- March 27, 2024
- Posted by: legaleseblogger
- Category: Related News
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# Financial Overview and Goals
I am a 35-year-old single individual living in Montreal, making $92,000 annually, including a 10% bonus on top of my base pay of $84,000. My job is entirely remote, offering flexibility in hours and great work-life balance.
## Savings Breakdown
In terms of savings, I have allocated the following funds:
– **HISA**: $8,300 at a 4% interest rate
– **RRSP+DCPP** (Blackrock 2050): $26,000
– **TFSA**: $39,600 invested in 60% ETFs and 40% Mutual funds
– **Chequing**: $4,900 in a 10-year-old TD account used for bill payments and other transactions
I consistently contribute 10% of my monthly salary to RRSP and 5.5% to DCPP, with my company matching the 5.5%. Additionally, I contribute $800-$1,000 monthly to my TFSA and occasionally transfer funds from my chequing to HISA.
## Expense Management
My monthly expenses include:
– **Rent**: $1,300 for a 3.5 apartment
– **Groceries**: $500
– **Phone and Internet bills**: $90
– **Miscellaneous**: $600
## Financial Goals
My primary financial goal is to maximize savings, with no immediate plans for property ownership despite having sufficient funds for it.
## AI Legalese Decoder Assistance
The AI Legalese Decoder can help analyze your current financial situation more comprehensively, offering insights on potential investment opportunities, strategic savings allocation, and optimization of your financial planning. Additionally, it can provide personalized recommendations on managing your expenses and making informed decisions about your investment portfolio.
## Financial Strategy Questions
Aside from increasing income, how can I further improve my financial situation?
Should I consider increasing the risk level of my TFSA investments, currently at Wealthsimple Managed level 6?
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