says Canada's youngest retiree

says Canada's youngest retiree
"The only thing I did was invest early, and any idiot can do that," Foster told a gathering during a free financial seminar yesterday at the Central Library.
Foster advised the 15 people who turned out to invest in stable stocks that pay dividends to shareholders,[link widoczny dla zalogowanych].
"Forget the lottery ticket stocks,[link widoczny dla zalogowanych]," said the Ottawa native.
Rather than treating the stock market as a "get rich quick" scheme,[link widoczny dla zalogowanych], as most do,[link widoczny dla zalogowanych], stick to "companies simple enough for any 6-year-old to illustrate with a crayon,[link widoczny dla zalogowanych]," said Foster.
Lottery ticket stocks, mainly technology-based companies like Apple, Rim, Nortel, can be highly profitable if you're lucky but Foster doesn't take those chances.
"You never know when the next genius will come up with a new technology in his basement that will make the technology you invested in obsolete,[link widoczny dla zalogowanych]," he said.
Instead,[link widoczny dla zalogowanych], the now 42-year-old made his fortune by investing in recession proof companies like Colgate.
"The reality is that people brush their teeth every day,[link widoczny dla zalogowanych], and come recession,[link widoczny dla zalogowanych], they'll keep brushing their teeth,[link widoczny dla zalogowanych]," said Foster, who since retiring has penned several finance books including five national best-sellers.
An engineer by training, Foster said he gave up the corporate life to work on his own terms.
"I actually like working. Work itself is good. I don't like commuting to work. I don't like having a boss, or having to dress a certain way," said Foster.
Dressed in khaki shorts,[link widoczny dla zalogowanych], a wrinkled cotton tee-shirt and sneakers,[link widoczny dla zalogowanych], Foster is not the picture of the typical millionaire.
That's because he isn't,[link widoczny dla zalogowanych].
He lives modestly, supporting his wife and two boys on less than $50,[link widoczny dla zalogowanych],000 annually tax-free money he brings in through passive-dividend distributions and book sales.
"The worst way to make money in Canada is to work for it and earn it," he said,[link widoczny dla zalogowanych], adding that he has as much flexible income as someone making closer to $70,[link widoczny dla zalogowanych],000 in the corporate stream.
He avoids taxes and fees at all costs,[link widoczny dla zalogowanych], even self-publishing his first novel.
"Many people are unaware of the fact that you can make close to $60,[link widoczny dla zalogowanych],000 a year in Canadian dividend stocks without paying a cent in tax,[link widoczny dla zalogowanych]," said Foster.
He urged the public to stop "mindlessly paying fees."
Earlier this year, he sold his Ottawa home and debarked on a year-long tour of North America.
Foster said he didn't want to be dealing with being a landlord while on their adventure. They bought a large camping trailer and plan to travel while home-schooling their children,[link widoczny dla zalogowanych].
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