How is the economy affecting your hobbying?

[Hornet]

Try using Gas Buddy app. I am finding gas pump prices drop almost 10cents after 8pm..

Gas prices can change throughout the day. Usually cheaper later at night or early morning . Gas is also usually cheaper on Mondays and Tuesdays. Some stations are always cheaper than others. If you go to cottage country, the stations on the Reservations are always cheaper too as they are exempt from certain taxes

 

[DareDevil]

Gas prices can change throughout the day. Usually cheaper later at night or early morning . Gas is also usually cheaper on Mondays and Tuesdays. Some stations are always cheaper than others. If you go to cottage country, the stations on the Reservations are always cheaper too as they are exempt from certain taxes

When I travel out to Montreal or Ottawa I always stop in Mohawk Territory for gas. Native land Always the cheapest. Showing $1.26/L...wish we could get that kind of pricing in Markham/Richmond Hill

 

[WHORExKILLER69]

Not sure which bank you use. Here are some returns from TD as a reference. Don’t look at bond index returns as bonds are all about the quarterly interest payouts. The returns are based on a change in price which is driven by a change in interest rates. .

Index	5 yr annual return	10 year annual return
US	14.57%	10.79%
Canada	12.34%	7.84%
Europe	10.23%	6.17%
International	11.54%	7.14%

Thing is that I don't got 100k. I do have a good chunk saved but not even half of that.

Should I just dump most of my liquid cash into smp500 ?

 

[Hornet]

Thing is that I don't got 100k. I do have a good chunk saved but not even half of that.

Should I just dump most of my liquid cash into smp500 ?

You first need to pick a product and know your limits. You need your tax assessment for to tell you your RRSP limit. You can contribute in TFSA once you turned 18 nased on the limits of that year Those TFSA limits have increased over the years. $7k this year and last, $6.5k the year earlier, $6k a year before that, etc. (even ine year when it was $10k).



But what are you planning to do with the money? Save it for a house? Save for retirement? If you want it for retirement then the RRSP should be your first choice and then TFSA second choice. If saving for a house, you might want a split and understand the first time homebuyer rules about withdrawing from RRSP (their is a limit). But, talk to your bank. They have to do a KYC (Know your client) form to set up the product(s) and accounts. Remember, “don’t put your eggs all in one basket”. The bank might offer an investment strategy. Start with their strategy. If not, a simple starter strategy might be (since you are likely a moderate investor if you are worried about losing money) 50% US Index, 25% Canada Index, 20% Bond Index, 5% Cash. There are also “Balance Portfolio” products (stocks, bonds, cash). They might just put you in 2 funds: 50% US index and 50% Canadian Balanced Portfolio. If you are an aggressive investor (you should be at your age) then I’d go less bonds, less Canada and then throw in some International and European and maybe bump US to 55%. But learn to walk before you run. And you need to meet with you advisor annually to reassess your strategy and goals and then change your products and holdings accordingly.

Don’t put 100% into the US (S&P500). Those are US stocks that trade in US dollars. But you are in Canada. The CAD/USD is about $0.70. Historically we should be around $0.74-0.76 range. If the currency moves back up there then that will eat away at your returns. It’s called FX risk. If the CAD was at $0.80-0.85 today then sure, as you’d make more as the curremcy went back to the $0.74-0.76 range.

Note: I’m not licensed to give you financial advice so talk to someone who is. These are just guidelines and might not be right for your risk tolerance that will be determined in the KYC processes. I’m just very knowledgeable as I’ve been doing this since I was in my 20s.