Wealthsimple
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For more investing 101, read TLDR, our weekly newsletter: wsim.co/tldr-2022-11-21
6️⃣ Invest in yourself! Or in your kids!
If you’ve reached step #6, congrats! You’re basically a money pro. Now you can put some in a personal investment account, say. Or save for a new house. Or sock away money for your kid’s college. Whatever!
5️⃣ Pay down low-interest debts
Once your TFSA/RRSP is maxed out, consider paying down your lower-interest debts (e.g., mortgage or student loans). It might be worth paying off these debts since the interest you’re paying can negate your investment gains.
4️⃣ Max out tax-advantaged accounts
The government, as an incentive to save for retirement, offers 2 accounts: RRSPs reduce declarable income so you pay less tax now, while with TFSAs, you pay less tax later. If you invest outside these 2, you’re voluntarily paying more taxes.
3️⃣ Maximize your employer match
Finally! Time to invest! First, max out your employer-matched accounts, like a GRSP. Companies often match 3–6% of employee contributions, helping you save for retirement. Not taking advantage is like refusing part of your salary.
2️⃣ Build an emergency fund
Once your debt’s paid down, stash away 3 to 6 months of living expenses somewhere low-risk, like a savings account. That way, if you’re laid off or your car explodes, you’ll have liquid cash handy and don’t have to go back into debt.
Imagine a bunch of tiered pools. Your money has to fill one before it flows into the next.
1️⃣ Kill high-interest debt
Before you start investing, pay off any debt with interest above 7ish%. If you don’t, you’ll probably pay more in interest than you’ll earn in markets.
It’s a tough time to know what the right financial move is. Invest? Divest? Cry? Well, one smart thing you can do is revisit a classic money-management strategy: 🌊 the waterfall method. 🌊
It tells you what to do with your $$$ no matter how much you have.
Here’s how it flows:
The answers? Céline’s Oscar, Madoff, relaxed Covid policies, Grindr, and all of the above.
How’d you do?
Wanna do better next time? Read TLDR, our weekly, non-boring newsletter about money, markets, and crypto. Check your inbox or sign up wealthsimple.com/tldr 🤑
5️⃣ What did Elon Musk do to Twitter employees to try and improve performance at Twitter last week?
4️⃣ What company launched a successful US$400 million IPO this week?
3️⃣ After a bleak year, some Chinese market indexes have been up as much as 30% this month. Why?
2️⃣ Elizabeth Holmes was sentenced to more than 11 years in prison for her role in the fraudulent blood testing company Theranos. Who served more time than she stands to?
Are you up to speed on Chinese markets, Elon, and the lady from Theranos? Take our quiz to find out 👇
1️⃣ Which of these celebrity items did NOT sell for more than $34k last week?
FTX’s crypto crisis would not have happened under Canada’s regulatory framework theglobeandmail.com/business/comme…
Retweeted by Wealthsimple There are 10 regulated crypto platforms operating in Canada today, and unfortunately, many more that aren’t. You can read more about how Wealthsimple prioritizes the safety, security and ownership of your assets. bit.ly/3AgGDuS twitter.com/OSC_News/statu…
Luckily, we bought into TSwift in 2009. twitter.com/ParikPatelCFA/…
Checkmarks! Get your checkmarks! Reply with a screenshot of your recurring investment confirmation, and we’ll send your super official verification. Quick — before this website implodes.
Here’s how to set one up: wsim.co/blue twitter.com/Wealthsimple/s…
The answers? Russian oligarch yachts, hedge fund, Tesla stock, and the Ottawa Senators.
How’d you do?
Wanna do better next time? Read TLDR, our weekly, non-boring newsletter about money, markets, and crypto. Check your inbox or sign up wealthsimple.com/tldr 🤑
4⃣Wrexham AFC co-owner Ryan Reynolds is looking to add which group to his roster?
2⃣Sam Bankman-Fried founded another company that had a hand in the collapse of his crypto exchange FTX. What kind of business was it?
Are you all caught up on the FTX meltdown, Ryan Reynolds’s favourite new team, and Elon’s Twitter mess?
Take our quiz to find out 👇
1⃣What recently sanctioned item has cost taxpayers millions in upkeep after many were seized?
@Wealthsimple Nice and very truthful. Invest in yourself instead of giving money to a multi billionaire
Retweeted by Wealthsimple Introducing Wealthsimple Blue 🔷 — a totally different $8/month membership! Just set up an $8/month recurring investment. You will *not* get a check mark. But you *will* be buying stocks and bonds, which could grow your money over the long term, instead of lighting it on fire.
What does TLDR mean to you? Let us know in the comments. Wrong answers only please.👇
And if you have a question of your own, Just ask! We promise to be more helpful when the answer’s not so easy to Google.
