financial advisors

[03ozwhip]

so i was talking with a buddy that spends way too much money on dumb shit with nothing saved and it made me think that I need to do better with that myself.

I dont want to go to my bank, because I personally know the financial advisors there and im not comfortable with my friends knowing my financial stuff.

Can anyone recommend someone to talk to? I want to actually retire someday lol

[max_boost]

Right here, what do you need bro?

My associates and I can help you
@rx7boi @BavarianBeast @Buster @The_Rural_Juror @Disoblige @A790

Are you looking for a path to 7.2?

[Nakadah]

If you want to accumulate some savings it is quite simply: spend less than your make. Every year...

You don't need financial advisors. They are sales people...

[killramos]

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They are sales people...

This is the real problem, it’s almost impossible to decouple financial advisory with someone trying to sell you a shitty mutual fund.

[The_Rural_Juror]

Obviously marry rich is the answer.

If she is not attractive, there are headphones with phenomenal wife cancelling technology like the Sony WH-1000XM4. If she
insists on eating in bed, use your newly found credit to purchase a split king mattress made by Ghostbed by Nature's Sleep which is on sale at Costco.ca. The crevasse in the middle makes a good crumb catcher.

Don't let her weird habits get you down. You have the mental fortitude to adapt quickly. Pretty soon, you will be sitting in your Aspen green yard enjoying a mocktail while instagramming to your pal.

Chin up brother! Is this a plan you think you can execute?

[Twin_Cam_Turbo]

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If you want to accumulate some savings it is quite simply: spend less than your make. Every year...

You don't need financial advisors. They are sales people...

Yep pretty much. Either earn more and spend the same or earn the same and spend less.

For me I started having a small amount auto withdrawed from my chequing each week when I was 24 and haven’t touched it since, that is my retirement savings main account. Hopefully starting earlyish will help me overcome not having great income and career choices.

[03ozwhip]

Lol Beyond. You're all why I'm still here lol not alot of help, but hey haha but ya i mean I have figured that out, bit I think its better if I talk to someone who really knows how to make my money make money.

Plus I gotta figure out how much I can save every month and all that shit.

[2Legit2Quit]

Crypto riches $$$

[The_Rural_Juror]

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Lol Beyond. You're all why I'm still here lol not alot of help, but hey haha but ya i mean I have figured that out, bit I think its better if I talk to someone who really knows how to make my money make money.

Plus I gotta figure out how much I can save every month and all that shit.

You want your money to have realsecks instead of buttsecks?

What do you expect? Like ask you pointless questions like how much is your income, networth, age, cost of living including hookers, when you want to retire, what kind of lifestyle in retirement, do you have useless spawn, and do you want to pay for your wife's retirement?

[Buster]

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Lol Beyond. You're all why I'm still here lol not alot of help, but hey haha but ya i mean I have figured that out, bit I think its better if I talk to someone who really knows how to make my money make money.

Plus I gotta figure out how much I can save every month and all that shit.

The type of financial advisor you have access to is largely dependent on how much you have to invest.

[The_Rural_Juror]

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The type of financial advisor you have access to is largely dependent on how much you have to invest.

Exactly. If you have zero to invest, you get me.

[Nakadah]

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Lol Beyond. You're all why I'm still here lol not alot of help, but hey haha but ya i mean I have figured that out, bit I think its better if I talk to someone who really knows how to make my money make money.

Plus I gotta figure out how much I can save every month and all that shit.

I have been more helpful to you than a financial advisor at a bank branch whose primary job function is sales and who has a quota to meet. The idea of "really knows how to make my money make money" is a beautifully sounding notion, but before you can reach this you need to have some serious savings - i.e. $50k won't cut it...

What you might be actually seeking is a financial planner, but then again, you need to have some net worth before you can utilize their services... How much you can save every month is a basic arithmetic exercise. You can do it yourself.

[The_Rural_Juror]

I disagree. You can be financially literate without a financial advisor or a sizable networth.

Also. $50k is more than enough to yolo. Where did you get the $50k number from?

