WILL I LOOSE ALL OF MY RRSP BY TOMORROW MORNING DUE TO The CURRENT GLOBAL STOCK MARKET CRISIS ??
I have $5,000 in my RRSP, & last year I got a loan for $20,000 to invest in my RRSP. Now I'm wondering that if by Tomorrow morning will I have lost all of my money that I have invested in my RRSPdue because the Stock Market crisis ?????
Also I'm still paying for that loan untill 2017.
Also Can I stop continuing making payments for that RRSP ??
- john kLv 61 decade agoFavorite Answer
Could you lose it all yes its possible. Do you really think, the stock market is going to nothing tommorow?? I'm confident it will take a good hit but give a year or two will be back above what it today and give another year or two will be back near record territory. But that is called risk and why you are in the stock market as you wanted higher returns then you could get invested in some sure thing, that with a little inflation would mean a sure to be losing sure thing.
The market goes up and goes down just sure as the economy does and although some think their will never be a recession, it is almost impossible for there not to end-up being one as some sectors of the economy will grow and others remain for to-long after they should have closed there doors so every once in awhile the economy shakes off the ones that need to die and force the dogs to move into profitable areas.
As far as stopping contributing? Why, the market isn't going to be any slow decline, So in three or four contributions do you not want to be buying stocks cheaply? as I'm sure as always it will take a hit more then what it should so you'll be buying stocks that are worth more based on earnings ect. then the price you'll be buying at. If you look the news is always late, the market is already @ 2000 below its high so when it goes down another 1000 you already ate 2/3rds of the fall, its just that now your news channel has finally noticed it.
when i grew up I was always taught when the News talks about the market look to do the opposite, so when the news talks or shows a Bear its just about the right time to start buying, and when it shows a bull and is talking about how high it can go it usually is time to start looking at what things you should sell. and it looks to apply here just as always, since it has been falling for three months, and showed at the end of November that it was definetly in trouble, never mind the news on the housing sector has been going on for atleast a year now.
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