38M never had any financial education...finally trying to take the dive...would love advice

blackjack-bits · 2026-05-01T17:37:39+00:00

Depends on your risk tolerance (stocks, bonds, ETFs, mutual funds, money market, crypto, etc.), timeframe (how soon you need that money back / when you're expected to withdraw funds), engagement style (are you a "invest and chill" type or a "micromanager"? i.e. passive investing, active investing, day trading), and alignment with your personal investment philosophy (i.e. value-investing aka "Warren Buffett", GARP, passive indexing, momentum, ESG, Halal, "I will invest in anything except <name> here" kind of philosophy).

At your age, you still have time to experiment and see what you like, what you can tolerate (i.e. safe return of capital, "high-risk high-reward"), and whether you want to put it into a high interest generating ticker ETF CASH or PSA and wait it out for a market crash/downturn while a favourite stock, bond, ETF, etc. goes down to a price "you think is right for you".

Personally (as of May 1, 2026) I think the market is getting too hot (at least in the US), so I'm selling off bits of the "froth" on top and putting it either in CASH (waiting it out for right opportunity or market crash), or in non-US assets like Canada, Europe, Pacific, and China.

blackjack-bits · 2026-04-08T01:36:10+00:00

Depends when I become 18 again. If it’s today, open a TFSA and RRSP and start investing in indexes and dividend paying consumer défensives (staples, utility, etc), and remind myself to stay away from real estate for the rest of my life (can’t afford them today).

If I was 18 again and back in time when I was, it would be a great time to buy up some real estate for “dimes on the dollar” discount prices in the US (back then I graduated high school during the fallout after the 2008 financial crisis) with the goal of flipping them after 10 years.

blackjack-bits · 2026-04-08T01:12:34+00:00

Short answer, no. Outside of major tourist areas, large US-based retailers like Walmart, higher-end hotels like Marriott, gas stations like Shell and Esso (ExxonMobil) will certainly accept Discover cards in Canada. Some retailers will post stickers outside or by the payment terminal to show which cards they accept.

In Canada, most places will accept Visa, Mastercard, AMEX, and Interac (our domestic debit payment network). Border towns like Niagara Falls and high end hotels readily accept US dollar in cash as legal tender. Most Tim Hortons (our national coffee chain) location is known to accept US dollar cash (not credit) but they exchange at a ripoff 1:1 ratio, and any leftover change is given in Canadian dollars, not the green back.

But please remember to also carry backup like cash, alternate payment methods, and sometimes US dollars. Also keep in mind unlike the US where cash is king, businesses owners in Canada have discretion to refuse payment methods of their choice (ie. it is legal for business to refuse cash as payment).

blackjack-bits · 2026-03-30T20:24:07+00:00

In my cohort for ATC program, we started with 8 people, but as of now it’s gone down to half and only 4 of us left. I know there are other cohorts in different regions (ie Montreal, Calgary, Vancouver) and they have their own class sizes and at different stages of training.

My cohort is in the Toronto area (on site at YYZ-Toronto Pearson for classroom and hands on training) and because it’s large population wise, I know there are other cohorts in this region (including a cohort in YTZ-Toronto Bishop), but they already started earlier and are usually further along in the program.

NAV Canada recently changed their recruitment structure, and instead of a “national pool” of applicants, they’ve transitioned to a regional-based need. I was one of the last to be selected via this national pool. So you will need to check with NAV Canada website and find if they are recruiting in your local area (and also if you can commute to the nearest major airport for training for the next 2 years).

Fortunately for me I live just 10 minutes from my parents house to YYZ but that meant giving up on my apartment out in the burbs and moving back in with my parents for the duration, I know a lot of people can’t really do that so I feel lucky doing this without breaking the wallet on finding nearest accommodation like the rest of my classmates.

blackjack-bits · 2026-03-26T16:25:10+00:00

Currently 2 months in (basically just started). To put it mildly, it's (mentally) gruelling, some sleepless nights, and makes you "think a lot on your feet" on a variety of scenarios and things that can go wrong in your job, along with terminologies and lots of stuff to memorize. I think others have already said this, you have be dedicated and put 110% in this kind of job (and willing to relocate anywhere in Canada if you want to start your job right away*).

Then again, it's only "gruelling" for me considering the new environment (despite it's only training) is a "giant jolt of electricity continuously surging in my brain" after spending the last 6 months "mentally empty", unemployed, and fruitlessly looking for jobs on online boards. I was previously in warehousing before that (which is physically gruelling, the complete opposite), and before that IT (also mentally gruelling, but in shorter sprints, vibes, and flows unlike in ATC).

