Where Do I Save Next
Originally Published on Globe and Mail
6 November 2019
Founder of You and Yours Financial and Spring’s Director of Portfolio Strategies, Darryl Brown, is featured in Globe and Mail’s article, I’ve maxed out my RRSPs and TFSAs while living in Canada’s Arctic. Where do I save next? Darryl shares his insights on how the banks work, his advice on financial planning, and what to look out for.
Darryl reminds us that banks are businesses and they may not deliver advice that is in our best interest. He advises not to feel intimidated and not to hesitate in asking questions. Be inquisitive and find out whether there are hidden fees or sales commissions on products they are selling you. Darryl also believes that “while there are alternatives to the banks such as credit unions, your best bet for customized financial advice that is truly unbiased is an advice-only financial planner.”
“In terms of your next financial goal, buying a home in a larger city/ saving for a down payment is an important step in this process,” Darryl says. He advises being mindful of the many factors that go into purchasing a new home such as car payments, trips, hobbies, elder parent care, early retirement, etc. He says “I work with too many folks that have been approved for mortgages that would leave them completely house poor.” It is important to determine what you can afford without compromising the life you want to lead – here’s a calculator that Globe and Mail created to determine if your mortgage is leaving you house poor.
Darryl continues to explain what types of accounts exist outside of an RRSP or TFSA, what is that right type of account to choose, when to invest, and many more.