Why You Need to Invest in Yourself

Investing in yourself is key for financial security and not having to break the bank during tough times. Just like COVID-19 has shown us, we can all stay home and save more than we thought we could in 5 years, let alone in a few months (unless you’re an online shopper, you must have been thriving). 

This is the smartest decision you’ll make for yourself and that’s on a very biased opinion backed up by some very persuasive facts. 

From a very young age, I have always been taught how money can come and go, but how you can always have more than enough saved for a rainy day or something like retirement. 

In highschool, I remember wanting to start a Registered Retirement Savings Plan (RRSP) account and asking whoever I could about ways I could make savings accounts for my future. I have always been interested in saving for something bigger than myself, but never knew how until I started asking people around me as well financial advisors. 

Financial advisors are a great way to start as they know everything and anything associated with their bank in helping your financial state but keep in mind you are how they make money, so choose the bank that best fits your financial situation. 

Knowing what different savings plans are available to you is important as some of them only allow you to start at a certain age or with a certain amount of earnings a year.

 In Canada, we have a Tax Free Savings Account that anyone over the age of 18 or 19 (depending on province) can open and freely put money in every year, however many times a year that an individual wants. There is a limit as to how much one can put in every year which is reasonable considering you won’t get taxed on the money you put in there, but it is a great way to start saving at a young age even if you don’t have anything in particular that you are saving for. 

Basic savings accounts are always available where you can’t touch the money, but transfer between a chequing account. It can be very useful as they are funds that are readily available when you’re low in your chequing account, but you could also create a sense of dependency on that savings account where you’re always taking money from it to use, so being disciplined towards yourself is very important. 

Saving for yourself and investing in opening a savings account or two is really important for your future. Living from paycheck to paycheck without having money  to save or use when you need it can put you in a tough spot so even saving a dollar a day for a year or 100 dollars a month for a year can and will benefit you in the long run. 

Thank you for tuning into today’s quick read and hopefully learning more about saving for you. Look forward to more every Sunday and Wednesday!  

5 Reviews

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