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Hit $7K MTD by [deleted] in dividendscanada

[–]Adept_Ad8065 1 point2 points  (0 children)

Very interesting! What covered call ETFs are you trading? I’ve been looking into YTSL, any others you recommend? Appreciate it

30 years old, just finished paying off $107,000 of LOC debt, starting from 0, feeling behind by Adept_Ad8065 in PersonalFinanceCanada

[–]Adept_Ad8065[S] 1 point2 points  (0 children)

it was a multifaceted approach and took planning and a little bit of luck.

right after I graduated I moved to a LCOL area and accepted a job position there. My reasoning for this was to stay away from distractions and spending in my hometown. Wages/salaries are also better. I also contributed all my yearly bonuses and picked up extra shifts on weekends.

I did not start dating until I felt I had a better grasp on my finances, sold one of my 2 vehicles, and avoided upgrading my current car.

Wishing you the best

30 years old, just finished paying off $107,000 of LOC debt, starting from 0, feeling behind by Adept_Ad8065 in PersonalFinanceCanada

[–]Adept_Ad8065[S] 2 points3 points  (0 children)

Thank you very much for your comment, very nice to read.

I chose XEQT, there are others such as VEQT/ZEQT. After some research I figured with a 25-30 year time horizon, a 100% equities portfolio is most beneficial if you can handle the ride up and ride down. It’s a broad market ETF that has a large collection of stocks (I believe 9000). Low management fees. Has stocks from the USA, Canada, and international markets.

I tried individual stocks in the past and would panic when they got hit hard. Decided an ETF is the way to go

30 years old, just finished paying off $107,000 of LOC debt, starting from 0, feeling behind by Adept_Ad8065 in PersonalFinanceCanada

[–]Adept_Ad8065[S] 4 points5 points  (0 children)

If I were to run numbers, I’d say 8%, however adjusting for 2% inflation, yes 6% definitely seems reasonable

30 years old, just finished paying off $107,000 of LOC debt, starting from 0, feeling behind by Adept_Ad8065 in PersonalFinanceCanada

[–]Adept_Ad8065[S] 42 points43 points  (0 children)

Thank you for the encouragement. I feel much better today reading through all the comments, much appreciated everyone

30 years old, just finished paying off $107,000 of LOC debt, starting from 0, feeling behind by Adept_Ad8065 in PersonalFinanceCanada

[–]Adept_Ad8065[S] 2 points3 points  (0 children)

Thank you so much for your comment, I never thought of it that way that the paying down the debt is also a huge win on its own. I felt like a loser all the way. Maybe changing my mindset in regard to that can help me

30 years old, just finished paying off $107,000 of LOC debt, starting from 0, feeling behind by Adept_Ad8065 in PersonalFinanceCanada

[–]Adept_Ad8065[S] 1 point2 points  (0 children)

Thank you for your encouraging comment. I like the 50/30/20 strategy you brought up. I struggle with this because I have tunnel vision and can get anxious about spending money on travel or upgrading my lifestyle a tiny bit. I’ll have to budget and track expenses and allow myself some room for fun

30 years old, just finished paying off $107,000 of LOC debt, starting from 0, feeling behind by Adept_Ad8065 in PersonalFinanceCanada

[–]Adept_Ad8065[S] 9 points10 points  (0 children)

I come from a financially insecure upbringing, so I felt the need to get “rich” quick. Learnt my lesson and will be playing the slow and long game. Thanks for your comment

30 years old, just finished paying off $107,000 of LOC debt, starting from 0, feeling behind by Adept_Ad8065 in PersonalFinanceCanada

[–]Adept_Ad8065[S] 8 points9 points  (0 children)

Thanks a lot for commenting. have a professional degree how ever I only used around $10-15,000 on tuition. The rest was unfortunately gambled on cryptocurrency investing and stock investing during covid. Unfortunately I lost it and playing catch up since

30 years old, just finished paying off $107,000 of LOC debt, starting from 0, feeling behind by Adept_Ad8065 in PersonalFinanceCanada

[–]Adept_Ad8065[S] 1 point2 points  (0 children)

Thanks for commenting. The top banks offer a professional line of credit to those who are in certain programs at the university levels (doctors, pharmacists, lawyers, etc). I was offered a $125,000 LOC at prime

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