The rising interest rate can surely control inflation, but won't prevent erosion of the eroding purchasing power of the Canadian dollar. I have learnt my lesson this time. The banks can't be making money off my money, while inflation eats into it. I have set aside 650k to invest in the stock market now, since that keeps up with inflation, but I don't know how to get started.

I love passive income. I've been investing with my financial advisor who trades for me. recently cracked 400k and have my eyes on half a mil.

RRSP is not free money, you're simply deferring your taxes, and it's only worth it if you genuinely want to invest in your retirement. If you withdraw this money before retirement, you could potentially pay even more in taxes because your income will increase by this time. But RRSP matching is a free money for sure.

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Many thanks for yet another informative episode on personal finance in Canada. It was a pleasure to meet and talk to you in person on Boxing Day evening. Wishing you more success in 2024!

I have forwarded your videos to my nieces as they are getting started in their wealth building journey. Thank you for these basics - a nice consumable resource for people to get started!

Enjoy your best years in a room with Netflix looking to a 6 months freezing weather outside the window while not having friends or dates because if you go out doing anything it will cost you 1 day of work. But hey you saved some money! Welcome to Canada :D

Good advice but everything in this video is for total beginners. Would love a more advanced video like cost benefit analysis of different cities and provinces and how to increase salary (making yourself more marketable) and or how to make money on the side

1:54 I would say, “To ditch a BMW in favour of Toyota” Apparently, Canada has similar retirement building tools to the US. IRA is RRSP Roth IRA is TFSA 401k is Group RRSP

I got that beat, when I moved out I had a rommate and we had a one bedroom apartment, he had the room and I had the living room, mad saving!!!

i totally agree with you when it comes to public transportation. it really saves a ton of money, especially here in Toronto. the big problem is that i was spending from 5 to 6 hours a day to and from work. this is something very bad, because time is so valuable.

Spend less then you earn is nearly impossible when food and rent already cost more then most people earn. Good advice though for people who are lucky enough to make more than a living income.

Thank you lodi. I'm a millenial immigrant here in Canada ❤️

Lots of good advice here but you need to stay realistic; be careful changing jobs in the current economy context because you feel entitled you should earn more money. Better be darn sure of your market value because otherwise it might set you back years achieving your savings plan.

Agreed it’s called living within your means, I have friends that spend money as fast as they get it and save nothing Fortunately I no how to save and invest,soon I’ll be able to live off my dividends and retire early

We did both 1 and 2 from the very beginning. People judge us. Lost "friends" bz they are embarrassed to invite someone who will show up on a bicycle to their parties. Don't want to come to our place bz it's below their status. 🤷‍♀️ We have no social life because of this now. But we don't care as we are happy and fulfilled with each other.

But the RRSP funds are not liquid and can't be withdrawn easily so while you're saving yourself from getting taxed, the money is not usable

You're not saving that money by contributing to your RRSP. That tax money will be charged back whenever you withdraw it. So the strategy is to first, reinvest that refund, because you'll earn interest on it, and then only withdraw in years where your tax bracket is lower. Also if you're employer matches, that amount is taxable, but then also comes back off. So you don't get any extra back on that portion.

Love your content! I just wanted to share a thought: for some of us with high savings, it's not that we don't care about investing, but rather we see it as a safety cushion. You never know when life might throw you a curveball, and having cash on hand for emergencies like house repairs or car issues is crucial. Being forced to sell investments in those situations wouldn't be ideal. To me, the peace of mind this brings is invaluable.

This shows you how insane the market is right now: I live in a 2 bedroom apartment since before covid and if I down-sized, I would pay a couple hundreds $ more.

Think carefully about getting married and having a family !

Great advice! Thank you. Been doing these except for 1st year in Canada I did not enroll in RRSP matching although it was 1:1 match !!! What a waste. Now I m maximizing all the deductions. Question for you: do you think someone making 53k maximizing their FHSA is worth it, I mean they are in a low tax bracket anyways right? They also have deductions for daycare expenses of around 6k. Or is it putting the 8k in TFSA makes more sense in this case?