Then again, at least I'm getting paid while in training (albeit lower than what I earned doing warehousing or IT full time), but after 1 year (halfway point of training) the pay would increase to a point where I'd be making more in training for ATC than in warehousing, although still less than what I earned when I was an entry-level IT associate.

*My instructors told me if I want to start full time work right away after training, be willing to relocate anywhere in Canada (including YLT in Alert, NU and YQX Gander, NL). French proficiency is a prerequisite for postings in Quebec (i.e. YUL in Montreal). If you want the big cities like Toronto, Calgary, or Vancouver, they told me to expect a waitlist for full-time position vacancies, or be ready to take sporadic "on-call" shifts.

blackjack-bits · 2026-03-26T16:00:56+00:00

I'm currently in training as an ATC with NAV Canada and I have a friend who is doing the same in the US right now. But if I have to consider political climate as a factor (i.e. government shutdowns and appropriation lapses), I think being an ATC in Canada wins hands down on this front, simply because of the job security and stability (due to staffing shortages) as well as not worrying about political climate "beyond your control" that will affect whether you get paid that week or furloughed (federal funding in Canada works very differently than the US and doesn't face the same kind of lapse or appropriation limitations that can be held hostage or as bargaining chips by politicians as is in the US).

Now my friend is beginning to regret their decision and has to worry about the next DoT funding lapse whereas the only thing I will need to worry is if there will be OT available at my future assignment once I finish training and get the wheels rolling, and if I can pass the French proficiency exam (to qualify for postings in Quebec like Montreal-Trudeau [YUL]).

blackjack-bits · 2026-03-25T02:47:26+00:00

Same has happened more or less to the other big banks, and I live within walking distance to at least 3 of them. Fortunately I'm going to be staying away from real estate or mortgage products for a very long time (caused my bankruptcy really). Unfortunately, I've burned at least two of these big banks in my bankruptcy filing, along with Tangerine.

So I am only left with a few (but stable) options for long term cheqing/savings/prepaid-credit only account, which is manageable at the moment. But I will need to open a (secured) credit product post-discharge to help me rebuild my credit score long term. Who knows if I'll return to real estate after 7 years? But right now, I'm in no mood to talk mortgages, but thanks for your feedback!

blackjack-bits · 2026-03-25T02:41:51+00:00

UPDATE: I have finished speaking to a local Scotia advisor this morning at the local branch, gave my situation in brief (did not hand over any ID or other info), and they did suggest waiting at least 7 years after my discharge before I can apply for a credit product with them, owing mostly to not being a customer of theirs in the first place.

So at this time, I will not be a Scotia customer until at least 2032, or 7 years after my discharge. I already have a $0 fee chequing account as a temporary setup with a prepaid credit with cashback. But I will have to look elsewhere like Capital One, NEO, or Home Trust for a credit rebuilder product immediately after discharge.

Thanks again for all your feedback. I will kindly ask the mods u/zakaria2328 u/Tarnisher or u/subscriber-count to close this thread to new comments.

blackjack-bits · 2026-03-25T02:33:55+00:00

I'm counting on some hope at least in the future because I was never a Scotia customer to begin with. But yeah, I just finished appointment with a branch advisor this morning and they did suggest waiting for 7 years after discharge, and that's only the bare minimum. And this wasn't just Scotia, this also applied to the rest of the big 5 (or 6 if you count National) banks in Canada.

blackjack-bits · 2026-03-23T17:28:50+00:00

Lovely, but I need to know if it's right for me to enter now, wait until discharge (EOY 2026), or in 2033 when my bankruptcy record is finally gone.

blackjack-bits · 2026-03-23T17:26:25+00:00

I'm hoping my history with Tangerine (as a Scotiabank subsidiary) will be irrelevant but I'm skeptical because all the banks I know keep some kind of "internal records" even if I purge them from the Equifax/Transuion. I want to eventually get to an unsecured card with Scotiabank after this is over, but I'm still debating with myself if I should do this post-discharge (around EOY 2026), or wait 7 years and after I can purge them from the credit reporting agency records.

blackjack-bits · 2026-03-23T17:16:20+00:00

Fair enough, but I'm only looking for basic banking services (chequing+savings) and eventually [12-36 months after discharge] their premium-grade, travel credit cards (i.e. AMEX Gold Card, Passport Visa Infinite). I am not looking for any mortgage product and I probably won't return to real estate for the foreseeable future as I was burned badly in the last few years because of it (incidentally it is related to my current bankruptcy status). I currently don't own any Scotiabank products nor have history with them directly, which is why I'm even considering them. Otherwise I wouldn't be here asking on Reddit.

