Quantcast
financial advisors - Page 2 - Beyond.ca - Car Forums
Page 2 of 4 FirstFirst 1 2 3 ... LastLast
Results 21 to 40 of 78

Thread: financial advisors

  1. #21
    Join Date
    Dec 2005
    Location
    not calgary
    My Ride
    changes every year
    Posts
    5,369
    Rep Power
    45

    Default

    Few things. I have a car payment, about 700 a month, but 0 debt other than that. I will have a mortgage soon enough, however, I dont know what that mortgage will be as I havent found a house yet.

    I make decent money over 100k gross and I have some RRSP and some savings. In my line of work, I get laid off from time to time, so always investing may not be an option for me, in case I need to dip into savings.

    So putting money into a layoff savings and an rrsp is probably what I need to do to start.

  2. #22
    Join Date
    Jun 2004
    Location
    Calgary, Alberta
    My Ride
    2018 Lexus IS350 AWD F-Sport 3
    Posts
    350
    Rep Power
    21

    Default

    Quote Originally Posted by A790 View Post
    This quote is hidden because you are ignoring this member. Show Quote
    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.


    Love it. Simple advice a large portion of the population could go off of.
    These opinions are entirely my own and do not represent any other person or organization.

  3. #23
    Join Date
    Nov 2003
    Location
    Moo Town
    My Ride
    (0^oo^0)~
    Posts
    746
    Rep Power
    23

    Default

    The boys have it covered already. Just simple math.

    Start by getting that emergency fund cause life happens. Always pay yourself first and sock away at least 15% of your gross income per month. Investing's not a sprint so you should always be able to put some money away.

    Are you on EI during lay off periods? How long do those last?

  4. #24
    Join Date
    Dec 2005
    Location
    not calgary
    My Ride
    changes every year
    Posts
    5,369
    Rep Power
    45

    Default

    Quote Originally Posted by rx7boi View Post
    This quote is hidden because you are ignoring this member. Show Quote
    The boys have it covered already. Just simple math.

    Start by getting that emergency fund cause life happens. Always pay yourself first and sock away at least 15% of your gross income per month. Investing's not a sprint so you should always be able to put some money away.

    Are you on EI during lay off periods? How long do those last?
    Ya i try and stick to that, doesn't always happen. I do go on EI, most of the time its just a month or 2 a year, but this was my longest at almost 4 months due to covid and shit.

    You never know how the industry will work being a welder in the field.

  5. #25
    Join Date
    Nov 2004
    Location
    Calgary
    My Ride
    A slow bike & an even slower car.
    Posts
    6,336
    Rep Power
    31

    Default

    Quote Originally Posted by 03ozwhip View Post
    This quote is hidden because you are ignoring this member. Show Quote
    Ya i try and stick to that, doesn't always happen. I do go on EI, most of the time its just a month or 2 a year, but this was my longest at almost 4 months due to covid and shit.

    You never know how the industry will work being a welder in the field.
    Hence why the first step is to save 6 months (or more) of living expenses.

    Also, pay off your car loan first unless it's 0% interest.

  6. #26
    Join Date
    May 2008
    Location
    Wildflower Ranch
    My Ride
    Neo-Liberal Anarchist Mobile
    Posts
    2,245
    Rep Power
    38

    Default

    Quote Originally Posted by A790 View Post
    This quote is hidden because you are ignoring this member. Show Quote
    Hence why the first step is to save 6 months (or more) of living expenses.

    Also, pay off your car loan first unless it's 0% interest.
    Why car loan before credit and high interest loans? If you go bankrupt, you can keep your house and car right?
    6 months is a bare minimum in my opinion when times are good. Use the 6 month's savings to grow into 7, 8, 9+ months over the years.

  7. #27
    Join Date
    Feb 2005
    Location
    calgary.ab.ca
    My Ride
    E90M3 510 Wagon
    Posts
    8,025
    Rep Power
    64

    Default

    Why are savings and investments mutually exclusive? Money is also cheap right now.

    Currently he is sitting on his nest egg completely liquid as he sold his house. This should be put into something that’s easily turned back liquid but safe and garnishes a return.

    Once a property is found, I’d say go with a manulife one account. Flexibility of cheap money on demand if needed, but can keep his leverage low and interest paid at a minimum when times are good.

