About six months ago, I decided that I wanted to get more actively involved in picking individual stocks using a value investing approach and that my TD mutual fund RRSP account was not enough for me. I looked at converting to a TD Waterhouse account, but it had an annual fee of $100 and cost $30 per trade. Since I'm just starting out as an investor, I want to conserve as much money as possible, so I decided to transfer my RRSP account to a Questrade self-directed RRSP with no annual fee and only $5 per trade. I already have a TFSA trading account with Questrade and hadn't had any problems with them, so I decided it would be a good move to have my RRSP with Questrade as well.
After waiting until I could sell my TD mutual fund units without incurring an early trading fee, I moved everything to a money market fund with no early penalty fees and initiated a transfer. The first step was to open a Questrade RRSP account. You are allowed to have more than one RRSP account, you just can't contribute more than your total allowed annual contribution limit between the two accounts. I finished the Questrade RRSP application up to the point where you need to fund the account. Then I found the appropriate transfer form from Questrade's website. It will even fill out all your new account information for you, and you just need to provide the details of the relinquishing institution. I didn't need to contact TD in any way at this point.
Once Questrade initiated the transfer, they informed me that the transfer would take 10-20 business days (which translates to about a month). So I patiently began waiting, and researched stocks and read about value investing while I waited. TD and Questrade were true to their word and took the most amount of time possible before I would start to get impatient. Exactly one month plus a day, I logged on to my TD online banking and the RRSP account had been sold out and closed. I thought I might have to make a separate request with TD to close the account, but it turns out they did that for me. But when I checked Questrade, expecting to see my RRSP balance, I instead found that the transfer had been rejected.
According to Questrade, the relinquishing institution said that the account number was invalid. I found that confusing because the account was closed according to TD EasyWeb. Questrade said they could re-initiate the transfer (which would take another 10-20 business days) if I sent them an account statement with my name, address, and account number on it. I uploaded a scanned copy of the document and waited a couple more days. Nothing was changing, so I called TD. They said that my RRSP was closed and that they had no other information. So I called Questrade and told them the situation, and they looked into the problem.
Apparently the account was transferred to Penson financial (who provides holding services for Questrade), but the transfer could not be completed to Questrade because of the account number. What happened was the following. When I was filling out the transfer request form on Questrade's website, I wrote in the full 10-digit RRSP account number that I saw in TD EasyWeb. When I checked my account statement, the account number was only 7 digits. What I actually needed was just the last 7 digits, which is what caused all the trouble.
So after Questrade opened a ticket for me and reviewed my uploaded account statement, two days later I was informed that my Questrade account was funded and that I could begin trading. Before initiating the transfer over a month ago, I Google searched a bit to see what kind of transfer fees TD would charge me for moving my account to another institution. From what I found, I was expecting that TD would take about $100 from my RRSP in fees. To my delightful surprise, I found that they didn't take a cent!
So now my self-directed RRSP with Questrade is funded, and I'm ready to do some value investing!
Showing posts with label RRSP. Show all posts
Showing posts with label RRSP. Show all posts
Friday, April 13, 2012
Tuesday, February 28, 2012
Giving Cash Back To Shareholders is Nice... When You Can Afford It
Over the past few weeks, I've been looking at various stocks trying to find my very first Warren Buffett-style value investing stock pick. One of my main considerations was Hasbro, Inc. Hasbro has a lot of brand power under their belts: Monopoly, Battleship, Boggle, Pictionary, Risk, Scrabble, Trivial Pursuit, Transformers, Nerf, not to mention more targeted brands such as Magic: The Gathering and Dungeons and Dragons. I went to Zellers the other day and took a stroll through the toy section. Many of the toys were made by Hasbro, meaning that Hasbro has a lot of retail store shelf space at stores like Wal-Mart, Zellers, Toys R Us, and so on. Hasbro has also been diversifying their brands toward movie production, such as Transformers and G.I. Joe. Upon examining the management, I found that the CEO of Hasbro personally heads the Corporate Social Responsibility Committee, a task that could easily have been delegated to a sub-manager. To me, that shows that the CEO actually cares about what goes on at those committee meetings.
