I’m looking for some data about RRSP balance by age group and percentile groups. Anyone know of any good data on this? I can just find average balance by age. I want to know how well I’m doing within my age group.

I (25M) have a full time job at 85k$ in Montreal (this is my first job - I’m an immigrant and working as an IT engineer). But I feel like I still have some extra time that I could use to make more, especially on the weekends but I’m clueless on what to do. I’m willing to do something else, I was thinking about uber eats but it can’t be the only option.

Despite having a decent salary I also spend a lot for my health and standard of living: renting a condo alone, car for outdoor activities, parking, insurance, metro, sport sessions in downtown & astronomical amounts of money on quality groceries, traveling cuz family is abroad, etc. And I cannot/dont want to cut on all of that (I know some people would immediately tell me to cut on spendings so I had to explain this). I’m not going out at all or going to restaurants. After all those things I don’t have much money left.

So I just turned 23, I'm in my last semester of school and being lucky and blessed with my parents helping me out with school and working throughout, I will be finishing my undergrad debt free. Currently no aspirations to do grad or masters. I have about 20k in my bank account, I have a TFSA but when I had to pay for school I took all money and investments out. Was wondering what I should do now.

I’m 18 almost 19. I work part time and go to school full time. I get paid $20/hr - 24 hours and get paid bi-weekly.

I want to start finding ways to grow my money instead of letting it sit in my bank account. I don’t have much saved up around $4000.

My only expense cost $500 a month.

I live in Canada. I don’t have a savings account only chequing account with TD Bank. And a credit card.

Any tips/advice you’d give me.

Thank you.

Hi, I'm 19F, international student. I was scrolling through reddit and came across a post from this subreddit. It intrigued me since I've wanted to find a way to start saving money but not just letting it sit in my bank account (free td bank student chequing account).

Any advice on how to start out and whatever linggo I need to know to understand this sub more? Thanks!

Anyway to capitalize on the US elections? Eyeing US financial stocks like KBE, CALL, XLF so far. How about you?

33M, I have almost 300k cash which I am planning to invest in Vancouver real estate. The real estate prices in Vancouver are very high. That’s why I will break even if I invest in Condo.

I want to generate passive income or active income with the help of any expert trader or copy the trades of an expert by giving him some shares on my profits.

I am confused what to do with this sort of money.

I have already invested 15k in penny stocks and my portfolio is 90% down. Don’t want to take another risk and lose my hard earned money.

Need advice and guidance pls

I live in Edmonton Alberta. I'm 28 years old with no career, currently working in a warehouse earning approximately 48k a year. I have saved up approximately 90k, 60k in TFSA and 20k in my chequing account. I max out my company's pension plan and currently have worked there a year, accumulating 8.5k in my RPP. My partner and I own a $600k valued home and still owing around $475k on mortgage, the great thing is I rent my basement and 2 other rooms, this allows my partner and I to essentially save on mortgage, utility, etc. Which allows us to invest the remainder of the money that we earn.

The mindset that I have is that I want to earn a lot of money, live frugally and the invest that money. I want to become successful, possibly retire as a millionaire and be able to take care of family just not sure how to go about it. My family has always been struggling financially due to the hardships we had in life, failed businesses, investments and even scammed by other family members.

My question for you guys is what is your recommendation for someone like myself? I do not find myself intelligent, always struggled in school, even though I like to learn new things. I've worked at my job for a year and I'm highly regarded as a quick, efficient worker that works well with computers. There is talk within my company that they will be hiring someone for IT support, and all fingers are pointing at me, but no clear answer on that. But even with that possibility, as an IT support, I can't imagine it increasing my pay that much at all.

I have thought about entering the oil and gas industry but I have heard that it takes a heavy toll on your body long term but the pay is very high. Should I look into finding a new career or maintain and grow with the company I am with? Has anyone else entered the same situation like me? Honestly, been sifting through here and have been reading a lot on how younger folks than myself are achieving so much more than I can ever imagine and I envy you guys.

Edit: Thank you everyone for your replies and insight, it feels reassuring that at the very least I am on the correct path.

