An easy-to-read introduction on how to use a RRSP and TFSA

What is a TFSA and RRSP?

They say there are only two things guaranteed in this life; Death & Taxes.  The older I get the more truth I see in that little pessimistic jingle. I’ve always been one to question the standard.  Because what if there’s a better or more efficient way of going about things.

 

You can’t avoid death, you can ward it off a bit longer and make the journey towards it more enjoyable by eating healthy, practicing discipline and making positive life decisions.

 

As for taxes, you may not be able to completely avoid or ward them off either, but you can certainly make strategic moves to reduce the amount you pay.  
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A fat investment portfolio requires work

 

This may be a tough pill to swallow, but I’m just going to come out and say it.  You will not become wealthy working only 40 hours a week. There’s good chance you’ve read or at least heard of Tim Ferriss’s ‘4 hour work week’.  I remember reading that book a few years ago.  It lit my mind on fire. But it also twisted reality for me a touch.  I became obsessed with working less. Working smarter rather than harder, but still working less.  While you certainly can become a millionaire and at some point put everything on autopilot, it still requires a GREAT deal of bumping, grinding & overtiming.
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The Three Legged Chair Theory of Income Streams

The three legged chair theory of income

 

I was introduced to the idea of this theory while reading comments on another finance blog. So I can’t claim creative ownership rights.  But nonetheless I found it very important so I’ve decided to expand on it. This is the three legged chair theory of income.

 

It’s frequently said most millionaires have an average 7 sources of income. Diversification at its finest.  I’m not sure I need to reiterate, but having only one source of income – such as a job salary – is dangerous.  Job security seems to be only something you read about in history books these days.
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It’s human nature to want what we don’t have.  To assume some alternative to what you currently have is somehow better.  Over the last while I’ve felt this phenomena regarding my investments. I recently explored some alternative routes to my investment strategy.  See an analysis here.

 

Now that I’m teaching English in China, and upping my online teaching hours I have some serious cash flow to dump into my investments.  So I felt it necessary to review my plan of action moving forward.
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As investors we are here to make money.  We are always looking for the most favorable return.  Since there are many ways to skin the proverbial cat of reaching our goals, we need to look into the total picture of costs and benefits of all options.

 

For most of my investing career I’ve taken the growth investing approach through buying market index ETFs.  I’m young and they provide a less risky way of achieving baseline returns. Though since I’m relatively young; passing my mid twenties, I’m wondering if I should be looking at other approaches.
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