When considering Hasbro's financials, I found a lot that matched a checklist I've built, based on reading how value investors like Warren Buffett pick stocks. Hasbro has low capital expenditure, consistent profit margins, return on assets in the 9-10% range, growth in net income and growth in what Buffett calls "owner earnings". Owner earnings, or free cash flow, are equal to the company's net income, plus depreciation/amortization, minus capital expenditures. Since depreciation/amortization are a non-cash expense, the cost is added back in to the equation, and offsetting depreciation/amortization is taken into account by subtracting capital expenditures. The result is the amount of cash that the company can decide to re-invest in the business, use to acquire other companies, or pay out to shareholders in the form of dividends or share repurchases.
Something Buffett likes to see in a stock is good treatment of shareholders. At the time of this writing, Hasbro currently has a dividend yield of just over 4%, which is pretty good. They also have an on-going share repurchase program. Since 2008, Hasbro has repurchased about 10.6 million shares. The result has been a steady increase in earnings per share. After valuing Hasbro's future cash flows with a modest 5% growth per year, I came up with a valuation of the company that is higher than its current share price, offering a margin of safety around 25%. If I were to assume a higher growth rate, that margin of safety would be larger, but I don't want to over-estimate. In any case, I had all but convinced myself that this stock would be a good buy, according to the value investing principles I have been learning about. The only reason I haven't purchased this stock yet is that I'm still waiting on transferring my RRSP account over to a self-directed account that I can use to buy individual stocks. Perhaps this was a blessing in disguise.
Buffett says that when you find a good investment, you should place a sizeable chunk of cash on it. Since I would be placing a sizeable chunk of cash on Hasbro, I want to be sure that I'm right about its prospects. After all, the whole strategy of focus investing is simply to just buy good companies, and avoid bad ones. I wanted to make sure I wasn't buying a bad one. It seemed strange to me that shareholders were being so lavishly rewarded year after year with dividend payouts and share repurchases, when news pieces on Hasbro had such a modest or grim outlook. I whipped up a quick spreadsheet, and here is what I found:
From what I see in the spreadsheet, Hasbro has been paying out more than 100% of its owner earnings to shareholders! At the same time, it has been borrowing hundreds of millions each year. It looks to me like this is unsustainable. Cash should only be paid out to shareholders if it can't be better used elsewhere to grow the company and add value for shareholders. From what I can tell, at least some of the cash being borrowed and/or paid out to shareholders could probably be better used by re-investing in the business. This realization has led me to reconsider my plans to purchase shares in Hasbro for the time being.
Edit: I did some follow-up research on this topic, and wrote a blog post summarizing my findings.
When considering Hasbro's financials, I found a lot that matched a checklist I've built, based on reading how value investors like Warren Buffett pick stocks. Hasbro has low capital expenditure, consistent profit margins, return on assets in the 9-10% range, growth in net income and growth in what Buffett calls "owner earnings". Owner earnings, or free cash flow, are equal to the company's net income, plus depreciation/amortization, minus capital expenditures. Since depreciation/amortization are a non-cash expense, the cost is added back in to the equation, and offsetting depreciation/amortization is taken into account by subtracting capital expenditures. The result is the amount of cash that the company can decide to re-invest in the business, use to acquire other companies, or pay out to shareholders in the form of dividends or share repurchases.
Something Buffett likes to see in a stock is good treatment of shareholders. At the time of this writing, Hasbro currently has a dividend yield of just over 4%, which is pretty good. They also have an on-going share repurchase program. Since 2008, Hasbro has repurchased about 10.6 million shares. The result has been a steady increase in earnings per share. After valuing Hasbro's future cash flows with a modest 5% growth per year, I came up with a valuation of the company that is higher than its current share price, offering a margin of safety around 25%. If I were to assume a higher growth rate, that margin of safety would be larger, but I don't want to over-estimate. In any case, I had all but convinced myself that this stock would be a good buy, according to the value investing principles I have been learning about. The only reason I haven't purchased this stock yet is that I'm still waiting on transferring my RRSP account over to a self-directed account that I can use to buy individual stocks. Perhaps this was a blessing in disguise.
Buffett says that when you find a good investment, you should place a sizeable chunk of cash on it. Since I would be placing a sizeable chunk of cash on Hasbro, I want to be sure that I'm right about its prospects. After all, the whole strategy of focus investing is simply to just buy good companies, and avoid bad ones. I wanted to make sure I wasn't buying a bad one. It seemed strange to me that shareholders were being so lavishly rewarded year after year with dividend payouts and share repurchases, when news pieces on Hasbro had such a modest or grim outlook. I whipped up a quick spreadsheet, and here is what I found:
 |
| Data taken from Google Finance |
Edit: I did some follow-up research on this topic, and wrote a blog post summarizing my findings.
