Be money $mart! A few very effective money management tips

Tip 1. Earn interests for every penny you have got and avoid taxes if you can!

ING Direct offers highest interest rate for TFSA (Tax Free Savings Account), current interest rate is 1%-2%. If you live in Canada, good news! You Canadian dollar will earn interest while appreciate in value against US dollar!

ING direct offers a checking account too, which gives you interest also! Not like the other banks, since it provids service online, it can afford not to charge you any monthly fees. So not only can you enjoy no fee daily banking, but also earn interest for every penny you have got!

Tip 2. Avoid the risk of FOREX (foren currency) trading, and yet take advantage of long term market fluctions and trends.

When you are uncertain when USD will rise against CAD, you can continue to hold CAD. The forcasts is that CAD may worth more than USD.

With ING direct, you can also open a USD account, if you live in Canada. The convertion rate is good. So if you do not wish to take the risk of doing currency trading (FOREX trading), which can drain all your savings in a matter of a few seconds (if you do high volum trading, half a second is more than enough to lose all you earned in your entire life), this is a good option to take advantage of the long term rate fluction.

You can open an account now by playing around with the following gadget:

Tip 3. Mutual fund (balance of stocks and bonds) - invest for your retirement, minimize risks and achieve long term growth.


ING direct also have this option ready for you! With the diversfied (thus minimizes risks) investment option, you have lower fees than most other banks while enjoying the growth of your fund.

Tip 4. RRSP with ING DIrect is also an option!

Tip 5. Stock trading and FOREX (foreign currency) trading is DANGEROUS!

We do not recommend anyone do trading unless you are the real experts with coolest head! The time you initially invest to lear trading may easily cost you thousands or much more! Forex trading could suck all your savings, even billions, in a fraction of one thenth of a second! How to lose that much so quick? The answer is easy: do high volume trading and using highest leverage possible when the market fluctuate the most. You are guaranteed to lose everything if one thenth of a second!

Tip 6. Use no fee credit card that wih cash back options!

Currently MBNA is a good option. Try search for some promotions around, for example, new customers of MBNA mastercard in Canada can enjoy 5% cash back on some purchases in the first 6 months and 3% after that, most other purchases have 1% cash back. So you are almost guaranteed to get about 1.5% or more reward overall. Combined with ING Direct 2% interest, that is about 3.5%!

Tip 7. Avoid greediness! Use extreme caution when doing high risk trading! Always place stop loss order as soon as possible!

Tip 8. Keep all your foreign bank accounts, if possible! Know your bank fees, withdraw fees and ...

Tip 9. Don't forget to play around with the gadget above, when you open an account with it, you will get cash in your bank account, if deposit \$100 or more. Remember, tiny amounts here and there for a life time can make a huge difference!

Last modified: Sunday, 22 July 2012, 11:41 AM