Early 30s, Networth ~790k. 540k in investments and savings. 250k in home equity.

My liquid assets include 1.5 years of expenses in cash which includes the severance I received from my layoff. Annual spend just my half is about ~36k and I have a spouse who also pays the same amount.

I plan to sell my house I move abroad in 5 - 10 years.

I got laid off from my high paying job in tech back in August. I found a freelance gig in September that pays pretty well but the hours are dwindling and I'm not sure what to do.

I'm considering switching industries or just staying in tech but going part time working as a freelancer and working very sparsely.

What would you do in my shoes? I don't really want to work anymore but can't afford to retire just yet. I feel like I'm at a crossroad.

currently most of my money sits in VTI VOO XEQT, with the intention for the next paychecks to go there too.
TFSA RRSP are not maxed, I started late as an immigrant, so working towards that too. is this the best course of action ?

Currently a university student (20), have 17K in the Scotia US Equity Index Fund thru my TFSA, and am putting in 350$ a month. They told me it was the closes to the S&P 500 because I want to just put the money away and let it grow. Did I go about it the right way and what should I change?

My parents are retired now. We are immigrants and worked hard running a small ‘mom and pop shop’ business for the past 30 years and last year they have sold their business and a very small commercial real estate holding.

I believe they have roughly $1.8M liquidity (cash, RRSP, TFSA).

They don’t have any debt (outside of usual monthly credit card) recently paid off their mortgage for their principle apartment residence in Vancouver and their car loan payment.

Both are 65 years old where their CPP kicks in now. Both in good health condition and live modestly and I would love to encourage them to travel as much as they can now. when possible.

I don’t want them to stress financially and also want them to feel they can finally enjoy retirement life.

Thank you for your insight.

RRSP: $700K (80% VOO, 20% Blue Chip stocks) TFSA: $100K (50% VFV, 50% in Canadian Banks & Enbridge) Corporation: $1.5M (80% in VFV and XEQT, 20% Blue Chip stocks)

Mortgage: $200K left Line of Credit (Prime - 0.25%): $100K

I am a 46yo physician and would like to leave my full-time practice, take 9 months off, and return to working ~1 week a month.

My monthly expenses including mortgage payments are ~$4,500.

TIA

Can someone fact check me if I am ready to pull the trigger?

RRSP: 500k TFSA: 300K Unreg: 1,2MIL

RRSP is in a company fund and the balance is in an array of CDN dividend stocks.

House and car are paid off with monthly expenses around 2300$.

I am 37 and looking to take a year or 2 off to find what I want to do with life or take on a job that is fulfilling with far fewer hours. Currently making around 200k a year working close to 60 hours and on nights.

Appreciate anyone's insight on what I might be missing...

Hello! I'm offered a financial plan that uses leveraged life insurance to create retirement income and an estate for my heirs. It uses existing products from one of the main providers of health insurance, etc). Interest rate on borrowed funds was 7% and now slightly lower (!?). Here’s how it’s structured:

1. It starts with a loan to add funds into the life insurance. The interest is tax-deductible, which should reduce my taxes.
2. The annual premiums are paid from the invested amount, growing the policy’s value through returns. This growth is tax-free, so it helps increase cash value and death benefits.
3. It is suggested that I bring/convert my existing RRSP and savings into this plan.
4. Around age 65, income starts coming from the policy’s value. Loans or withdrawals are used to keep the taxable income lower.
5. The invested funds cover the loan interest and premiums, with any extra returns reinvested.
6. When I pass away, the death benefit covers any debt first, then the rest goes to my heirs with minimized taxes.

Has anyone done something similar? I get it can makes sense due to the tax optimization but this seems overly complex. Any advice on potential risks or things to watch out for with this kind of setup? Thanks!

I know many older retired Canadians spent 3 to 6 months in the southern U.S. (FL mostly). With lower CAD and rising insurance cost, are the new early retirees still interested in spend time in the U.S. in winter?

I recently came across the concept of "die with zero", basically spend all your money by the time to say goodbye. The traditional FIRE prioritizes saving, spending below the means, accumulating wealth, etc. and I still believe in those values today, but the DWZ concept brings another perspective to wealth and life.

