Last night as I tried to fall asleep I kept waking up with an excitement in my soul, feeling kind of like how I used to feel as a child at Christmas. A long anticipated moment was soon to arrive, my pension from the corporate job I quit almost a year ago was supposed to be transferred into my Direct Investing account – ready to be utilized at last!
Fast forward to this present moment, the funds have yet to arrive and I am on hold with Direct Investing. Disappointment and a little frustrated, this is actually probably preparing me for the wild ride I am about to embark on with stock investment.
I spoke to 5 or 6 investment consultants at multiple different firms trying to decide what to do with a locked-in RRSP that I could not withdraw and would gain a measly 2-3% through the group RRSP it was currently being held in. I also didn’t want to pay exorbitant fees to a money manager that got paid regardless of how my portfolio performed.
After my own research on the interwebs and advice from my day trader father and former bank manager aunt I decided to take control of my investments myself.
The transfer of a pension takes a shockingly long time, in fact, I sent the paperwork in Oct 1 and I have yet to receive my funds. My bank received my pension transfer “cheque” (I was actually shocked they sent it cheque, isn’t that an outdated mode of dealing with money!?) on Thursday and I was told it would be transferred into my Direct Investing account Friday or Monday. It is now Tuesday night. After 2 hours on the phone with my bank and Direct Investing apparently my funds have left the “Holding Account” and they aren’t sure why it isn’t in my investing account. It has been escalated and now they have said tomorrow, or at the latest Friday. It’s not very comforting to learn your bank has lost track of 50k.
If there is one thing I’ve learned from the copious amount of investment books, articles and experiences I’ve read is investing is a sea of risk and excitement. My favourite book so far has been “The Intelligent Investor” by Benjamin Graham, a book recommended by good ol’ Warren Buffett. The emotional intelligence required for investing will make or break a person. Avoid emotional buying and selling and instead focus on the data and research available to you through charts/reports/financial statements.
I hope my next post will be the announcement of my first BUY! Cross your fingers for me this will be the week!