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Originally Posted by rogermexico
Hi all. I’m hoping to get a bit of advice on how to be smarter with the money I save.
I spent my twenties completely oblivious to saving. I had money at various points and was always good at finding new and exciting ways to just as quickly not have money.
In my thirties I got a little smarter. I started saving for a house and also regularly putting into an RRSP. That’s the extent of it though.
The last few years I’ve generally been able to save about 25-27% of what I’ve earned. 2 thirds of that I’ve just been socking straight into a high interest savings account for the house downpayment and the other third has been going into a Manulife group retirement plan from work.
This summer I’m going to be building the house I’ve been saving for. So once that milestone gets passed, I’ll be in a spot to be able to change my approach. But what I’ve really been learning is just how totally ignorant I am of how this stuff works. I do not have a good grasp on the terminology, and outside of a basic understanding of compound interest and that I ought to buy low and sell high, don’t know much about investing.
Assuming I keep saving roughly the same percentage of my income, what’s the smartest way to invest it?
I’m going to be getting a pretty good tax refund this year – should I peel a little bit off of that and invest it in some stocks?
Any advice is greatly appreciated. Thanks!
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No, because you have no idea what you are doing.
I have no vested interest and I am not a customer of Slava's, nor have I ever been a customer of his. (I manage my own money, so I can speak the same language as him; I am not a customer because I do not reside in Calgary) But I have met and chatted with him and I think he has good honest intentions to make reasonable money at a reasonable rate. Whats that saying, fat pigs get slaughtered or something like that? I don't think Slava fits that bill...
If you want to learn, follow wealthfront.com blogs... one of the most famous investors in the past century is on their BOD (chairman's professor of economics at
Princeton University, dean of the
Yale School of Management , 28 years as a director of
the Vanguard Group), and I like their premise - while it doesn't follow in line with Slava's viewpoints, I think it follows Slava's line of thinking anyways.