Hi, I am 23-years-old. I have recently been interested in long-term investment and financial planning and even though I am not set on a solid career yet, nor debt free. I have learned that It is best to invest at a young age due to the conpounding effect. I recently finished "The Millionaire Teacher" and started reading "The Wealthy Barber". I learned that activiely managed mutual funds have a much greater MER than Index funds, thus I have decided to go with the route of index funds for long term investments. Now, I only have about $7,000 between all my accounts, so I don't have a lot of money to invest right now. And I made a not so great investment by buying a car for $10,000 that will take 3 years to pay off. However, I'd like to start earlier and get my feet wet. This brings me to my decision. Should I go with tangerine index fund portfolio with an MER of 1.07% annually and have the convenience of not having to balance annually, or should I go with TD e-series with an MER of 0.3 to 0.5% annually, but have to learn to balance my portfolio? Alternatively, I could open up a TFSA and build up my savings with automatic withdrawls while I focus on getting my career on the path. If you have financial advice or any suggestions, let me know. What do you guys think?
Submitted May 20, 2018 at 05:03PM by mattryan94 https://ift.tt/2LbIDJv
