Growing Wealth

Put your money to work and let it help you achieve your financial goals with this key investing habit.
Carissa Lucreziano Apr. 26, 2021 4 minute read
Share


Putting your savings to work

What is so great about RIPs?

Convenience

Allow you to pay yourself first

Flexibility

Takes advantage of dollar-cost averaging

Compound interest

Let’s talk numbers

Amount invested per month

Investment balance after 10 years

Investment balance after 20 years

Investment balance after 40 years

$100 a month (approximate cost of a daily latte) $15,499 $40,746 $148,856
$200 a month (approximate cost of a monthly telecom bundle) $30,988 $81,492 $297,713
$300 a month (approximate cost of eating out monthly) $46,498 $122,237 $446,569

I’m convinced! How do I get started?

1Source: CIBC Poll. From February 16th to February 17th, 2021, an online survey was done of 3,026 randomly selected Canadian adults who are panelists of Maru Voice Canada Opens in a new window.. This survey was executed by Maru/Blue Opens in a new window.. For comparison purposes, a probability sample of this size has an estimated margin of error which measures sampling variability of plus or minus 1.6%, 19 times out of 20. The results have been weighted by education, age, gender and region (and in Quebec, language) to match the population, according to Census data. This is to ensure the sample is representative of the entire adult population of Canada. Discrepancies in or between totals are due to rounding.

2Source: Bloomberg article Opens in a new window.

Written by

Carissa Lucreziano
Vice President, Financial and Investment Advice, CIBC Personal and Business Banking

Follow me on LinkedIn Opens in a new window.


Explore more helpful resources