For most everyday Canadians, follow these basic principles and you’ll very likely do fine in the long haul: • Pick Term Life Insurance, ignore Whole Life • If your employer offers a match, contribute up to the max (free money) • Build and maintain a 3-6 month emergency fund • Invest => 10% of your paycheck into one All-in-one ETF (ex. VEQT/XEQT) • Ignore individual stocks, crypto and day trading • Keep fixed costs (housing, transportation, food) <= 65% of take-home pay Anything you would add or change?
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14 Comments
Mayank Pathyarch
@mayank7 · 11d
Bill Johnston
@billjohnston · 11d
Pay yourself first then pay the bills with what's left.
CAPS LOCK ON
@theanonymousinvestor · 8dEdited
DO NOT IGNORE CRYPTO! MAYBE IGNORE THE STUPID ALTCOINS AND MEMECOINS ETC. BUT TO SAY YOU SHOULD IGNORE SOMETHING LIKE BITCOIN, WHICH HAS HAD INSANE RETURNS, IS NONSENSE
Carlos L@retirement_rants · 10d
For the fixed costs, I would say never start a mortgage where more than 50% of the initial payments are going to interest. Compounding can also work against you! The banks prey on people that don’t realize this!
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