💰Take advantage of RSB matching if your employer offers it for free money.
💡Prioritize paying off high-interest debt before investing.
💼Consider your financial goals and whether you plan to buy a home in the near future.
🚧Build an emergency fund to cover unexpected expenses.
🏠If buying a home is your primary goal, contribute to the FHSA first.
Should I prioritize paying off debt or investing?
—If you have high-interest debt, it's generally recommended to pay it off first before investing.
What is the difference between the RSB and the FHSA?
—The RSB is a retirement savings account, while the FHSA is specifically designed for first-time home buyers.
How much should I save for an emergency fund?
—Financial experts generally recommend saving 3 to 6 months' worth of living expenses for emergencies.
Can I withdraw money from my FHSA if I decide not to buy a home?
—Yes, you can transfer the funds into your RSB without affecting your RSB contribution room.
Where should I invest if I don't own a home and want to save for retirement?
—If you don't own a home, contributing to a TFSA first is a good option for tax-free growth.
00:00Introducing the investment priorities: TFSA, RSB, and FHSA.
00:03Consider factors such as RSB matching, high-interest debt, and financial goals.
00:13Identify the specific circumstances when each investment option is recommended.
00:21Highlight the importance of building an emergency fund and considering future home-buying plans.
00:35Provide insights on frequently asked questions regarding debt priority, RSB and FHSA differences, emergency fund savings, FHSA flexibility, and retirement savings.
