Kenneth Doll, fee-only, advice-only financial planner + MORE Jun 11th

Building a strong financial foundation in your early 20s can set you up for a lifetime of success. Here are 25 smart money moves to help you take charge of your finances by the time you turn 25.

1. Open a TFSA

A tax-free savings account (TFSA) is a fantastic tool for Canadians to save and invest. Contributions are made with after-tax dollars, but any growth in your investments and withdrawals is completely tax-free. It’s perfect for both short-term goals, like a dream vacation or a car, and for socking away money for the future. For 2024, the TFSA contribution limit is $7,000 a year.

If you expect to use your TFSA for short-term savings instead of investing, Natasha Knox, a Certified Financial Planner (CFP) and founder of Alaphia Financial Wellness, recommends shopping around for the best interest rate. (Find a financial advisor near you.)

Some institutions offer promotional rates, so you can generally find a good rate you feel comfortable sticking with. And remember that big banks don’t always have the highest rates—you should also consider offers from small players like alternative banks and cooperatives…

If you’re saving up for a financial goal or large expense—whether it’s a vacation, future vet bills or just your rainy day fund—chances are you’re setting aside money in a regular chequing account, a high-interest savings account (HISA) or a guaranteed investment certificate (GIC). Maybe you’ve gone even further and invested in a money market fund (MMF) or an exchange-traded fund (ETF) that invests in low-risk government and corporate debt securities. Whatever your strategy, your choices as a Canadian saver have been limited to these options—until now.

Meet the Notice Savings Account (NSA) from EQ Bank. This new savings account lets Canadians access high regular interest rates while maintaining flexible access to their funds. Read on to learn how an NSA can help you reach your short-, medium- and long-term savings goals.

sponsoredEQ Bank Notice Savings Accountgo to site

Monthly fee: $0

Interest rates: 4.50% for 10-day notice, 5.00% for 30-day notice. Read full details on the EQ Bank website…

From cold plunges to antiaging secrets, wellness is a major focus for many of Canadians in 2024. This fixation on wellness and self-care has spread to our financial habits, with trends like “no-spend” months and loud budgeting gaining popularity. But it’s important to step back and evaluate these trends critically, asking ourselves, “Are these ‘wellness investments’ truly effective?”

As consumers in Canada, we are constantly bombarded with investment and financial fads, promising significant returns that often fall short, especially when considering their costs. Marketers capitalize on these trends, as seen with DIY stock trading, which has enabled hundreds of thousands of inexperienced Canadians to make trades—often resulting in substantial losses. Similarly, technologies like non-fungible tokens (NFTs) initially attracted millions of dollars from everyday consumers and were hailed as lucrative opportunities. However, they are now widely criticized after causing significant financial losses for many…

National Bank to buy Western Canada rival for US$3.6 billion  BNN BloombergNational Bank to buy Edmonton-based Canadian Western Bank in $5B deal  Global News TorontoNational Bank (NA) to Buy West Canada Rival (CWB) in $3.6 Billion Deal  BloombergNational Bank to buy Canadian Western Bank at $5 billion valuation  CTV NewsNational Bank to buy Canadian Western Bank  Investment Executive

Meet Ken Doll

Ken has been providing financial, retirement and estate planning solutions for over 28 years. He has worked with prominent families, professional athletes (NHL players), executives, business owners, professionals, and farmers and ranchers, many with a high net worth ($2 million to over $100 million). Ken provides unique financial, retirement, tax and estate planning solutions that help his clients build and protect their wealth, while also minimizing tax.

Why did you become a planner?

To help people plan and optimize their financial future by providing objective and unbiased financial planning services without financial product sales.

What is your approach to financial planning?

Conservative. I want to build comprehensive and holistic financial plans that use conservative assumptions and are reasonable and realistic in their recommendations. I aim to build financial plans that you can rely on.

Areas considered and optimized in comprehensive and holistic financial planning:

Goals and values – What’s your vision for your financial future?

Cash flow and annual budgeting

Investing and wealth accumulation

Real estate and corporate holdings

Retirement planning, including annual income withdrawal strategy

Pension inclusion

Determine optimal timing for CPP and OAS

Risk management and personal insurance assessment

Tax minimization and efficiency

Asset protection

Incapacity planning

Estate planning and maximizing your estate value for heirs

Capital gains planning for your estate

Wealth transfer to the next generation

What is your proudest achievement as a financial planner?

For me, it’s seeing the “a-ha moment” for clients, in their reactions when I present their financial plan…