By: Stefan Aarnio
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As a professional real estate investor, I get asked all the time about investments.
I’ll never forget, my very first investment was a GIC, a guaranteed deposit at the bank. Guaranteed investments typically really suck.
They really suck because they pay you a rate that’s so low, that relative to inflation, you’re losing money. I think currently for a two year GIC at the bank it is 1.9%
I’ll never forget it when I was in grade 11, I was 17 years old, and had my first summer job.
I’d saved up $1,000 at my diner job in the summer and my grandmother told me to put it into a GIC at the bank. I went to the bank and I invested my thousand dollars.
At the end of the year, I’d made $14 on that GIC. The sad thing is, if I’d left the thousand dollars in my checking account, I would have avoided $48 in fees.
The bank robbed me. They took the fees, and ate up my investment, whereas if I’d left my money in the bank I would have saved myself some fees.
I hate GIC’s. I think it’s a waste of time, a waste of money. I think you’re almost better putting the money in the mattress or buying silver or gold.
There’s so many things you can do better than a GIC.
That’s the question of the day.
If you like these blog posts, go pick up a copy of my book “Self Made.” You can get it here.
You’re going to love the book. If you don’t love it, give it to someone who does, and I’ll give you your money back.
Respect The Grind,
P.S. Please share article if you found it enjoyable.
P.P.S. Make sure you come back tomorrow morning. While we are on the subject of investing, I will reveal the investment that will pay you the largest ROI. Don’t miss it.
Get Stefan Aarnio’s NEW book Self Made at SelfMadeConfessions.com