Saving for Child's Future

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Thanks everyone for the suggestions and quick responses, really appreciate it! Getting closer to the date now and seems like the jitters are getting larger along with wife's belly!

RESP is a definite that I'll be setting up soon as lil guy is born.

TFSA, haven't thought of that for baby yet but will look into it. I didn't start until recently, and even then was stupid to keep it only as a savings account. However, the issue is the same as for me...WHAT to buy with the TFSA in order to grow for the kid's future. I like to play it safe, and especially if there's many years to allow it to grow.

@JB thanks but read the Wealthy Barber a couple of times now. Need to get my hands on the updated/new version. I think Tangerine is giving away free copies actually. Need to go check now.

Here it is if anyone is interested:
https://www.tangerine.ca/en/landing-page/wealthybarberreturns/index.html
 
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winston churchill ended up saying to the kids ~ you're on your own
 
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mimico_polak said:
Thanks everyone for the suggestions and quick responses, really appreciate it! Getting closer to the date now and seems like the jitters are getting larger along with wife's belly!

RESP is a definite that I'll be setting up soon as lil guy is born.

TFSA, haven't thought of that for baby yet but will look into it. I didn't start until recently, and even then was stupid to keep it only as a savings account. However, the issue is the same as for me...WHAT to buy with the TFSA in order to grow for the kid's future. I like to play it safe, and especially if there's many years to allow it to grow.

@JB thanks but read the Wealthy Barber a couple of times now. Need to get my hands on the updated/new version. I think Tangerine is giving away free copies actually. Need to go check now.

Here it is if anyone is interested:
https://www.tangerine.ca/en/landing-page/wealthybarberreturns/index.html
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Congrats and good luck, we had our little one 10 months ago, all you need to remember for the first 3 months is that it gets better :)

I used to be one of those that said I don't want kids, I was clueless
 
I've got teenagers....I don't want kids.



Gonna be cashing in some RESP next year....or should I just hold onto it for RSPs....... :lmao:
 
mimico_polak said:
RESP is a definite that I'll be setting up soon as lil guy is born.
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No you won't
Youre gonna be shell-shocked and sleep deprived for a while... don't burden yourself with financial stuff. There's time. Get rest and mentally prepare yourself for a thorough ass-kicking like you've never had.

It gets better after 3 months. They feel like an eternity.

It gets PROPERLY better after about 9 months. ;-) maybe then you'll have time and energy to think about banking
 
You can start it anytime and catch up on missed contributions to get the gov't portion, so no rush. It's all in how much you can contribute. Granted the sooner the better to take advantage of compound interest.
 
mmmnaked said:
No you won't
Youre gonna be shell-shocked and sleep deprived for a while... don't burden yourself with financial stuff. There's time. Get rest and mentally prepare yourself for a thorough ass-kicking like you've never had.

It gets better after 3 months. They feel like an eternity.

It gets PROPERLY better after about 9 months. ;-) maybe then you'll have time and energy to think about banking
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Lol so true.
 
http://www.cbc.ca/news/business/hid...ncovers-atrocious-investment-advice-1.2553560
[h=3]Hidden camera test examines financial advisers at top Canadian banks, firms[/h]They did a full episode on this subject- google/youtube if interested.

I remember seeing it and thinking "man, i'm glad my wife handles all of our finances".
The down side to that- i really have to hope she doesn't die unexpectedly or leave me for a young(er) stud- cause i have little to no idea where our $$$ is or how any of this **** works. Hahah
:oops:
 
Now ^ is trust.

I've never wanted kids, but I do want me (and mine, which includes family) to succeed. My parents could not afford to do RESPS and TFSAs were not avail in the stone ages. So I was educated in personal finances from a young age.

Cost of housing/education is the only reason I'm giving these kids money. Also, as suggested above, kids have too much **** these days. Wtf am I supposed to buy them if they pretty much have everything?
 
meme said:
Also, as suggested above, kids have too much **** these days. Wtf am I supposed to buy them if they pretty much have everything?
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Time and guidance, while you have it to give.
 
meme said:
Now ^ is trust.

I've never wanted kids, but I do want me (and mine, which includes family) to succeed. My parents could not afford to do RESPS and TFSAs were not avail in the stone ages. So I was educated in personal finances from a young age.

Cost of housing/education is the only reason I'm giving these kids money. Also, as suggested above, kids have too much **** these days. Wtf am I supposed to buy them if they pretty much have everything?
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If the family is like minded it can make prosperity easier.

Years ago a bunch of us guys were talking at break and one of the Italians mentioned that he gave his paycheck to his mother. We all though it somehow wrong until he explained.

Mama paid all the bills. If anyone needed money they got it interest free from mama. Mama also made sure it wasn't for stupid stuff but the mortgage got paid off fast, there weren't car loans or credit card debts. Everyone in the house prospered, the banks not so much.

The key thing is everyone being on the same page.

Watch for having to pay taxes for your kids income because they're too young while you pay non deductible mortgage interest.
 
Emefef said:
Time and guidance, while you have it to give.
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I'm hoping that I don't resort to video games and cartoons as a substitute to good parenting. That worries me more than all the RESP and TFSA fears I have. Just to raise good human beings.
 
ZX600 said:
I am not speaking about a bank teller, I am talking about advisors, or are you saying they do not receive commission when they "advise" someone to go with certain investment?
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No, I'm saying that you shouldn't dissuade someone from taking advice simply because the advisor gets a commission. That's why I then provided guidance about learning how to choose an advisor. It's a commission based business - either you pay the commission, or someone else pays the commission/salary.

If there's any hint in what I've said that I believe all advisors are equal, or that there aren't conflicts or incompetents, it wasn't my intention.

I've been in this business more than half my life. It's highly (over) regulated, almost entirely to support the noble intention of investor protection. The problem is that the number one way to protect investors is to educate them, and the vast majority don't want education, they want profit.
 
FA will evaluate your assets, debts, income, career trajectory, comfort of living etc.

FA do have their own agendas but the good ones have an excellent understanding of life planning.




Sent from my iPhone using Tapatalk
 
Good for you for wanting to start investing in the little ones future early. Compound interest is a force to be reckoned with. While you still have the free time, read canadiancouchpotato.com. Passive index investing is boring, but very effective over the long haul. Re-balance once a year and the rest of the time don't touch it. For the majority of investors this is the best solution. So many people overthink investing and end up making big costly mistakes. There is even a page showing model portfolios for various scenarios canadiancouchpotato.com/model-portfolios-2. I use ETF's for my kids' RESP's. Both are doing well.
 
nobbie48 said:
If the family is like minded it can make prosperity easier.

Years ago a bunch of us guys were talking at break and one of the Italians mentioned that he gave his paycheck to his mother. We all though it somehow wrong until he explained.

Mama paid all the bills. If anyone needed money they got it interest free from mama. Mama also made sure it wasn't for stupid stuff but the mortgage got paid off fast, there weren't car loans or credit card debts. Everyone in the house prospered, the banks not so much.

The key thing is everyone being on the same page.

Watch for having to pay taxes for your kids income because they're too young while you pay non deductible mortgage interest.
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Agreed, but if the worst should happen then he ought not to be in the dark about where/how to access money.
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