questions for leafs:
is it normal to store $100k+ in your bank’s chequeing account?
if not, how would you invest it?
how much would you need to save up and invest to be able live off dividends while slowly growing the principle and to not worry about having a full time job to pay rent, internet, mobile and car insurance bills?
this is all assuming you’re not planning on buying a house, getting education, or paying any other large expenses.
Questions for leafs:
Charles Nguyen
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Jaxon Reed
do you understand the difference between a savings and checking account?
a checking account is usually associated with a debit card, which is more vulnerable than a standalone savings account with no debit card attached.
you only keep what you need in your checking, in case it gets hacked.
I keep 6 figures in my savings account, where my paycheck is deposited to, and then transfer over 15k-20k per month to my checking to account for bills and mortgage
i thought this was like common practice?
Brody Cruz
wait i read the question wrong, because the question is so deep on the spectrum that my brain literally cant comprehend it
Jeremiah Perez
So you keep six figures in your savings account making what, 1.5% interest?
Nicholas Ward
>he keeps money in the bank
Eli King
OP, I work at a bank. You can put however much you want in your chequing account. The bank isn't gonna say anything cause theres people with 200k+ just sitting in their chequing accounts. Is it wise to do that? Debatable cause you can have that money working for you rather than sitting in a 0% interest chequing account.
>in case it gets hacked
You gotta be a big idiot to have your bank account "hacked". Unless you willingly transfer money into a thief's account, there's no way you get hacked. If someone somehow gets access to your online banking they can only send a max of $3000 a day anyways through e-transfers. In any other case, the bank insures your money through FDIC for up to $100,000 per account.
Joseph Williams
Connor Reyes
Put it in a tfsa. Small steady gains. Buy weed stocks. Gonna skyrocket this summer.
Carter Fisher
Invest it in renewables on the east coast. The maritimes are going to get there time
Sebastian Powell
dont do this lmao, unless you want to lose your money. tfsa is 5k annual contribution max cause of cuckdeau so its out the window. buy some comission free etfs like xic or zqq whatever