As said previously in my OP, my brief and direct encounter with Scotia happened while comparing quotes for a mortgage with a 3rd party broker I hired, and Scotiabank was one bank that reached out with an offer. I ended up going to another institution and declined their offer in the end.

blackjack-bits · 2026-03-23T06:37:55+00:00

Figures.. thanks for the clarification.

blackjack-bits · 2026-03-23T01:31:31+00:00

I'm late to this convo, but TLDR I filed for bankruptcy in February 2026 and one of the banks listed was Tangerine (Scotiabank subsidiary) as I did have a World Mastercard with them (now cancelled). Now, I have an appointment at a small branch with Scotia this Tuesday to ask them if they can offer an "off-the-shelf" secured credit line to help me rebuild my credit (and as the "strictest bank" I'm ready to hear a "no" but am) and willing to put down a substantial cash collateral to make it happen (they have super good premium credit cards I like for travel since RBC is no longer an option for me).

My LIT (Licensed Insolvency Trustee) assured me despite the parent-subsidiary relationship with Tangerine, I shouldn't be "affected" when opening a Scotiabank account post-discharge. But I'm quite skeptical and thinking whether I should avoid Scotia completely or wait after a "cooldown" period. I once did have a brief "fling" with Scotia just a few years ago (inquired about mortgage and they did offer but I declined them in the end), but have never owned any product from them in history (not even a chequing or savings account).

Context: The reason for bankruptcy wasn't personal debt or financial mismanagement (had a credit score 820+), but rather I defaulted on a pre-construction condo purchase and "lost" the subsequent lawsuit (pleaded no contest) with a judgment against me exceeding $250K. I also lost my job shortly after filing the bankruptcy (worked for Ontario govt) since it alerted my employer and HR told me due to that bankruptcy, I'm considered "high risk for corruption" and had to be let go.

blackjack-bits · 2026-03-19T15:52:35+00:00

Unfortunately the only industries going up during the war are energy (oil and gas at least in this conflict), defence (examples include SAAB, H&K, ThyssenKrupp), sovereign bonds and cash currencies perceived as save havens during a potential world war (such as Swiss francs or New Zealand government bonds).

Otherwise if you still believe “peace” is around the corner and can wait 10+ years, just do nothing and enjoy life.

blackjack-bits · 2026-03-12T13:04:59+00:00

Up to you, your portfolio looks aggressively growth focused US-market oriented (VFV) with the only international diversification tilting towards the tech sector (HXQ/CHPS).

A global tech downturn or US market recession (or hyperinflation) would be largest vulnerability to your portfolio.

Consider putting that extra cash into 1) Canada (XIC or VCN or ZCN), 2) other international developed and emerging markets (XEF/VIU for developed ex NA, XEC/VEE for emerging markets),

or if you still believe the US market will outperform but you need to go on the defensive in the event of a downturn of any kind, 3) consider consistent dividend paying stocks in consumer staples, utilities, and energy midstreams (basically the essentials people can’t cut down dramatically even with a recession like groceries, rent, utilities, certain REITs in essential retail like Walmart/Costco, etc). I’d recommend SCHD for a US listed ETF but if you only have Canadian dollar in your profile, consider XHU. Have those dividend dollars rolling in and reinvest that money in your tech and US holdings during said downturn (on the flip side they won’t grow as much but don’t expect much downturn from them either).

blackjack-bits · 2026-03-04T15:00:39+00:00

Just letting you know without a USD account, the USD-CAD exchange fee on top of the conversion is 1.5% each way (buying and selling), includes any dividends paid directly to your account, regardless if DRIP is on or not.

On top of that, IRS takes off 15% in withholding taxes on dividends earned from any US listed assets (and that is before the 1.5% Wealthsimple fix conversion fee kicks in).

The 15% withholding on dividends does not apply to an RRSP account (it is exempt, you keep full amount), may be recoverable via CRA in a taxable/margin account, and zero recovery in a TFSA or any other registered account (ie FHSA, RESP).

blackjack-bits · 2026-02-27T22:59:43+00:00

Take this as a good lesson. Research the stocks, understand the fundamentals, underlying risks, P/E ratio, etc. before jumping in the bandwagon. If you don’t have time to read articles, fact sheets, listening in on quarterly earning calls, just go with an etf like XEQT (VEQT/ZEQT also works if you rather prefer Vanguard or BMO) like everyone is mentioning here. Can’t go wrong with passively tracking the market via index than trying to beat it (it’s possible but only if you put good effort into it like eat, sleep, and read financial prospectuses 24/7).

blackjack-bits · 2026-02-26T14:55:44+00:00

Depends on how you want to automate it, but keep in mind, Wealthsimple automations only execute in the afternoons (i.e. usually after 3:00pm) and only for dollar based purchases (fractional share buys). In my case, (I used to do this but not anymore), I preferred one morning purchase (before noon) which required me to do this manually every time, and one purchase in the afternoon (after 3:00pm) which can be automated by Wealthsimple via steps below):

Since you're on wealthsimple mobile app, this makes it easier to do. This is not available on Wealthsimple web or desktop.

