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When to use tuition tax credits?


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10 hours ago, distressedpremed said:

Not going to quote that amazing bit of information. Many thanks to you, good Sir R - for the advice and wisdom!! 

So basically if you could, you would just start off with vanguard through Questtrade then - buy and hold, don't need to rebalance 

For instance, Vanguard Growth -> set to maximum, and make regular contributions if possible. 

the trading platform isn't all that important - I mean the bank you are using will have a direct account for investing (RBC, Scotia, TD.....) or sure use Questtrade. Whatever floats your bloat (I use my bank because it is simpler - everything happens to be in one place). Just don't get sucked into the day trading approach of buying/selling all the time. It is all buy and hold, and get on with your actual life. If you pick something like VTI you are have max diversification (I mean that is every single stock that is publicly traded in the US. All of them - you cannot be more diversified in that market by definition). Eventually you will add something like VBTLX for your bonds when you get to the point that you can see a time you will use the money. 

Ride the shocks - they will come and you will have days in your future where you will "lose" on paper what looks like a painful amount of money. If you are well diversified that is all a distraction because it comes back and more. Don't sell if if goes down (buy low, sell high - recessions are when people collectively decide to do the reverse......that is a bad idea). If you can buy more (ideally with a smile on your face ha). 

Personally (again it is personal) I say save a solid faction of your wealth when you start as staff. I am planning on at least 50% and probably more in the beginning (that might be too step for some family docs as an example BUT they can go lower because they have a 5 year head start on the rest of us doing longer specialties- the numbers put them doing quite well in the end). That is still a big raise from a resident. In 5 years you will have a base that will make you comfortable long term.  

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