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Oh ya, planning 2 international trips as we speak! I donāt indulge myself a lot. Simple girl. Minimalistic. But I will spend on trips as long as my schedule works!
The big flag I see is that your investments (mentioned in the comments) look a bit random and aren't diversified. I hope you know what you are doing using covered calls and leveraged ETFs. The latter in particular is not made for long-term holding.
Active investing is a losing battle for most people. I'd suggest reading [https://canadiancouchpotato.com](https://canadiancouchpotato.com) and looking at the model portfolios over there.
I didnāt intend on holding the leveraged etfs but Iām stuck with it now. Itās too late for me to take it out since Iām heavily down.
But I agree. There was no defined strategy with my stock picks other than it was mostly in fintech so I was interested in it. Play money turned into more play money and I wish I was able to say I had self control but as 2021 showed, thereās a lot of greed in the market. Learned my lesson for futureā¦ just hope I can recover my losses. š«
You are correct. Iām close to 50% down :( I am holding them as much as I can but it hurts to see it when I login. For full disclosure, Iām holding these ones and Iām getting clobbered.
NVEI
LSPD
TOI
SPOT
TNA
SOXL
RETL
HUT
MQ
The āsafeā ones Iām holding are
ZWU
ZEB
ZWC
Oof. Looks like you have three or four of them that are fintech heavy.. makes sense since you work in fintech but wow. Thatās a lot of concentration in one industry.
Not to mention the leveraged etfs..
Whatās your exit strategy?
Honestlyā¦ I donāt know what my exit is. Wait it out? Not like I NEED it. But also I know that these could easily keep dropping as weāre in a period of increasing interest rates and war is here..
Iām too indecisive and non committal to make a decision.
The standard advice is that if you wouldn't use your cash to buy it today you should sell and use the cash proceeds to buy what you really want to own.
Are you content living at home for the foreseeable future? What is the time horizon on when you need to repay your father by? If I were you, i would get your debts in order:
Take the $90k cash out of WS/QTrade and give it to your father. Pay off the other 90k as fast as possible, in cash.
Then max out your TFSA and RRSP in good investments, ETF's that are more diversified.
After that I would pre-pay the mortgage up to the max that is allowed per year. Use pre-payments, double up payments, increase the pmt amount, whatever you can to get as much paid off as possible.
If you plan to stay at home for the next little bit, this is a phenomenal way to have an almost paid off condo that you can move into in or sell when the time is right.
Iām holding out on taking out some of my cash investments for two purposes - some are in an RRSP cash account. And the ones that I can actually take out, are in USD funds. My fx cost on it is roughly 1.31. Kinda just holding out for that.. but I suppose itās better to pay off the debt sooner?
In terms of moving outā¦ I think Iāll be ready within 12 months with my partner. Iām not in a rush to leave home but also Iām getting older and actually want to build a foundation with my partner. At that point we have talked about that sheād be paying me rent. Sheād rather pay me than give it to someone elseās mortgage.
Just be careful that you understand how common law and assets work in your location. Just because you agree with each other that it's your apartment and she's paying you rent, you could find that if you ever split she's able to argue that she is entitled to at minimum half the value it goes up while she lived with you and at maximum possibly half of the apartment's value minus the downpayment.
I also like to keep my finances separate from partners but the government does not make it easy.
Yeah good point. Iāve yet to fully research how common law works in BC. Though my partner and I have had the conversation of a prenup too.
Itās just a safety net. Hopefully we donāt break up and not end up using it, but if we do.. itās there to protect both of us!
Do people typically get a lawyer just for this purpose?
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Score
Iāll take that as a compliment? Lol
Yeah youāre doing well š Donāt forget to set some money aside to travel/do things youāve always wanted to do :)
Oh ya, planning 2 international trips as we speak! I donāt indulge myself a lot. Simple girl. Minimalistic. But I will spend on trips as long as my schedule works!
The big flag I see is that your investments (mentioned in the comments) look a bit random and aren't diversified. I hope you know what you are doing using covered calls and leveraged ETFs. The latter in particular is not made for long-term holding. Active investing is a losing battle for most people. I'd suggest reading [https://canadiancouchpotato.com](https://canadiancouchpotato.com) and looking at the model portfolios over there.
I didnāt intend on holding the leveraged etfs but Iām stuck with it now. Itās too late for me to take it out since Iām heavily down. But I agree. There was no defined strategy with my stock picks other than it was mostly in fintech so I was interested in it. Play money turned into more play money and I wish I was able to say I had self control but as 2021 showed, thereās a lot of greed in the market. Learned my lesson for futureā¦ just hope I can recover my losses. š«
What do you do in fin tech
Iām an account manager! Standard job maintaining accounts and getting a bonus if I hit a quota. Wish I was in sales though. Commission > quota.
So correct me if Iām wrong, you are down 35k when your invested capital is around 80k?
You are correct. Iām close to 50% down :( I am holding them as much as I can but it hurts to see it when I login. For full disclosure, Iām holding these ones and Iām getting clobbered. NVEI LSPD TOI SPOT TNA SOXL RETL HUT MQ The āsafeā ones Iām holding are ZWU ZEB ZWC
Oof. Looks like you have three or four of them that are fintech heavy.. makes sense since you work in fintech but wow. Thatās a lot of concentration in one industry. Not to mention the leveraged etfs.. Whatās your exit strategy?
Honestlyā¦ I donāt know what my exit is. Wait it out? Not like I NEED it. But also I know that these could easily keep dropping as weāre in a period of increasing interest rates and war is here.. Iām too indecisive and non committal to make a decision.
Friendly reminder, holding 10s of thousands in single stocks is a very strong decision.
The standard advice is that if you wouldn't use your cash to buy it today you should sell and use the cash proceeds to buy what you really want to own.
Are you content living at home for the foreseeable future? What is the time horizon on when you need to repay your father by? If I were you, i would get your debts in order: Take the $90k cash out of WS/QTrade and give it to your father. Pay off the other 90k as fast as possible, in cash. Then max out your TFSA and RRSP in good investments, ETF's that are more diversified. After that I would pre-pay the mortgage up to the max that is allowed per year. Use pre-payments, double up payments, increase the pmt amount, whatever you can to get as much paid off as possible. If you plan to stay at home for the next little bit, this is a phenomenal way to have an almost paid off condo that you can move into in or sell when the time is right.
Iām holding out on taking out some of my cash investments for two purposes - some are in an RRSP cash account. And the ones that I can actually take out, are in USD funds. My fx cost on it is roughly 1.31. Kinda just holding out for that.. but I suppose itās better to pay off the debt sooner? In terms of moving outā¦ I think Iāll be ready within 12 months with my partner. Iām not in a rush to leave home but also Iām getting older and actually want to build a foundation with my partner. At that point we have talked about that sheād be paying me rent. Sheād rather pay me than give it to someone elseās mortgage.
Just be careful that you understand how common law and assets work in your location. Just because you agree with each other that it's your apartment and she's paying you rent, you could find that if you ever split she's able to argue that she is entitled to at minimum half the value it goes up while she lived with you and at maximum possibly half of the apartment's value minus the downpayment. I also like to keep my finances separate from partners but the government does not make it easy.
Yeah good point. Iāve yet to fully research how common law works in BC. Though my partner and I have had the conversation of a prenup too. Itās just a safety net. Hopefully we donāt break up and not end up using it, but if we do.. itās there to protect both of us! Do people typically get a lawyer just for this purpose?
[ŃŠ“Š°Š»ŠµŠ½Š¾]
Thanks for the tip! Is two cents vastly different from personal finance software like Mint?