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Old 02-21-2021, 04:41 PM
Outbound Outbound is offline
 
Join Date: Feb 2011
Location: Grande Prairie
Posts: 742
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Pay off all non-mortgage related debt. If you have employer matching RRSP, do that. Invest it in an index tracking fund. Mine RRSP is with RBC (I hate the bank but have to be with them due to the work plan). Open a TFSA, max it out or do the best you can and invest it in an index tracking fund. Tangerine has some low MER ones if you like to set and forget. Wealthsimple has some and Questrade offers something similar if you like as well. I've always figured 10 - 15% of you net income invested will lead to a comfortable, though not lavish retirement and an enjoyable life if you're able to live within your means and avoid debt.

5% of my paycheck is deducted by my employer and put into an RRSP invested in an index fund focused on equities. My employer fully matches my 5%, so that's easy money and investment returns are a bonus. If I didn't have the employer matching, I'd be putting it all into my TFSA. I don't like RRSPs otherwise. 10% of the remaining income is put into my TFSA and invested also in an index fund portfolio focused on equities. 5% of the remainder goes into personal/household investments: long term food, medical supplies, tools, reloading components, additional training/courses etc. Every income tax return and unexpected windfall (super rare) is put against the principal of my mortgage.

I have a roughly 30 year investment horizon so I'm comfortable with the higher risk of being fully in equity investments. I do want to start buying some gold but it'll have to be a work in progress given the high price per oz and the difficulty in buying fractional amounts. I'll probably slowly starting buying gram gold, then sell it to buy an ounce when I have enough then repeat. It'll be no more than a few percent of my income though.

Last edited by Outbound; 02-21-2021 at 04:48 PM.
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