Mr.DirtyDangles Posted April 4, 2016 Share Posted April 4, 2016 So I am having a huge dilemma. I don't use a bank, haven't for over 10 years. I use a local credit union and have come to the realization no matter how responsible you are with your money building up savings is quite the task. I have been reading up on some of the big banks policies and my head is spinning o.O I will be receiving a substantial amount of money from the sale of a home and have no clue how to invest any or all of it ? I would like to try to maximize my gains like everyone else but honestly I am feeling very ignorant in regards to the current financial market and where it is heading in the next decade. Getting tired of penny pinching all the bloody time. Would like to use my money to make more just like everyone else. Question is what is the best way to start down that road ? Link to comment Share on other sites More sharing options...
Monty Posted April 4, 2016 Share Posted April 4, 2016 6 minutes ago, Mr.DirtyDangles said: So I am having a huge dilemma. I don't use a bank, haven't for over 10 years. I use a local credit union and have come to the realization no matter how responsible you are with your money building up savings is quite the task. I have been reading up on some of the big banks policies and my head is spinning o.O I will be receiving a substantial amount of money from the sale of a home and have no clue how to invest any or all of it ? I would like to try to maximize my gains like everyone else but honestly I am feeling very ignorant in regards to the current financial market and where it is heading in the next decade. Getting tired of penny pinching all the bloody time. Would like to use my money to make more just like everyone else. Question is what is the best way to start down that road ? Meet with a financial advisor and lay out your short and long term plans. Link to comment Share on other sites More sharing options...
Tre Mac Posted April 4, 2016 Share Posted April 4, 2016 I'd take the advice of a financial advisor from your local bank than anything from a stranger on the internet. If anything talk to multiple banks and see which route best fits your needs. Seeing how I don't make enough for a house but make plenty to pay my current mortgage, I opened a TFSA and increased my RRSP contributions. Link to comment Share on other sites More sharing options...
nuckin_futz Posted April 4, 2016 Share Posted April 4, 2016 Inb4 Canadian Loonie tells you to put it all in Bitcoin. Like Monty said above. Meet with a financial advisor or two and ask anything you need to. Link to comment Share on other sites More sharing options...
TimberWolf Posted April 4, 2016 Share Posted April 4, 2016 Link to comment Share on other sites More sharing options...
Where's Wellwood Posted April 4, 2016 Share Posted April 4, 2016 Yeah, talk to an expert. Also, condoms. Link to comment Share on other sites More sharing options...
thejazz97 Posted April 4, 2016 Share Posted April 4, 2016 15 minutes ago, Mr.DirtyDangles said: So I am having a huge dilemma. I don't use a bank, haven't for over 10 years. I use a local credit union and have come to the realization no matter how responsible you are with your money building up savings is quite the task. I have been reading up on some of the big banks policies and my head is spinning o.O It may help that I'm on a youth account, but I've been putting away $250 from each paycheck into its own special account (I think I have $1250 in there now). I don't even take spending that into consideration anymore. 17 minutes ago, Mr.DirtyDangles said: I will be receiving a substantial amount of money from the sale of a home and have no clue how to invest any or all of it ? I would like to try to maximize my gains like everyone else but honestly I am feeling very ignorant in regards to the current financial market and where it is heading in the next decade. Getting tired of penny pinching all the bloody time. Would like to use my money to make more just like everyone else. Question is what is the best way to start down that road ? But yeah, talk to a financial advisor. Link to comment Share on other sites More sharing options...
Twilight Sparkle Posted April 4, 2016 Share Posted April 4, 2016 my finance guy is great. really mapped out what i want down the road. made me quickly realized that i never knew anything about spending or saving money. i'm a little more careful with my money than i was like a couple years ago. i think financial advisors don't get enough respect for what they do. people likes to think they know what they're doing with their money. Link to comment Share on other sites More sharing options...
