The Decibel Stress Test: Here’s what young Canadians are putting in their TFSAs
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Aug 2, 2024 Aravind Sithamparapillai from Ironwood Wealth Management shares his expertise on TFSAs and RRSPs, providing valuable insights for young Canadians. A tech entrepreneur also discusses his journey of launching a business while navigating complex investment strategies. Meanwhile, a millennial investor reflects on his adventurous financial path, highlighting the lessons learned from volatility during market fluctuations. Together, they offer practical tips on making the most of savings accounts to achieve long-term financial goals.
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TFSAs for Young People
- Use TFSAs to grow your savings tax-free.
- Contribute regularly and withdraw anytime without penalties.
Saving vs. Investing in a TFSA
- Use TFSAs for both short-term savings (GICs, high-interest savings accounts) and long-term investments (ETFs, stocks, bonds).
- Understand the difference: savings should be safe, while investments can fluctuate.
Short-Term TFSA Investments
- For short-term goals (1-3 years), prioritize safe investments like GICs or high-interest savings accounts.
- Consider a balanced portfolio for 3-5 year goals if you're dollar-cost averaging.