I have a minimum chequeing account here

I have the 5k one, mainly because I have much more than that as a balance and I'm too busy to invest it (at least I have been for the last 7 years). I have a free safety deposit box which mainly gets used when I go on vacations, free cheques, free certified cheques, and some other shit. If you can keep the min balance no prob, go ahead and get it. Otherwise why bother going out of your way to struggle to keep the min balance?

just hide it under your besheets

Contd... Since I got that account, I also got my credit card limit raised to 25k and I'm not even done university yet lol

Well I had like ~$4500 pretty much always maintained in my account and still used the babby minimum chequing account cus I just never gave a shit.

I also have a TD visa with a $1k credit limit with them.(idk i barely use it, not even sure if i give a fuck about increasing my credit limit, I literally use my CC once every 2-4 months just to buy some stuff here or there, otherwise i use cash since I had large cash reserves from working some cash businesses)

I only now realized how much more based the other account types are and I guess keeping at least $5k is a bare minimum as a "safetynet" anyways, right?

The rest of my money just goes to my TFSA and if contribution room is used up i put it into a regular account

Then just do it user. I still need to update my CC card though to take advantage of one of their waived fee's one, just haven't had the time. I'd say just do it user. Never hurts to have a little extra incentive to save. When you say you've been putting other cash in your TFSA, what exactly have you been doing with it out of curiosity... stocks, mutual fund, etc?

>When you say you've been putting other cash in your TFSA, what exactly have you been doing with it out of curiosity... stocks, mutual fund, etc?

I've been buying Vanguard's s&p500 ETF.

The problem is that I don't have an official formal income like a job, so I don't know how it all works since they always ask that and I don't even know how credit cards work when my networth is $40k+ but I have no stable income.

In my experience:
I was pre approved for 1k on a credit card when I turned of age. Then a few years later, I was on vacation in Chicago and wanted to stupidly buy an expensive watch, so I called visa and asked them to raise my limit. I was/am a student, and don't have a job atm. But I do have a decent amount of money in my name at TD just from saving and working in high school and what not. They raised my limit to 3k.
Then I randomly get a call from them a couple years ago telling me I can raise my limit to 25k. I have about 60k in accounts with them, so I mean I guess it makes sense to them.

Also, Do you pay TD's retarded commissions everytime you want to buy the ETF, or do you have a trading account somewhere. I've been really wanting to open a trading account somewhere but am too indecisive to choose a broker. Also how do you add to your ETF when you don't have a job?

>Also, Do you pay TD's retarded commissions everytime you want to buy the ETF, or do you have a trading account somewhere

Yeah. It's $10 per trade unless you have a certain amount in your accounts' per household or trade often (which wouldn't make sense with TD, interactive brokers offers much better platform and lowest commissions possible in the industry).

But for people like me who don't trade (often at least...) it really doesn't matter, since at most you'll be saving like $2-4 or so per trade, which I don't really give a shit about and just keep it all in one account to make it easiest.

If I were to open a broker account I'd probably go with QTrade or Interactive Brokers, but check them out yourself if it's worth it to you. Would just be easier to stick with TD if you're not going to do many trades per year.

>Also how do you add to your ETF when you don't have a job?

I have little side hustles and occasionally work jobs to raise up funds. I dunno, I'm not really much of a traditional employment-type guy maybe that's dumb and makes me a loser but I dunno, I've just been tryin to work out my own thing.

I do whatever, I work on my relatives' businesses, do freelancing, clear snow, work as a server at restaurants occassionally, sell shit on ebay, do whatever man. I just do different shit to make money.

I live really frugally and barely spend anything and live with my parents so it doesn't even matter to me. I may move out soon because I've been feelin' it, if that's the case I'll just fabricate a lot on my resume and try to get myself a decent job so I have steady income and grin and bear it for a while.

is the minimum $5k still free though? I have a student chequeing even though ive bbeen out of schools for five years and I just keep lying. #jewlyfe

kek which one is that? The everyday chequing account?

>is the minimum $5k still free though?

Yeah, you need to keep $5k minimum for the "all-inclusive" chequing account, if you dip below $5k you need to pay the $20/mth fee tho. Apparently if you dip once or twice below by accident you can call and get them to waive it. but yeah

Seems worth it. You get free visa infinite and all this other shit.

>I live really frugally and barely spend anything and live with my parents
Me as well. I don't have any real expenses except for my motorcycle insurance. When I was in high school I was obsessed with stocks and trading and such, but only ever played with market simulation games etc. I wish I would have taken some time to make a few large investments but just never did as I have little time away from my STEM degree. If I were you, I would opt for the All inclusive banking plan. Even though you don't have steady work, just being able to keep that 5k min at TD will probabaly put you in their good books in terms of credit allowances and stuff. Also, you should be using your credit card for all purchases instead of cash if you think you have the self control to do so. Basically it builds your credit and reputation with your bank that you're reliable and such. Will get you better rates in the future if/when you ever need to borrow money.

Also, which specific Vangaurd ETF do you own? I'm just looking into them now. And why did you choose that one?

>If I were you, I would opt for the All inclusive banking plan

Yeah I probably should. I literally used the shittiest of their plans even though I pretty much never had below $4-6k in my account (except now, recently invested a large chunk and only got $2.5k in chequing because I wanted to dump an even number in my tfsa lol)

>Also, you should be using your credit card for all purchases instead of cash if you think you have the self control to do so

Yes I know but I hate having to log in to pay it - i should probably set up automatic-debit. And I had a lot of cash, like $15,000+ in cash so I didn't wanna bother depositing it so i just always bought stuf fwith it.

>Also, which specific Vangaurd ETF do you own? I'm just looking into them now

$VFV.to

>And why did you choose that one?

Because currency hedging is not a good option in the long-run according to finiki.
finiki.org/wiki/Currency_hedging#Increased_volatility.3F

""" A classic argument in favour or currency hedging it that it lowers volatility, but this is apparently not true for Canadians purchasing foreign stocks. It appears that the reverse is true: hedging increases volatility:[2]

Why isn’t hedging effective in Canada? The Pyramis researchers explain that the US dollar, euro and Swiss franc tend to have negative correlation with the global equity markets. (Recall that when all risky assets plummeted in 2008, the US dollar soared.) Negative correlation is what diversification is all about: any part of your portfolio that goes up when equities go down is a welcome addition, so exposure to these currencies is a benefit, and hedging wipes it out. As the J.P. Morgan authors write: “The hedge will tend to produce profits at the same time that equity markets are advancing, and produce losses when equities are falling.” In other words, it magnifies volatility rather than reducing it.

"""
and it seems like the best option for long-term growth