Thursday, June 9, 2011
Success #2: Rebalancing RRSP TD e-Series Mutual Funds for More Exposure
Last year, I recognized that my mutual fund fees were too high, and I switched my units over to the TD Canadian Index and TD Canadian Bond e-Series mutual funds. Since then, my investments have been doing well. However, I decided that since the S&P/TSX Index focuses a lot on financials, energy and mining, it might be a good idea to broaden my investment exposure. After all, true couch potato index investing states that one should invest in everything and diversify as much as possible. The S&P 500 (which the TD US Index e-Series fund tracks) has a pretty good balance across sectors that I wasn't exposed to with just the Canadian Index fund. I also decided to allocate a little bit of my portfolio to the TD International Index e-Series fund to get some exposure there as well.
Overall, I decided on the following balance between e-Series funds: 40% TD Canadian Bond, 30% TD Canadian Index, 20% TD US Index and 10% TD International Index. I did some reading on the experiences others had had with rebalancing their TD e-Series funds, and I came across a very useful spreadsheet: http://www.canadiancapitalist.com/sleepy-portfolio-rebalancing-spreadsheet/
If you Google search for switching fees regarding the TD e-Series funds, you will find many forum posts discussing the issue. I seem to have found an approximately equal amount of people that say the mutual fund units are First In, First Out (FIFO) and some say Last In, First Out (LIFO). With e-Series units, one cannot sell them before 90 days have passed since purchase without incurring a penalty fee for frequent trading. This includes units purchased through a Pre-authorized Purchase Plan (PPP). If the units are sold FIFO, that would mean that the most recently-bought units would be sold first. If the units are sold LIFO, the least recently-bought units would be sold first.
In my case, the units seem to have been sold LIFO, where the oldest units were sold first. I have made PPP purchases in the last 90 days, but the full dollar amounts that I transferred to the two new funds correspond exactly with their book values. I didn't see any kind of fee of 2% of the transfer balance.
Since I now have four different e-Series funds, I tried to figure out how I could contribute to them evenly, while keeping my RRSP contributions fairly low. I don't want to contribute too much to my RRSP since I'll have to start paying off my university student loans next year, and I still have one year of school left to do (tuition to pay, books to buy, etc.). Before, I contributed the minimum PPP amount ($25) to each of my two e-Series funds every month. Now however, I have 4 funds to contribute to. Even with the minimum PPP amount, I would be paying $100/month into my RRSP to contribute to each fund equally. This is more than I can handle, so I tried to see if there was an "every two months" option on the PPP form on TD EasyWeb's website. There wasn't, so I decided to call them and see if they could set something up for me. Unfortunately, whatever options are on the web form are the only PPP options. So I guess for now, I'll leave my two PPP transactions as is, and re-balance some of the units of those funds to the other two every 90 days or more.
Something strange I noticed about the e-Series funds is that I both sent an email and then an eService message to TD with regard to my PPP inquiry, and in both cases the reply was that "we are not trained in mutual funds, please call TD". I thought the point of e-Series funds was that they were to be managed online and online only. I really hope they don't try and revoke my e-Series agreement, but if they do, I'll point out how I tried twice to contact them through online means.
Overall, I decided on the following balance between e-Series funds: 40% TD Canadian Bond, 30% TD Canadian Index, 20% TD US Index and 10% TD International Index. I did some reading on the experiences others had had with rebalancing their TD e-Series funds, and I came across a very useful spreadsheet: http://www.canadiancapitalist.com/sleepy-portfolio-rebalancing-spreadsheet/
If you Google search for switching fees regarding the TD e-Series funds, you will find many forum posts discussing the issue. I seem to have found an approximately equal amount of people that say the mutual fund units are First In, First Out (FIFO) and some say Last In, First Out (LIFO). With e-Series units, one cannot sell them before 90 days have passed since purchase without incurring a penalty fee for frequent trading. This includes units purchased through a Pre-authorized Purchase Plan (PPP). If the units are sold FIFO, that would mean that the most recently-bought units would be sold first. If the units are sold LIFO, the least recently-bought units would be sold first.
