Parking money 💰

As I continue to dive into the world of money, investing etc etc, and learn more and more about what my money can do for me, I came to the realization & decided that I needed to do something with all the cash I had sitting in my bank’s savings account.

The interest rate on my savings acct was at an amazing 0.01% (😅), and that’s when I realized I wanted it to do more for me.

I put a good chunk into $ZMMK as an emergency fund. Though I feel in my current stage of life, 4-6 months of money isn’t extremely necessary, so I don’t intend to add a whole lot more to it nor consistently unless needed, but I chose that as my research led me to believe it would be a good place to park money and get a better return than scotiabank was offering.

I’ve had some props for it, and some pushback suggesting I do something else (ie just putting it into XEQT), and though I don’t hate the idea, I also hate the idea of not having accessible money if really needed (forbid I lose my job for a bit, etc etc), and with the volatility comparison between the two, there’s no known time when I could need the money - could be next month, could sit there for while. If I need it while the market happens to be down, I accept loss. Now, with it dropping a bit when it comes time for dividend payout, does that rise more of a concern to you? Why or why not?
I hold it in my TFSA, which for right now I do question about it conflicting with contribution room, but at the same time if I intend to not add to it consistently and in big chunks, then I also could argue would it rise that largely of an issue?

What do you guys think? Still fairly new to this game, so open to any and all advice! ☺️

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5 Comments

Alessandro @alejcanales7 · 7hEdited

If you think you need the money soon, I wouldn’t buy $XEQT

I have money put away for a new car, and it’s in a GIC paying 3%

It kills me that I can’t throw that money into $XEQT, but I understand not every single cent I have can or needs to be invested

Consistency beats perfection

That’s just what it is ✌️

J E J@kingdolla · 7h

Do what makes you feel better about your financial situation. Everyone is at different stages, mindsets, etc. No one should pushback on what you do with your money.
Having a 4-6 month cash wedge gives you peace of mind. In this day and market volatility, that can be just as valuable as returns.

Alexis Lafleur

@buddah9365 · 6h

I personally use QASH but always got an eye on ZMMK depending on the yield they give

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