Scotia U.S Equity Index Fund series A

[bolligea1]

Hi Reddit, I’m a 23f living at home and am aggressively trying to save money. With my 2 jobs I roughly make an 80-85k gross income. I have future goals of buying a home and possibly doing my masters.

Right now my scotia bank financial advisor has recommended I put my TFSA money into the Scotia U.S Equity Index Fund Series A. I currently have about 10k of that and I have another 10k I am ready to invest. I’m not sure how I feel about the scotia U.S Equity Index Fund (is my financial advisor tricking me?) and was looking for your opinion on a better option. I am also open to suggestions on how I can diversify my portfolio.

I already have a FHSA, and an RRSP for tax purposes and I’m not interested in using any HYSA.

I have also contemplated using apps such as wealth simple but I’m scared to take the leap.

Thank you for any/all advice.

 

[bkgray02]

@bolligea1 You can do it on your own if you feel confident enough! Buying an ETF like TPU (TD US Equity Index) will save you a decent amount on fees (the annual cost is just 0.07%!).

However, if you are not confident in doing it yourself, or you don't want to deal with having to manage your own portfolio, the fund that the bank advisor suggested is actually quite a solid pick. It has relatively low fees for a mutual fund (1.06%), and will provide you with great returns over the long run.

People will be quick to tell you that you HAVE to do it on your own, and that your wasting money by not... but the peace of mind that comes with having someone else handle it for you can't be understated.

 

[cmq8775]

@bolligea1 Try the PersonalFinanceCanada sub as it has WAY more members than this sub.

 

[lena360]

@bolligea1 If you arent enjoying what your doing, do something else.

Keep doing something every day

 

[herprayer]

@bolligea1 Xeqt all the way!