Hey everyone,
Please be gentle, i’m looking for advice.
I'm a 21-year-old from, Canada, looking for some guidance on my financial situation and investments.
Quick Snapshot:
I have basically $3,500 a month to play around with now.
1. Quickly pay off my car loan.
2. Build a solid emergency fund.
3. Strategically invest for long-term growth.
Given this, I have a few questions:
I think about 4-5 million in the bank should do that for canada.
Please be gentle, i’m looking for advice.
I'm a 21-year-old from, Canada, looking for some guidance on my financial situation and investments.
Quick Snapshot:
- Income:
I have basically $3,500 a month to play around with now.
- Expenses: I've got a car loan with $36,000 outstanding at 6.99% interest.
- Savings: Currently, I've got $7,000 in a TFSA. I also have RRSP and FHSA accounts open.
1. Quickly pay off my car loan.
2. Build a solid emergency fund.
3. Strategically invest for long-term growth.
Given this, I have a few questions:
- How should I break down my investments between low, medium, and high-risk?
- Any specific ETF or fund recommendations, especially from Vanguard?
I think about 4-5 million in the bank should do that for canada.
- Should I prioritize my car loan over investments or balance both?