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44 comments
Do you know what your current net worth is? If not, consider tracking it with my Net Worth Tracker for Canadians that I built. You can use the results to help motivate, organize, plan, and achieve your financial goals.
Download your free copy here 👉: https://blueprintfinancial.ca/net-worth-tracker-canada-download/
Man, seeing all these videos about stocks and bitcoin actually making people rich feels like a fairy tale when you're stuck living paycheck to paycheck. Is building generational wealth through this even real for ordinary folks, or just luck?
Even 150 liberals take half still can't afford mortgage or groceries, no tax deductions, Canada is a joke but nobodies laughing
I make 200k from my job, I don't know what part of this advice applies to me
This video, at least where I live, is hilariously out of touch. The only dudes I know making $100,000+ a year all work in the trades.
I make about $2.5k (after taxes).. The monthly bills i have is my $750 rent, insurance totalling about $300. My internet, utilities is about $300. My OnlyFans and Twitch subscription is about $500 a month (not including the tips). After groceries and food I can barely have money to invest. I tried being a Reddit mod as a side hustle but it is barely min. wage.
Thanks for sharing
I think people should not use credit cards unless they have the money on hand to clear the balance.
I'm so glad someone is sharing this. All the recent events make me want to re-distribute my portfolio. I currently have 80k in my portfolio. How can I consistently pick winning stocks?
i have 130,000$ sitting in my chequing account and have no idea how to invest it or use it to my advantage im 28 years old
Best way to get more money back in your pocket is to vote conservative😂
I live in the US, it’s a little easier here with the higher salaries and lower taxes, plus how favorable the US tax system is for FIRE people, so anyone achieving it in Canada gets my huge respect.
Emergency fund lmao. Good one. That money goes to the tax man
RRSP are garbage better off putting it all in index Gold and Bitcoin
Great video. We found that tracking our net worth was a game changer for us too. I think learning how to keep some (or a lot) of what we made was equally important to grow our net worth irrespective of our income levels.
Great presenter. Btw add ? What if Alex gets divorced at 50 (halves his assets, pays long term spousal and child support, and starts again ! ) lol. 50% of couples….that’s a high risk tolerance with questionable ROI. 😂
That's all fine till you have to:
– change roof / windows / piping / …
– change car
– get teeth braces for whole family / implants
– and last but not least -> go to costco to figure out that grocery price doubles ever 3 years
Hi Christopher, I want to level up and make a switch to finance, specifically trading. My bachelors degree isn't in finance however, would you say taking the CSC and CSI trading courses would be enough to at least get my feet in the door to build experience?
My first full time job coming out of university paid me $400 a week or $20,800 a year before taxes. However, within six years my income had tripled as I was promoted and eventually moved to a new company.
This is really good stuff. Would love to see one at a basic level to educate high school students who are just starting out
Canada sucks
Do you have any advice for young blue collar workers? My income is over 140k a year working a 14 days on, 14 days off. I’ve already maxed out FHSA and bought my first home. I haven’t set up RRSP yet, just because my work only contributes 1%. But I will be doing this very soon, as I just closed out th FHSA. TFSA also has some money in it, but just in mutual funds
Great video, thank you! I understand the need to build financial wealth or plan for retirement. But at the same time, I know some people that work really hard and save money for retirement only to not make it to retirement. So for me, I match my company’s group RRSP and contribute a little to other investments (TFSA’s, etc) but focus more on having experiences and making memories with my kids. I have a family with 4 kids and we try to travel once or twice a year. Is there a way to still secure a good retirement but still experience life and making memories with family?
Tfsa and rrsp only help you long term…and marginally for “lowering your tax bracket”. None of that helps me today.
I make $160k a year (employed) and I don’t give a shit about my 65 year old self. I care more about how I’m affording things today. Wife stays home with the kids and mortgage. The second Trudeau came in and removed income splitting between spouses, it really screwed us over.
Throwing more money into a tfsa doesn’t help pay my mortgage today…
Honestly, this is why I’m thinking of leaving Canada. Tired of working half the year for politicians to light my money on fire.
Can you make a scenario for ppl that has pension plans through work? How should they plan for retirement? Do they still need to max out rrsp?
In your example of Alex at 35 with 50k in his TFSA and 70k in his RRSP, do we assume he has a mortgage to pay? I have less in savings compared to him, but my mortgage is paid off so I have more in equity.
30s 40s making 100,000? took my husband years of climbing the ladder get to that in his 50
s. people cant just leave a good job. they have bills. mortgages. etc. also no mention of child support etc. not realistic at all
It's not always what you make, but what you spend , or debt taken. Live below your means, invest even a bit, continue to do, and watch compound interest change your life as you age.
Hun, I make over 150k and still broke. Things are expensive taxes
Eye-opening! Realizing that myself and everyone I know is poor AF.
all these figures are in CAD or USD?
I glad to have this canadian video i used to listen to alot of video of this topic from the united States but being canadian i can realy relate .
Wow I expected a generic video but the tips for 150+ are on point. I had to pay a lot of money to learn this information.
Good jobs to u always thanks for that
This video talk about nothing extraordinary for knowledge. Just useless
Tax brackets should be worth on livable wage that will motivate the government to incentivize companies to increase wages.
The problem with this spreadsheet is that you expect his investments grow 5% on top of inflation. Which is not always achievable.
Take any money you have right now in a bank or mattress and buy silver and iso20022 cryptos like xrp hbar iota algo. Get yourself outside government and banking control.
Assuming a 84 yo spends like an 50 yo is crazy and assume nothing less then you having a problem in spending rather then the problem being the capitalist crazy haul we all live in which encourage us to spend for stupid stuff from amazon, that was built in china and will likely won’t be even used a whole year -.- stop consumerism instead ffs
6K in Vancouver? oh man that is far away from living comftable 😀
I'm stuck paying high taxes. Can't do much when you are an employee. You just can't get away from tax
100k isnt a weath builder in Canada you're still kinda broke even at that level.
I wish there was a 150k+ part that wasnt for dudes with their own business. I swung a hammer for 153k last year
32 finaly reach the 100K bar , i max out my TFSA and RRSP each year , but i am wonderring what next ?