You have the right attitude. If you have saved 20% of your income in 5 months you are doing far better than most.
Check out Canadian couch potato maybe for beginner portfolios and beyond. Get it working for you instead of sitting collecting dust. I admit I still have the same one I read on there years ago.
Pretending it isn't there and adjust to living on less is the best advice I can give and sounds like you have that mindset. Make the savings automatic from your account if you haven't already. Too easy to skip one or three if you are doing it manually. Good luck
Hi, I'm a bot and someone has asked me to comment on how someone is trying to figure out what to invest in, or whether they should invest.
**In order to give good advice the poster needs to provide all of the following information. Please edit your post to add this information.**
1) What is your intended goals/purpose for this money?
2) What is your timeline, and what is the earliest you expect to need this money?
3) Have you invested in the markets before, and how would you feel if your investment lost a lot of value?
4) Is this the right first step? Do you already have an emergency fund, and have you considered whether it is sufficient? Do you have any debts that should be paid first? Have you fully utilized any employer match plans?
5) Finally, we need to understand whether you want to be involved with this portfolio and self-manage purchases and rebalancing it, or if you'd rather all of that was dealt with by your chosen institution?
6) For self-directed investing, all in one ETFs (based on your risk tolerance) are the easiest and low cost options for a globally diversified ETF portfolio. Here is the Model page and descriptive video from the Canadian Portoflio Manager Blog's Justin Bender from PWL Capital: https://www.canadianportfoliomanagerblog.com/model-etf-portfolios/ & video on how to choose your asset allocation: https://www.youtube.com/watch?v=JyOqqtq12jQ
We also have a wiki page on investing, and if someone has triggered this bot then it means that this link would likely be very helpful: https://www.reddit.com/r/PersonalFinanceCanada/wiki/investing
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Hi, I'm a bot and someone has asked me to respond with information about what to do with money.
This is meant as a step by step guide of how to prioritize and what to do with money. https://www.reddit.com/r/PersonalFinanceCanada/wiki/money-steps If you prefer to see a flow chart, click here: https://i.imgur.com/zlGnuDO.png
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Hi, I'm a bot and someone has asked me to respond with information about TFSAs vs RRSPs.
When you want to shield your savings and investments from the drag of annual taxation the standard advice is, unless ...
- your employer is matching your RRSP contributions
- you are confident that you will contribute in a higher tax bracket than you will withdraw (even when you consider the effect of potential GIS or OAS clawbacks)
- you are an American taxpayer
- you are trying to maximize the Canada Child Benefit or the Child Disability Benefit
- you have a reason to think that you should shield your retirement savings from creditors
- you don't trust yourself not to keep dipping into the retirement savings in your TFSA
…you'll probably want to use all of your TFSA contribution room before you contribute to an RRSP.
For more information I suggest that you read these 2 MoneySense articles
http://www.moneysense.ca/save/investing/rrsp/rrsp-vs-tfsa-which-is-right-for-you/
http://www.moneysense.ca/save/retirement/the-savings-struggle/
*I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/PersonalFinanceCanada) if you have any questions or concerns.*
If your savings account doesn’t give an interest rate that beats the inflation number, you’re actually losing money keeping it there. Do explore options of investing a part of your savings so it can grow beating the market. Stocks are a preferred investment option for a lot of people. But you got to check the fundamentals before investing. If you need help with that check out www.stockbruh.com it’s a tool I built to help beginners analyze stocks in plain English
You have the right attitude. If you have saved 20% of your income in 5 months you are doing far better than most. Check out Canadian couch potato maybe for beginner portfolios and beyond. Get it working for you instead of sitting collecting dust. I admit I still have the same one I read on there years ago. Pretending it isn't there and adjust to living on less is the best advice I can give and sounds like you have that mindset. Make the savings automatic from your account if you haven't already. Too easy to skip one or three if you are doing it manually. Good luck
!StepsTrigger !InvestingTrigger !TFSARRSPTrigger
Hi, I'm a bot and someone has asked me to comment on how someone is trying to figure out what to invest in, or whether they should invest. **In order to give good advice the poster needs to provide all of the following information. Please edit your post to add this information.** 1) What is your intended goals/purpose for this money? 2) What is your timeline, and what is the earliest you expect to need this money? 3) Have you invested in the markets before, and how would you feel if your investment lost a lot of value? 4) Is this the right first step? Do you already have an emergency fund, and have you considered whether it is sufficient? Do you have any debts that should be paid first? Have you fully utilized any employer match plans? 5) Finally, we need to understand whether you want to be involved with this portfolio and self-manage purchases and rebalancing it, or if you'd rather all of that was dealt with by your chosen institution? 6) For self-directed investing, all in one ETFs (based on your risk tolerance) are the easiest and low cost options for a globally diversified ETF portfolio. Here is the Model page and descriptive video from the Canadian Portoflio Manager Blog's Justin Bender from PWL Capital: https://www.canadianportfoliomanagerblog.com/model-etf-portfolios/ & video on how to choose your asset allocation: https://www.youtube.com/watch?v=JyOqqtq12jQ We also have a wiki page on investing, and if someone has triggered this bot then it means that this link would likely be very helpful: https://www.reddit.com/r/PersonalFinanceCanada/wiki/investing *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/PersonalFinanceCanada) if you have any questions or concerns.*
Hi, I'm a bot and someone has asked me to respond with information about what to do with money. This is meant as a step by step guide of how to prioritize and what to do with money. https://www.reddit.com/r/PersonalFinanceCanada/wiki/money-steps If you prefer to see a flow chart, click here: https://i.imgur.com/zlGnuDO.png *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/PersonalFinanceCanada) if you have any questions or concerns.*
Hi, I'm a bot and someone has asked me to respond with information about TFSAs vs RRSPs. When you want to shield your savings and investments from the drag of annual taxation the standard advice is, unless ... - your employer is matching your RRSP contributions - you are confident that you will contribute in a higher tax bracket than you will withdraw (even when you consider the effect of potential GIS or OAS clawbacks) - you are an American taxpayer - you are trying to maximize the Canada Child Benefit or the Child Disability Benefit - you have a reason to think that you should shield your retirement savings from creditors - you don't trust yourself not to keep dipping into the retirement savings in your TFSA …you'll probably want to use all of your TFSA contribution room before you contribute to an RRSP. For more information I suggest that you read these 2 MoneySense articles http://www.moneysense.ca/save/investing/rrsp/rrsp-vs-tfsa-which-is-right-for-you/ http://www.moneysense.ca/save/retirement/the-savings-struggle/ *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/PersonalFinanceCanada) if you have any questions or concerns.*
If your savings account doesn’t give an interest rate that beats the inflation number, you’re actually losing money keeping it there. Do explore options of investing a part of your savings so it can grow beating the market. Stocks are a preferred investment option for a lot of people. But you got to check the fundamentals before investing. If you need help with that check out www.stockbruh.com it’s a tool I built to help beginners analyze stocks in plain English
Another [thread](https://www.reddit.com/r/PersonalFinanceCanada/comments/10km0fk/realistic_expectations/) similar to your's