For my long-time viewers, this video might be familiar... It's actually an Updated Remake of one of my VERY FIRST videos! Back then I was filming with my cell phone and a cheap mic so the audio and video quality aren't great but the info is still super important and relevant! So I wanted to make an "HD Remaster" of that classic and I included some updated info as well! Even if you've seen the original, I would appreciate it if you guys watch this video until the end and give a thumbs up and comment, as always! 🙏 And If you guys would like to a nostalgia trip, check out the original video from October 2019 😅 ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-mwfdlM7z9YY.html
@@charliec.5514 If you do NOT want to risk losing any money, put it in a high interest savings account like EQ Bank which I covered in this video. If you want to invest in the long term, check out my Stocks to Buy playlist for some of my favourite investments =) ru-vid.com/group/PLj8bU3AuW2qFD4sCsCxXdaAADlyiP8bqB
To obtain financial freedom, One most either be a business owner, an investor or both, generating passive income, particularly on a weekly and monthly basis. that's the key to living financial stable life. I pray that anyone who reads this will be successful in life,,
It's true in so many aspects of life! I think humans are notoriously poor at being able to appreciate long term benefits and delayed gratification! It's applicable when it comes to finance but also health, mental health and social issues as well!
You had me at simple, consistent, and boring! Adrian: "if you're looking for how to get rich quick this video is NOT for you" RU-vid Ads: "I made $10,000 this week and I can teach you!" Me: *hits skip ad*
You got it buddy! All that clickbait, bs gets people's attention but it's ALL a scam! If this guy know how to make $10K a week and it's so easy, why would he be selling it for $50 a pop... Never, ever blindly follow a random guy on the internet (myself included!) My advice is listen to what they have to say, learn from their perspective but ALWAYS do your own research and make your own decisions =)
That's awesome man! Believe me, I know how easy it is to get caught up in the excitement of investing but it is SO important not to skip steps and make sure you have an emergency fund first =)
That's going to be absolutely bananas! But let's see if we can reach that milestone by the end of the year! I'll have to do something very special then to celebrate... Maybe I'll give a tour of my movie collection! 😁 Thank you Anne-Maria for your kind words and support with every single video, you're a gem! 🙏
I don't personally invest in crypto and I only want to make videos on topics that I personally believe in and have personal experience with. That being said, if you want to dip your toes into crypto, go for it! Just be prepared for extreme volatility and huge risks. I would only play around with money that you really don't care about losing. The majority of your investment portfolio should be in more established and secure companies that actually make a profit =)
Thanks for the abundance of videos. I am graduating high school this year, and want to have a grasp on how money works before I am buried in university work for 4 years. Let's go 🔥
I don't personally invest in crypto and I only want to make videos on topics that I personally believe in and have personal experience with. That being said, if enough people are interested, I can make a video on crypto gains taxation =)
Prepay your credit card 200.00-500.00 monthly if that's your spending budget for your groceries. Ouch... you've already felt the withdrawal You'll get your points and no payment when the bill arrives Helps keep me on track
Honest. One of the happiest days of my life was when I got out of credit card debt. It was weird being able to keep the extra $400 that I no longer had to pay them. Definitely a liberating sensation.
Thanks buddy! Funny enough, I actually gave a guest lecture at a few high schools last week. It was a TON of fun and the students had a TON of questions which was awesome to see! It's definitely something I want to do more of, especially once I can start teaching in-person =)
This is such an important video for me... i came to Canada in 2017 as a student.. i took loan from India $30000 for 17% interest. I was paying $500 every month for a little loan and huge interest till 2021. Then my brother came to Canada & i paid his $10000 GIC... oh man... i was already in devt and now even more... i never realized it until i saw your video & started paying off my debts asap. I paid $50k (with interest) for my own loan plus $10k for my brother.... finally last month i made last installment and my loan is finished now. I'm now happily considering myself on STEP 2, as per your video. I know i have a long way to go... but i trust in Jesus and thanking Him for showing me right guide the right Canadian in a t shirt. Thanks for all your help. God bless u 😊
This Excel Budget template is just for my budget so my expenses. I have a different Excel Template that I use to track my INVESTMENTS. I record each stock and ETF I own as well as track my dividends and DRIPs. I go over this Excel template in this video here =) ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-ouyXwaTOfhU.html
Just T-Shirt, no pants? 😅 Just kidding. Great video. Thanks. I'm planning to move to BC, could you please do a video on how to max out tax savings on $100k salary?
