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Hello All,

I would just like some advice, on the next route I can take towards my finances. I also know this is more of a personal area, where everyone's criteria for financial means varies.

I do plan on sitting with a Financial Advisor in the next two weeks... But I would like to hear some input from some guru, on this forum that have been in this boat before I have.

But a little about me first...

26 years old living at home w/ no major expenses aside from cell phone bill, and minor expenses that come and go for household stuff. While I don't have any debt, but I have managed to save a good amount. Currently I work a part time at a retail job making decent money off my commissions+hourly, while finishing up my last semester as a web developer.

Now within the next 6 months I will be job hunting, for a better job of course so that will help down the road financially of course.

Currently I will max out my TFSA, by the end of February/ 2010. And that is it.... Just not sure what next step I should take....

Some goals I plan on attaining are:
-Get married say in 2-3 years ( 2-3 kids)
-Buy a House
-Have enough saved for retirement to live comfortably.


Though just like many, there are services that are still foreign to me that I dont understand. I try to keep updated with online material, along with some books.

I could name bunch of things like: GICS, RRSP, ETF, Mutul Funds...Blue Chips....etc etc....

I mean how does one decide the pro's n cons of such actions. And the direction to take..........



Thanks In Advanced
-Seb
 

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Hey Seb,

Here are some tips for you going forward:
1. Keep living below your means. Even when you get married, have your own house etc. The key to building wealth is spending less than you earn.

2. Keep things simple. If you don't want to watch your investments 24/7, then simply index your portfolio in a tax sheltered account for the long term and rebalance accordingly. Do some research on low cost index funds like the TD e-series, or ETFs from iShares, Claymore, Vanguard etc. If your employer offers matching contributions, make sure to take advantage of that.

3. When you have children or other dependants, look into estate planning. A will is a must along with life insurance.

4. Always keep learning. The more you know, the more you are worth in the eyes of your employer or other future employers. Keep your eye out for income opportunities.

Some basic suggestions for you, let us know if you have any specific questions.
 

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Seeing a financial planner is not a bad idea, but don't commit yourself to anything without careful thought and looking at alternatives from different institutions. A lot of "financial planners" are glorified mutual fund salespersons, and some of the better-known companies sell funds with unreasonably high fees.

Borrow or buy some beginners' references, such as:
1.Personal Finance for Canadians for Dummies, 4th ed. (2006) Eric Tyson & Tony Martin

2. Money Management for Canadians All-in-One Desk Reference for Dummies, 2nd Ed. Andrew Bell, Andrew Dagys & Paul Mladjenovic; Tony Inannou w. Heather Ball; Margaret Kerr & JoAnn Kurtz; John Lawrence Reynolds; Kathleen Sindell.
 
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