Quote:
Originally Posted by albertGQ
Well, I kind of want my TFSA as an emergency fund so wouldn't that classify as short-term? What do they say? One should have a minimum 3-6 months salary tucked away just in case? (Is that net or gross?) $5000 doesn't even come close. So I'm thinking keep putting my savings in here for a couple years and after I have my six month cushion, then put it in higher risk.
You think that is a good idea or do you think I should add more risk to it now? I've got RRSPs in pretty risking mutual funds right now, and I want to also max out my lifetime contribution room. I think that is where I'll put my risky investments until my emergency fund is built up?
What do you think?
Money Guy and Claeren, you guys can weigh in as well.  |
You could always invest the money in the TFSA and and still have them liquid. If you decide that you need them down the road for emergency reasons, or something else, they are still liquid. It would be one thing if you were buying real estate or something that was hard to sell, but with most investments you can get the cash in a few days. There isn't a lot of reason to wait for the amount to build up and then invest it.