Top products from r/fican
We found 4 product mentions on r/fican. We ranked the 2 resulting products by number of redditors who mentioned them. Here are the top 20.
We found 4 product mentions on r/fican. We ranked the 2 resulting products by number of redditors who mentioned them. Here are the top 20.
22 years old and 140-160k per year? Well done!
I'd start by reading as many personal finance books as you can. The wealthy barber returns(I think Tangerine or some bank is offering it for free as a pdf right now), the millionaire teacher is another great one. They'll get you started on the basics.
As others mentioned www.canadiancouchpotato.com is excellent. It's a set and forget kind of investment, with your savings you should be able to build a solid retirement portfolio in a a decade or so, depending on how your expenses and income change over the years. Personally for me MMM has some great advice buried in fanatical frugalism. It's a bit much at times, but there's good advice.
As far as your money in a chequing account, I'd invest every dime you won't need for many many years. Have a decent amount of cash on hand for emergencies(6months of expenses is usually enough) but you can keep that in a high interest savings account or somewhere liquid.
> Since then I've dumped my financial advisor who was taking a 2.5% fee on top of the 2% MER mutual fund she had me in
I don't even know what to say, I'm so happy you've managed to get out from this. This is just insane.
> I'd discovered that there isn't a lot of specific advice on how to get started for Canadians as most information is US based and the Canadian information that exists is too vague for a beginner.
I recognize this is an old post but there doesn't seem to be a lot of action on r/fican. But I wanted to mention that, in fact, the three books generally mentioned in PFC (among other books in this list) are enough to get a person started:
The last book in particular is instructive on how to go about getting started. Additional technical questions are generally answered in the CCP blog and Justin Bender’s blog. The recent ultimate CCP guide also brings a lot of the information together. Congrats again!
It's not a blog, but I wrote a book on FI which covers things from a mostly Canadian perspective:
Building Wealth and Being Happy.
If you want an e-book copy PM me your e-mail address and I'll send it to you for free.
JL Collins is great, I for one highly agree with his position on real estate.
OP might also enjoy Graeme Falco's book. Graeme is Canadian and a frequent contributor over at /r/financialindependence. I have yet to read it, but I have hear much good about it.
https://www.amazon.ca/Building-Wealth-Being-Happy-Independence-ebook/dp/B01MXRXM1A