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2016 Financial Goals – December update
– myownadvisor.ca
Save, invest, prosper with My Own Advisor.Welcome to my final financial goals update for 2016…
Earlier this year we made a bunch of assumptions and then we worked through those assumptions. How did we do in 2016? Did we fail? Let’s recap our goals and find out.
Maximize our Tax Free Savings Accounts (TFSAs)
I believe the Tax Free Savings Account remains a gift to all adult Canadians regardless of their income status. Whether your savings are for short-term expenses, medium-term major purchases or long-term investment purposes – my advice is to open and start using your TFSA. If you don’t know the rules of the TFSA yet please read this post here. In 2016 we maxed out both TFSAs early so I’m proud to say we nailed this goal. In case you are interested, we use our TFSAs as one of our retirement accounts. You might want to consider that for wealth building yourself. I suspect more folks would use their TFSA the same way we do if they changed the name of this and other accounts to be more clear about their true power…
