I’m 30 and have more than 1x my salary saved. Something I’m very proud of and worked hard to accomplish. My 33 year old friend told me “You’re the only person I know who’s saving for retirement” and it just made me so sad.
Congratulations, that’s great to hear! Definitely not as great to hear that your friend said you’re the only person they know who’s saving for retirement - hopefully that changes! 🙏🏿🙏🏻
Try to teach everybody around you. Seriously. We don't learn how to manage money when we are in school. So people have different perceptions of what is good and bad.
This was great! Are you also able to share plans, accounts and how to do so outside of Canada? It’s so tricky due to the options and planning. I reside in FL and this would be awesome!
Great topic! But key thing i found missing was the inflation. The rate of return on investment should be > inflation to help bridge that $1 million target.
This was great! Are you also able to share plans, accounts and how to do so outside of Canada? It’s so tricky due to the options and planning. I reside in FL and this would be awesome!
hey guys, i really love your videos, especially as a Canadian. i'm in my mid 20s and your videos are my go-to especially since my parent is usually in control of my financials. been looking into ETFs/indexes as my parent puts my TFSA into Mutuals for that past 5 years. now looking into opening a FHSA as well. i'm hoping maybe you guys could do a video with how to break free from under your parents wing or something like that. cheers!
This was super helpful (as usual)! I'm a good saver but always felt intimated by retirement saving, especially when figuring out how much I may need and should save for. I'll take this info to start planning for retirement asap :)
ive learned by having a 22 yea old with adhd to not say BUDGET.....we call it a PROSPERITY PLAN. Curbed impulse spending and set up auto investing with vanguard because manually isnt working
Lets say I saved $1000, and then I used $100 from my investment ($1000). If $1000 invested for 10%, than what I have is 1000 x10% = 1100 -100 (I used) = $1000. And so on. Why do you need $1 million I don't understand? Lets say you have $420000 invested. Money grows 10%, then you have 10% withdrawal. It is still $420000. Not a $1 million.
because 10% isn't the guaranteed return every single year. That's the average annualized return over several years. Some years your return will be -20% (like it was in 2022) so if you were to withdraw 10% in those years, your portfolio will be drawn down significantly faster. Look into the "safe withdrawal rate", usually it's recommended to be around 4%, hence why $1 million would get you around $40,000/year
I'm not worried about retirement. I live for the day. I am a very philosophical person. I think I would rather invest in a business now, that way when I'm older it will pay for my retirement. I guess CPP is like Social Security and I pay into it, but I don't depend on it now. I'm glad you guys got sponsored by the government. Congratulations 🎊
Majority of my retirement income is in the RDSP not much coming from CPP-D or OAS / GIS I suspect that income would be less than ODSP which is $1,500 a month. I need to make sure my TFSA is on the path of being maxed out I hear 2024 it will be $7,000 which brings my TFSA room to about $90,000 Financial Literacy is always targeted towards able body people so people with a disability are left out to fend for themselves. The government won't budget the new Canadian disability benefit and Doug Ford is planning on clawing back ODSP the minute they budget the Canadian disability benefit it. I would kill to only worry about maxing out my TFSA and RRSP, that's not my life.
Thank you to CPP Investments for working with us to share how you can make a retirement plan! Check out this website for more: shorturl.at/gt056
I’m 30 and have more than 1x my salary saved. Something I’m very proud of and worked hard to accomplish. My 33 year old friend told me “You’re the only person I know who’s saving for retirement” and it just made me so sad.
Congratulations, that’s great to hear! Definitely not as great to hear that your friend said you’re the only person they know who’s saving for retirement - hopefully that changes! 🙏🏿🙏🏻
Try to teach everybody around you. Seriously. We don't learn how to manage money when we are in school. So people have different perceptions of what is good and bad.
Love this! Such an important topic.
Thanks, Danica! 🙏🏿🙌🏻
I saw you guys at the Toronto Christmas Market! Didn't want to bother you two, but thanks for all that you do!
