On Wednesday, February 1st, David Chilton spoke at Chateau Le Jardin in Woodbridge. He highlighted the global financial changes which have occurred in the last 22 years since he first published "The Wealthy Barber". "Who could have imagined that financial institutions would hand out credit cards to people who have no job, no collateral or allow people to buy expensive homes with no down payment! We are in a debt crisis."
His main point was that we cannot predict what will happen to stocks in the long run. However, index mutual funds are a good way to invest. He also stated that Tax Free Savings Accounts are another option to Registered Retirement Savings Plans; in the former you invest after tax dollars and do not pay taxes when you pull the funds out while in the latter case, you invest before tax dollars and are taxed according to your income scale when you retrieve the money. It was a dynamic session.
