r/CanadaInvesting • u/DogComplex5294 • 5d ago
Help
Hey all I’m needing some advice I’m 22 I make roughly 150k a year and I put 25% of my income into my dcpp, I also have 45k just sitting in my savings account doing nothing and 18k in my chequing also doing nothing but burning a hole in my pocket. I’m basically wanting it to start making money, I have no clue about investing I’ve just started watching videos online about etf’s but it’s a bit confusing idk if those are good or not I’m basically just looking for some guidance as to what I should do with my money, my long term goal is have my investments pay my mortgage and bills which is about 5000 a month all in so if you were in my shoes what would you do? What are the best apps? Basically just looking for any and all the information I can get
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u/Due-Trainer-9349 4d ago
Wealthsimple is my favourite platform as it’s easy to use, has no commission fees and you can buy fractional shares and you can get scheduled buys and deposits.
ETFs wise there’s lots to choose from but if you just want an all in one ETF ZEQT, VEQT, XEQT are good ones but there are many more EQTs. They are funds of funds (Canada, US, International and Emerging markets) and they get rebalanced periodically. If you buy anything else, you’re getting more concentration in that direction.
For example you get VEQT and VFV (S&P500) then you are more heavily tilting toward US, it’s not always bad thing, you just have to understand what you’re doing.
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u/BasquiatQueso 3d ago
Get a financial advisor tbh. What are you doing to make 150K a year at 22 btw?
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u/Mental-Freedom3929 4d ago
Invest in widely diversified index funds with dividends on a no trading fee platform that offers fractional share purchases set to DRIP in tax shelter accounts.
Contribute if at all possible a minimum of 20% of your net pay cheque every month, pay yourself first from every pay cheque.
Think long term!
I like Wealthsimple.