What are your thought on these 10 steps to financial freedom?

kycatt007

New member
  1. Build a Budget
  2. Fund 6 Month Emergency Fund
  3. Pay off Debt
  4. Max TFSA Contributions
  5. Max FHSA
  6. Max RRSP
  7. Buy a Home
  8. Max RESP (optional)
  9. Invest in Margin Account
  10. Buy Rental Properties
 
@kycatt007 Lol those were the old days. The new one is:
  1. Come to Canada with no skills
  2. Let the Canadian government give you tax payer dollars to take care of you
  3. Get a Brampton mortgage to buy a home
  4. Take the worst photos for Kijiji with unsafe living conditions and ask for Indians only
  5. Fill it with international students who have no rights
  6. HELOC the house to buy another
  7. Repeat steps 4-6 again
  8. Tell your entire family back home to come here and do the same
  9. Use kids names to scale the process even more
  10. Vote/donate to Trudeau to never make any changes
 
@kycatt007 I wish rrsp contributions reduced cpp you have to pay because it's too much and slows down everything on that list. Even though you wouldn't need it if you do all those.
 
@kycatt007 You need to look for ways to increase your income as it will help with every other step. I would wager most people are not earning to their full potential. That might involved working the system at your existing job, getting some extra education/certification, looking for a new job, starting a side-gig, etc...

If you are going to trade your lifeforce for money get as much money/hr as you can.
 
@kycatt007 I don't like the rental properties thing. Flame me all you want, but in the middle of a housing shortage this isn't the way to go. "Invest in a margin account" sounds like an oxymoron.

I think what you're missing is the steps needed to grow your income. If you're only making $30k a year none of this is possible. It could be steps to start into your career and then grow, by training, education, etc.
 

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