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Overheard a guy at Tim Hortons say he'd rather pay 2% mortgage rate than invest...
I was grabbing a coffee the other morning and this older guy at the next table was telling his friend he'd rather keep his money in a 2% GIC than touch the stock market. Said he got burned back in 2008 and never looked back. It got me thinking about my own dad, who's the same way. He missed out on years of growth because one bad year spooked him. I get being careful, but at 2% you're basically losing ground to inflation every year. Has anyone else seen family members or friends just give up on investing after a rough patch? How do you even talk to them about it without sounding like a salesman?
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grantp142d ago
Yeah but did they actually run the numbers on what inflation did to their savings?
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murphy.aaron2d ago
Wonder if they even factored in how much their buying power actually dropped over those 5 or 10 years. Like did they look at what that same dollar amount could buy when they started versus now? Seems like a lot of people just see the balance and think they're fine without doing that real math.
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