Part 1 of 2. Have you always wondered how to strategically set aside some funds for a rainy day, a trip, or even retirement? On today’s episode we are joined by Drew Kellas, a Certified Financial Advisor from Toronto, Canada, that walks us through the various savings vehicles you may come across, and gives the merits and disadvantages of each.
As per Drew’s advice: “Get advice from a licensed professional. If your car was acting up, would you take it to a plumber? No; you would take it to a mechanic. Take your financial questions to a licensed financial advisor.”
We discuss:
- Where to start with savings: through which vehicle and how much?
- Various investment vehicles: Tax Free Savings Accounts (TFSA), 401(k) (US), Registered Retirement Savings Programs (RRSP), Roth IRA (US), Registered Education Savings Program (RESP), Real Estate, etc.
- How Real Estate is used for savings and investing
- What non-registered accounts are and how they work compared to a registered investment vehicle like TFSAs or RRSPs
- Group options with employers
- Pay off loans right away or save up?
- Why Millennials NEED to know what inflation is: how the supply of money goes UP every year, meaning the value of money goes DOWN by 2-3% each year, and PRICES go UP 2-3% each year
- Should parents put their money into an RRSP or a TFSA? Or should they put money into an RESP?
- Should young Canadians buy a house or should they rent?
Andrew Kellas, District Manager
105 Consumers Dr., Whitby ON L1N 1C4
1-888-315-7767 ext.109
416-885-6644
Website: www.millennialjourneypodcast.com
Instagram: @millennialjourneypodcast
Linked-In: A Millennial’s Journey
Facebook: A Millennial’s Journey
Twitter: @AMJpodcast_
