💰Contributions and returns are the two key variables to building a million dollar TFSA.
📈Investment strategy plays a crucial role in achieving a high rate of return.
🗓️Time is your best ally. Start early and take advantage of compounding interest.
🏦Consider reliable options like dividend growth investing for long-term wealth accumulation.
💡Maximize your TFSA contributions every year and take advantage of any additional contribution room.
How much should I contribute to my TFSA to reach a million dollars?
—The amount you contribute depends on your time horizon and expected rate of return. Use a compound calculator to estimate the required contributions.
What is dividend growth investing?
—Dividend growth investing focuses on investing in stocks of companies that consistently increase their dividends over time.
Is it realistic to aim for a million dollar TFSA?
—Yes, it is realistic with the right strategies, time horizon, and investment approach. Start early and make consistent contributions.
What are some reliable stocks for dividend growth investing?
—Some reliable stocks for dividend growth investing include TD Bank, Canadian National Railway, and Brookfield Asset Management.
Can I achieve a million dollar TFSA without dividend growth investing?
—Yes, dividend growth investing is just one strategy. Other strategies like index funds or ETFs can also help you achieve your financial goals.
00:00The goal is to retire with a million dollar TFSA.
02:51Use a compound calculator to estimate the required contributions and potential growth.
05:44Consider dividend growth investing as a reliable investment strategy.
07:11TD Bank, Canadian National Railway, and Brookfield Asset Management are examples of stocks for dividend growth investing.
