Paying as little as 1% in investing fees can easily add up to hundreds of thousands of dollars in lost wealth for you. Learn how to avoid investing fees.
A Simple Plan:
1. Get a job. If you employer has a retirement plan where they contribute to your retirement, sign up for it.
2. Pay off all your debts (except mortgage debt).
3. Set up a self directed trading account with a your bank or an independent like Wealthsimple or Questrade.
4. Every year until you’re 65 years old, save 10-15% of your income in your TFSA and/or RRSP. If you save money with your employer, reduce the amount of your savings.
5. Invest that money in a low cost ETF like Vanguard’s VGRO, or VEQT or VBAL.
If you really can’t do it alone:
I do a very limited number of one-on-one training sessions to help people become DIY Investors. My fee is $249 for 3 hours.
Some topics we will discuss are:
- RRSPs vs. TFSAs
- benefits of investing when you are young
- the value of low cost investing
- What a broad index ETF is and what’s so good about them
- what the experts say about how much of your income you should save
- how CPP (Canada Pension Plan) and OAS (Old Age Security) fit into your savings plan
- how do RESPs work
- how company pension plans change your investing
- what can change the amount of saving required (married, own home, kids)
- how and where to set up a self directed investing accounts