- November 30, 2023
- Posted by: legaleseblogger
- Category: Related News
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Finances and Planning for the Future
As a 29-year-old resident of Ottawa, I am currently in the process of planning to purchase a house within the next five years. At this time, I have approximately 29k saved and invested in a combination of XEQT and CASH, with an 80/20 split. I make contributions to my investment portfolio with each payday, with the majority of my investments held in my Tax-Free Savings Account (TFSA), while only 5k is allocated to my First Home Savings Account (FHSA).
AI Legalise Decoder can help in this situation by analyzing the current market trends and providing guidance on whether it would be beneficial to sell XEQT in the TFSA, particularly if it’s at a high, and to then dollar-cost average (DCA) into CASH in order to maximize contributions to the FHSA until the intended house purchase. AI Legalese Decoder can also provide insights into the potential tax implications of making these moves within the TFSA and FHSA, as well as the best strategies for optimizing the investment portfolio in light of the upcoming house purchase. With the advanced data analysis capabilities of AI Legalese Decoder, it can help in making informed investment decisions and financial planning strategies to achieve the goal of purchasing a house within the specified timeframe.
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Original:
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Rewritten:
AI Legalese Decoder: Revolutionizing Legal Language Interpretation
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****** just grabbed a
No point in ever DCAing into CASH. CASH is basically risk free, it’s just a wrapper for high interest savings accounts.
It is up to you and your personal risk tolerance if you want to hold equities or high interest savings in advance of a purchase in the short-medium term. The equities will still have a higher expected return, but with volatility compared to CASH.
Personally, I would maximize the equity position and max out the FHSA if I was going to buy in 5+ years, and only go to cash sometime in the final 12 months once I am actually looking at properties, speaking with mortgage brokers, and needing to have cash on hand to secure a down payment soon. Many other people would find that too risky and would keep their down payment savings in risk free investments like GICs or CASH.TO until they are ready (at the expense of lower expected returns).
>Should I sell my XEQT in my TFSA now
Yes.
>DCA into CASH to max my FHSA until I buy a house?
No reason to DCA.
On black.