Personal Finance Freedom – Your guide to financial freedom
I started off with Personal Finance Freedom blog way back in December 2016. Initially I was active for a month or two and later gave up easily not realizing the full potential of what I could do with it.
Meanwhile I got approved from Google AdSense which is every bloggers dream to make money of his/her blog. I know there is something called affiliate marketing too (but not into it as of now)
Fast forward to September 2017 and I am back. Now, I have a clear vision what I want to do with this blog, the posts I want to create and everything else.
At bare minimum you can expect me to write 2 new posts every week and publish about various financial topics – review stocks from my own analysis/perspective, blue chip stocks, dividend stocks, etf’s, mutual funds and portfolio updates.
I will be covering the US and Canadian stock markets in major as that’s where I am concentrating more on my future investments.
I will try to keep each and every review post as simple as possible with detailed stock analysis. I will not be just another xyz blog or website covering stock reviews but write only about the investments I feel worthy of time and looking into.
To brief about myself, I moved to Toronto, Canada in August 2015, took sometime in settling down and started investing only from last year. Fairly new, yes.
Right now, I have invested only in my RRSP’s of about 15000 CAD and nothing in my TFSA. I did have about 12000 in my TFSA last year but withdrew everything to pay off some loans and purchase a new car.
My immediate priorities at this moment are to pay off my credit card bills by the end of December 2017. Yes the interest rates and pretty huge around 20% and will affect my credit ratings in the long run.
From next year onwards (2018) you should see me investing a lot more actively into my TFSA account. Will keep posting about my portfolio updates every month.
Investing money and seeing it grow always drives me crazy. I am doing it since ages, back in my home country (India). I had to close all of my investments there, move here to Toronto and start off everything fresh. It’s definitely very challenging starting everything from scratch but rewarding as well. After all what is life without challenges and personal finance freedom? Right?
I am still settling down moving in here. As time passes my expenses should only go down and savings should gradually increase( Currently paying my car lease and auto insurance premiums way too high with G2 license).
Looking forward to FY 18. Right now, at this point of time it’s only my income that runs my family. Ms. PFF is looking out for jobs. Hope she finds one soon. Fingers crossed J
Once she manages to land a job, we should be increasing our savings and vacation time. Only time can answer to this question. My gut feeling is if I am the sole bread earner for the family, I should still be able to reach my financial goals and freedom of joy.
I am done with my RRSP’s already for this year. I have purchased 800 stocks of Snap Inc. Yes, you read it right 800 stocks of SNAP stock. Most of you are already thinking it’s crazy, I know the risks involved with this investment, its calculated risk involved and I think it’s rewarding in the long run. I absolutely believe in this stock and betting big on It to make good money on the investment.
The other thing what I wanted to talk about is investing in mutual funds toward achieving personal finance freedom.
Seriously does any one of you want to invest in mutual funds?
Please a big NO. It’s absolutely dumb to invest in mutual funds. Yes including investing in the best performing mutual funds is dumb too. Instead try investing in a couple of good ETF’s. It’s much better of an investment. The returns can be good. I haven’t heard of anybody making good fortune out of mutual fund investment.
When I talk to a lot of people about their retirement investment, I hear a lot of mutual funds’ investments. People always think it’s safe for their money to grow managed by someone out there – so called fund managers. It’s totally garbage.
First of all you are giving the authority to someone to manage your money. Why do you want to do this? It’s your money, you have earned it hard. You don’t know where to invest no problem. I understand it completely.
But there’s a way out. There are a lot of good blogs/YouTube videos on investing, even portfolios where people have listed their investments. You can look at the dividends they earn every month. These information and leanings can probably help you decide. Learn, educate yourself, read books, blogs, comment, join forums. It’s easier than you think of.
Also please plan your investments carefully. Unless you feel really confident of what you are investing into, do not invest your money. Take some risks and grow your money wisely.
I will try to cover as many good stocks here as possible including the safest ones you can own. This should help you decide on the good ones and separate it out from the rest of the crowd.
Talking about my investment/s strategy, I do like to hold all of my US stocks primarily in my RRSP account. This helps me avoid the dividend tax cut (15%) from the IRS and on long term investments.
In my TFSA, I am planning to invest in high quality dividend and growth stocks. The dividends of which can either be reinvested (DRIP) for compounded growth or withdrawn to meet my day to day expenses.
As of today I make close to 4000 CAD per month and have my wife and kid as dependents on me. I am into the IT profession here and work full time downtown.
I am also planning to change my job as early as early next year which should boost my income further and personal finance. Fingers crossed again!
I have two credit cards right now – CIBC and the other from TD Bank.
My monthly expenses are close to 2500 CAD (rent, cell phones bill, grocery etc.) and I am hardly left with thousand dollars to invest elsewhere. I am aware of the fact that getting hold of dividend stocks can help boost my monthly income.
I am definitely making a list of dividend growth stocks and should be ready by next year to make the first cut in my TFSA account.
I still have the full TFSA contribution room and have my wife’s too to contribute. That’s the added bonus I get. Let me start small and make it big with time.
I hope I can connect with all of you in this journey of achieving personal finance freedom over time, making mistakes is ok as far I am moving forward and increase my income over time before I retire.
I do not mind investing in risk stocks which are long term rewarding. I know the fact that good risk stocks with the potential to make it big is the one of the ways I can make good money and personal finance over long term along with dividend income and good quality ETF’s along this path.