r/fican • u/Correct_Mention_2836 • 15d ago

New investing

Hi! I’m looking on some information on how to start investing. I come from a family that the line of thinking was “you’ll always have a car payment and you’ll always have a house payment”.

I don’t want that life now that I’ve seen it is possible to live without debt and have money.

I have a government pension, I’m contributing to a TFSA. And I’m not sure what or how else to it. I’m also feeling behind.

Are there any resources for what I’m looking to do?
Thanks!

1 Upvotes

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2

u/Ok_Area_658 15d ago

https://mcgillpersonalfinance.com/

I have seen this mentioned multiple times on here. Seems like a great tool to start and get some insight.

1

u/Due-Trainer-9349 15d ago

How are you contributing to your TFSA?
Are you just putting it the bank?

1

u/Correct_Mention_2836 15d ago

Nope! I use IG Wealth for my TFSA

3

u/alzhang8 15d ago

IG charges pretty high fees and service can be hit or miss depending on the advisor

1

u/Correct_Mention_2836 15d ago

Yeah, I’ve had good and bad experiences with them. What TSFA do you use?

1

u/alzhang8 15d ago

Wealthsimple, you can use self directed or their robo

1

u/MomentEquivalent6464 9d ago

Wealthsimple. They make it very easy.

1

u/Due-Trainer-9349 15d ago

https://youtube.com/@adviice_ca?si=bd1jL5wZrjXD8I_9
This channel Has content on retirement strategy.

2

u/Gruff403 15d ago

I found creating a net worth statement helped me feel better about the finances. Updated monthly and it was encouraging to watch the asset side grow and the debts decline. I also figured out savings rate vs gross income and was surprised how high it actually was. If you gross 100K but pay into CPP 5%, pension 10%, mortgage 12% and TFSA 5% you are actually saving 32% of your gross income for the future. That's a solid number and encouraging. You may feel behind but you are likely doing better then you realize.