September 7, 2018
AltaRed makes valid points.
I don't have time to answer any more questions right now. I've given you my opinion considering your situation.
The most productive way to boost your finances is to get a better job. Good luck!
The best way to boost your finances is to hook up/marry with a partner/spouse who either has a great job or comes from a more affluent background.
June 28, 2022
I noticed a few people ask questions about Wealthsimple (WS) Trade (WST) . For those still reading: regarding commissions, WST does not charge commissions if you buy securities listed on the TSE. If you buy those listed on the NYSE, for example, they will charge a 1.5% USD currency conversion fee. In practice for me, this was a non-issue because you can find all kinds of NYSE securities available on the TSE in some form of ETF. Next, WS has a WS Cash (WSC) offering, but (and I don't understand why) you cannot directly transfer from the Trade platform to the Cash platform; you'd have to move it to another bank and then re-deposit it. Plus, WSC only offers 1.5% right, which is why I am not using it.
Piggybank: it looks like our situations have a lot of similarities, only that I am dealing with larger scale amounts of money (not trying to boast, I'm probably just older than you 🙂 ). For my part, I've completely TRANSFERRED (not withdrew and redeposited; this is an important distinction with TFSAs) everything from the market to HISAs. While I had my money on WST, I researched securities such as HSAV and others that you mentioned, but with the low returns and continued (even if slight) risk of loss, I felt it much more prudent to transfer my TFSA in WST out as well. As mentioned by others, the paperwork and wait time is a hassle, but WS was one of the fastest institutions that I've dealt with in terms of speed with which they transferred my TFSA to Meridian Credit Union (i.e., 2 weeks; for comparison, Wealth One Bank of Canada took 6 weeks to transfer my TFSA). Also, WST waived my fee for transferring the TFSA, but I was moving larger amounts than $10K. I would recommend checking with WS if they would charge you the TFSA transfer fee in your situation. Finally, regarding the timeline of the current market downturn, I find the guidance provided by this blogger & website to have been unbelievably (uncannily?) accurate and valuable since I began following in mid-2019: http://www.pretzelcharts.com. Using technical analysis, he provides free outlooks three times per week for near, intermediate, long, and very long (i.e., 10-40 years) market time horizons. Based on his usage of Elliott Wave Theory to analyze market trends, I have saved about $90K in my personal and pension portfolios since he predicted that the market had turned long-term bearish in December 2021. As always, don't just take my word for it and vet your own sources, but as for me (I know, some guy that you don't know on the internet), I highly recommend at LEAST having a look at his predictions if you are at all interested in stock market investing. TL,DR: his current target is S&P to be ~$2450 USD around June of 2023. As a VFV investor, you're probably aware that that would be ANOTHER 31% drop from S&P's current level. Food for thought.
September 29, 2020
June 28, 2022
I transferred 70% of my TFSA from WST to Wealth One Bank of Canada (WOBC) in January 2022, and then I moved that 70% from WOBC in May 2022. I also moved the remaining 30% still in WST to Meridian Credit Union in May 2022. As mentioned in my previous post, WST was quick both times that I asked them to transfer portions of my TFSA (~2 weeks), while WOBC took ~6 weeks in my case.