Some think where do I invest first, where do i start. With all the big financial terms and advice you may receive from various resources it can be a bit daunting. I will let you know what I try and do and recommend and hope it helps!
- Pay off high interest debt – I know this inst an investment but if someone told you, that you could get a 20% ROR i’m pretty sure you would take it! essentially you are guaranteed that when you pay down debt. Once you are debt free the fun can start! (I graduated university debt free! Worked my butt off but it was worth it today)
- Establish an emergency fund!
- Match any employer benefit for RRSP Matching (this is free money)
- TFSA Next you can put 52,000 into a TFSA as of 2017 so i recommend this is where you should go next. (its tax free and has great flexibility if you need that money)
- RRSP – tax differed savings a good option for retirement but remember you will need to pay tax on this later in life!
- Pay down low interest debt (car loan, mortgage as long as they are low rates!!!)
This is how I have tackled my investing to date and I feel is a great start! feel free to comment if you have any ideas as I love taking investing!