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finances.html
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<!DOCTYPE html>
<head><title>Health</title>
<link rel="stylesheet" href="styles.css">
<link href="https://fonts.googleapis.com/css?family=JetBrains Mono" rel="stylesheet">
</head>
<body>
<nav>
<ul>
<li><a href="index.html">🏡 Home</a></li>
<li><a href="gallery.html">🖼️ Gallery</a></li>
</ul>
</nav>
<h1>Personal Finance</h1>
<p>Written on November 13th, 2024</p>
<div class="Writing">
<p></p>
<h3>Banking</h3>
<ul>High Interest Chequing/Savings Accounts are the way to go!</ul>
<ul>Current <a href=https://www.highinterestsavings.ca/chart/?prov=ca>top picks</a> in Canada</ul>
<ul>I use Wealthsimple since they give me 3.25% APR
<ul>
<li>E.g. Balance: $10,000 + 3.25% APR = $325 per year of free money</li>
<ul>
<li>Helpful for offsetting inflation</li>
<li>325x more money in my pocket than the big banks (they give 0.01% 👎)</li>
</ul>
</ul>
</ul>
<h3>Credit Cards</h3>
<ul>Establishing a credit history is important because it provides proof of financial responsiblity
</ul>
<ul>Important Tips
<ul>
<li>Don't spend money you don't have</li>
<li>Set up <a href=https://forums.redflagdeals.com/cards-allow-autopay-full-balance-2258859/#p30444250>automatic full balance payments</a></li>
<ul>
<li>Set and forget apporach, lets you use your credit card like a 30 day delayed debit card</li>
<li>Gives peace of mind of never missing a bill 💆</li>
<li>More info on <a href=https://www.canada.ca/en/financial-consumer-agency/services/credit-reports-score/credit-report-score-basics.html#:~:text=credit%20reporting%20agencies.-,Your%20credit%20score,-Your%20credit%20score>credit history/credit scores</a></li>
</ul>
</ul>
</ul>
<ul>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 ⬇️</li>
</ul>
</ul>
<ul>
<ul>
<li><a href=https://www.cibc.com/en/personal-banking/credit-cards/all-credit-cards/dividend-visa-for-students.html>1st Credit Card to get if you have no credit history and no income</a></li>
<ul>
<li>Free <a href=https://www.spccard.ca>SPC+</a> Membership</li>
<li>1-2% cashback on most things students spend money on (Resturants, phone bills etc)</li>
<li>90 day purchase protection
<ul>
<li>E.g. If you break your new iPhone within 90 days of purchase you get your money back</li>
</ul>
<li>1 extra year of warranty on anything purchased with the card</li>
<li><a href=https://www.bmo.com/main/personal/credit-cards/student-bmo-cashback-mastercard>Alternative</a> if you spend most of your money on groceries </li>
</ul>
</ul>
<ul>
<li><a href=https://www.simplii.com/en/credit-cards/cash-back-visa.html>2nd Credit Card to get if you are a big resturant spender like me</a></li>
<ul>
<li>10% Cashback on resturants in the first 3 months 🤯
<ul>
<li>4% Cashback on resturants forever after</li>
</ul>
<li>1.5%-0.5% on everything else</li>
<li>90 day purchase protection and 1 extra year of warranty</li>
<li>Use my <a href=https://blue.mbsy.co/6mv7MH>referral</a> for an extra $50 bonus! </li>
</ul>
</ul>
</ul>
<h3>Investing</h3>
<ul>Make your money earn more money via the magical power of <a href=https://www.getsmarteraboutmoney.ca/calculators/compound-interest-calculator>compound interest</a></ul>
<ul>To begin, follow what is on this <a href=https://canadianportfoliomanagerblog.com/model-etf-portfolios>website</a>
<ul>
<li>Written by Justin Bender CFA,CPA</li>
</ul>
</li></ul>
<ul>
Resources I like</li>
<ul>
<li><a href=https://www.reddit.com/r/PersonalFinanceCanada/wiki/money-steps>Personal Finance Canada</a></li>
<li><a href=https://www.youtube.com/@BenFelixCSI>Ben Felix</a></li>
</ul>
</ul>
<ul>What I do
<ul><li>
<a href=https://www.wealthsimple.com/en-ca/accounts/tfsa>TFSA</a> with 100% allocation to <a href=https://www.blackrock.com/ca/investors/en/products/309480/ishares-core-equity-etf-portfolio>XEQT.TO</a>
</li>
<li>Disclaimer: This is not investment advice. I am not responsible for anything. Please do your own research</li>
</ul>
</ul>
</ul>
</ul>
</div>
</body>