Quote:
Originally Posted by Phanuthier
I'm trying to also figure out what a good split is between me managing my own stocks, and a financial advisor picking my mutual funds.
|
Just out of curiosity, why have the advisor only pick your funds? Why not go completely advisor managed or completely self-managed. Personally I'd rather have an advisor picking my stocks than my funds.
Anyway, as far as the split, here's what I do:
At work if I throw in 10% of my cheque into a savings account they match X%.
My 10% I do 50/50 funds and stocks.
Work X% gets divided 75 funds/25 stocks.
I guess it really boils down to what you're doing with the savings. If you're looking to make cash by paying attention to the markets and jumping in and out, go stocks. If you're looking for a long term couch potato type investment I'd go funds.
As far as your initial question, for the last year on average I've been saving around 40-50% of my cheques for short term goals in a TFSA or high-interest savings account (home renos, trips, etc.). That's probably going to drop as I'd rather pay down my mortgage as soon as possible. 10% goes into long term savings, 11% (part of which is from my employer) goes strictly to retirement savings.