Absolutely! So if you are earning $100K salary in BC, you are officially in a high tax bracket, meaning you are paying 33% in taxes on each additional dollar you earn! So I would recommend investing heavily in your RRSP. Whatever money you contribute to your RRSP, you will deduct from your personal income! So basically if you contribute $10K into your RRSP, you will be taxed only on $90K NOT your full $100K salary. Since you are in a high tax bracket, that will save you 33% of that or $3,300 in taxes for the year! And your investments can grow tax-free for decades until you retire! I cover this in much greater detail in my RRSP EXPLAINED videos here =) ru-vid.com/group/PLj8bU3AuW2qHOikk4VRpSDXCZTuH7eUhz
Can you make a video dedicated to decreasing spending and living frugally? In this video you gave a good introduction, but I want even more detail. For instance, how much money should I be spending on clothes, or food, which shouldn't be too expensive, but should still be healthy? Thanks for the content, your videos are super informative!
I can definitely make a video about budgeting and spending strategies! But it's impossible to give a "one size fits all" strategy since everyone's circumstances are very different! I live an extremely frugal lifestyle but that only works for me because I'm single and don't have anyone depending on me! If you have kids, obviously your spending habits will be very different from mine. The most important thing is to TRACK your spending and then you will be able to see trends over the course of months. That should allow you to find ways to reduce your expenses =)
It's very frustrating but yes a lot of banks and financial services are not available in Quebec.... I'll be making a video soon on the best Canadian savings accounts but Tangerine is also a great choice and usually offers fantastic promotional savings rates every few months! I also enjoy Alterna Bank as well, though they're not quite as generous as EQ bank. I hope that helps! =)
For my budget Excel template? Those numbers are the day of the month! So if I was in the January section, if I saw a 3 next to Virgin Mobile, that means the bill was paid on Jan 3 =)
The best all around savings account in Canada is EQ Bank, they offer a 2.5% interest rate all year long, here's my referral link to sign up =) click.linksynergy.com/fs-bin/click?id=G4zxVqAvD18&offerid=1115263.5&type=3&subid=0
But other banks will offer even better promotional rates for a limited time! Simplii Financial is another favourite of mine, they're offer a whopping 6% on their savings until November! =) api.fintelconnect.com/t/l/62f8059695d3f7001b269118
I don't personally invest in crypto and I only want to make videos on topics that I personally believe in and have personal experience with. That being said, if you want to dip your toes into crypto, go for it! Just be prepared for extreme volatility and huge risks. I would only play around with money that you really don't care about losing. The majority of your investment portfolio should be in more established and secure companies that actually make a profit =)
5:20 - what the reason to live and work if you dont allow yourself anything (even such small things as buying lunch) except to dream of having wealthy retirement which may not happen since it is possible you can't live to see it (having this huge issue w/ Canadian health system)
It's all about BALANCE! Of course I did go out to each lunch with my coworkers once in a while but not everyday! I'm not saying that packing a lunch will make you a millionaire but you can't escape the fact that spending $20 on lunch everyday does add up to a SIGNIFICANT expense. Of course, you don't want to remove all joy from your life and live a miserable, minimalist life. But you need balance between things that make you happy and planning for your future =)
@@CanadianTShirt ok, i got the point, and still packaging lunch means you buy some groceries and spend time (which values more than money, imho) for buying and cooking so ultimately you preserve much less than 20cad + minus time
@CanadianTshirt - hi there! very valuable information and great video! would you recommend for someone who isn't yet comfortable with investing in stocks (poor knowledge and feels it's too complicated), is it okay to open an emegency fund account as a chequing account (no monthly fees) and deposit in it each week? If yes, how much would you recommend to deposit (%) from your paycheck, for example? Thank you in advance,
You got it! Just in case other people have the same issue, just go to File -> Download and then you can download the Excel template and modify it as you wish =)
The TFSA is meant to be used for INVESTING! If you hold savings there, you are frankly wasting that precious contribution room! I talk about this in greater detail in my TFSA MISTAKES video here =) ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-s4cBibLATOU.html
I remember this video.. from the very beginning hahaha now I realized u have one error 60k+ subscribers, proud of you man. From ur long time viewer since 5k+ subscribers
Thanks buddy for those kind words! We've come a LONG way together huh? 😁 Thanks for watching the video "again" I hope you still found some value in it 🙏
@@CanadianTShirt its always good to be reminded the fundamentals. Btw, I am learning about business (anything such as e commerce, small business, tax related to business for long term wealth building). If you could make more videos on that, that would be great 🙏 ik you made some already about business but videos more in depth or more variety aspect of it would be awesome
Hi, Thanks for these valuable tips. I want to download this budget excel sheet to get myself started, but i dont see the link anywhere in description box. Can you please update the description box?