That's so fun! Definitely say hi next time you see us 😊 and thank you!
This was great! Are you also able to share plans, accounts and how to do so outside of Canada? It’s so tricky due to the options and planning. I reside in FL and this would be awesome!
It’s never early to start!❤
Yes to this! 🙌🏿🙌🏻
Hi Steph&Den, what camera / gimbal do you use for your travel B-Roll? It’s so smooth and stabilized! Thanks :)
Thank you! We use a Sony A6400 camera with a Sigma 16mm lens, and usually an ND filter when we're outside! No gimbal, it's all hand held 😊
@@stephandden awesome, thank you!
Great topic! But key thing i found missing was the inflation. The rate of return on investment should be > inflation to help bridge that $1 million target.
Thank you, and thank you for mentioning that! 😊
Great video 💯🩵 I would say to anyone start right away when you get your first full time job that’s what I did
Thanks so much! 😊 and agreed!
If alberta pull out of CPP, the rest of canda is screwed.
This was great! Are you also able to share plans, accounts and how to do so outside of Canada? It’s so tricky due to the options and planning. I reside in FL and this would be awesome!
hey guys, i really love your videos, especially as a Canadian. i'm in my mid 20s and your videos are my go-to especially since my parent is usually in control of my financials. been looking into ETFs/indexes as my parent puts my TFSA into Mutuals for that past 5 years. now looking into opening a FHSA as well. i'm hoping maybe you guys could do a video with how to break free from under your parents wing or something like that. cheers!
This was super helpful (as usual)! I'm a good saver but always felt intimated by retirement saving, especially when figuring out how much I may need and should save for. I'll take this info to start planning for retirement asap :)
So happy to hear that you found this helpful! 😊
Thank you ❤
Of course! 🙏🏿🙌🏻
ive learned by having a 22 yea old with adhd to not say BUDGET.....we call it a PROSPERITY PLAN. Curbed impulse spending and set up auto investing with vanguard because manually isnt working
First! Also are you planning on joining the Blossom App?
Lets say I saved $1000, and then I used $100 from my investment ($1000). If $1000 invested for 10%, than what I have is 1000 x10% = 1100 -100 (I used) = $1000. And so on. Why do you need $1 million I don't understand? Lets say you have $420000 invested. Money grows 10%, then you have 10% withdrawal. It is still $420000. Not a $1 million.
because 10% isn't the guaranteed return every single year. That's the average annualized return over several years. Some years your return will be -20% (like it was in 2022) so if you were to withdraw 10% in those years, your portfolio will be drawn down significantly faster. Look into the "safe withdrawal rate", usually it's recommended to be around 4%, hence why $1 million would get you around $40,000/year
love how informative but easily digestible your videos are!
Thank you! 😊
great video! thank you so much
Thank you for watching! 😊
I'm not worried about retirement. I live for the day. I am a very philosophical person. I think I would rather invest in a business now, that way when I'm older it will pay for my retirement. I guess CPP is like Social Security and I pay into it, but I don't depend on it now.
I'm glad you guys got sponsored by the government. Congratulations 🎊
Thanks so much! 🙏🏿🙌🏻
Majority of my retirement income is in the RDSP not much coming from CPP-D or OAS / GIS I suspect that income would be less than ODSP which is $1,500 a month.
I need to make sure my TFSA is on the path of being maxed out I hear 2024 it will be $7,000 which brings my TFSA room to about $90,000
Financial Literacy is always targeted towards able body people so people with a disability are left out to fend for themselves. The government won't budget the new Canadian disability benefit and Doug Ford is planning on clawing back ODSP the minute they budget the Canadian disability benefit it.
I would kill to only worry about maxing out my TFSA and RRSP, that's not my life.
Thank you for bringing up this point! Very true. We're happy to hear that you're on the path towards maxing out your TFSA! 👏🏿👏🏻