Earn more; spend less. Buy low; sell high.

My God! Asia is ONE and nothing makes me feel like that more than our inherent fondness for wisdom talk - from spirituality to discipline to financial intelligence. Thank you. 😊

LOL. I left Canada, went to a country with low income tax, became an introvert, lived frugally and retired at age 45 and finally returned back to Canada at age 55. If I only knew Canada has such great investment (but 100% safe) opportunities, I would've returned back to Canada sooner.

Hi my friend , excellent video and ease understand all wit you, good job, thanks for teach us to build wealthy , all is in our hand, congratulation, God bless you and you family🙏🏽🤝👍🏽

I make $20 a hour living in Vancouver. Shit sucks can’t save enough to ever get ahead. Almost 35 years old

All make sense. If you want nice things, unless you are very lucky to get a very high-paying job or have a wealthy family, you have to make sacrifices. I have lived with my wife for a couple of years in a studio apartment in Sydney, didn't buy a car until I had my first child, and saved the maximum that I could to buy my first property. Now, 14 years later, we have 2 properties with an equity of at least 40% on each one. We are not millionaires, but we are above the average in financial assets for our age. Now is the time for saving again, the interest rates are quite high. Avoid the Credit Card Debts Traps too.

Financial literacy must be taught in schools. It’s a disgraceful con that it’s often not part of the curriculum.

Most of us don’t have more than a few hundred a year to invest let alone thousands. We need the Liberals replaced to begin the fix our countries economy to even begin to get some financial relief to start saving, so unless you have a job with a pension these days there isn’t much hope for wealth of any kind to retire with unless you sell everything you have (house, vehicles, etc) and invest or stash it or move into tent like the rest of the country is. Sorry for the negativity but reality is reality.

Hey @livingincanada. I have different question, when you see rent price on Zillow for example for rent, is it a final price for rent or you paying some additional taxes on top of that?

It might be easier to build wealth in the Asian countries but not there or here in Australia. First the bloody income tax is shocking, if you're single without dependents, you get taxed up to 46%. After paying heavy tax, you have some money left put into your saving account that incurrs interest, and they tax you again, it's like double tax on your every hard earned dollar. They even tax your super fund for retirement. Just any dollar comes into your bank account has to be heavily tax unless you it's cash on hand like those in the prostitution industry. Plus the laws and regulations here is so strict to hinder you from getting rich, unlike in Asian countries where you can always go around the laws to make big bucks. That's why many would rather be on the dole than working hard for nothing.

Can you please share other investments trading apps you used and is trusted to invest money.

What do you think about investing money into a participating whole life insurance? Put money into it yearly for 20 years and then afterwards you no longer pay into it and it grows. Only difference, is that it’s a much larger amount yearly than putting money into term insurance.

The crux of the news was that the Janitor died and left $8 million to “someone “, who may not be even thankful to him. Was it a good decision to live a tough life and leave this much behind?

What do you do if you put your 5000$ in and then the value goes lower than 5000$, do you take your money back out? Or move it to a different stock? What the value of what you choose does down instead of up over the years. Then you literally lost money and worth, instead of keeping it in your savings account at a never changing value. It's like everyone knows a secret list of all the signs to indicate when to put your money in, move it around, or take it out, and this gives people incredible anxiety and stuns their ability to make any decision to do anything with it.

I already stay in studio. How can I further downsize 😅

thank you

sister telling the obvious things

Dude her first phrase, "if a janitor can do it" sounds very disrespectful. People washdishes or labor intensive job like garbage disposal, this in no way makes it reasonable to look down on them.

This is why you don't need a financial planner... just watch this vid or others like that on youtube ... (OK yours is better than others: exceptional communication skills... and obviously nice to look at... ok I got creepy there :) ... but seriously, again great job :) )

I use my car to do uber so I pay the car with that. In my case getting rid of the car make a negative difference

I would give one suggestion to the young or new comers: Investing into Canadian banks. If you have a 10000 paycheck per month, make a plan to borrow 10000 every month from Royal Bank( or any other bank) and invest the money into Royal Bank stock. In 10-12 years, you will reach the first one million milestone, in 20 years, your investment income will be higher than your salary. Canada is a capitalism system, you need to learn and understand how to become a capitalist, this strategy is the very basic step to start, of course you can do better if you are smart.