    Sitting on cash is dangerous for most people, especially when they need non-chrome wheels for their lightening

  8. #28
    Join Date
    Mar 2003
    Location
    403
    My Ride
    Bunch of Honda's
    Posts
    6,570
    Rep Power
    49

    Default

    Thread hijack.

    Have all my banking with RBC (convenience I guess). Some savings sitting in high interest savings accounts (which is basically 0% now), bunch sitting in low risk RRSP's (mutual funds) and some sitting in a TFSA (savings account cause there was nothing in it up until recently).

    How do I get some into VGRO? And what risk level is something like VGRO?

    Also I don't have the time or knowledge to be trading shit all the time. I believe that would be couch potato investing, thats 100% me haha.

  9. #29
    Join Date
    Jul 2010
    Location
    Homeless
    My Ride
    Blue Dabadee
    Posts
    9,599
    Rep Power
    100

    Default

    Either open a direct investing account(S) and transfer money from esavings into DI, then buy VGRO which is an etf listed on the TSX.

    VGRO invests 80% into the general equities market and 20% into fixed income bonds. It’s not without risk but is is wel diversified and considered a growth portfolio.

    If you want to play around with registered, open one non registered account, one account for TFSA, and 1 account for RSP.

    Transfer money from existing registered accounts into corresponding registered DI account (TFSA to TFSA, RSP to RSP). From there manage your contribution limits annually. This is important because you can’t pull money in and out of these accounts Willy nilly but if you keep them inside the same registered vehicle you can move money without triggering issues.

    You can open a practice account with RBC to learn the mechanics of trading but it’s pretty straightforward.

    If that is overwhelming, consider opening a wealth simple account instead.
    Originally posted by Thales of Miletus

    If you think I have been trying to present myself as intellectually superior, then you truly are a dimwit.
    Originally posted by Toma
    fact.
    Quote Originally Posted by Yolobimmer View Post
    This quote is hidden because you are ignoring this member. Show Quote

    guessing who I might be, psychologizing me with your non existent degree.

  10. #30
    Join Date
    Apr 2005
    Location
    Calgary
    My Ride
    Buffalo Truck & An Angry Kitty
    Posts
    2,603
    Rep Power
    27

    Default

    Quote Originally Posted by 03ozwhip View Post
    This quote is hidden because you are ignoring this member. Show Quote
    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
    I'm going to go with the 30,000 FT. view here.

    The very first thing you should invest in is self education on the world of personal finance. Don't talk to the bank, they're sales people. The vast majority of firms in the financial services space are just sales people, teach yourself first. Books, podcasts, blogs...consume it all and you'll notice pretty quickly a few recurring themes across all of the platforms. Don't get buried in details at this point, you're looking for very broad concepts first and once you've got that pinned down then start focusing on details. Your money isn't going anywhere in the next six months but you can learn more than 95% of the general population during that same time. Some starting points I would recommend:

    Books - The Wealthy Barber Returns, The Millionaire Next Door, Wealthing Like Rabbits.
    Podcasts - Canadian Couch Potato (once you're read the three books above).
    Blog - Mr. Money Mustache. A word of warning here, the FIRE crowd can get a bit fanatical at times, the rabbit hole goes as deep as you want it to but the general ideas embraced by these folks are of value to everyone.

    Success in the world of personal finance is much more about general mindset and less about the fine details.
    "Masked Bandit is a gateway drug for frugal spending." - Unknown303

  11. #31
    Join Date
    Sep 2016
    Location
    Calgary, Ab
    My Ride
    2021 Zonda CRV
    Posts
    1,008
    Rep Power
    18

    Default

    Quote Originally Posted by 03ozwhip View Post
    This quote is hidden because you are ignoring this member. Show Quote
    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.
    When you go to see a advisor. In most cases they will get you to start investing. Stop for a moment.
    What they should be doing and what you want to do first is clean up your financial profile. This is where you start first.
    What that means is, they will look at your whole picture, your income, savings, expenditure, your age, partner, age of vehicle, goals and see if its in a normal range of someone in that kind of bracket (not mutually exclusive to income) and see any upcoming issues. This will help fixing any upcoming bumps and make hitting short, medium and long term goals easier.
    Once this is cleaned up. Then I would advise deciding on which path you want to follow.

