My personal finance

[zimmerDN]

So I just started my first real job. The pay is decent and steady. Now it's time to think about what to do with my income. I haven't got a clue about what to do.

I was told I need to setup my RRSP account ASAP to take benefit of it. But how much should I invest in it? I have student loan to pay back also. I didn't file taxes last year because I hardly worked. I've heard that the tuition I paid over the years can be a tax refund. What about putting money in life insurance or other forms of investments? I am still young and I want to learn how I can better manage my income since doing nothing with it is hardly the ideal solution.


So many questions but where do I get answers? Books, adviser or what do you suggest?

[Lyrrad0]

I'm sure others will give you specific advice, but here are two tips:

1) File tax returns for previous years. Tuition from previous years might be able to help you, and your previous work could count towards your RRSP limit, but you need to file those returns in order to get those benefits.

2) Get in the habit of saving money. Try to put away money regularly into something, such as a savings account, until you figure out what you're going to do with it. If you're in the habit of putting money away it's a lot easier to build up savings.

[Whitedart]

So I just started my first real job. The pay is decent and steady. Now it's time to think about what to do with my income. I haven't got a clue about what to do.

So many questions but where do I get answers? Books, adviser or what do you suggest?

Take a look at the book "The Wealthy Barber by David Chilton". It will get you started.

[blexann]

So I just started my first real job. The pay is decent and steady. Now it's time to think about what to do with my income. I haven't got a clue about what to do.

I was told I need to setup my RRSP account ASAP to take benefit of it. But how much should I invest in it? I have student loan to pay back also. I didn't file taxes last year because I hardly worked. I've heard that the tuition I paid over the years can be a tax refund. What about putting money in life insurance or other forms of investments? I am still young and I want to learn how I can better manage my income since doing nothing with it is hardly the ideal solution.


So many questions but where do I get answers? Books, adviser or what do you suggest?

1. this is a must read for you--->http://www.financialwebring.com/forum/viewtopic.php?t=101652&sid=2b4e03a0f860737eb256c4325aeb51be

2. speak to as many people as you can on the topic - friends, family, professionals..etc

3. get in the habbit of reading the business section of the daily newspapers or read sites such as

globeinvestor.com
canada.com/nationalpost/index.html
money.canoe.ca/PersonalFinance/
...there are so many great canadian finance site

4. http://www.canadianmoneysaver.ca/ is an excellent magazine