🇨🇦 Your Wealth-Building Checklist 1. Open a TFSA. Invest in a globally diversified ETF and let time, compounding, and tax-free growth work for you. 2. Pay off high-interest debt. Stop interest from working against you. 3. Build an emergency fund. Keep it accessible and earning interest. 4. Know your numbers. Create a budget and track your net worth. 5. Pay yourself first. Save before you spend. 6. Live below your means. Set clear financial goals and give every dollar a purpose. You don’t need to be rich to build wealth. You need a plan, consistency, and time. *list is not exhaustive and in no particular order. In saying that I personally prioritize my Tfsa above all else. Personal finance is just that, personal haha. As always do your own research 😉
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16 Comments
Catherine
@ffcatherine · 8d
Solid guideline Lisa: One caveat: pay off high interest debt on liabilities (personal items that do not pay you monthly ) but it’s okay to hold debt on assets ( vehicles that pay you monthly ie: rental property) TFSA is awesome but if someone has taxable income & haven’t bought a home yet the FHSA might beat the TFSA as it reduces current year income taxes plus grows tax free (never pay on gains if you buy a home within 15 yrs & if you don’t buy a home it can then get rolled into your RRSP without affecting contribution room At the end of the day start today, know your numbers & do your analysis based on your own personal total situation 🙏🏻
shawn gulliver
@ohboyshawn · 7d
The emergency fund took me a bit to wrap my head around. Hated the fact i had money sitting doing nothing. But when i put into persepective what it protects and the feelingof peace a emergency fund give me now. One of the best things you can make for your self.
Mayank Pathyarch
@mayank7 · 8d
Nicolle
@moneymeetslegacy · 8d
Top notch list! I find that people new to investing struggle or get hung up with getting the order right. I think it’s best to start with Number 4. Track your spending for at least 1-2 months minimum. There are many good tracking apps out there, although I personally prefer using a simple budgeting spreadsheet to start because you become really aware and connected with the numbers when you have to manually enter them! Once you know your numbers, the rest of the check list items become manageable. Thanks for sharing!
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