Nolan Rattai

Budget, Goals, and an Emergency Fund!

These may be typical and boring, but are imperative to consistently improve our life financially!

A big cheers to enjoying this holiday season without setting ourselves back financially 🎁😎💰

Give these a read !!

Pay yourself first! Simply save/invest 10% of your income on payday. 💵

You won’t even notice this money is gone. People naturally tend to spend what they see in their checking account. If that 10% of your income isn’t there you won’t spend it 😏

#10%rule 💵

This is a great strategy for investing. Especially for those new to investing and nervous to start. Dollar-Cost Averaging allows people to have a positive outlook on their investments no matter how the market is doing. 😎

If the market is up they are happy. 😁

If the market is down they can look at it as buying more total shares at a discount. 😊

This helps keep them invested which the market as a whole has shown overtime will produce good results. 💯

I encourage everyone to start investing early and to stay invested 💰

It’s important we start with making sure we are protected financially in case of an unexpected event. Financial protection includes:
-life insurance
-disability insurance
-critical illness insurance
-Emergency fund.
-Debt elimination
-A Will

We can then move into investing our money for financial goals and retirement. This looks different for everyone and changes as people move into different stages of their lives.

The earlier you start planning for the future the better! Check out my post on advantages of early investing to see the power of starting young 🔥

Great tool to make sure your kids have the opportunity to get a college degree without taking on a lot of debt. 😎

RESPs provide tax deferred growth and government grants 💰

A warning is that these are not very flexible, they are for one reason only and that’s to go towards the beneficiaries education. ⚠️

Make sure the money you fund a RESP with will never be needed. 🙅🏼‍♂️

The main purpose of an RRSP is to defer tax and save for retirement. Although they can be a very powerful financial tool, I wouldn’t recommend them to everyone.

They are most beneficial for those currently in a high tax bracket.

If you are in a lower tax bracket focus on maxing out your TFSA first. Your likely to have a similar tax burden in retirement and a TFSA is a lot more flexible.

Shoot me a message if you have any questions about the RRSP.

Tax Free?? What?? No Way!!!

YUP 💰 You’d be crazy not to take advantage of this powerful financial tool 🛠

Your car broke down, and not worth fixing? So you have to buy a vehicle now? 😱

Thank goodness for your EMERGENCY FUND!!! Your investments can keep compounding interest 😏

Crazy what time and compounding interest can do! 💰

If you haven’t started yet start now! Your future self will thank-you! 🙏