Mr.DirtyDangles Posted April 4, 2016 Author Share Posted April 4, 2016 17 minutes ago, nuckin_futz said: Inb4 Canadian Loonie tells you to put it all in Bitcoin. Like Monty said above. Meet with a financial advisor or two and ask anything you need to. Funny I was hoping for some insight from Loonie about bit coin lol. I would love to hear how some of you are investing your capital. Honestly I will take the majorities advice here and go talk to an advisor. So many dam options to choose from. Link to comment Share on other sites More sharing options...
Gurn Posted April 4, 2016 Share Posted April 4, 2016 Find a copy of David Chilton's "The Wealthy Barber" -he was a Dragon on CBC's Dragon's Den after writing that book and buying a publishing/book business. His 1st "barber' book was a very good introduction to money management and will give you some basic knowledge and a bit of confidence when talking to a financial advisor- which should be your second step after reading. Link to comment Share on other sites More sharing options...
Mr.DirtyDangles Posted April 4, 2016 Author Share Posted April 4, 2016 2 minutes ago, gurn said: Find a copy of David Chilton's "The Wealthy Barber" -he was a Dragon on CBC's Dragon's Den after writing that book and buying a publishing/book business. His 1st "barber' book was a very good introduction to money management and will give you some basic knowledge and a bit of confidence when talking to a financial advisor- which should be your second step after reading. Will def give that a read Gurn, much appreciated. Link to comment Share on other sites More sharing options...
Nuxfanabroad Posted April 4, 2016 Share Posted April 4, 2016 1 hour ago, gurn said: Find a copy of David Chilton's "The Wealthy Barber" -he was a Dragon on CBC's Dragon's Den after writing that book and buying a publishing/book business. His 1st "barber' book was a very good introduction to money management and will give you some basic knowledge and a bit of confidence when talking to a financial advisor- which should be your second step after reading. Ha gurn, was just going to recommend that one(if it wasn't outdated yet..don't know?). Some Cdn lass gave me a copy two decades back, my first time here in Japan. Amazing how readable a story Chilton makes of such a dry topic. Great read indeed! Biggest pending problem, is they claim ALL markets will be soon getting an ugly haircut. Link to comment Share on other sites More sharing options...
John Tortorella Posted April 4, 2016 Share Posted April 4, 2016 1 hour ago, gurn said: Find a copy of David Chilton's "The Wealthy Barber" -he was a Dragon on CBC's Dragon's Den after writing that book and buying a publishing/book business. His 1st "barber' book was a very good introduction to money management and will give you some basic knowledge and a bit of confidence when talking to a financial advisor- which should be your second step after reading. In the 1990's i would agree how ever today that book is extremely outdated. Some of the 'put in compound interest accounts' they reference earn like 8-12%. Good fkn luck finding that return. Todays interest rates are so damn low. Link to comment Share on other sites More sharing options...
falcon45ca Posted April 5, 2016 Share Posted April 5, 2016 Gold. Link to comment Share on other sites More sharing options...
riffraff Posted April 5, 2016 Share Posted April 5, 2016 A pic of my neice 30$ home depot receipts your typical plastic cards a Saskatoon cab drivers phine# Link to comment Share on other sites More sharing options...
Shift-4 Posted April 5, 2016 Share Posted April 5, 2016 Stick with the credit union Seek help from a financial advisor - signed by a finance guy who works in the credit union system Link to comment Share on other sites More sharing options...
LuckyLuciano Posted April 5, 2016 Share Posted April 5, 2016 6 hours ago, Where's Wellwood said: Yeah, talk to an expert. Also, condoms. Link to comment Share on other sites More sharing options...
Toni Zamboni Posted April 5, 2016 Share Posted April 5, 2016 Link to comment Share on other sites More sharing options...
surtur Posted April 5, 2016 Share Posted April 5, 2016 27 minutes ago, LuckyLuciano said: Lol Hope those are just their facebook friends and not representative of their kids. Link to comment Share on other sites More sharing options...
Lillooet_Hillbilly Posted April 5, 2016 Share Posted April 5, 2016 money wont magically grow. start small by putting $25 a pay check automatically in another account. Increase it to whatever you wont miss. sit back and forget about it Link to comment Share on other sites More sharing options...
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