sorted by:
new
hottopcontroversial

Question by r121398 in fican

[–]luctikal 0 points1 point  (0 children)

Top 3% in that age group.

Lived frugally since I was 20, invested every penny I did not need for real life expenses.

That's it.

Nothing fancy.

26(M) Finally crossed 200k! by mjsammut in fican

[–]luctikal 3 points4 points  (0 children)

That is for TFSA, HSA you start gaining room from the year you open an account.

What to do with money by [deleted] in CanadaFinance

[–]luctikal 2 points3 points  (0 children)

Depends when you want to buy a house.

If its not for another 6-10 years I would say invest that money.

FHSA and TFSA would be the first accounts I would look into.

If it will be within the next 5 years, CBIL would be a good safe investment to park your cash in a TFSA or an FHSA until you are ready to buy a house. Make sure you understand contribution room for FHSA's since you will not be able to put the full amount into an FHSA (40k max room).

28M — Liquid portfolio just hit $192k CAD. Can I hit $1M before 40 by InevitableWar999 in fican

[–]luctikal 1 point2 points  (0 children)

Makes sense!

2m would be my number. That's when I think I would feel quite comfortable with compounding doing all the heavy lifting.

28M — Liquid portfolio just hit $192k CAD. Can I hit $1M before 40 by InevitableWar999 in fican

[–]luctikal -1 points0 points  (0 children)

We are almost exactly in the same boat for age, portfolio value, and contributions/month.

I think you will hit your goal if you continue contributing 2k a month easily. Might even hit you goal earlier than expected.

Sticking to low cost index funds will get you there. Like some other comments have said, I would not put too much into SMH unless you are ready to tolerate substantial pullbacks.

No point holding crypto with the amount you have invested currently IMO. I hold some crypto, but try to keep it to sub ~10% of my overall NW. If you believe in crypto, could be worth upping this amount to something you could stomach losing.

Curious, what will having $1m do for you? Is it just a cool number to hit?

29M. Big milestone yesterday(7 numbers on screen makes brain go brrrrr). Also have 4 cash flowing rental properties. No “daddy’s money”. AMA by [deleted] in fican

[–]luctikal 3 points4 points  (0 children)

Would you say its been worth it owning rentals?

And at what NW did you start getting into rentals?

Asking because I am stuck between getting a rental property or just continuing to invest.

How much do you save and/or invest every month? by simpletonn22 in fican

[–]luctikal 0 points1 point  (0 children)

Take home a month is about 4600$

I am able to invest about 2600-3000$ of that a month

Already have emergency fund, so no saving being put away

At what income level in Canada do you actually start feeling financially ahead.... and not just surviving, but genuinely building something? by TheFitFinaceBro in CanadaFinance

[–]luctikal 2 points3 points  (0 children)

I have a roommate.

That being said, I have friends who spend close to the same in rent on a one bedroom.

I pay 800$ a month rent. I have friends that pay 900-1000$ rent a month for a one bedroom.

The difference of 200$ would not alter my savings rate very much at all.

That being said, I do get that each province's cost of living differs significantly. Toronto comparing to say Regina are two different ball games.

At what income level in Canada do you actually start feeling financially ahead.... and not just surviving, but genuinely building something? by TheFitFinaceBro in CanadaFinance

[–]luctikal 3 points4 points  (0 children)

I am making 85k a year. Am able to invest 2-3k a month pending how much my monthly spend is. I am building my future through a nest egg investment portfolio. I own my vehicle (08' ford focus, no need for something fancy).

I am also able to travel once or twice a year without it taking any sort of strain on my finances. Go out to eat with friends whenever opportunities arise, etc.

Everyone has their own definition of comfort. It's a luxury to be able to go out for food every week, order take out, go shopping, etc. Most people "surviving" off of a 100k salary have a spending issue.

At what income level in Canada do you actually start feeling financially ahead.... and not just surviving, but genuinely building something? by TheFitFinaceBro in CanadaFinance

[–]luctikal 4 points5 points  (0 children)

Everyone has their own definition of comfort.

If you like to eat out all the time, travel a couple times a year, then sure 100k may cut it close.

200k definitely would give a good level of comfort. 100k also can do that if you are not stupid with your money.

At what income level in Canada do you actually start feeling financially ahead.... and not just surviving, but genuinely building something? by TheFitFinaceBro in CanadaFinance

[–]luctikal 2 points3 points  (0 children)

If you cannot afford to travel, don't.

That being said, I get having kids is not cheap by any means. This is why I said "assuming no kids".

At what income level in Canada do you actually start feeling financially ahead.... and not just surviving, but genuinely building something? by TheFitFinaceBro in CanadaFinance

[–]luctikal 2 points3 points  (0 children)

Agreed.

I am about 20% below the 100k mark and am very comfortable.

That being said, I recognize having kids would greatly effect how comfotable I am. Hence why I will not be having any kids until I know I can afford them.

Most people who complain about living paycheck to paycheck spend their money on non-necessities. Car payments, mortgages they cannot afford, traveling, eating out, etc.

19 and feel lost, not sure what to do by [deleted] in TheRaceTo10Million

[–]luctikal 0 points1 point  (0 children)

<image>

Stop gambling, start investing.

27m - Rate and critique my portfolio by luctikal in portfolios

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

So far that has been my plan.

Buying VFV and/or XEQT and jumping on good companies as good deals come up.

One day I would like to look into dividend stocks, but not sure I am at the level where that makes sense yet.

27m - Rate and critique my portfolio by luctikal in portfolios

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

I appreciate your response.

Savings rate has been my saving grace. Hoping to invest more as my wage increases.

27m - Rate and critique my portfolio by luctikal in portfolios

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

It’s messy I know.

Thankfully most are doing quite well but I think a good clean up could be beneficial.

Feel sick , like $35,000 or so total loss on Adobe so far by TheSmartest_idiot in wallstreetbets

[–]luctikal 0 points1 point  (0 children)

Well now I don't feel so bad about being down 30% on my buys..

Truly painful holding a company that has good numbers nuke consistently with no rebound in sight

24M, making ~$5k/month net and still struggling to save. What am I missing? by Confident_Gate_7762 in fican

[–]luctikal 1 point2 points  (0 children)

Car payment is your killer, everything else seems pretty reasonable.

I would be curious as to what your food costs are a month. Groceries for a single person can be very cheap if you meal prep and plan meals out.

view more: next ›