Looking for some advice on long-term growth for my TFSA account

[rhade]

I recently just turned 18 from CANADA and I want to start investing around $100 monthly into my TFSA and will grow that amount in the upcoming months and was wondering if these ETFs are worth it. Also how much of my investment should I be allocating to each one? Should I remove certain ETFs, or add other ones? Should I do an all-in-one equity ETF instead? My portfolio currently consists of the following ETFs as I won't be withdrawing anything for the next 20+ years.

1. SPUS
2. HLAL
3. UMMA
4. SPRE
5. WSHR.

 

[cautiouslittlehope]

@rhade For what reason would you be withdrawing funds from your TFSA in 10+ years? You would want to keep this account and let it grow over a long time period.

Something like 60% SPUS, 20% UMMA, 10% SPSK, 5% GLDM, and 5% SPRE could be a reasonable starting point, given your needs in 10+ years.

 

[rhade]

@cautiouslittlehope I’m planning on letting it grow for as long as I can not withdrawing. Sorry about the confusion also SPSK Is unavailable within the tfsa account.

 

[cautiouslittlehope]

@rhade Got it! In that case just simplify your portfolio and go with 100% SPUS. You are young, hopefully you will have a good career, which will open investment options like RRSP. You can also take advantage of FHSA account, if you want to buy a home.

 

[rhade]

@cautiouslittlehope Thank you for the advice! One last question for the long term which one do you think is worth it the most. Halal robo account managed by WS or a self managed account where I invest in the list of etfs you’ve mentioned? Thanks.

 

[cautiouslittlehope]

@rhade Self managed accounts give you the most flexibility. The options that Wealthsimple gives you are very conservative.