[killramos]

Open a wealth simple account. Put as much money in it every month as you can. Don’t take the money out of the account.

...

Profit. Literally.

*not financial advise*

[A790]

Don't look at investing as long as you have non-mortgage debt. Pay that off first. Once you're non-mortgage debt free:

1) Open a HISA at EQ Bank and save 6 months of living expenses

2) If you make under $100k, open a TFSA and contribute funds until you max it. If you have a long time horizon (15+ years), buy VGRO. Under that, buy VBAL. If you make over $100k, it may make more sense to start with your RRSP vs TFSA.

3) Once your TFSA is maxed, look at your RRSP. Or vice versa.

4) Once your TFSA/RRSP are maxed, look at putting money down on your mortgage.

====

The above is more or less what most people should do. If you want professional guidance that factors in things such as insurance and estate planning, I suggest you look for an independant fee-based advisor. The kind you pay $150/hr+ for lol.

Avoid mutual funds, as they are an expensive investment vehicle that don't offer many benefits aside from fractional shares and no trading fees. Instead, ETFs are basically mutual funds that trade on the stock market only they are much less expensive to hold. Both ETFs and mutual funds are paid via a managment expense ratio (MER). The MER on VGRO is 0.28% or something, whereas most mutual funds are 2%+. That means that if your investments return 3%, with VGRO you'd see 2.72% whereas with a mutual you'd see 1% or less.

The key to investing as discipline. Have a plan and stick to it. Avoid penny stocks and shitty companies. Don't buy stocks/ETFs strictly for the yield/dividend.

Most of my money is in VGRO, though.

[The_Rural_Juror]

I still believe that I have given the best advice so far. Can't blame me if he's ugly.

[D'z Nutz]

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Exactly. If you have zero to invest, you get me.

Sounds like 03ozwhip needs to put all his money into RRJR.

[max_boost]

Tbh, you start small and ez pz, what can you cut? What can you sacrifice? no one will care about your money more than you bro

Play with this calculator, good times https://www.dinkytown.net/java/savin...-canadian.html

Excess money? Invest it but think long term, don't look at it everyday.

Simple portfolio

XBAL 60% stocks, 40% bonds
XGRO 80% stocks, 20% bonds ---> i like this one and recommend it but you won't get to 7.2 tho or it'll take a long time

[90_Shelby]

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Don't look at investing as long as you have non-mortgage debt. Pay that off first. Once you're non-mortgage debt free:

1) Open a HISA at EQ Bank and save 6 months of living expenses

2) If you make under $100k, open a TFSA and contribute funds until you max it. If you have a long time horizon (15+ years), buy VGRO. Under that, buy VBAL. If you make over $100k, it may make more sense to start with your RRSP vs TFSA.

3) Once your TFSA is maxed, look at your RRSP. Or vice versa.

4) Once your TFSA/RRSP are maxed, look at putting money down on your mortgage.

====

The above is more or less what most people should do. If you want professional guidance that factors in things such as insurance and estate planning, I suggest you look for an independant fee-based advisor. The kind you pay $150/hr+ for lol.

Avoid mutual funds, as they are an expensive investment vehicle that don't offer many benefits aside from fractional shares and no trading fees. Instead, ETFs are basically mutual funds that trade on the stock market only they are much less expensive to hold. Both ETFs and mutual funds are paid via a managment expense ratio (MER). The MER on VGRO is 0.28% or something, whereas most mutual funds are 2%+. That means that if your investments return 3%, with VGRO you'd see 2.72% whereas with a mutual you'd see 1% or less.

The key to investing as discipline. Have a plan and stick to it. Avoid penny stocks and shitty companies. Don't buy stocks/ETFs strictly for the yield/dividend.

Most of my money is in VGRO, though.

All of this and as someone else stated, spend less then you make. No further financial advice needed.

You’ll have 7.2 in the bank and a Trackhawk in the driveway in no time! (Or a long time, but at least you’ll be saving.)

[The_Rural_Juror]

Rubbish. That ain't the route to Tendie Town.