Friday, August 17, 2007

Major Purchase and Depressed Markets

Although the markets have fallen a lot recently I haven’t made any purchases. The main reason I haven’t pulled the trigger yet is simple...I have very little available cash. I recently purchased a cottage and as such will need all of my available funds for the down payment. However, I have a small amount of money available to invest in my RRSP and I’m currently looking to add one of the following companies IPL.UN, BMO, BNS. Longer term I believe all of the above three names are a good buy and I currently have an order in for IPL.UN at $8.50 (I’m doubtful that it will reach that level but if it does I’ll be an owner). I may have more available cash after the financing for the cottage is worked out. However, until the details of the cottage financing are worked out I only have enough money for one position.

The timing of the cottage purchase was certainly not perfect however, we have been looking in the area that we bought in for about 4 years and this was the first opportunity to buy in that time period so we jumped on it. We don't view the cottage as an investment and plan on never selling.

2 comments:

moneygardener said...

congrats on the purchase of the cottage. I'm sure your family will enjoy it for years to come...

CreditPro said...

My congratulations! The cottage is the most appropriate thing to put up the money in.