Where to start...
I have recently become enamored with the idea of saving money. I have read The Wealthy Barber Returns and am currently in the process of reading Millionaire Teacher. Some things are beginning to make sense (difference between RRSP and TFSA, smart spending habits, etc.), however the actual investing part still seems a little confusing.
Before I ask questions, I thought I would explain my situation quickly. I am a 22 year old male, graduated from University last April. I have an OSAP debt at about $14,000 (not too bad!) Currently teaching English in South Korea, making ~$2,000/month. I will be here one year (Dec. 2013 - Dec. 2014) OSAP payments are $158/month, which I will maintain while I'm in Korea. The rest will be paid off when I return, with the bulk of my earnings. I have You Need A Budget (YNAB) and have been sticking to it faithfully for almost a month now. I do not own a car, and my rent here is paid-for. I have the potential to save $1000-1200/month while I'm here. My only potential goal upon returning to Canada is going back to school. Other than that, I have no financial goals set in place (buying a home, car, home theater system, etc.)
So, I was thinking of opening an RRSP or TFSA when I return to Canada instead of now while I'm in Korea (I'm veering towards a TFSA because I like the freedom included with it, even though it uses after-tax dollars. I suppose it will depend on what kind of job I land when I return to Canada, in terms of salary and tax brackets.) That way, the bulk of my OSAP debt would be paid off and I could focus on saving money and investing. I've been parusing CanadianCouchPotato.com and am interested in their model portfolios. Specifically, their Global Couch Potato model using TD e-series index funds. Is this an okay choice? I've seen lots of talk about these e-series index funds but I can't say I truly understand what they are. I'm currently with Scotiabank, so would I close that account and open a new one with TD? Also, I have to keep in mind I won't be starting with much cash. I will essentially be starting from scratch.
Thank you for reading!! I heard about these forums while listening to Preet Banerjee's Mostly Money, Mostly Canadian podcast!
(p.s. does anyone know the best method to wire money from Korea to Canada? I will be wiring money from my Korean bank to Scotiabank, as OSAP will be making automatic withdrawals monthly. Looking for the method with the lowest fees!)