Well it depends! The big banks are FANTASTIC when it comes to credit cards, mortgages and insurance. But for chequing accounts and savings accounts, yes they are definitely expensive! I will be making a video soon on my favourite Canadian bank accounts so stay tuned! =)
@@CanadianTShirt Is there any specific type of insurance you think is best to obtain from a bank rather than a traditional insurance broker as in Drayden Insurance or Morgex, as examples?
I closed my TD accounts and moved to tangerine and the best thing I did. You save a couple of hundred bucks a year but the real savings for me was opening several savings accounts to put money into on a regular basis such as for car/home insurance (I pay in one go in Jan via credit card, get cash back and pay off immediately) I have one for my association fees so the money is there to pay in one go rather than hope I can pay it off when the bill comes, It is way easier to financial plan at no charge with Tangerine and it would cost you for any and all accounts with a HS bank
Thanks buddy! Especially at a time where RU-vid is FLOODED with clickbait and sensational videos about dogecoin and X going to the moon, it's super super important to remember the fundamentals! 😁
Hi Adrian, do you have any thoughts about Koho? The savings account you mentioned is not available in Quebec yet, so I thought Koho is a good option. Great video and thank you!
I don't have any experience with Koho but I will be making a video soon on the best Canadian savings accounts! It is frustrating that a lot of financial products are not available in Quebec....
These videos have been incredibly helpful, thank you! I was wondering if you ever touched on how to split ones portfolio (i.e % of growth/dividend stocks, etf's, REITS). Do you recommend allocating a small % of your portfolio to "riskier" stocks? I guess it may be age dependant but any help would be appreciated!
@@CanadianTShirt if I proceed with that link, it directs me to the homepage of eq bank. I think it should take me to the sign up page with any referral link.
That's a tricky situation... it depends on many other factors. Paying down a car loan is a guaranteed rate of return of 7.59% which is pretty good but right now, since we're in a market downturn, we can reasonably expect even higher returns if we invest since the markets will eventually recover. You also have to consider is any portion of the car loan tax deductible (unlikely if it is for personal use) and will the car loan interest rate be fixed or variable. If the rate goes up, then paying off the loan becomes even more attractive
When it comes to investing and money, remember you don't have to pick one or the other. You can always try a hybrid approach! Maybe half of your leftover money each money can go to paying off your car loan (to give you peace of mind) and the other half can be invested. That way you hedge your bets! =)
Is there a way to figure out these steps when you have a DB pension? With this I'm afforded a little grace for everyday spending or is that the right attitude? TIA
Would love to see a video about real estate in Canada especially in such a crazy market. Trying to buy our first place seems like an impossible task even if we have more than 20% down payment ready.
I understand the struggle... I am literally in the middle of trying to buy a rental property with my brother and you're right, the market is bananas! I've definitely had my hands full for the past two weeks! 😅
I will definitely be starting a whole series of videos on real estate investing since this is one of the most important pillars of my investing strategy =)
@@BasicBodThor Exactly! Even with buying physical real estate, I don't know if I'll ever buy another rental property on my own... it's too much money upfront and it takes too long to save up! Going forward, I plan on buying real estate with partners like my brother or friends that I trust. This way, we split the enormous upfront costs. Investing in REITs is the same mentality except now you are splitting the costs (and ownership) with millions of investors! =)
haha that's what I do! I don't want to waste anyone's time! This video is one of my most important videos I've ever made. It really is the pillar of my investing strategy =)
Don't worry, the LIRA is just like the RRSP and RRIF, it is exempt from the 15% US Withholding tax on US dividends so yes it is safe for your US investments =)
I work nearly 200 hours but my income is only $2200 as a cook, plus $2-300 tips... Your income is probably normal for most Canadians, but for us as a new comer it seems quite difficult.