In my case, the units seem to have been sold LIFO, where the oldest units were sold first. I have made PPP purchases in the last 90 days, but the full dollar amounts that I transferred to the two new funds correspond exactly with their book values. I didn't see any kind of fee of 2% of the transfer balance.
Since I now have four different e-Series funds, I tried to figure out how I could contribute to them evenly, while keeping my RRSP contributions fairly low. I don't want to contribute too much to my RRSP since I'll have to start paying off my university student loans next year, and I still have one year of school left to do (tuition to pay, books to buy, etc.). Before, I contributed the minimum PPP amount ($25) to each of my two e-Series funds every month. Now however, I have 4 funds to contribute to. Even with the minimum PPP amount, I would be paying $100/month into my RRSP to contribute to each fund equally. This is more than I can handle, so I tried to see if there was an "every two months" option on the PPP form on TD EasyWeb's website. There wasn't, so I decided to call them and see if they could set something up for me. Unfortunately, whatever options are on the web form are the only PPP options. So I guess for now, I'll leave my two PPP transactions as is, and re-balance some of the units of those funds to the other two every 90 days or more.
Something strange I noticed about the e-Series funds is that I both sent an email and then an eService message to TD with regard to my PPP inquiry, and in both cases the reply was that "we are not trained in mutual funds, please call TD". I thought the point of e-Series funds was that they were to be managed online and online only. I really hope they don't try and revoke my e-Series agreement, but if they do, I'll point out how I tried twice to contact them through online means.
Saturday, April 9, 2011
RRSP First Time Home Buyer's Plan
Just recently, I was getting my taxes done at a tax preparation company, and was discussing my RRSP with the employee there. I mentioned that I was planning on using the RRSP's first-time Home Buyer's Plan (HBP) in the next few years for a down-payment on a house. The employee also knew that I have a Tax-Free Savings Account, and politely told me that in his opinion, I should be using my TFSA instead of my RRSP to save for a house down-payment.
His reasoning was that the money I currently have in my RRSP would disappear when I make use of the HBP, and then I would be missing out on years of growth in that account until I fully paid back the balance. I gave this some thought, and while that fact is true, it's also true of the TFSA, or any other account I might decide to use. Money spent is money lost, which is money that can't grow because it's gone, no matter what account you hold it in. However, his recommendation to use a different account still merited some further reading.
After reading up on how the HBP works, I have decided that I will make a change of plans, and use an account other than my RRSP to save for a house down-payment. The HBP is essentially a loan that you owe to yourself, and that loan remains even, if you go bankrupt. While I don't plan on going bankrupt, it might still be too stressful to have that loan hanging over my head. Around the time I decide to buy a house, I will probably have just finished paying off my student loan. I know that a mortgage is also a loan, but I wouldn't want to have that extra HBP loan tacked on to me as well.
If I decide to use my TFSA or some other account to save for a down-payment, I would highly enjoy having the option and not the obligation to pay back the amount I withdraw. This also frees the money in my RRSP of dual purpose. The money I have in there currently will just stay in there and grow for the main purpose it's there: to save for retirement.
His reasoning was that the money I currently have in my RRSP would disappear when I make use of the HBP, and then I would be missing out on years of growth in that account until I fully paid back the balance. I gave this some thought, and while that fact is true, it's also true of the TFSA, or any other account I might decide to use. Money spent is money lost, which is money that can't grow because it's gone, no matter what account you hold it in. However, his recommendation to use a different account still merited some further reading.
After reading up on how the HBP works, I have decided that I will make a change of plans, and use an account other than my RRSP to save for a house down-payment. The HBP is essentially a loan that you owe to yourself, and that loan remains even, if you go bankrupt. While I don't plan on going bankrupt, it might still be too stressful to have that loan hanging over my head. Around the time I decide to buy a house, I will probably have just finished paying off my student loan. I know that a mortgage is also a loan, but I wouldn't want to have that extra HBP loan tacked on to me as well.
If I decide to use my TFSA or some other account to save for a down-payment, I would highly enjoy having the option and not the obligation to pay back the amount I withdraw. This also frees the money in my RRSP of dual purpose. The money I have in there currently will just stay in there and grow for the main purpose it's there: to save for retirement.
Thursday, January 27, 2011
RRSP vs. TFSA: Who cares?!
