New young father needs investment help!
Ok so I'm looking to start planning for the future a bit better and need some advice. I've currently got a mutual fund tfsa with London life primarily focussed on domestic and international equities and precious metals with about $3000 in it. I also just opened an resp through Mackenzie financial and am making monthly contributions starting this month. I didn't do my homework enough on these and found on the five tfsa funds there is an MER averaging 2.8 which feels pretty high and the resp is about 2.4. I feel like I've got to make some changes so I opened a rrsp mutual fund account with td which I will be converting to e series and going 100% equities to start. My risk tolerance is moderately high and I am thunkin ling term, however, I am also saving for a down payment for our first home. The other thing is that I've recently become self-employed and have to consider the tax consequences of how I invest carefully. Hopefully this is enough info for some help. If not let me know. Essentially I was planning to open 3 td eseries accounts (tfsa, resp, rrsp) to bring down MER costs. I havent pulled the trigger on it yet tho, so I'm open to any advice and would love to hear what you guys think. I basically need to maximize growth over the next few years for a home but have to keep my daughters education in mind too. Any and all help is appreciated!
Oh and I've got another $5000 I'm looking to invest immediately since it's just sitting in my savings account...
Oh and I've got another $5000 I'm looking to invest immediately since it's just sitting in my savings account...