While I don't think "die with exactly zero" is a good idea because it's always good to be cautious and have some extra cushions in your funds, but on the other hand "die with millions" seems excessive and not an efficient use of your money.

There are many FIRE calculators out there will show millions of dollar accumulated by the end of 30 year retirement time. The thought "do we really need that much for retirement" kept bugging me, so I made a calculator to estimate how long will your money last based on your life expectancy, spending and investment assumptions. Here's the calculator: https://realfirecalc.com/ if you want to give it a try.

This is an evolving project and I want to keep improving the calculator. Let me know if you think this is useful, or if it's missing anything, happy to discuss. Thanks!

Incase anyone doesn't mind a bit of paperwork with their brokerage accounts to get some free money/macbooks.

Obviously various conditions apply (some are new accounts only, need to hold funds for a set time period etc).

The weBull one is nice...but I hadn't heard of them till yesterday....

There's discussions on these offers in various subs but thought I'd collate the details here as people retired probably have a large portfolio, don't trade much and might want to grab some free money.

*edit* added extra TD offer

*edit 2* added BMO offer

I’ve (30F) have been working to FIRE though never really minded working, but I developed a disabling chronic illness last year and my odds of being able to keep a consistent high paying job are probably pretty low. I’m struggling at work, I want to make a change soon but of course it’s scary, and I’d love to hear from someone who’s done it. No plans for kids, probably not expected to live too much after 65 either. I could potentially have high healthcare expenses though.

Numbers: TFSA: $123k RRSP: $24k RDSP: $17k (+ automatic $3.5k yearly from govt) Cash: $23k Total liquid: $187k

Condo: ~800k worth, ~400k left on mortgage, 23 years left. Total equity: ~$400k

Currently able to put away around $1k per month. I live humbly, my mortgage is my highest expense so if I rented out my apartment for a couple years I could probably live well on $3k per month or less.

My plan was to wait until I have $300k liquid, so I could comfortably take out up to $1k per month and work part time for the other $2k. But I’m tired of waiting.

I could potentially take disability and stop saving, but be able to cover my expenses to let my money grow for another 2 years. But after that my chances of returning to a high paying job really are very slim. I don’t care anymore about having a “good” job, I need to reduce my stress to manage my illness, I just don’t want my job related stress to turn into financial stress down the road. I know I’m very fortunate with what I have already, but I have worked so hard for it and the idea of letting it drain away is horrifying.

I’ve been crunching the numbers over and over and I know I’m in a decent spot, if I can avoid draining my savings too much over the next 5 years I’ll probably be in a great spot. I’m not looking to reach 65 with a million bucks in the bank. I’m thinking my paid off condo and whatever’s in my RRSP & RDSP will be fine. I don’t think I’ll mind working part time whenever I need to as long as I have to and I also have the option to take CPP disability although that’s a very modest amount.

My heart is telling me enough is enough. But my brain is telling me I need to grind more. Maybe I can tell myself to grind for another couple years but at least have something in my pocket if my health continues to decline. Please tell me I’ll be ok.

Wife and I are approaching 40 in a couple years and I started thinking maybe I should quit and stay home with the kids.

Current situation is I'm away half the time working. Wife works full time making about 100k/yr.

No mortgage or other debt. 2.8M in investments spread out across non reg, rrsp, TFSAs.

My wife plans to work until 55 and will receive a gov pension.

I make about 240k/yr and I do enjoy my job other than being gone half the time. Once I quit there's no chance I'll be able to make anything close to that ever again.

We spend about 70k after tax per year. I know I can afford to quit but having a hard time starting this new chapter.

How did anyone here finally pull the trigger? I always hear stories of older people finally retiring only to become depressed or die shortly after . Some believe having a job gives them purpose. Just trying to get myself prepared mentally for eventually quitting.

https://www.wealthsimple.com/en-ca/get-in-touch/margin

"Borrow against your portfolio with a margin account, and get interest rates lower than any Canadian bank: as low as prime -0.5%."

Why should or shouldn't I leverage this to put extra money into index funds? How risky is it really?

I've never used marginal trading before.