What is the Rationale of a Tax Free Savings Account?
The world economy is going through a very turbulent phase with recessionary symptoms including a plummeting stock market, loss of jobs, and low consumer confidence. Everyone is affected by the economic crisis that many countries in the world are facing. In this scenario an average person sits back and wonders, “Can I do something to protect myself? Can I make my future secure? Is it better to have control on my own money by saving it as I want?” The answer to these questions is a solid yes. People have to take control of their own savings and choose safe options for a financially secure future. It is not wise to spend more than you earn or to spend all that you earn. It is also not wise to invest all your money into any one investment vehicle, say, equity or mutual funds or foreign markets. Financial wisdom suggests that a person should spread his “eggs” in “many different baskets” instead of putting “all the eggs in one basket”. This will help him cushion any financial contingency in
