So excited for your guys' saving plans! Can't wait to hear more about your plans to save money for a home AND your travel fund! I'd like to buy a home in the next 10 years so I'd like to start saving up for it in a year or two, but I've always wondered if you should keep it in a high yield savings account, invest all of it, or a mix of both (and if so, what ratio?) so I'm looking forward to the next vid on this!!
Love your new ideas...You two remind me of the couple who have the Our Rich Journey channel when they first started out and what their life looks like now. If you haven't seen them, check out their channel.
Thank you for the content! I will be using content to make myself financially smarter! Do you provide your budget tracker or have recommendations on which one to use?
You could save money faster for trips if you changed hair dressers sounds like they are way overcharging! I get balayage or full head highlights for closer to half that and she always does an amazing job! (In gta also)
I have really long, thick hair, which definitely factors into the price (it takes approx. 5 hours for my appointment! 😅) For now I’m happy with my hair dresser 😊
Love your idea to move somewhere new and make that your base to travel from. Travelling from Canada to other countries can be a hassle (and expensive).
One example would be different passive funds that track stock markets (ie. the S&P500 average annual return since inception is 10.26%; the XEQT average annual return since inception is 9.53%; etc.) 😊
Hi guys, so if you have more than a 100k in your account, CDIC wont provide he protection for it? What are you meant to do at that point? Do you have to open multiple accounts just to keep it at 100 or less?
Keep in mind that it's up to $100,000 per category, per financial institution - so if, for some reason, you wanted to have more than $100,000 in savings, then yes, you'd want to spread that money between the different categories / member financial institutions in order for the full balance to be insured 😊
Great video Steph! Just noticed that your take home is 4.4K was wondering if this is the pay after tax deductions or you pay at the end of the financial year or if you draw salary/deductions from your incorporation
Wealthsimple is not a CDIC member institution, instead they keep your money held in savings (ie. money that isn't invested) in other banks that are CDIC member institutions. Ultimately your money (eligible deposits specifically) is still protected by CDIC 😊
damn I had to drop a dislike on this video cause of the cdic. It's a massive moral hazard for banks to take large risks with depositor money. While they may guarantee your deposit, they cannot guarantee that it'll have any purchasing power...
Do you have any questions about CDIC deposit protection? Ask away below!
Gudmrng Steph, grandma Jean sends her regards. From Austine.
love how transparent this channel is and how relatable
Thank you! 😊
Budgeting and making plans for money is so much...I'm glad I'm not the only finance nerd
Definitely not the only one 😊
Love watching this channel grow!🎉🎉🎉
Thank you so much! 😊
So excited for your guys' saving plans! Can't wait to hear more about your plans to save money for a home AND your travel fund! I'd like to buy a home in the next 10 years so I'd like to start saving up for it in a year or two, but I've always wondered if you should keep it in a high yield savings account, invest all of it, or a mix of both (and if so, what ratio?) so I'm looking forward to the next vid on this!!
Omg you guys have been together forever. Congrats on that longevity
Thank you! 😊
Temporary digital nomad lifestyle, didn't see this coming. Very interesting path you two are going down 🙂
We’ll see if and when it happens, but that’s the potential plan 😊 thanks for watching!
Love your new ideas...You two remind me of the couple who have the Our Rich Journey channel when they first started out and what their life looks like now. If you haven't seen them, check out their channel.
im in my 40s but i’m learning a lot from these young couple, keep it up, avid new subscriber here from BC
Yay! Glad to have you here 😊
This year i’m buying the Toyota RAV4 gr sport 😊 my dream car
That's exciting! 🥳
My favorite finance channel 😊
Thank you! 🙏🏿🙏🏻✨
Great video! I'm wondering how the digital nomad lifestyle affects your Canadian taxes? It's something I would also love to do one day!
Gudmrng Steph, how are u doing today? Grandma Jean sends her regards, I am Austine.
Thank you for the content! I will be using content to make myself financially smarter! Do you provide your budget tracker or have recommendations on which one to use?
You could save money faster for trips if you changed hair dressers sounds like they are way overcharging! I get balayage or full head highlights for closer to half that and she always does an amazing job! (In gta also)
I have really long, thick hair, which definitely factors into the price (it takes approx. 5 hours for my appointment! 😅)
For now I’m happy with my hair dresser 😊
Love your idea to move somewhere new and make that your base to travel from. Travelling from Canada to other countries can be a hassle (and expensive).
So true! It really can be a hassle + way more expensive!
Like the budgeting excel spreadsheet that makes everything easier 🤩
Agreed! We love using it 👏🏿🙌🏻
Den love the hoodie!
Thank you! 🙏🏿
Enlighten me please. What types of investment give you %8 annual return rate? One year GICs are at 5%
Low cost diversified index funds
8% is a bit high, id agree. Likely a range from 4-8.
One example would be different passive funds that track stock markets (ie. the S&P500 average annual return since inception is 10.26%; the XEQT average annual return since inception is 9.53%; etc.) 😊
Hi guys, so if you have more than a 100k in your account, CDIC wont provide he protection for it? What are you meant to do at that point? Do you have to open multiple accounts just to keep it at 100 or less?
Keep in mind that it's up to $100,000 per category, per financial institution - so if, for some reason, you wanted to have more than $100,000 in savings, then yes, you'd want to spread that money between the different categories / member financial institutions in order for the full balance to be insured 😊
I'm getting a rather large bonus in May. How do you suggest I invest it?
Is it wrong the thing that caught me most was the $750 hair appointment? I thought my hair was pricey - lol.
It’s definitely pricey! That’s why I only do it once a year 😅
Great video Steph! Just noticed that your take home is 4.4K was wondering if this is the pay after tax deductions or you pay at the end of the financial year or if you draw salary/deductions from your incorporation
Thank you! That's the salary that we take from our business monthly - $4,459.91/month is post tax 😊
Love the hoodie where is it from?!?
Mine’s from Aritzia, and Dennis’ is actually from Kenya 😊
Please can you share the template for your budget tracker on google sheets so I can copy.
You can grab it here - stephandden.com/budget-template 😊
Gotta save the money 🫡
Yes! 🫡
is wealthsimple CIDC insured? Like our RRSP or TFSA accounts?
yes
Wealthsimple is not a CDIC member institution, instead they keep your money held in savings (ie. money that isn't invested) in other banks that are CDIC member institutions. Ultimately your money (eligible deposits specifically) is still protected by CDIC 😊
I thought you were only allowed max 40k in fhsa?
Correct! $8,000/year, $40,000 total.
Shout out to D&T! Did you work there before?
Dennis did, yes! 😊
You lost me when you said LeBron James was your favorite NBA player. 😂
I mean…he is the 👑 👑
Y don't you both start the journey like one couple on RUclips did. They invested in dividend stocks, and within 5 years, they are financially free.
They also likely monetized + had sponsorships on youtube, not just dividends
Everyone takes a different path 😊
Saving for a car.
Do you have a specific car in mind? 😊
damn I had to drop a dislike on this video cause of the cdic. It's a massive moral hazard for banks to take large risks with depositor money. While they may guarantee your deposit, they cannot guarantee that it'll have any purchasing power...