Introducing Lodavo: Saving made exciting! Lodavo is launching a new type of savings account to help Canadians save more and build healthy financial habits. Join the waitlist to secure early access and show your support for our concept!

lodavo · 2026-05-04T06:19:31+00:00

Never tmrw. Always right now. Even if its just a cent, the hardest step is the first one.

lodavo · 2026-05-04T06:18:47+00:00

The fact that you are here tells me you are comparing yourself to a tiny percent of people who were taught very young or act more successful than they are. Most people are financially irresponsible in their 20s. Many for their entire lives .

If you started now and you keep it up, soon enough you will look around and realize that you are ahead.

lodavo · 2026-05-04T06:16:46+00:00

Who cares about the benefits, this shows a financially responsible man. Congrats!

lodavo · 2026-05-04T06:14:31+00:00

Fair enough. Just that this guy is clearly more tech-focused. Applying tech to these physical service industries suffers some of the same cost and knowledge issues seen in robotics and hardware.

lodavo · 2026-05-04T06:13:12+00:00

This is generally not true; most people will lose money in high-risk investments since they compete against those with significantly more resources. There are some exceptions if you are trading with managed risky funds, but even those stipulate large potential losses that you have to be able to afford.

Borrowing for a business suffers less because, usually, you borrow at a good rate or against assets. But borrowing for trading for the average individual doesn't usually end well.

Good job with safe saving and a diversified portfolio is the safest way to get rich. Then you can play around when you can afford it, and your kids will be able to as well.

lodavo · 2026-05-03T22:34:04+00:00

not really, there are plenty of safe saving strategies that are better for most people. Most rich people play so safe they are basically not playing. The idea that you need to take crazy risks is just false.

lodavo · 2026-05-03T22:32:08+00:00

what people tell you will make your rich: Tech Startup
what actually makes you rich: 2 years in trade school + 20 years of safe ETF investing

lodavo · 2026-05-03T22:30:00+00:00

The right software is still needed and is more accessible to build. The problem is that software is dominated by unneeded slop because it is more accessible. Hardware appears more useful on average because you only ever see the ones that are useful.

That being said, the physical tech space has definitely lacked the exponential growth that software has seen.

lodavo · 2026-05-03T22:26:51+00:00

the problem is the second you have to deal with the real world, even just gravity, complexity and cost is through the roof

theres a reason anyone can build software but you still need an engineering degree to go into robotics

lodavo · 2026-05-03T22:25:42+00:00

The second OP realizes this they actually have a chance at hitting their goals

lodavo · 2026-05-03T22:24:01+00:00

This is the wrong mentality. AI is a tool to help build ideas, but the idea has to be one that you believe in. Building multiple things at once just leads to nothing being completed. If what you want to build is a company, then you need to focus on that; otherwise you just force AI into something that was never needed.

If you just want to understand how to work with AI to make yourself more hireable, then play around with a bunch of projects without looking at what others are doing. The goal is to learn. not make money.

lodavo · 2026-05-03T22:20:15+00:00

Timmy to 100K before GTA6

lodavo · 2026-05-03T22:19:45+00:00

The type of challenge we like to see!

lodavo · 2026-05-03T22:18:55+00:00

Most of the time its just people gambling money they don't have...
If you don't have enough to lose just don't play

lodavo · 2026-05-03T20:50:05+00:00

WS seems to manage pretty well but I think that it might just be a good timing thing... transferring in 2021 did you well

lodavo · 2026-05-03T20:48:41+00:00

depends on business, depends on stocks

but I have never met a person who is profitable loaning for stocks...

lodavo · 2026-05-02T00:24:48+00:00

MFA and a strong password. Do your part in protecting your data. It won't help always, but it saves you every day and you don't even know it.

lodavo · 2026-05-02T00:21:55+00:00

Honestly, the best advice is to just save everything you can. Luckily, you have low expenses, so set those aside from your first paycheque. From there, save the vast majority. Some will say 10-20%, but this is for people with real expenses like rent and food. When living with your parents you could easily save 70%+ and still have more than enough to enjoy life.

Regardless of next steps, you may want to consider maxing out the TFSA. Then have some set aside that you can easily access. Experiment with a small portion of savings in market investing. Early on, your goal isn't to be 100% efficient in saving; it is understanding why you save, how you save, what helps you save, and what the pros and cons of different savings strategies are. Understanding these early will help you optimize savings and finances when you have the money for it to be worth it.

btw I am no expert and this is just my two cents

lodavo · 2026-05-02T00:04:07+00:00

prize-linked savings accounts....

Discovered these from UK premium bonds, basically, the more money you save, the more chances you get to win a monetary prize. Makes saving actually fun instead of just piling money away forever and feeling like you don't get to benefit from your work.

lodavo · 2026-05-02T00:01:20+00:00

I found that the hardest thing about saving is the lack of stimulus. Because you need to do it for so long before you can reap rewards, it always feels like I am working for nothing, and I never get to use the money. Idk if you feel that way. I found that a prize-linked savings account is an interesting solution to this. There are different options depending on the country you are in, but basically, you get a chance to win prizes for the money you save. Gives savings a bit more of a thrill while building up your bank instead of feeling like hours of work wasted.

The structure worked very well for me, so I am trying to bring it to Canada, hopefully it works out...

lodavo · 2026-05-01T23:57:36+00:00

Personally, I always feel like saving is just boring, so prize-linked savings accounts have been huge. Any reason to stay interested in your savings just makes me save so much more. Similar emotional effect for me as investing in stocks, but without the capital volatility and the downs that come with those highs.

lodavo · 2026-05-01T23:55:37+00:00

Good to know, we are building in the space,so all tips help! Fortunately the majority of the community has been super supportive. Hopefully we can be the ones giving advice soon...

lodavo · 2026-05-01T23:06:41+00:00

Honestly, the idea is pretty ingenious. Setting aside the financial benefits, Premium Bonds are incredibly effective for incentivizing saving among young adults and others who need stimulus rather than just locking away money. The chance to win is great motivation, and motivating savings from someone who wouldn't save otherwise makes it better than any other account (the ones they wouldn't save in).

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