Personal Finance

Banking

High Interest Chequing/Savings Accounts are the way to go!

Current top picks in Canada

I use Wealthsimple since they give me 3.25% APR
• E.g. Balance: $10,000 + 3.25% APR = $325 per year of free money
• Helpful for offsetting inflation
• 325x more money in my pocket than the big banks (they give 0.01% 👎)

Credit Cards

Establishing a credit history is important because it provides proof of financial responsiblity

Important Tips
• Don't spend money you don't have
• Set up automatic full balance payments
• Set and forget apporach, lets you use your credit card like a 30 day delayed debit card
• Gives peace of mind of never missing a bill 💆
• More info on credit history/credit scores

Your first credit card will serve as the backbone of your credit history so pick a good no-fee one and keep it open forever. See below for recommendations ⬇️

• 1st Credit Card to get if you have no credit history and no income
• Free SPC+ Membership
• 1-2% cashback on most things students spend money on (Resturants, phone bills etc)
• 90 day purchase protection
  • E.g. If you break your new iPhone within 90 days of purchase you get your money back
• 1 extra year of warranty on anything purchased with the card
• Alternative if you spend most of your money on groceries
• 2nd Credit Card to get if you are a big resturant spender like me
• 10% Cashback on resturants in the first 3 months 🤯
  • 4% Cashback on resturants forever after
• 1.5%-0.5% on everything else
• 90 day purchase protection and 1 extra year of warranty
• Use my referral for an extra $50 bonus!

Investing

Make your money earn more money via the magical power of compound interest

To begin, follow what is on this website
• Written by Justin Bender CFA,CPA

Resources I like
• Personal Finance Canada
• Ben Felix

What I do
• TFSA with 100% allocation to XEQT.TO
• Disclaimer: This is not investment advice. I am not responsible for anything. Please do your own research