    There are two schools of thought. Its entirely up to you want to follow. One of them is using money to invest as its so cheap to borrow.

    The other is using a eastern/Asian/East Indian approach to your money to buy/finance key assets and hold no debit. There is a good debit and bad debit.

    For example, you may be making 100k gross and you think may be doing well. But compared to others in a similar ish range, you may be doing pretty shit. For example, in my opinion if one is making 100k gross. Why do you have a car payment? That makes no sense to me. As you can see I follow the latter path.
    But depending on how you have structured your financial profile, financing a vehicle may be good thing as that jigsaw piece fits in with your entire profile (writing off taxes, passive income etc). Money is so cheap to borrow right now. Again, this is dependent how one has structured their financial profile and finances to support that school of thought.

    That part is figured out using a variety of tools. Ive mentioned a few in previous posts in the past. Banks don't do this. it is not in their interest to help you play the long game. They want as much out of you right away.

    A790 pretty much covered most if it. To start cleaning it up takes a minimum of six months if not a year. But it is worth is as it sets you up for the rest of your life.

  12. #32
    Join Date
    Nov 2004
    Location
    Calgary
    My Ride
    A slow bike & an even slower car.
    Posts
    6,336
    Rep Power
    31

    Default

    Quote Originally Posted by The_Rural_Juror View Post
    This quote is hidden because you are ignoring this member. Show Quote
    Why car loan before credit and high interest loans? If you go bankrupt, you can keep your house and car right?
    6 months is a bare minimum in my opinion when times are good. Use the 6 month's savings to grow into 7, 8, 9+ months over the years.
    OP identified that they don't have any other debt outside of the car loan. Otherwise, yea, focus on the high-interest stuff.

    RE: 6 months or more of savings, it depends on your situation. I have 18 months of cash sitting around right now. I'm also self-employed, do not qualify for any type of assistance from anybody, and am in a very competitive space. Contracts come and go.

    If I worked a stable job at a solid company, or if I qualified for EI in the event of income loss, perhaps I'd just have 6.

    The current economic environment is not favourable to holding cash. EQ pays 1.7% right now in their accounts, down from 2% just a few weeks ago, and the low-interest rate environment isn't going anywhere anytime soon. Plus, asset prices are skyrocketing. I'm not sure it's a smart move to hold MORE than 6 months right now.

    Then again, who knows what the "smart move" right now even is. I'm just buying every Friday and hoping to fuck the economic house of cards that we are in doesn't come crashing down before I die.

  13. #33
    Join Date
    Jul 2010
    Location
    Earth
    Posts
    185
    Rep Power
    0

    Default

    Quote Originally Posted by 03ozwhip View Post
    This quote is hidden because you are ignoring this member. Show Quote
    Few things. I have a car payment, about 700 a month, but 0 debt other than that. I will have a mortgage soon enough, however, I dont know what that mortgage will be as I havent found a house yet.

    I make decent money over 100k gross and I have some RRSP and some savings. In my line of work, I get laid off from time to time, so always investing may not be an option for me, in case I need to dip into savings.

    So putting money into a layoff savings and an rrsp is probably what I need to do to start.
    For you the biggest challenge will be psychological. It is realizing that you need to create a budget and stick within. What you need to start doing is instead of thinking how much per month something is, start thinking how much in total it is/will be. Examine your spending habit for the past 5 years and determine whether you want to continue on the same path. With $100k gross income you absolutely should have savings...

    You should start with the basics and get in the habit of accumulating savings. Once you have established this then you can think about investing.

    Quote Originally Posted by tonytiger55 View Post
    This quote is hidden because you are ignoring this member. Show Quote
    There is a good debit and bad debit.
    This is something that very few people realize and something very important.

    Bad debt - consumables - i.e. cars, luxury items, houses, etc...
    Good debt - I am unable to provide examples that relate to individuals.

  14. #34
    Join Date
    May 2008
    Location
    Wildflower Ranch
    My Ride
    Neo-Liberal Anarchist Mobile
    Posts
    2,245
    Rep Power
    38

    Default

    Quote Originally Posted by Nakadah View Post
    This quote is hidden because you are ignoring this member. Show Quote
    Bad debt - consumables - i.e. cars, luxury items, houses, etc...
    Good debt - I am unable to provide examples that relate to individuals.
    He said debit sir.