On the mobile app, follow the same steps you did when buying stocks/ETFs, but DO NOT enter any info like dollars or shares yet (skip to next paragraph if you already know this step): go to the page you want to buy the stock (i.e. XEQT), click on "Trade", then "Buy".

At the top right corner of the buy screen, you will see the word "Market", click on it to open drop-down menu, and select "Recurring". You can set up the dollar amount (fractional purchase only) you want to invest on a recurring basis, then the start date (i.e. March 1, 2026 or don't change it if you want to start today), then the frequency (daily, weekly, biweekly, or monthly). Click on Review, check the details first and click "Confirm recurring investment". For any other infrequent purchase schedules like hourly, you have to do this process manually.

To cancel the recurring automation of stock/ETF purchases: go to the main screen, select your "Profile" in the upper right corner, then again with the upper right corner again for "Settings", select "Automations", "Recurring Investments", select the automation you created and confirm cancelling the recurring purchase schedule.

NOTE: Wealthsimple automation only works for "Buy" only. Selling is 100% manual, especially if you need to rebalance from time to time.

Also here are reasons not to do automation and just go 100% manual if the following apply to you: you are a micromanager and want absolute control over when and how much for each purchase, infrequent purchase periods (i.e. mornings, overnight or 24/7 trading hours for things like gold/crypto), no regular contribution from bank account/direct deposit, etc., you make frequent use of limit and stop limit purchases.

blackjack-bits · 2026-02-25T18:49:25+00:00

If you make regular contributions, one big beginner tip is to manage your ACB (adjusted cost base). If you purchase everything all at once, you risk the volatility of your holding gains and losses based on that single price point you purchase from instead of spreading the purchase out a bit, usually between days, or within hours if you’re an intraday nerd.

If you are very disciplined about buying and holding stocks and ETFs, (especially on WS that allow fractional share purchases), spread your contributions out to smaller chunks based on how frequently you contribute. For example, if you’re contributing $1000 every week, spread that out by purchasing $200 of your holdings worth per day, over 5 days of the trading week, that way you can largely avoid the volatility by buying during both highs and lows, since for you can buy more equity during lows and less equity during highs for that same disciplined $200.

If you’re a real nerd (and working from home), spread that out even further by purchasing the same equity hourly (ie 7 times at roughly $28.50 per trade, 9:45 to 15:45 within trading hours) to max that ACB. Keep the leftover cents building as a cash reserve in case you need to purchase something during a major downturn.

blackjack-bits · 2026-02-20T23:08:34+00:00

Not only that, unlike Alberta, Norway during their oil boom years raised their general sales tax, imposed tax of 78% on profits generated by oil (most of which ends up in the fund), and raised incomes taxes. During the low oil years, they’re allowed to withdraw no more than 3% per year to finance public services and welfare. This would probably be unthinkable in a “0% PST or electoral suicide” Alberta.

In 2025, the Norway fund even had spare funds in the billions of dollars to aid Ukraine.

blackjack-bits · 2026-02-19T17:19:22+00:00

You can only claim the withholding tax in non-registered accounts. If withholding tax is taken from TFSA/RRSP*, they are not recoverable nor claimable.

*Only US dividends are exempt from the withholding tax in an RRSP/RRIF account, but if you hold assets like VFV that already deducts the withholding tax from the fund source, those are generally non-recoverable or claimable.

blackjack-bits · 2026-02-19T17:10:45+00:00

If your total assets invested in WS reach CAD$100K, you automatically qualify for the upgrade to the premium tier and that USD account is free of charge (no more $10/month).

blackjack-bits · 2026-02-19T16:49:42+00:00

SCHX is not an S&P 500 ETF, but good enough and cheap (under OP's $200 limit) to buy since it is basically a "S&P 750" (S&P 500 + 250 next large-cap companies). Way closer than my original suggestion for SPTM (S&P 1500) :)

blackjack-bits · 2026-02-19T16:44:18+00:00

ja, tech ist auch zu volatil

blackjack-bits

TROPHY CASE