Great call and thank you for supporting my channel! 🙏 It's sad to say that 1.25% is the best interest rate you can find in Canada... Just a year ago, EQ bank was offering 2.5%... still the lower interest rate hopefully convinces more people NOT to leave huge piles of money sitting in savings! =)
I made it that way! I filled it in with realistic numbers so that you can see how the template looks and how the formulas work! =) All you have to do is enter your own Ticker symbols and # of shares of Book values as well as the dividend amounts and the formulas should calculate the rest! =)
Ooops my mistake, you're talking about the Budge Template. I thought you were referring to my DRIP Dividend Template! Yes for the Budge Template, I also made it that way. I pre-filled in a few "realistic" expenses for a few months so you can see how I categorize them =)
I am so attracted to your intelligence it's CARZY! You have explained so much in so little time 🙏🏾. I am on a journey to becoming better with my finances and I thank God for you. People make these things seem as if it's so difficult but I'm so drawn to listening to you and you give me the confidence to START and to actually feel like I can do it. I sit and listen to your videos EFFORTLESSLY ❤️
wow well I'm flattered! I certainly don't get comments like this everyday! I'm happy to hear that my videos have been helpful and accessible. I try my best to make these videos as simple and easy to follow, even for beginners and I'm proud to hear that they are making an impact. Keep it up and never stop learning! =)
I totally agree.... thank God for this smart man... 😊 I also had the similar journey and was in debt for a long time, this guy helped me starting it again...
That being said, if you want to dip your toes into crypto, go for it! Just be prepared for extreme volatility and huge risks. I would only play around with money that you really don't care about losing. The majority of your investment portfolio should be in more established and secure companies that actually make a profit =)
That question depends on so many factors! In fact, I am working on a WHOLE VIDEO answering that very question! Basically, if your interest rate is very high (6% or above) and you think you can't earn more than 6% from investing, then sure pay down your mortgage. It's a guaranteed 6% return! But if your interest rate is much lower like 3% , you can EASILY make more than 3% returns investing right now since the market is so low and you'll earn fantastic returns when the market recovers! But it also depends on other factors like your type of mortgage, trigger rate, risk tolerance, debt ratios etc. I'll cover this all in my upcoming video! =)
Keep up the great videos . This information should be a must , starting in grade school 🏫 to educate the youths and turn them into savers to pay 💰 for education & investing for the future
Thank you for those kind words! I really appreciate that! I was actually invited a few weeks ago to teach a bunch of high school students about finance and investing and it was a TON of fun! It's definitely something I want to do more often and it's amazing to see just how passionate and excited these kids are about their financial future at such a young age! 😁
It’s always funny looking at older videos, yet makes you appreciate the growth you’ve developed over the years. I imagine I’ll be laughing a couple years from now looking at my current videos 😂
You got it! Honestly the time has flown by.... I still VIVIDLY remember filming my first videos, it's such an excitement time when you're first getting started so enjoy it! =)
I'm happy to hear that! Make sure you watch the rest of my MILLENNIAL INVESTING Guide (videos with green thumbnails) to learn everything you need to know! =)
I include a link to my FREE Excel Budget Template in the description box below the video but I'll include the link here as well =) drive.google.com/file/d/1nDHkggKXtREP4uO1pxhcgR1D52Cd7JEh/view?usp=sharing
THE THING IS, Every single human starts out their lives with ZERO debt. There is only 3 things in this world that are acceptable to acquire personal debt on and that is a home mortgage, a car loan (but even that's questionable), and education. Everything else...you're just a "dummy"
I wouldn't go that far, there are cases when people are desperate and unexpected emergencies get them in debt but I agree, you should always try everything possible to AVOID falling into high interest debt =)
Want to know your thoughts on buying a house and then getting into real estate investing for someone who is currently renting and want to grow. You should also make a video on this.
