Your superstar player doesn't wait for their team to start winning before they start warming up. They play the whole game. Similarly, your investment portfolio needs to spend time in the market, rather than depend on timing the market.
What is the worst investment advice you've ever received? I'm sure all of us have encountered an extremely confident person offering up advice on how successful they are at investing and making recommendations on what you should put your money in. Here's a short story about a conversation I had this past week.....
A retirement projection can be the basis for your own "Choose Your Own Adventure" book. Should I take some nice vacations with my kids now? Should I buy that sports car? Will I have enough when I am 65 to travel? The only way to really answer these questions is to take a look at your finances NOW and how they project out to the FUTURE.
TFSAs are greatly overshadowed by the RRSP as a retirement account. The RRSP program has long been the default retirement program for most Canadians but is it the best retirement solution? Although it has been around since 2009, the TFSA program, with a 2017 limit of $52,000, is sizeable enough to be given serious thought as a retirement or long-term savings plan.