Now that the TFSA has been around for a while, people have some significant used or potential contribution room for their account. This has given rise to the debate between the RRSP account and the TFSA account. Which is better? Which should I contribute to? What are the benefits, risks, and best practices for me? What if I'm heavily taxed in retirement? What if I don't get as much Old Age Security?
If you're young like me (22 years of age), I say who gives a flying fig? I have both accounts, and I contribute to both evenly. Each account has its purpose, and I'll meet whatever complications arise 40 years from now when they come. What else can I do? There is absolutely no way of predicting what taxes will be in four decades, what income bracket I fit into, whether I'll be eligible for OAS. I say that it's essentially a guessing game as to whether taxes will be higher or lower when I start withdrawing from my RRSP when I retire. If I don't qualify for OAS because I have too much money that I can live off of on my own, isn't that fair?
My plan is this: Contribute to my RRSP for the purpose of a first-time-home-buyer down-payment. Contribute to my TFSA to build a dividend growth portfolio. Simple. Sound principle, should work out just fine if I'm disciplined in sticking to my plan. I don't give a hoot which is better.
Edit: An update on my RRSP plan: RRSP First Time Home Buyer's Plan
If you're young like me (22 years of age), I say who gives a flying fig? I have both accounts, and I contribute to both evenly. Each account has its purpose, and I'll meet whatever complications arise 40 years from now when they come. What else can I do? There is absolutely no way of predicting what taxes will be in four decades, what income bracket I fit into, whether I'll be eligible for OAS. I say that it's essentially a guessing game as to whether taxes will be higher or lower when I start withdrawing from my RRSP when I retire. If I don't qualify for OAS because I have too much money that I can live off of on my own, isn't that fair?
My plan is this: Contribute to my RRSP for the purpose of a first-time-home-buyer down-payment. Contribute to my TFSA to build a dividend growth portfolio. Simple. Sound principle, should work out just fine if I'm disciplined in sticking to my plan. I don't give a hoot which is better.
Edit: An update on my RRSP plan: RRSP First Time Home Buyer's Plan
Wednesday, January 19, 2011
Back to Investing
After a period of 4 months of unemployment, I once again have an income. I decided not to work during my school term at university, in favour of studying and improving my grades to attempt to renew my scholarship. I have set up Pre-authorized Purchase Plans (PPP) for my two RRSP mutual funds, alternating contributions to each every two weeks (every pay day). This way, I'll keep my allocation at about 50-50 equity and bonds. If I want to fine-tune the allocations, I'll have to save up $100 to contribute since that's the minimum contribution outside of a PPP. I've also started contributing small amounts to my stock-trading TFSA account. Once I get enough for a round of dividend stock purchase, I'll post another dividend stock analysis on what I decide to buy. Stay tuned!
Sunday, October 31, 2010
Success #1: Recogizing When Fees Are Too High
When I decided to open an RRSP mutual fund account, I had done some research on the different funds available from my bank. I had some in mind when I went in to open the account. I have a feeling that the representative I spoke with thought I had no idea what I was talking about when I told her I wanted to start investing. This was most likely because I still get asked if I'm over the age of 18, when really I'm 22. I don't do anything major like start an RRSP without knowing what I'm doing.
So when I went in to open the account, they didn't even ask me which fund I wanted to invest in, or give me choices. I filled out their quiz, and they said "Ok, here's what we're going to set you up with." I didn't really have a choice in the matter. Luckily, I realized that the bank would get 1.9% of the balance in my RRSP account every year. Later on when the balance is getting big, that's a lot of money to lose out of my retirement savings every year.
I discovered that my bank offers low-fee index funds, around 0.3% per year. This is a much more agreeable fee, so I applied for the funds by mail. Everything is switched over now, and my annual fees are much more under control now. I've decided that if I need to deal with the bank again, I'll do it in a more direct manner, or circumvent the representative altogether by doing things through mail or email. I'm glad I was able to recognize an unfavourable financial decision, and remedy it on my own.
So when I went in to open the account, they didn't even ask me which fund I wanted to invest in, or give me choices. I filled out their quiz, and they said "Ok, here's what we're going to set you up with." I didn't really have a choice in the matter. Luckily, I realized that the bank would get 1.9% of the balance in my RRSP account every year. Later on when the balance is getting big, that's a lot of money to lose out of my retirement savings every year.
