Personal Finance

What should I do with my money?

  • Last Updated:
  • Sep 8th, 2011 3:41 pm
[OP]
Newbie
Nov 25, 2010
3 posts

What should I do with my money?

I'm in the media so I usually get random amounts of money at random times

Just recently I got a steady job so I now have a constant bi-weekly stream of money coming in

WHAT SHOULD I DO WITH IT?

as in should I open a savings account/which one at which bank?

I AM A FINANCE NEWB/DON'T KNOW ANYTHING

I have a checking account with TD currently

and am wondering if I should get a savings account from there or another bank

or some other thing (GIC) or w/e

again I'm a newb...

Thank you for your input!
6 replies
Banned
User avatar
Feb 15, 2008
26318 posts
3234 upvotes
Calgary
Generally speaking, retire any/all debt if you have any first.

Build yourself up a little bit of a cushion of cash. 2-3 months living expenses.

Once you've done that -- then buy low-cost index funds (ie: TD efunds) and build up the cash savings according to your risk tolerance.

You're going to have to sit down, now that you have this income, and think of some goals.
TodayHello wrote: ...The Banks are smarter than you - they have floors full of people whose job it is to read Mark77 posts...
[OP]
Newbie
Nov 25, 2010
3 posts
Mark77 wrote: Generally speaking, retire any/all debt if you have any first.

Build yourself up a little bit of a cushion of cash. 2-3 months living expenses.

Once you've done that -- then buy low-cost index funds (ie: TD efunds) and build up the cash savings according to your risk tolerance.

You're going to have to sit down, now that you have this income, and think of some goals.

I have no idea what these low-cost index funds are but I shall look em up!


I just have OSAP dept, no credit card or anything else; so I pay that OSAP debt with every paycheck.

I don't have a particular goal other then to move out but that's like in 1-2 years

does knowing this now change anything?
Deal Fanatic
User avatar
Dec 8, 2007
5309 posts
1699 upvotes
Yikes ..... I may catch some flak for this, but since you are SO NEW, your best bet may very well be walking into a bank and sitting down with an Acct Manager to begin with ...... they'll set you up with a checking and savings account and will probably try and sell you on a Credit Card as well.

After you learn more and do some more reading and research, you can start looking into investments and better credit facilities, etc.
Hydropwnics wrote:"TodayHello is a certified hustler and original gangster."
Newbie
May 24, 2011
83 posts
3 upvotes
TORONTO
1. Clear your (high interest) debt
2. Start putting your money in a place which gives you high return: http://www.highinterestsavings.ca/ ( I use Ally). Don't let it sit in your Chequing Account which gives you no return.
3. If you are thinking of investing your money in Stocks / Mutual Fund ... I would suggest go via TFSA (Questrade). Any profit you make is tax free! or Simply invest in high interest TFSA (3.5%). Make sure you understand the risk of things you invest in. Talk to a friend or advisor who is savvy with finance / investment.


Hope this helps!

Good luck
Newbie
User avatar
Jul 4, 2010
34 posts
2 upvotes
Toronto
hashjax wrote: 1. Clear your (high interest) debt
2. Start putting your money in a place which gives you high return: http://www.highinterestsavings.ca/ ( I use Ally). Don't let it sit in your Chequing Account which gives you no return.
3. If you are thinking of investing your money in Stocks / Mutual Fund ... I would suggest go via TFSA (Questrade). Any profit you make is tax free! or Simply invest in high interest TFSA (3.5%). Make sure you understand the risk of things you invest in. Talk to a friend or advisor who is savvy with finance / investment.


Hope this helps!

Good luck

Which HI TFSA's rate is 3.5%? That link in your post doesn't show any.

Another question - Why do so many people prefer going with Ally (2%) even though there are others like Hubert, Manulife etc. which have higher rates?
Deal Addict
Jul 8, 2009
2028 posts
481 upvotes
Edmonton
Your first step should be to learn more of a general nature. Find a good basic book like The Wealthy Barber or The Money Coach by Riley Moynes. You'll get some good advice here but it's very biased and you need to develop basic skills and knowledge that is well rounded and you read a couple of good books it will help you far more. Come here with specific questions but build the foundation the other way. I love Moynes' book and recommend it for you.

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