home Latest News Larry Bates' wealth formula: Bay St. insider has two simple rules for making money – Globalnews.ca

Larry Bates' wealth formula: Bay St. insider has two simple rules for making money – Globalnews.ca

This post was originally published on this site

Will you have enough money to live in reasonable comfort when you retire? That’s the $1-million question for anyone who’s ever given any thought to the financial fortunes of their 70- or 80-year-old self.Veteran Bay Street investor Larry Bates has a disarmingly simple answer to that.Story continues below“Six powerful forces will determine the sum of your future wealth: three ‘Wealth Builders’ and three ‘Wealth Killers,’” Bates, who spent 35 years in the investment-banking industry, predominantly at RBC Capital Markets, writes in his new book, Beat the Bank: The Canadian Guide to Simply Successful Investing.READ MORE: How much do you really need for retirement? We did the mathWealth builders are the amount you save, time, and your rate of return. The more you save, the longer you save, and the higher your return, the wealthier you’ll be.Wealth killers are fees, taxes and inflation. They all eat into your money. Minimizing wealth killers can be as important as maximizing wealth buildershe says.WATCH: Here’s what taxes do to your savings outside an RRSP or TFSA