "Park" is a very apt way to describe it.

At People's Trust I have a high interest savings account with $300,000.00 paying me 3.60%. Which means I am earning I=Prt (Interest = Principle x Rate x Term), in my case that's $10,800/yr!!!

Savings account interest rates are not fixed so there is no point in trying to accurately determine annual income over the long term. Interest rates do not stay constant from month to month, let alone year to year.

Then I have $120,000.00 in a RRSP high interest savings account at ICICI Bank paying me 3.00%. I=Prt, which means I get another $3,600/yr tax free money!!!

As Jeremy mentioned, RRSP investments are tax-deferred, not tax-free. There is a huge difference. When you eventually withdraw your money, you will pay tax on the entire amount you withdraw each year - both principal and interest.

So my total gross income yearly is $14,550.00!!!!

This total is incredibly misleading. In addition to taxes, you are neglecting the effects of inflation. The inflation rate in Canada is currently 1.2% (very low, but then again so are interest rates). So at the current inflation rate, each year your principal of $425k is reduced in real purchasing power by $5,100. Factor in taxes and you are left with not much at all.

This would definitely make Donald Trump green with envy and proud!!!!!!

I am certain that you will never even get the chance to hear "you're fired!" from Donald Trump.

Your investment advice is completely useless at best. All you've done is placed all your money in accounts from institutions that currently offer the highest rate. Anyone can do that, but very few should. Perhaps you could offer some advice on how someone with an average salary can accumulate such a large sum of money in the first place.

I am a strong advocate for individuals managing their money on their own, but in your case I would highly suggest you consult with a financial advisor. Most people with a decent amount of savings should have at least some portion of their savings invested in bonds and equities, especially if they are not retired. You should at least consider the alternatives. There are some serious drawbacks and opportunity cost associated with your investment plan, or lack thereof.