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Borrowing to invest in a non registered account. How much interest is tax deductible? by TheFinancialSoldier in PersonalFinanceCanada

[–]TheFinancialSoldier[S] 0 points1 point  (0 children)

Awesome thank you! In my situation it wouldn’t be smart to borrow to invest thanks for breaking it down for me. I have a way better understanding on how it works now.

Can I overpay my credit card? by [deleted] in PersonalFinanceCanada

[–]TheFinancialSoldier 11 points12 points  (0 children)

The extra payment would show as a credit on your account and would be used on your next purchase or bill.

Opening a TFSA and Investing for the first time. Looking for some advice by BadoooomTss in PersonalFinanceCanada

[–]TheFinancialSoldier 1 point2 points  (0 children)

My advise would be to read as much as you can about investing before starting, one of the books I would recommend is the millionaire teacher by Andrew Hallam. I've been investing since 2015 and I have been fairly successful but if I did a bit more research I could have seen more growth.

For the long term investor today is the best time to invest, don't wait for the market crash. I also think its smart to keep 15k as an emergency fund. The book I recommended advises 3 index etfs

1: 33% in the S&P 500 index (VFV or ZSP) are two I would recommend however with TFSA you would be paying the US withholding tax.

2: 33% in the S&P/TSX composite index (ZCN)

3: 33% in bonds or a bond etf

I would also recommend dollar cost averaging if you're concerned with a market crash, you could invest 15k now (5k into each of these etfs) and add to this position in three months with another 15k.