August 2021 Tax and Money Tips - Investment

Happy August everyone! Hope you are enjoying the summer that comes once a year. :) This month's money tips will revolve around investment, to follow my Money Coaching series. 

1. Before you start investing, make sure you have set aside emergency funds that will cover at least 3 months of your living expenses.

2. Should Canadians grow their investments inside a TFSA or RRSP? Both are good programs. From a tax point of view, TFSA is better if your taxable income is less than $45,000.

3. Deciding on whether you will manage your own investment or using a professional will depend on your interest and your resources. If you want to learn and you have time, it may be worth doing it yourself; otherwise, let a professional take care of your investments.

Those are my 3 money tips for this month. The webinar for August is

You have Saved Money, Now What? How to Grow Your (Investment) Money
August 12, 7-8pm PDT
CLICK HERE TO REGISTER

Oh, in case you didn't know, here are the topics we have covered so far during the Money Coaching series.
- Jan/Feb: Tracking spending and net worth
- May: Checking in after 3 months' of tracking and gathering data; hopefully by now the income is more than expenses and you have started your emergency fund
- June: Using your extra to purchase insurance to protect you and your loved ones
- July: Doing estate planning to ensure your loved ones are taken care of after you are gone
- Aug: You have diligently tracked your expenses and ensured that income is more than spending. How do you grow your extra money?

September webinar will be about Cost Reduction for Business Owners, by Mohammed Fareeq, a Business Optimization Specialist from Schooley Mitchell.

CLICK HERE TO REGISTER FOR SEPTEMBER WEBINAR

Have a great month!

---