‘has made” spousal ‘contributions

BUSINESS

NOT JUST FOR RETIREMENT RRSPs a good way to save

FOR ELAINE WYATT, ‘RRSP’ will soon spell a four- month trip up the Amazon River with her husband and two

children.

‘It’s not really what the gov- ernment would like people to do with their registered retirement savings plan — they are supposed to be for retirement,"’ said Wyait.

“*But one of the things | want to do is travel. And my kids won’t want to go with me when I’m 65. You can’t do everything, so you must decide what you do want and the best way to do it.

““We plan to draw out only part of the RRSP; the rest will remain for our true retirement.”

Wyatt, 37, is mo amateur in Managing money. A_ business journalist and assistant editor of Personal Finance, a Financial Times of Canada supplement which appeared from 1985 to 1988, she has just written The Money Companion: How to Manage Your Money and Achieve Financial Freedom.

dollars and sense _ Michael Grenby

Published by the Financial Times and Penguin Books, the bock costs $12.95. (Or, if you order directly from the Financial Times, 1231 Yonge, Suite 300, Toronto M4T 2Zi, you can get The Money Companion plus Retire Right: The Practical Guide to RRIFs, Annuities and Pensions — another $12.95 book -- -for $21.95.) :

Intiigued by Wyatt’s own story, 1 thought we'd take a break this week from our tax tips series.

Wyatt fell in love with RRSPs at age 19, a year. before she fell in love. with and married Charles (now 43 and a freelance writer and - public retations consultant).

“J had interviewed an American banker who thought the Canadian RRSP system was the most wonderful thing and convinced me to take advantage of it,’? Wyatt

a

said.

“So 1 started contributing and three years later, Charles and I took out all our RRSP money to travel around the world for 18 months.

‘We paid back almost no tax, so we not only saved tax from con-.- tributing but also had more money because our RRSP grew tax-free."”

The Wyatts were broke when they returned to Canada so they started their RRSP program again.

“We decided to have a family,”’ Wyatt said. “Although I had planned to go back to work after our daughter Alyna was born in 1979, I changed my mind. Because I had money in my RRSP to draw on as needed, I didn't feel } had to go to work, or that I was making any sacrifices by staying home. Qur son Brenan was born three

Wyatt, now books snanager for the Financial Times, said when she hasn’t had income, her husband

“so our RRSPs are always about equal. I’m the aggressive investor, with almost all equities, while he invests in fixed-income securities.”’

The Wyatts’ income, when both work the full year, fluctuates be- tween $60,000 and $100,000. But their sivings program stays at a constait 30 per cent.

“If 3100 comes in, $30 goes into a hard-core savings account and that money is not touched — ex- cept to help pay income tax, con- tribute to RRSPs and fund trips,” Wyatt said.

&

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Have the Wyatts ever done any- thing wrong financially? Of course.

“When my husband moved

from journalism to corporate PR in the early °80s, his income jumped from $30,000 to over $60,000," said Wyatt. ‘‘So we started to spend — far more than we really had. We even went over the $5,000 limit we had on MasterCard.

“‘We surprised curselves. Here we had saved for a trip, children, the house — and suddenly we were in debt over our ears.”

The Wyatts put away their credit

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