How Much Do I Need to Save Every Year?

Today we’re going to cover some of the top financial questions asked by Canadians, including the number one question, “Am I saving enough for retirement?”.

The way we came up with these questions, is that as you may know, the fee-for-service financial planner that I use is John Kalos, and on my site, I have a page where you can sign up for a free 30-minute consultation with him. 

And so, lots of the listeners of the show have met with John for free to get their questions answered and he then took the ones that were being asked most often, and we decided to do this episode on them so that everyone can benefit from them. 

The top question was definitely “Am I saving enough for retirement?”, but he also addressed other top questions like “What investments should I be buying for each account (RRSP vs TFSA vs taxable accounts), and how much should I be buying of each?”.

Enjoy the episode, and definitely feel free to ask him your own questions one-on-one over at buildwealthcanada.ca/john. When you sign up through that page, I’ve also set it up so that you’ll be automatically emailed a guide that I made on the top questions to ask your financial planner. 

This can help you whether you’re looking for a new financial planner, or to test out your existing financial planner to make sure that there is no conflict-of-interest and that they really are as competent as they claim to be. 

This is something that he’s making available on an ongoing basis so even if you are listening to this episode years from now, you can still go there to get some of your top questions answered, privately, and for free. Enjoy the episode.

A big thanks to Borrowell for sponsoring the show and for building such a great free tool that we can use to check our credit score. It has saved me a lot of time when I want to quickly check the status of my credit score (for example, to ensure there has been no fraud or identity theft on my accounts). 

You also obviously want to make sure your score is as high as possible for any mortgages or other loans that you end up applying for (to ensure you get the lowest rate and get approved). 

Even if you aren’t looking for a loan, I encourage you to at least pull your report for free to help ensure that there are no unauthorized transactions on your accounts. As a best practice, you should be doing this kind of check at least annually. 

Thanks again Borrowell for building a tool where we Canadians can finally get access to this data quickly and for free.

Top Tools and Resources for Financial Independence (for Canadians): All the top tools and sites that I’ve personally used to help us achieve financial independence in our early 30s. They’re also what we use now to optimize and manage our finances, and ensure that we’re paying the lowest fees while getting solid returns on our investments. 

Canada’s Top ETFs Guide & Top High-Interest Savings Account: In the guide, I go over what I personally invest in and why I invest in it. The investments that I talk about ​are literally where we have almost our entire net worth (apart from our house), and is what we are primarily living off right now in our early retirement. At the very least you’ll learn about some great ETFs to consider for your portfolio, and if you are new to ETFs, it’ll give you a nice list of some top ETFs to consider from the thousands that are out there. 

The guide is available for free to any listeners that that use this link to sign up for a free savings account with the bank that I personally use, EQ bank. 

The reason that I personally use EQ bank, is that they have one of the highest interest savings rates in Canada (they are currently offering 2.3% which is more than double what the major banks are offering).

It’s also free to sign up and keep an account with them, so you’re not paying a monthly fee like you do with many of the other banks out there. You also get unlimited transactions, unlimited Interac e-transfers, and can take out your money at any time if you need it, and there are no minimum balances.

Because of those reasons, I’ve been with them ever since they launched in Canada years ago, and it’s where I keep my entire emergency fund and spending money. 

To get the free high-interest account and the free guide on the top ETFs in Canada, just go to buildwealthcanada.ca/eq, open the free account, and once you’re done, forward any email that you get from EQ to bonus@buildwealthcanada.ca and I’ll send you the full comprehensive guide for free.