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On the matter of savings, the first step toward financial freedom is paying yourself first! Now you may argue that after bills and expenses there is nothing left to save. That is why the golden rule is to pay yourself first. To start, you can budget 1/3 of your income towards saving and reduce your living expenses to fit into the remaining 2/3 of your income.
Also, don't be discouraged if you are not earning a 5 or 6 figure income. You can still achieve financial freedom if you follow the pay yourself first rule. After all, it's not how much you earn but how much you save that helps you to build wealth. This leads us to Wealthsimple.
What is it?
Wealthsimple is a robo-advisor that allows you to save and invest money at the same time and it's all automated. When you sign up, the program walks you through the setup, asking specific questions along the way, to determine your unique investing strategy. Robo-advisors are useful if you are looking for automated investing.
How does it work?
On the platform, once you setup a traditional bank account to transfer funds from, you can save and invest in a Smart Savings plan with 2% interest, a TFSA, RRSP or RESP if you are saving for a child's education. The funds deposited in your Wealthsimple account will be invested in a portfolio of stocks and ETFs where it will earn daily interest and monthly dividends. This way you earn more on your money long term than if it were sitting in a regular savings account at your bank.
The platform also has blogs and other resources for those who are new to investing and need more information on Stocks, ETFs and other personal finance topics.
How to get started?
Sign up here to have up to $10,000 managed for free, for a year. There is also an app available for download to android or iPhones.
On the matter of savings, the first step toward financial freedom is paying yourself first! Now you may argue that after bills and expenses there is nothing left to save. That is why the golden rule is to pay yourself first. To start, you can budget 1/3 of your income towards saving and reduce your living expenses to fit into the remaining 2/3 of your income.
Also, don't be discouraged if you are not earning a 5 or 6 figure income. You can still achieve financial freedom if you follow the pay yourself first rule. After all, it's not how much you earn but how much you save that helps you to build wealth. This leads us to Wealthsimple.
What is it?
Wealthsimple is a robo-advisor that allows you to save and invest money at the same time and it's all automated. When you sign up, the program walks you through the setup, asking specific questions along the way, to determine your unique investing strategy. Robo-advisors are useful if you are looking for automated investing.
How does it work?
On the platform, once you setup a traditional bank account to transfer funds from, you can save and invest in a Smart Savings plan with 2% interest, a TFSA, RRSP or RESP if you are saving for a child's education. The funds deposited in your Wealthsimple account will be invested in a portfolio of stocks and ETFs where it will earn daily interest and monthly dividends. This way you earn more on your money long term than if it were sitting in a regular savings account at your bank.
The platform also has blogs and other resources for those who are new to investing and need more information on Stocks, ETFs and other personal finance topics.
How to get started?
Sign up here to have up to $10,000 managed for free, for a year. There is also an app available for download to android or iPhones.
What is your current savings strategy and how much interest do you earn on savings? Comment below especially if after reading this post you plan to start a savings plan. Happy Hustling!
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