I discovered that my bank offers low-fee index funds, around 0.3% per year. This is a much more agreeable fee, so I applied for the funds by mail. Everything is switched over now, and my annual fees are much more under control now. I've decided that if I need to deal with the bank again, I'll do it in a more direct manner, or circumvent the representative altogether by doing things through mail or email. I'm glad I was able to recognize an unfavourable financial decision, and remedy it on my own.
Friday, October 22, 2010
Introduction
It all started one day in August 2010, when I was looking at my bank account online, and saw a button labeled "Purchase an Investment". Before that point, I had never considered investing, especially since I had just recently witnessed what could happen when a global recession hit. Then I began to think about the student loan I'm going to have to pay back, and how I'll eventually need to buy a car, a house, and eventually eventually retire. So I clicked on the button.
All the different investment options that my bank offered came up on the screen. I Googled any terms I didn't know, and began to learn more and more about all the different investment options that are available, how they are taxed, what type of accounts they can be held in, what risks are involved, and so on. I decided to ask several people I know that invest in different things for some advice. Several people recommended I start by opening an RRSP account to start saving for retirement, and I can make use of the first-time home-buyer's clause to make a down payment on a house at some point.
I went to my bank, armed with some rudimentary knowledge of mutual funds, and a few ideas of which funds I might be interested in. When I opened the RRSP, I had to take a quiz that assessed my investment knowledge and risk tolerance. The bank basically decided for me which mutual fund I wanted, so I left it at that for a couple months. Just recently, I recognized that a mutual fund with a MER of 1.9% was actually a fairly high fee, and there were some much cheaper options available. I switched over to two different mutual funds, one with a MER of 0.48%, and the other with 0.31%.
Shortly after opening my RRSP account, I also decided to open a Tax-Free Savings Account (TFSA) with a discount brokerage so I could dabble in trading stocks. I've made a few trades over the past few months, and I plan to blog about what I learn, what I mess up on, and what successes I find.
I've done a fair amount of reading on personal investing in the past few months, and I've decided to get started on a dividend growth strategy for my TFSA account. I will elaborate more upon this strategy in further blog posts. I like the idea of the "buy-and-hold" strategy for stocks, as they generally tend to show positive returns in the long run, and dividend payments offer a way to earn passive income. I've heard nothing but bad things about day trading and trying to time the market, and I don't have the time or motivation to learn all there is to known about technical analysis to try and make that strategy work.
In writing this blog and learning more about personal investment, I hope to be able to accomplish my long-term financial goals, and end up with a nice portfolio for retirement.
All the different investment options that my bank offered came up on the screen. I Googled any terms I didn't know, and began to learn more and more about all the different investment options that are available, how they are taxed, what type of accounts they can be held in, what risks are involved, and so on. I decided to ask several people I know that invest in different things for some advice. Several people recommended I start by opening an RRSP account to start saving for retirement, and I can make use of the first-time home-buyer's clause to make a down payment on a house at some point.
I went to my bank, armed with some rudimentary knowledge of mutual funds, and a few ideas of which funds I might be interested in. When I opened the RRSP, I had to take a quiz that assessed my investment knowledge and risk tolerance. The bank basically decided for me which mutual fund I wanted, so I left it at that for a couple months. Just recently, I recognized that a mutual fund with a MER of 1.9% was actually a fairly high fee, and there were some much cheaper options available. I switched over to two different mutual funds, one with a MER of 0.48%, and the other with 0.31%.
Shortly after opening my RRSP account, I also decided to open a Tax-Free Savings Account (TFSA) with a discount brokerage so I could dabble in trading stocks. I've made a few trades over the past few months, and I plan to blog about what I learn, what I mess up on, and what successes I find.
I've done a fair amount of reading on personal investing in the past few months, and I've decided to get started on a dividend growth strategy for my TFSA account. I will elaborate more upon this strategy in further blog posts. I like the idea of the "buy-and-hold" strategy for stocks, as they generally tend to show positive returns in the long run, and dividend payments offer a way to earn passive income. I've heard nothing but bad things about day trading and trying to time the market, and I don't have the time or motivation to learn all there is to known about technical analysis to try and make that strategy work.
In writing this blog and learning more about personal investment, I hope to be able to accomplish my long-term financial goals, and end up with a nice portfolio for retirement.
Subscribe to:
Posts (Atom)