Okay /biz/
Recently got a diploma (21 years old) and I now have an office job paying ~2500$ monthly after taxes. Minus a 420$ car payment (insurance and lease). Call it 2k.
I have 13.5k chilling in a chequing account. How can I invest this and get to a point where I out a down payment on a house? I figure I'll need around 100k to get going on this.
Option I'm considering now is a savings account that offers 1.25% interest as long as I can stick over 200 a month which seems to be no problem as I live at home and have virtually no expenses. Seems sort of boring.
Any other ideas?
Do you have any other debt to pay down first? Do you have an emergency fund (at least 3 months expenses) somewhere accessible? If you're not looking to buy a house for a while, I'd put that money into a GIC or TFSA or something while you save up.
My bank offers the same savings builder account. Are you with BMO?
>>1179108
I want to be. And I've already paid off student loans.
I should have been more specific. I plan on investing 10k plus whatever i can per month.
Problem with GICs is the the return is garbage unless you stick in like 100k. I don't think thats something that could work for me.
Theres also RSPs as I can take out up to 25k for a down payment on a house, catch is I;d have to pay it all back in.
Then the TFSA problem is the 5.5k cap per year which in my position seems too low. Id rather just pay the tax on the interest. (Which will only be around 2k).
>>1179108
btw forgot to ask. How is BMO? any fees that they kind of sneak up on you?
>>1178912
You need to focus more on increasing your income and less on saving. Use your car to drive uber on the weekends/weeknights or see if you can get a job on the side delivering pizzas. You can easily make another 1-1.5k+ a month doing that alone depending on how much you work.
Saving is good but 1.25% returns are shit. Save less and use some of that money you would have saved to take a bit more risk and start a small business. You can use some money to take a cheap online class on selling on amazon and put some money towards inventory. There are people who make thousands a day doing that. You can get a booth at a mall this holiday season and have somebody sell candles or some shit at it. If you have an outdoor mall near you, you can hire somebody to sell shit for you there. Look into taking a course on marketing products online. People make millions a year doing that. Find out how you can start/market a youtube channel.
You're waayy to young to be so risk adverse. Doing what you're doing now (investing in the market) it'll be forever until you get that 100k. You have to take more risk or your ass is going to be saving for a long ass time.
>>1179348
Thanks for the ideas. Any ideas where I could start educating myself? I can take it from there.
BAMP
>>1179348
Damn that's pretty good. Anymore ideas like this?
