Turn the chapter on a new you and find your financial freedom!

 

Turn the chapter on a new you and find your financial freedom!

Today I would like to write about starting over after divorce and how to get your investment mindset in gear! 

If you are like me and recently divorced, then you will understand this! "It's a mind-blowing financial shock when you realize you have ONLY YOU!"  There is no longer a back- up bank account!  There is No other person to support you when you have to stay home sick and can't afford the medications! Why? Gone...  you no longer have benefits!  Gone...... with your husband!   Everything you knew has changed! 

Through my marriage we invested mostly in real estate, we had a few rental properties that I took care of while raising my children and working part time jobs.  We won some, lost some, but overall did well with it until it became so much work and stressful dealing with lousy tenants that we decided to get out of the industry. 

We had always put away money into our RRSP, but I never really paid much attention to it, until the last few years, when we started separating and dividing our incomes.  

We had a financial advisor who took our RRSP money, and I really had no idea what she did with it! Until now! 

That brings me to the today topic!

  Investing in the Stock Market!  

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There are so many Things I wish I had known

 when I was 18 years old! 

Start here!

1.  You need to start investing early, start that TFSA as soon as you turn 19.  (provinces vary) Alberta is 18.
2. Auto invest even $10 a month it's amazing how fast it builds up. Set it and forget it!
3. Self-automate it so that you can do small deposits, start with a free broker like Wealth Simple.  
4. Buy dividend producing income so you can re-invest every time you receive a dividend! 
5. Get your kids started in an investment journey today!

 

The TSFA is a "tax free savings account"  

It should have been named a "tax free investment account" so do not let the name fool you! You can buy stocks within your TFSA.  Money sitting in a bank account is costing you money!   You need to invest money to grow money! 

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RRSP and Non-Registered investment accounts are available and should be optimized early in life to grow your money.  

Check back for more on how to utilize each account!   It does take some planning and knowledge, but it's not rocket science!   I am going to share my thoughts and guide you one post at a time.  You will be amazed and inspired at how quick you can start building your finances!  

I am excited to share my experiences and newly learned knowledge to help you start over while setting yourself up for an independent life of wealth and happiness! 

My Blog will be educational for all readers, but I am specifically reaching out to women who are starting over in their fifties. 💖