I know I have too much in there right now and want to move some out, but I can never decide how much to leave behind. I like the comfort of knowing that, no matter what happens, I'll have money in my account and can access it whenever I want, without selling or moving anything around. At the same time, I know that comfort is costing me. I'm just curious what others do and how they justify it to themselves.

Hello! By all calculations and stress tests, I could retire now (50y m) and have a monthly spending cap of $12000 (after tax) starting at the age of 55 (when my and my wife's DB plans kick in and we start withdrawing from our investments). If I keep working a few more years, this budget will increase, by about a grand per month, give or take.

My current spend rate is about $8k per month, including two adult children in the house. As such, I theoretically know $12k is more than 'enough'.

HOWEVER, I continue to worry and think I need to accumulate more, "just in case". Alot of irrational 'what ifs' running through my mind.

My goal is to give myself permission to spend more in retirement, so I doubt myself and question whether $12k is enough, especially if I want to help my kids a bit (not alot; I don't believe in hand outs).

I hate my job and my new VP makes me feel like shit. My psychological impulse to save more is keeping me from enjoying my time and perhaps calling it quits sooner rather than later.

Your thoughts and advice are warmly welcome.

Have a few accounts across WealthSimple ($146K between TFSA, FHSA, HISA & RRSP), Questrade (US RRSP), RSUs (40K USD pre tax) and company matched pension (36K).

I keep a separate account for bill payments with ~12-15K in at a time.

Open to suggestions on where I should shift my focus.

My main stock is XEQT and platform is Wealthsimple. I have like 3k total in questrade with AMD(100~$) and S&P(which is the main one). Now they are both in the green.

I haven't invested in like 1 year in either i just use Questrade to trade options every now and then.
You could say they are in the buy and forget stage.

Would it just be better to sell both and buy XEQT, my main long-term retirement vehicle?

btw both are TFSA

Hi everyone, first time posting into something like this. Over the last 3 months I have really started to take budgeting and investing very seriously, it’s almost been my whole personality. I am regularly investing $400 biweekly making just over minimum wage full time at the moment as I am in the process of a career transition within the next couple of months. I have an $8000 emergency fund in the Wealthsimple money market portfolio at 2.5% interest and regularly contribute 10% of every paycheque to it as well. I know comparison is the thief of joy, but I just wanna know from the outside how am I doing at the moment? I also wanna know any thoughts on the 70/20/10 XEQT/VFV/QQC split I have chosen, my reasoning is to have a bit more US exposure (60% roughly) than 100% XEQT (45% roughly) would give me while I think having additional Nasdaq exposure as someone with belief in technology for the future isn’t a bad idea. I look forward to interacting with you all in the comments!

So I am selling my house and will be getting about 950k. What is the best place to keep this money short term? Like a couple months before I buy a new house.

Quick question. Let's say I have $500,000 worth of RRSPs with wealthsimple and I want to transfer all of it to TD for a bonus promo. Everything is invested in VEQT and it will be transferred in kind.

Will there be a short time where the money is actually not in the market? The time between when I transfer out and the time it takes TD to transfer in?

If so, how long could that be. Just wondering if the funds are actually not invested for 3 days and the fund goes up by 1% in those 3 days did I miss out? Obviously I know it could go the other way too.

Thanks.

38M and I'll be paying off my mortgage next week. I'll be debt free. I make about 175k/year as a teacher and I'll have about 50k left in my chequing account next week. Now what? I've never invested before and I know nothing about it. Any website/book suggestions to learn on the subject?

- After deductions and expenses, I make about 4-5k net per month. Where should I start? Maxing out my RRSP and TFSA?

- My old 2013 Mercedes ML350 BlueTEC (diesel) runs flawlessly at 410 000 km, but now with the price of diesel I'm paying about 600$-800$ (depending on the month) monthly on fuel. I drive about 40 000 km a year. Should I start looking for an electric or a plug-in hybrid SUV instead of flushing that much money down the toilet on fuel? Or should I keep my SUV and drive it to the ground? My daily commute is about 90km/day.

- Should I start investing in real estate or go with stocks? I'm a conservative guy with my money and I'm not a fan of taking big risks and gambling. I'm more of a slow and steady guy.

- I'm thinking of living with my girlfriend (very stable and healthy relationship), but I don't want to sell my house. Should I rent it or use it as an Airbnb for additional income?

- I absolutely love my job. My dream would be to retire at 45-50 years old. Is it a possibility?

Any suggestions? What would you do in my situation?

Thank you in advance.

Edit: People are asking how I'm making that much as a teacher in Ontario. We max out at 120k, but I take additional contracts during the summer and school year.

It's been wild year. Shattering all my expectations

I’m 29F living in Toronto, Canada, and I currently have approximately $160,000 saved. I worked in nightlife from the age of 25 (I was an ex-stripper), and I’ve since graduated from a healthcare program and am transitioning into a more conventional career.

Throughout my mid-20s, despite making a significant amount of cash working in nightlife, I was always very careful with my spending. I knew that the income wouldn’t necessarily be consistent forever, so I made a conscious effort to save rather than spend everything I earned.

Looking back, I’m glad I was disciplined with my money because it’s allowed me to build a substantial financial cushion.

However, I’m now having a hard time adjusting to the change in income. In nightlife, I was used to making significantly more money in a shorter amount of time, whereas now I’m building my healthcare career and earning an hourly wage. Although I’m proud of myself for graduating and moving into a different chapter of my life, it’s been a difficult adjustment mentally and financially.

I know $160,000 is a substantial amount of money, but I sometimes wonder whether I’m actually in a good financial position for my age, especially considering the cost of living in Toronto.

Homeownership is something I think about, but realistically, buying a property in Toronto isn’t within my budget right now. I feel like I would have to put nearly all of my savings toward a down payment just to get into the market, leaving me with very little financial flexibility afterward. I’m hesitant to sacrifice the financial security I’ve worked so hard to build just to own a home.

For context, I’m single, 29, and trying to figure out my next steps financially, including building long-term wealth while transitioning into a new career.

I’d love some honest perspectives:
1) Is having $160,000 saved at 29 considered a strong financial position in Canada?
2) What does the average single Canadian around my age actually have in savings?
3) Am I in a good position to transition into a lower-paying career without feeling like I’m falling behind?
4) For those who transitioned from nightlife or another high-income industry into a conventional career, how did you adjust to earning less?
5) Would you continue renting and investing your savings rather than putting nearly everything toward a down payment in Toronto?

If you were in my position, how would you approach building wealth from here?

I’m not looking for validation or to compare myself to people who are significantly wealthier. I’d genuinely appreciate some honest perspective on whether I’m doing well financially, whether I should be further ahead at this age, and how I can make the most of what I’ve saved.
Thank you! ❤️

I'm 24 and have a stable job earning just over 80K a year. I live with my mother (50s) in her apartment. She needs a job, but hasn't been in the workforce for over a decade. No higher education, no record, no addictions/health issues. She makes excuses not to apply for jobs and claims she is unemployable. Meanwhile, I had to loan her 30k to clear her debts and delinquent taxes. I made her put up the apartment as collateral. A cold move but I was worried that she would let the banks or city just take the apartment instead of finding a job. Two years later, I was right. She didn't find a job, is keeping her new debt a secret to me, hasn't paid me back anything, and the city tried to auction off the apartment, but I managed to pay off the delinquent taxes with my emergency fund one day before it was due. Next year it will be the same story. I tried helping her fix her resume, sent her dozens of job listings, even applied to 30-40 jobs for her (threatened me for impersonating her). I am at my wit's end. How do I get her a job. I don't know what to do. She needs to work. I want to get married and start my own family within the next five years, not support her when she's not even disabled. I also don't want her to lose the 2B apartment.

Felt like this was an appropriate subreddit to ask since it has to do with close family and financial independence.

Hello All,

I kind of need affirmation that I am doing the right thing. I used to be individual stock picker for anything listed on TSX but have US and Developed ETFs separately.

Portfolio Size: ~ $900K

Financial Situation: Paid off house, no major expenses, paid off car (Old 2012 so soon to buy something else)

However, the more the account grows, the more headache it becomes to buy/add/sell at the right time for the correct amount. I find myself hesitating the automation. This means, let's say today all the banks are down, I go buy more stocks for all the banks (basically I have been buying ONLY on RED days). Tomorrow, oil or pipeline are down, I go buy ENB, PPL, CNQ.

I have been doing this strategy for 7 years now and it has been working perfectly fine BUT I do understand that the market has been bullish and everything pretty much has been good. I didn't do speculations, penny stocks, memes, etc. I did lose money on AQN, Telus, and BCE which sold them all before it is too late at a minor loss.

All my other holdings are doing great except BAM. Shopify went through some really bad -60% days but now up more than +150%. I kept adding during those downtrends of Shopify. Just an example of how my strategy has been working, for me.

However, I feel, I am tired of it or the time/energy spent isn't worth the potential extra perfromance compared so I have decided to:

1. Sell all individual stocks

2. Only buy VDY (I love dividends), XIC (I don't want to miss on a great opportunity in TSX, def want to keep having CSU, SHOP, etc), Keep adding to XUU (US Market), TEC (International Tech companies including the big ones already in XUU but more exposure), and VIU (Developed).

Why I don't just buy EQT ETFs? Because I don't like their composition. I want to keep 50% Canada (40% VDY, 10% XIC), 40% mostly US (30% XUU, 10% TEC), and 10% Developed.

Please tell me your thoughts. Should I just stick to my holdings (they are all from TSX60, I have 20 stocks and the 3 ETFs (XUU, TEC, VIU)).

Thank you.

Hey folks,

I’m planning to transfer my FHSA, RRSP, TFSA and non-registered investment account from Scotiabank to Wealthsimple.

My Scotia accounts currently hold a mix of GICs and mutual funds, including Scotia index funds that track the S&P 500.

From what I understand, GICs generally need to be cashed out before transferring, depending on the terms.

But I’m not sure how it works with mutual funds.

Do I need to sell my Scotia mutual funds and convert them to cash before initiating the transfer, or can they be transferred directly to Wealthsimple?

If they can’t be transferred directly, would I need to sell them first and then transfer the cash? What happens if i select in-kind transfer option?

Would appreciate hearing from anyone who has transferred similar accounts from Scotia to Wealthsimple. Thanks!

When it comes to FIRE, how do you factor in investments when some are held in a corporation (sole owner) and others in personal accounts? What are the tax implications of drawing capital gains? Is it advantageous to focus more on one or the other when formulating a FIRE plan? Assuming both are 100% invested in VEQT or similar

Hi everyone!
I’m a recent graduate in International Relations and Institutions, with a background in Political Science. I’m considering moving to Canada because I’ve been struggling to find suitable job opportunities in Italy, and salaries are quite low.
Before making such a big decision, I’d love to hear from people living and working in Canada.
How is the job market for someone with my academic background? Are there realistic career opportunities in Canada, and what kind of roles could I pursue with my degree?
I’d also like to know whether entry-level jobs are accessible to newcomers, what salary range I could realistically expect, and whether it’s possible to live comfortably and save money after covering rent and other living expenses.
I’d really appreciate honest advice, especially from people who have a similar educational background or have moved to Canada themselves.
Thank you!

I'll admit, I was stupid with my money when I was younger. Now 29m - 44k in investments, no debt, no house. I am committed to saving and investing 4k a month, most likely will be more like 3500 and really buckle down over the next 10 years. It's so hard to not compare yourself to others my age that have 300k but also realize there are alot at my age that have zero or are in debt. Feeling lost haha

I'm 32, live in Ontario, and my wife is 33. Just looking for some honest perspective on how I'm doing financially compared to others around my age.

Here's where I'm at:
$82k in my TFSA, split 50/50 between XEQT and VDY

$4,500 in my chequing account

Able to contribute $2,500/month to my TFSA

Bought a house about 1.5 years ago with my wife. We put $250k down and have around $550k left on the mortgage. We own the house 50/50.

I contribute $4,000/month and my wife $2000/month to our shared account, which covers the mortgage, bills, groceries, and other household necessities.

My main concern is that I had quite a bit more invested before buying the house, and since then I feel like I've fallen behind. I know buying a house is a big expense, but it's hard not to feel like I've lost a lot of progress when I look at my investments now.
I'm still able to save a decent amount each month, but I sometimes worry that I'm not where I should be at this age. Or an emergency could wipe out my TFSA.

For those of you in a similar situation, how does this look? Am I doing alright for 32, or am I right to be concerned about where I'm at?

Appreciate any honest feedback.

Edit - boy did these comments help ground me. It’s crazy how much I worry instead of just living my life. Really appreciate it everyone thank you.

I've been doing a lot of retirement planning lately after a recent windfall, and I'm increasingly convinced that my wife and I could retire comfortably in our mid-50s. I'd appreciate some feedback, particularly from Canadians who have already retired early.

Our situation

• I'm 52, my wife is 51.
• Both employed, earning approximately $165k each. My job satisfaction is dropping fast, my wife is more of a Type A, but burning out.
• Two children, one finished university and the other in high school.
• Living in Kitchener, Ontario.
• No defined-benefit pensions.
• Hoping to retire around age 55.

Our finances (CAD)

• Approximately $1.28M invested across RRSPs, maxed-out TFSAs, and ~$100k in non-registered investments.
• Primary residence worth approximately $1.2M.
• Both contributing aggressively to RRSPs, with tax refunds reinvested.
• No debt of any kind.

We have about $50k in the RESP for our younger child's university, and both children have separate, substantial savings accounts to help with future house down payments or other needs. None of that money is included in our retirement figures.

Retirement goals

We're targeting $10,000/month after tax, adjusted for inflation, until at least age 90.

That number is based on our actual spending over the past two years, rather than an estimate of what we think retirement might cost.

Ideally, we'd downsize from our Kitchener house to somewhere with a nice view, perhaps overlooking Lake Ontario or Lake Erie. We'd spend 2-3 months at our cottage in New Brunswick in the summer and perhaps a month each winter somewhere warmer, possibly Europe (never Florida).

We're not pursuing lean FIRE. We want to maintain our lifestyle and enjoy travelling, hobbies, and the freedom retirement provides.

Our plan

I've modelled retirement at ages 55, 58, 60, and 65, using 3%, 4%, and 5% real investment returns.

At 5%, retiring at 55 looks quite achievable. At 4%, the numbers are tighter, but potentially workable if we downsize.

We'd optimize RRSP/TFSA withdrawals and CPP/OAS timing, while keeping the equity in our downsized home as a financial safety net.

I'm also considering whether a joint-life annuity might make sense for part of our portfolio.

One interesting observation from my modelling is that the financial benefits of working longer seem to start diminishing around age 58. So that is my drop-dead date to retire.

Questions for the community

• Does retiring at 55 with $10k/month after tax seem realistic given our finances?
• Is assuming 4% real returns reasonable for a 35-year retirement?
• How would you manage RRSP/TFSA withdrawals and CPP/OAS timing?
• Would you consider an annuity, or stick with investments?
• For those already retired, how did actual spending compare with your expectations?
• How did you decide you had enough?

Ultimately, we're increasingly aware that our healthy retirement years are finite. Accumulating more money is appealing, but so is having the freedom to enjoy it while we can.

I'd appreciate any feedback, particularly from people who have already made the leap.

Edit: Thanks for the great responses. I have a lot to process. Definitely starting to enter all the information into Adviice to get some good modeling options. My take away so far is that my plan is not impossible, but it has high risks involved. I need to make sure I mitigate those risks or downsize my plans.

Hey everyone,

Looking for a quick sanity check on my setup and my plan to clean up/consolidate my accounts.

About me:

• 27 years old, $130k base income (~$5k gross biweekly)
• $15k in a high-interest savings account for an emergency fund
• Work matches up 3% of my paycheck so about $150/paycheck in my group RRSP (so $300 biweekly total going in)(commonwealth)
• I don't plan on buying a house in Canada
• I'm paying some of my partner school (about 1k a month, total paid will be around 15k+) so once the school is done I will be able to put more money towards savings and also she will "pay back" the total amount.
• Also would love to retire not too late, maybe in a low cost country like Mexico.

Current breakdown (~$132k total):

• RBC (RRSP - $50k total):
  • $18k in a market-linked GIC (matures Sept 2028, min 20% / max 35% return)
  • $32k in RBC Select Balanced mutual fund
• RBC (TFSA - $40k total):
  • $20k in a market-linked GIC (matures June 2027, min 8.5% / max 23% return)
  • $20k in RBC Select Balanced mutual fund
• CommonWealth / Work Plan:
  • RRSP: $25k in BlackRock LifePath 2060 (this is where the work match goes)
  • TFSA: $17k in BlackRock LifePath 2060

My Plan:

1. Move the mutual funds ($32k RBC RRSP, $20k RBC TFSA, and $17k CommonWealth TFSA) over to Wealthsimple.
2. Keep the CommonWealth RRSP active just to keep grabbing the 3%/$150 biweekly match.
3. Leave the RBC GICs alone until they mature in 2027/2028 so I don't lose out on the guaranteed returns, then transfer them to Wealthsimple once they unlock.
4. Put everything in Wealthsimple into 100% XEQT and automate it ($500/mo to RRSP, $700/mo to TFSA to start, plus lump sums when I have extra cash).

A few questions:

1. RRSP vs TFSA: At $130k salary, should I be prioritizing my RRSP over TFSA to get the tax refund back and re-invest it?
2. Transferring: Anything I should watch out for moving funds out of RBC/CommonWealth into WS? (I'll do an in-cash transfer initiated through WS so fees get covered).
3. Portfolio: Is 100% XEQT the move for my age/horizon, or should I be keeping it simpler/doing anything different?
4. RRSP Commonwealth: Should I move my current RRSP balance to WS but still continue the RRSP matching of my work in CommonWealth ?

Appreciate any advice or feedback!

(I had help from AI to write this post and organize it a bit more understandable since i'm not very good with that type of stuff, sorry about that)

should i invest everything i had on my savings?

We are new to investing and RESP. I did some research and read lots of Reddit posts. We decided to go with ZEQT at wealthsimple; family
Plan for RESP. Plan to leave the money in that ETF until baby is 15 then we will switch to a lower risk ETF such as VBAL or something similar in bonds mainly.

I also opened a TFSA with wealthsimple in ZEQT and started with $200 a month contributions. This money is intended to stay for long term at least 10-15 years for retirement.

Is it okay to invest into ZEQT? I see a lot of people saying they are in VEQT OR XEQT.
Any suggestions on if this is a good strategy for both and Any other tips? Thanks!