Quote:
Originally Posted by Torture
3% to a TFSA and I'll be bumping that up to 5% within a couple pay periods. Anything left after all the discretionary spending (Read: Beer) goes to my student loan. Soon as I'm done with the student loan I'll bump up my contributions.
Even at 3-5% I'm well ahead of the game...time and compounding interest are very much on my side.
I've still got about 6 months to go before I'm eligible for a company match..despite the fact that I work with other people's pensions and savings every day 
Choosing funds is fairly straight forward especially if you're doing it with a group plan as there won't be a million options. Just make sure that you diversify the asset classes, regions, industries, etc. If you're young generally you can handle more risk so go with more equities, as you get older move to less risky assets such as bonds.
Look for lower management fees as those eat up a good chunk of your earnings and there's debate as to whether it's even worth it to be in an actively managed fund. |
Very good advice - I suggest unmanaged EFT's with the lowest MER or whatever some call it now. EFTs that invest in the indices beat 97% of the funds and the lower MER is amazing.