All basic knowledge. Nothing new here.

When do you recommend to take all your stocks out of the market and put them back into your savings account? How much % do you take out of your stocks if you are scared there will be a stock market crash like 2008 where everyones money just vanished? This is why millennials keep their money in their bank accounts.

Where did you invest

Mortgage is good debt. Thanks for the vid

Tough decisions lead to easy life, easy decisions lead to tough life.

👍

Am a newcomer just received my PR with a food science background am trying to find ways to invest with a job of 19.50 per hour. My bank website has some information but for me its difficult to interpret please help

I would love to join the rerirement plan but is only for residents, will try it in 2 years when I am resident. In Mexico we also have this figure and is offered by most bank institutions.

what do you suggest for me under Temporary work permit? I asked about TFSA but the bank agent said it is not tax free for us under work permit (PS, im processing my PNP now)

you forgot to tell people to contribute every week or biweekly and not throw in all 12000 each year at once. this is the BIGGEST mistake people make

Need to make a cool $3.2 trillion dollars by tomorrow. Any tips? Just kidding. Love the advice and the key is to start doing this ASAP. Appreciate your content!

I especially liked the very last piece of advice (RSB Matching) Back in Mexico in my job I also had that kind of benefit on which I got to decide how much money to put in my own "savings account" and at the end of the year they would deposit me that years return of investing. Back in my country I invested a lot so I am looking for alternative platforms here in Canada (I know which ETF I used to follow).will try moomo. I know this channel is not for that but would be awesome to see afterwards topics such as personal finance (I personally have an "emergency fund" which is liquid money I can use worth 3 months in case I lose my job/other incomes. Nywsy thanks again and great channel!! I am already in Canada and your videos have been great!

YES, start saving, live a miserable life, smaller appartement, no car, little enjoyment, and you'll become rich by the age of 50 lol No way for me, I'll just live a correct life, and work on my business to generate more money

My biggest expense is probably Red Bull. ;-)

Im new to Canada, if any local born people who don't know all of this, you have lived good life and you deserve to be poor when you are old❤

Is it snowing in Toronto

whats the meaning of living?

Its so funny that one of the main contributors to the cause of unlivable-ness in Canada is making a 'shocked pikachu face' about people leaving said country.

差し支えなければ、あなたは日本人ですか？そしてあなたは30代前半ですか？

It was a good video but like not much substance? What are the actual instructions and steps. Break it down into a recipe. Take 5000$ and put it into what? How do you pick which ones to put it in? Are there any that are so low risk that it's like common knowledge and you're dumb if you don't? What ones are the least of a gamble? What do you do after one year? How do you get your dividends? What types of investments should you go with? Who do you go to for financial advice? Should you trust a bank or trust a private accountant? If I were to give you $5,000.00 a month, make a list of exactly what you would do to grow it over 10 years. Make that list, and give me that list as a video. The point of this is to help people so just give them something they can literally just copy and follow as instructions. "I wish I did this earlier". Did WHAT earlier? This is what is frustrating about videos like this. You probably do more damage to people by being so vague and it's dangerous without an exact set of steps from 1 to 100 or whatever.

“You were hiking or what?” Think before you speak goofy

Absurd. Step 1: become prime minister Step 2: setup shell companies to pay no tax Step 3: get reelected. But kidding aside; wealth is not defined in worthless Canadian dollars which lose value at a current inflation rate of 10% per year. Good luck even with a 1000 side hustles.

Another tip is to be pretty. Then you can easily gain views as KZfaqr even if your contents are meaningless at all.

Live modestly within ur means. Invest early and often in life. Do not carry any high interest debit (such as credit card debit). Be loving and respectful to ur spouse. Did I win?