I know I am a bit late; however, I would like to thank all 1,320 subscribers for staying close to my journey. I have been very busy with work and trying my best to keep up with my side goals. In January 2021, I had a vision, and I wrote the blog, Meditation and Manifestation for 2021. In this blog, I stated that no matter what I will bring in a change in my life.
One of my goals is to max out my retirement account (RRSP for Canadian’s and 401K for all my US readers). In addition to this, I would be maxing out my TFSA (Tax free savings account) each year. Both of which are investment accounts and not saving accounts. Your next question should be, why not just put the money in RRSP or a TSFA savings account? When you put money in your saving account, your money does not grow. It loses value over time due to inflation. Further, the bank uses your money in your savings account to invest and share a very, very tiny portion of the interest for using your money.
What I would love for my readers to do is learn about the power of compounding their investments. The easiest goal you can have for the year is to make a $1,000 a year from dividends. What are dividends? Dividends are money certain (not all) companies pay you for owning their stocks.
Don’t be dishearten by how much money you would have to put in to earn even a $100 on a stock/ETF. The idea is that you would keep on investing money in those stocks/ETF’s no matter if the market is up or down. Make it a cadence. The only thing to research is good reliable stocks, for example Coca-Cola, TD Bank, etc.
Now a $1,000 may seem like a small amount for the year. but, over time this $1,000 will be $2,000 and then the ultimately over time the goal would be to earn a $1,000 extra a month. That’s a long way to go however, start small.
This is not an easy task for people who live pay cheque to pay cheque or spend without budgeting. I would like my readers to adopt some frugality in their spending habit and put that extra money to invest.
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