You got it buddy! I am also heavily invested in real estate, in fact for the past 2 weeks I've been trying to close on another rental property with my brother which is why I haven't been able to film a new video. This market is bananas! But I will definitely be starting a real estate series so stay tuned! =)
I don't personally do day trading, I invest in the long-term but if you want to try day trading, do it in your non-registered account (Margin account). Do NOT do day trading in your TFSA or RRSP. That's because day trading is riskier and if you lose money in your day trading, then you will permanently lose that contribution room and you gain NO benefits from these losses. In a non-registered account, at least you can claim these capital losses to reduce your taxes. Most importantly, the CRA does NOT allow day trading in your TFSA since that is considered business income not personal income. So if CRA discovers that you are day trading, they WILL tax you and probably fine you as well. Again, I personally don't do day trading so I wouldn't want to make a video on something unless I have personal experience with it. I hope that helps! =)
Nope! Capital gains are always 100% tax free inside a TFSA, even for US stocks! Only the US Dividends are subject to a 15% withholding tax in a TFSA, capital gains are not =)
A lot of beginners will blindly trust their bank and go with a Mutual Fund but the bank will charge you a TON of money in fees, between 1.5% and 3.5% whereas you can do the EXACT SAME investment yourself using an equivalent ETF and it's very simple! Check out my old ETF video to learn more =) ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-48d7R9MTzlI.html
Unfortunately the JOIN button doesn’t appear on iPhones. It should be underneath the video, next to Subscribe. It’s an annoying Apple issue but it WILL work on any laptop, including Macbooks and on Android devices. If you click the link below, it should take you to my home page and a popup window will automatically come up with details on the membership benefits and how to join: ru-vid.com/show-UCSadrZbocL562URt0QDF3eAjoin I hope that helps and thank you for your support! 🙏
I only have a tiny position in crypto, less than 2% of my investment portfolio. As you've seen lately, crypto is EXTREMELY volatile and risky so I would only put a small amount of money in that you don't mind losing. The vast majority of your money should be invested in companies which are established and have a bright future! We don't know if 90% of these cryptos will still be around 10 years from now! Bitcoin and Ethereum probably will be but the rest.... it's really just a gamble. I hope that helps! =)
Absolutely! I have a WHOLE video tutorial on How to Transfer to Questrade from your Bank or broker! ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-Bf1zufNlQSk.html The great news is that Questrade will reimburse you any transfer fees that your bank charges and you will NOT lose any contribution room! =)
I can certainly update the dates to make it more current but the template should still be fine. It's still the same Budget template I use to this day! And all you have to do is click DOWNLOAD, then the file is yours and you can change or modify whatever you wish =)
@@CanadianTShirt the cells in the months column stop after July and the format is discontinued. I’m not sure how to correct it, as well as copy/ paste the rows for the remaining months. Thanks for your work.
@@CanadianTShirt while I have your attention, I was searching for info on trust fund creation in Canada. Not sure if you have any videos on that subject… I stopped at this video for now.
@@BBs1mon All you have to do is highlight cells B38 to T48 copy them and paste them a bunch of times for each new month. Then just change the month name accordingly =)
It's totally true! For the rest of us, building wealth is a LONG game! Anyone who promises you to get rich quick is running a scam and they're gonna try to sell you something lol
Hi Adrian I was watching your ETF Drip video from last year. Would you still recommend RioCan and PLZ.UN? The shares are really down since last year so is it a good time to buy?Also, how can one find out the the minimum amount required to qualify for a drip. Thx your videos are all awesome and educational.
Absolutely! I am continuing to invest in both of those REITs to take advantage of those huge discounts =) Make sure you check out my DRIP Explained video to see how to calculate the minimum DRIP amount =) ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-ouyXwaTOfhU.html
This is really awesome video. I have one question regarding to the google excel sheet, what is the number column describes, the one which is before each expense name, there are numbers like 1,2,3, but I dont figure out what it means!? Again, thanks a lot for making and simplifying a topic which I needed the most.
