Hey all,
I hope this is a quick question, I'm not sure where to put my money exactly. I've recently crossed the 0$ Net Worth line and I'm starting to put money aside.
Here's my current money saved :
RRSP in an ING Direct Streetwise Equity Growth account (for FIRE in 20+ yrs)
TFSA in a normal savings account earning 1.4% (for emergency fund)
Both accounts have under 5k in them, I just started putting cash in those accounts after clearing all my debts (except mortgage). I'm aiming at putting 5k in my TFSA emergency fund, then after that I want to open a new TFSA and invest that money instead of earning a tiny 1.4%, still keeping my 5k emergency fund in a safe savings account.
Here's my current situation :
Bought a condo two years ago using my RRSP at the time as a cashdown so I can't use that again in the future. Now since the housing situation in Canada looks like it's a giant bubble that's about to pop, it leaves us with interesting options if we plan ahead for them.
If there's a housing bubble that pops, I might want to have enough saved in a TFSA to put a cashdown on a rental or something like that. If not, or if it's simply not something I want to do anymore in a couple years, then this money will go towards FIRE in 20+ years. How should I invest this money for the moment? I want to put money aside in a TFSA because it's gives more liquidity than in RRSPs, but I'm not sure if it's for the mid-term (3~10 yrs) or long-term (20+ yrs)
What do you guys think I should do?
