Are You Just Getting Started? Financial Tips for Young Canadians


Financial Planning for Millennials: Get life insurance, pay debt, start contributing TFSA

Are You Just Getting Started?

Financial Tips for Young Canadians

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The demographics of Canada are rapidly changing due to the aging Baby Boomers, but what does that mean for the financial wellbeing of other generations, especially Millennials?

We have seen that Millennials are entrepreneurial leaders who are passionate about advancing the economic, social and environmental health of themselves and others. However, unlike other generations, they often start their career with student debt and expensive living costs.

 

Financial Advisors recommend Millennials to track their spending so they can pay off their debts as quickly as possible. Having short and long term goals are also very helpful to start saving money and slowly build wealth.

If you're not sure where to start, here is some advice.

Get Insurance

You are young and likely to be a healthy individual. You may not consider yourself a candidate for life insurance, but there is no better time to apply. You will ultimately pay lower premiums over your lifetime if you purchase early. Sure, you may not have a partner, kids, and mortgage to worry about yet, but in time you will find yourself with obligations. It's a responsible step in building your financial balance sheet.

Start with a TFSA

If you've not reached your maximum earning years, start with a TFSA to provide you with liquidity for future financial endeavors and the potential for excellent long-term investment returns all in a non-taxable environment!

With ample experience in such matters, we'll help you get your feet wet and guide you towards true financial independence.