What would you do in my brother's situation? --- TFSA, RRSP
Has:
8K in cash in a non-registered savings account;
12K in stocks & high-fee mutual funds in a non-registered account;
23K in cash in a TFSA;
no RRSP;
RRSP contribution room of $16k
Stable job, income about $50K, mid-20s. No short- or medium-term need for the money. Able to tolerate volatility and risk.
The particularity of the situation is that income for fiscal year 2017 was about $60K due to sideline contracts, but can expect $50k going forward with annual raises of about 2-3%, nothing major.
What would you do in this situation?
8K in cash in a non-registered savings account;
12K in stocks & high-fee mutual funds in a non-registered account;
23K in cash in a TFSA;
no RRSP;
RRSP contribution room of $16k
Stable job, income about $50K, mid-20s. No short- or medium-term need for the money. Able to tolerate volatility and risk.
The particularity of the situation is that income for fiscal year 2017 was about $60K due to sideline contracts, but can expect $50k going forward with annual raises of about 2-3%, nothing major.
What would you do in this situation?