Advice on how to approach starting to invest with new job and new child, planning for future
Hi all, looking for some advice on how to best start investing for the future.
Situation. I'm 33, just starting a new job which pays around 65K and can expect it to go up to 80-90K in a couple years. Income does fluctuate and depends on what shifts I get and how much overtime I choose to work. Income listed is minimum but could be higher if I want to go crazy on overtime but unlikely I would do that with young child, but it could go up and down. My wife, 29, works part time retail, doesn't earn much. Not sure if she will continue to work.
~220K left on mortgage for a Condo in Toronto (345K purchase)
First baby expected in November
Zero in my TFSA/RRSP/RESP
20K in savings account ready to start investing
Wife has 15K in tangerine investment TFSA
The only investing experience I have is using canadian couch potato method with eseries funds, but pulled all of that out to use for mortgage downpayment.
Looking to start again but thinking of questrade ETF. My first question is how to allocate funds between TFSA/RRSP/RESP, and should each of those registered accounts hold the same etfs in the same ratios?
Situation. I'm 33, just starting a new job which pays around 65K and can expect it to go up to 80-90K in a couple years. Income does fluctuate and depends on what shifts I get and how much overtime I choose to work. Income listed is minimum but could be higher if I want to go crazy on overtime but unlikely I would do that with young child, but it could go up and down. My wife, 29, works part time retail, doesn't earn much. Not sure if she will continue to work.
~220K left on mortgage for a Condo in Toronto (345K purchase)
First baby expected in November
Zero in my TFSA/RRSP/RESP
20K in savings account ready to start investing
Wife has 15K in tangerine investment TFSA
The only investing experience I have is using canadian couch potato method with eseries funds, but pulled all of that out to use for mortgage downpayment.
Looking to start again but thinking of questrade ETF. My first question is how to allocate funds between TFSA/RRSP/RESP, and should each of those registered accounts hold the same etfs in the same ratios?