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Hello from Canada
Old 06-17-2011, 03:41 PM   #1
Confused about dryer sheets
 
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Hello from Canada

Hello, I am blacktea from Canada.

I am 44 and wish to retire and travel now.
My plan is either live in a motor home and travel Cheaper European country !
Or
Jump in my car and head to Central america !

I think i am very close to able to manage, i am used to living very very frugal.
I have not seen a movie in the cinema for more than five years and eat at restaurant no more than twice a year ! Hehe, i am cheap.
I have no friends so that makes it easy .

Anyhow, i have a real serious question to ask you expert investor here.
Which will determine if my dream to retire early is possible.

I have come across some very high interest paying GIC in a number of countries in Europe.
Russia, Bulgaria, Armenia , Azerbaijan.
Theses banks are paying anywhere from 8 to 10 % P.A. on Euro account.
Considering a 4% withdraw, my saving will actually be growing every year.

So, my question. How safe my money will be in the above countries ?

Thank you

Bleaktea
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Old 06-17-2011, 09:14 PM   #2
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Hi Blacktea, and welcome to the forum! Congratulations on your approaching retirement -- it's nice to see your frugal lifestyle paying rewards.

I can't comment specifically on the investments you listed, since I have no experience or knowledge with them. But I do think you can pretty much depend on the risk/return relationship -- higher returns come with higher risk. And there is possible additional risk in investing in foreign currencies, so I'd be nervous about Euro-based investments unless I lived in a Euro country.

Good luck with your retirement! Your plans sound like great fun.

Coach
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Old 06-17-2011, 09:23 PM   #3
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Welcome blacktea. 8-10% on a Euro account sounds great but have you seen the latest news? Greece may default and this may lead to the demise of the Eurozone. I think the currency risk is too high for your whole nestegg. I'm from Europe, and I have nothing to speak of in Euro investments.
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Old 06-18-2011, 05:09 AM   #4
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Ask yourself why these accounts are paying 8-10%, (the maximum 5 year Canadian $ GIC will currently give ~ 3.5%, and the average pays ~ 2.8%), and how stable/reliable the institutions offering these rates are.

Banks/other financial outlets don't pay out more than they have to, and the fact that these places have to speaks volumes about the risk factor.

Me, I wouldn't go near them. YMMV.
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Old 06-18-2011, 09:53 AM   #5
Confused about dryer sheets
 
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Thanks for the reply everyone.
I am afraid without the high interest, i will have work many many more years.

There is something doesn't make sense about our interest rate, 3.5% on five year GIC. Yet 19.99 % interest if you pay your credit card late.

So, where would you invest your money if you were to retire right now ? Stocks ?

Here is a couple link to the banks paying 8% interest for those that are curious .

First Investment Bank - Two-year Deposit Account with a Progressive Interest Rate

International Bank of Azerbaijan
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Old 06-18-2011, 01:50 PM   #6
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From yesterday's Globe and Mail:

Investors hunt for opportunities in Euro bonds - The Globe and Mail
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strange.....
Old 06-18-2011, 02:06 PM   #7
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strange.....

Where is my reply, it did not show up
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My dream shattered
Old 06-18-2011, 02:14 PM   #8
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My dream shattered

Looks like i have to keep working for a while........

Interest rate here in Canada is artificially low, we are encouraged to spend rather than save. Too much power in the hands of a few.


For those who are curious, here's a couple of high interest euro account i am talking about

First Investment Bank - Two-year Deposit Account with a Progressive Interest Rate

International Bank of Azerbaijan
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again
Old 06-18-2011, 02:15 PM   #9
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again

what is going on ?
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why ?
Old 06-18-2011, 02:16 PM   #10
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why ?

When i reply with more than one sentence , it did not show ?
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annoying
Old 06-18-2011, 02:17 PM   #11
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annoying

Come on !
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Old 06-18-2011, 02:27 PM   #12
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I did a test reply, and it worked.

Now adding another sentence
or two
or three

Are you clicking on Submit ?
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Old 06-18-2011, 02:30 PM   #13
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Posts from new members containing links require moderator review before they are posted. The goal is to cut down on spam. We'll see if it works.
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