How to get started? Looking for investment suggestions
Hey all! I live in Canada , I am single and 27 years old. I am a new grad , and have been employed for 2 months now. I save around 5k CAD every month. I need suggestions on how I should invest money. I am thinking of putting 2k CAD in stocks and saving 3K CAD which I will put in real estate as a downpayment in future Please suggest to me how I should get started? I have zero experience in investing and stocks. TC : 130K CAD YOE: 2 months #Canada #Investments
Create a budget, save 20% of your pre-tax income, fund your tax advantaged retirement account to full (you invest based on what is offered to you in that)and then build up cash reserves equal to 6 months of your living expenses. Then, after that create a diversified portfolio. I'd recommend a target date retirement fund, given you are not an investment professional. Don't heed to investment advice from non professionals at Blind
1. Max out RRSP 2. Max out of TFSA 3. Max out first home savings 4. Whatever is left invest 40% stocks and remaining in GIC.
Get at least 6 months living expenses into a HYSA before you do anything.
How are you surviving with 130 in Canada
Canadian salaries are the worst man! 130k is considered decent. Even managers at a higher level in most companies make around 170k, of course there will be exceptions. But this is the trend.
That’s how “Tax the rich” works.