🙅Tried Leeks, Don’t Recommend
🏦TradFi Lovers Demand Regulation
🦁Tickle Lions, Die Rapidly
🏎️Terra Lambos Definitely Repossessed
🐺Taylor Lautner Deserved Renesmee
📈Try Letting Dividends Reinvest
📚Team of Liberal (arts majors) Doing Recaps
🙌Terrific Length, Did Read
🤑A TLDR reader asked: What does TLDR mean?
Your guess is as good as ours, but here are some to get you started 👇
👑Today’s Lizzo Digest, Really
😏Totally Legit, Despite Rumours
⚡The LARPing Daily Report
👲🏽Toques, Loonies, Donairs, and RedQC3v0B
🤔 Q: With mortgage rates so high, is it smarter to pay down your balance or invest?
A: It depends! This chart shows the odds of money you invest outperforming money you use to pay down your mortgage.
And here's everything else you need to decide
�wsim.co/mortgage-investWqd
The answers? 0.8%, Getty Images, tax revenue, Goodwill, and inflation.
How’d you do?
Wanna do better next time? Read TLDR, our weekly, non-boring newsletter about money, markets, and crypto. Check your inbox or sign up wealthsimple.com/tldr 🤑
5⃣The US Fed raised interest rates another 0.75%. What does Fed Chair Jerome Powell seem hellbent on stopping?
3⃣Last week Ottawa shared its reprioritized budget. What provided an unexpected $40 billion this year?
2⃣With a one-day jump of 40%, which company became one of the newest meme stocks last week?
Are you up to date on Musk’s Twitter flailings, memestocks, and a balanced federal budget?
Take our quiz to find out 👇
1⃣If every Twitter user with a blue checkmark paid Elon’s proposed $8 a month fee to keep it, how much would it boost company revenue?
Another smart trick is to take yourself out of the equation entirely. Humans are notoriously bad at these things. Emotional. But not auto deposits. If you’re investing at set intervals, when this tumble down the ⛰finally stops, you’ll already be climbing back up ⛏️(5/5)
Like, for instance: when the markets are up 5% and you remember what optimism feels like 🤗 or when only every other earnings report from a big tech company is a flaming ball of garbage 🧯 (4/5)
One more thing to consider? You can’t time the bottom. No one can. Not even the pros. If you’re trying to figure out when to hop back in, pick a moment that feels comfortable. (3/5)
It’s a great question. Putting more money into the market right now might feel as smart as diving back into quicksand because you lost a sock. But there’s a principle worth keeping in mind: Historically speaking, hoarding cash has rarely been a wise move 🧠 (2/5)
🤑 A TLDR reader asked: It seems like if you invest money now, the value will go down. Is there a point in waiting until things look bright (or brighter) again and then investing? 🤷🏽
Our answer in the 🧵👇:(Bm7gQ
Author David Sedaris had a strange, difficult relationship with his father — in part because of money. We asked if he’d go there in an essay. And he really went there.
Fair warning: the essay has some adult moments, so it might not be for everyone.
Read our full Q&A with Levine in this week’s TLDR: wsim.co/tldr-2022-10-31
But (shocker) regulatory oversight could help crypto build trust. 🤝
The industry’s historically been pretty regulation-averse. But some mature players in the space are recognizing regulation may help build investor trust in the long run — and crypto really needs that to grow.
The thing is, crypto has a trust problem right now. 🤔
The recent implosion of some crypto platforms (cough, Celsius) proved that crypto doesn’t just run on code or the blockchain. There are humans involved too — and not all of them are honest.
Many of crypto’s proposed uses are far-fetched. 🪙
BUT, in Levine’s view, there’s a compelling bull’s case: to substantiate transactions. Imagine a database that keeps track of property records, say, rather than a bunch of clerk’s offices doing it. That might be pretty handy.
Crypto has entered its ‘winter.’ But what happens after winter? To find out, we talked with Money Stuff's @matt_levine, who recently published a 40,000-word DeFi opus that took up an ENTIRE issue of @BW.
3 takeaways: 👇bloom.bg/thecryptostorym
Researchers have found that more people than ever believe they’re living with ghosts. Like any relationships between roommates, there are some issues. From @nytimes �nytimes.com/2022/10/26/rea…q
An undead patient in an ICU. A mysterious laugh in the woods. @Jezebel’s annual, real-life scary story collection will leave you wondering if that thing in the corner of your room is really just a shadow. jezebel.com/jezebel-scary-…
Aside from apples with razor blades, there are plenty of things you don’t want dropped in your trick-or-trick bag. @TheAVClub tells the history of the worst-ever Halloween candies �avclub.com/candy-corn-hal…S
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