That column represents the day of the month! So you will see numbers between 1 and 31. I do that to save space, I don't want to repeat the month name every time. I group together all of those rows under the same month: June for example =)
Absolutely I am! Recording your expenses and keeping track of every dollar in and out is SO IMPORTANT, especially times like this with rising inflation! You can't build wealth if you don't know where your money is going! =)
@@smadeelibrahim there are tons of phone apps to help with budgeting so feel free to use what you like! However, nothing beats the power and customization of Excel. You have total control of what you want to do with your analytics in terms of calculations, graphs, charts, reference tables, categorization etc. But do what works for you! =)
I hope you find it helpful! I'll probably be making a whole video about budgeting and going over my template in greater detail but I hope it's pretty clear =)
Thanks for the info. Just one question. For EQ, we can’t remove more than 1000$ a date. I tried to do this for my mortgage. Can you please give me ideas how to make it work? I’m not used how investment works in Canada :)
You can definitely withdraw much more than that! I have withdrawn over $5000 at once, but I almost always use the etransfer method so that the withdrawals are instant! =)
Hey, love the videos. I'm not sure if this is within your area of expertise but would you do a video explaining how mortgages work in Canada? Or even compare mortgages and HELOCS?
You got it Sebastian! I will definitely be starting a whole series of videos on real estate investing and I will discuss my experience as a landlord for the past several years =)
haha 😅I naturally talk fast and I have a LOT of info to get through in 20 minutes. If I didn't talk fast, these videos would easily be over 30 minutes and no one wants that. This is why I put the text overlays and I also manually write out English subtitles to help people follow along! If you'd like to slow the video down, hit the Settings (gear icon) and change the Playback Speed to 75%. I hope that helps! =)
I have 3 months worth of savings. Would you recommend starting to invest right now or waiting till I have 6 months worth? I'm thinking about dividing my surplus of income in half and putting half in the emergency fund and half in investment accounts. Any thoughts?
@@CanadianTShirt Currently in my Scotia chequing account, but I'm thinking moving over to EQ Bank for the reasons you've mentioned in the video. My concern is that the account I have will have fees starting this year unless I keep at least 4000$, so I'm wondering if I should have 6 months of expenses ON TOP of the 4000$ in Scotiabank, or just 6 months total (including the 4000$ in ScotiaBank).
@@CanadianTShirt Thanks! It took me an insane amount of time to save, because I'm a new immigrant and I was saving in my home country where 1 CAD = 167 DZD (black market rate). We were making a little over 100k DZD/month, before we left (I had less than 50k DZD/month when I started working). We don't plan on ever falling in debt in Canada (except for the mortgage).
Most of the advice is the same for all ages! I would just prioritize more conservative investments, broad ETFs and established, blue chip dividend stocks. These tend to be less volatile and less risky compared to the growth stocks like tech companies. Depending on your goals and age, as you start to approach retirement, you generally want to focus on more conservative investments since you don't have as much time to wait for a recovery if things go downhill. Hope that helps! =)
Hey Andrew! It really depends on so many factors. Starting a business is always a risk, that risk just grows significantly larger if you are borrowing money to make that start. If you truly believe that your business will be able to earn a profit very soon and you can reasonably handle the loan payments, then go for it! However be prepared that most businesses do NOT earn a profit for the first year or even two...
Hey Koussmik! I saw you had the same question in another video but I personally don't invest in options and I don't recommend it for beginners. It is far more complicated and risky than buying and holding stocks and ETFs. If you don't know what you are doing, it is MUCH easier to lose money so don't blindly jump into it. Maybe in the future, I might play around with options but for now, I only want to make videos on things which I have extensive, personal experience with. I hope that helps! =)
Mint is also a great free tool which you can link all you bank accounts, loans, and investments and savings all in one spot, where you can set budgets and track all your spending, keep track of all your trends and progress, great tool and im always on it
i have a question, what do you suggest for your address lets say if you're doing ecommerce business, i dont want to use my personal address for privacy reasons because it will show up on the invoice ect,
also do i need to have technically started my business before i can deduct expenses, for example would i be able to deduct an expense for something necessary to start my business but had not started it yet for example website costs trials ect?
