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Chapter 3

Money Does Not

Equal Wealth

T

he English language can play tricks on those who don’t spend the time to learn its nuances. Many people think that retirement ac-

counts and mutual funds are the same; cash and credit are the same; and money and wealth are the same.

Retirement accounts (a.k.a RRSPs

in Canada or 401(k)s in the US) and

mutual funds are not the same.

When I used to work in the investment industry, I would be absolutely stunned by the amount of people who could not differentiate between their RRSP retirement account and their mutual funds. For most people, their retirement accounts have only ever held mutual funds, only hold mutual funds today, and only will hold mutual funds in the future. For these people, the terms mutual fund and RRSP account might as well be the same. However, RRSPs and mutual funds are not the same at all.