    Good debt is not paying off a low interest car loan so that you can pay the debt that you owe to your mom before she starts rationing your tp.

  15. #35
    Join Date
    Jul 2006
    Location
    Victoria Park
    My Ride
    '16 FoRS, '09 UZN215, '90 Z32, '15 Grom
    Posts
    4,133
    Rep Power
    64

    Default

    Quote Originally Posted by The_Rural_Juror View Post
    This quote is hidden because you are ignoring this member. Show Quote
    He said debit sir.

    Good debt is not paying off a low interest car loan so that you can pay the debt that you owe to your mom before she starts rationing your tp.
    Not sure what you are talking about. Mom debt is forever and there is no repayment that can satisfy fully.

    As soon as you snuck through those beefy curtains, your debt was set in stone.

  16. #36
    Join Date
    Jan 2005
    Location
    Calgary
    Posts
    581
    Rep Power
    20

    Default

    Great long potential (10-15years) with low downside risk would be cloud ETF's.
    SKYY
    CLOU

  17. #37
    Join Date
    Nov 2004
    Location
    Calgary
    My Ride
    A slow bike & an even slower car.
    Posts
    6,336
    Rep Power
    31

    Default

    Quote Originally Posted by RawB8figure View Post
    This quote is hidden because you are ignoring this member. Show Quote
    Great long potential (10-15years) with low downside risk would be cloud ETF's.
    SKYY
    CLOU
    When OP has $250k in investments, sure speculative bets are a good way to go.

    Get your financial ducks in a row before speculating. You aren't exactly going to go broke tracking the index.

  18. #38
    Join Date
    Nov 2003
    Location
    Moo Town
    My Ride
    (0^oo^0)~
    Posts
    746
    Rep Power
    23

    Default

    Agreed. Have a good, diversified foundation saved up before going into speculative and taking increased risk.

  19. #39
    Join Date
    May 2008
    Location
    Wildflower Ranch
    My Ride
    Neo-Liberal Anarchist Mobile
    Posts
    2,245
    Rep Power
    38

    Default

    I wouldn't speculate until 7.2. Even then just the 0.2 because I am too delicate to live under Ogden bridge.

  20. #40
    Join Date
    Dec 2005
    Location
    not calgary
    My Ride
    changes every year
    Posts
    5,369
    Rep Power
    45

    Default

    Most of the shit im reading on here, I know nothing about ie: stocks and trading and whatever 7.2 means. I'd like to learn, but like someone else said, I want my financial ducks in a row.

    I've been a bit bad at spending over the years, but I've curbed it and im ready to really get the shit together so I can save more as I dont have alot of savings/rrsp's/pension, definitely not 6 months in savings, more like 3, thats if I had a house right now.

    I dont know what kind if house I want to buy yet, I know my limit, but im thinking of really downgrading at this point, just so I can save more, but it has to be my last house for a long time, so I still want to be happy with it.

    Im rambling, but I am still going to an advisor, at least to find out where I should start with my money, it doesn't hurt to talk to someone in person that knows better than I do.

    Edit: also, my interest rate on my car is 1.99
    Last edited by 03ozwhip; 08-27-2020 at 06:31 PM.

Page 2 of 4 FirstFirst 1 2 3 ... LastLast

Similar Threads

  1. PC Financial Now Re-Branded to Simplii Financial

    By dj_rice in forum Real Estate / Finance
    Replies: 9
    Latest Threads: 09-05-2017, 10:57 PM
  2. Service Advisors needed for MR LUBE in Edmonton!!

    By ReMiXed lude in forum Careers
    Replies: 0
    Latest Threads: 10-08-2008, 04:09 PM
  3. investors/advisors

    By Neons4life in forum Real Estate / Finance
    Replies: 5
    Latest Threads: 04-18-2007, 03:58 PM
  4. Replies: 17
    Latest Threads: 07-19-2005, 10:30 AM
  5. Econ Advisors

    By Ajay in forum Campus Chat
    Replies: 5
    Latest Threads: 11-09-2003, 01:25 PM

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •