Well a blog post will not do it justice, but I will try. Here are 4 themes I got from attending this conference: rethinking housing for millennials, personal finance is behavioral, millennials want quick, easy and fair banking and being an entrepreneur is a lot of work. Read on and learn more.
A TFSA or a Tax Free Savings Account is a registered account that allows an individual over the age of 18 and a resident of Canada to put money into this account, tax free. The amount they can put is dependent on their age and how much they already have contributed into this account. Any gains made from this account are never taxed, but any losses in this account are never tax deductible either. Any amounts not contributed to this account in one year can be carried forward and contributed in future years. For my American readers, a TFSA is similar to a Roth IRA, but in my opinion, a TFSA is better, this is why.
So why do we not use the Tax Free Savings Account (TFSA) to it’s full potential? I think it is the word “account”. The word account limits the full potential of what a TFSA can be used for. When I think of account I think of chequing account and savings account, both very limiting options for your money. When I first learned about the TFSA, I pictured a basket, not an account. The “Tax Free Savings Basket” (TFSB) lol…work with me here.
Every now and then I will struggle with keeping my emotions out of investing. I felt like as a type A personality, I would have better control in this area. Under most circumstances I am analytical, logical/rational, organized, long term planner and strategic. What took me by surprise was my somewhat quick disregard for facts, logic, reasoning, historical data and truth in this particular situation.
Every two weeks I will share a post with you that was inspired by a PF blogger. There are so many talented PF bloggers that I follow, but every once in a while I stumble on a post that really gets my attention. In these posts I will expand on their findings, provide my perspective and give my two cents about the topic.
by Mr. MMC (My Money Counts) This is a 2-part series: Part Two Weak Expectations We invest with the expectation of obtaining an additional income or profit. Plain, simple and straight to the point. Dollar begets more dollar. Sign me up! Anything that puts more dollars in my pocket, I’m all for it – well almost anything. Expecting investments to perform and make more money is perfectly fine, but more […]
I want to share with you 7 reasons why I personally like financial investments when building wealth. (1) Quicker to Sell: There are 60 major stock exchanges in the world with a total value of over $69 trillion. Within the United States alone the New York Stock Exchange has a total market capitalization of over $18 trillion being traded by millions of people around the world. The depth and breadth […]