I am usually quite in tune with recent financial news, but I have been too tired lately to keep updated with the news. I started up running more often recently and in doing so, I’m spending less time on this website because there are only so many hours (or more specifically productive hours) in a day.
Anyway, the news is that the TFSA for 2024 has been announced and it has increased!
PF Blog Round Up
If you haven’t heard, the 2024 TFSA contribution room has increased to $7000. That means that if you were 19 when the TFSA was first introduced, you now have a total of $95,000 contribution room. Taxtips.ca has the latest news.
Mark from My Own Advisor shares his October 2023 dividend income update. Over $43,000 annually in projected annual dividend income, mostly from dividend raises! This doesn’t include his TFSA dividends just the non-registered and the RRSP. Mark doesn’t include their TFSA dividends because they don’t plan on touching that for another 20-25 years.
Joe from Retire By 40 talks about lifestyle inflation in the RB40 household. His wife has been visiting her coworker’s homes and she wants more room. They have compromised on taking over the other half of the duplex after the tenant moves out. I also have that same problem when I visit other people’s homes. I guess this is where the original “influencer” came about (acquaintances and friends), pre-social media. I especially liked Joe’s comment about how their bank balances are probably not as good despite having nice cars and houses.
I saw a great quote somewhere… that your investment account balance is the result of your delayed gratification.
Ben Carlson from A Wealth of Common Sense states that Americans have never been wealthier (the median net worth of American households went up a whopping 37% from 2019-2022) but they are still miserable. There are a few reasons for this, one of which is the negative click-baity financial media.
Maria from Handful of Thoughts shares their family RESP investing strategy. Here’s our RESP investing strategy if you’re interested. We opted to front load and then contribute the $2500 annually for each child. Our family RESP is sitting above $100,000 again after a dip in the previous weeks.
Have you had a bit of lifestyle inflation?
In which expense category? (I suppose groceries is the obvious one for many)
GYM is a 30 something millennial interested in achieving financial freedom through disciplined saving, dividend and ETF investing, and living a minimalist lifestyle. Before you go, check out my recommendations page of financial tools I use to save and invest money. Don’t forget to subscribe for blog updates, a free dividend yield spreadsheet, and the free Young Money Bootcamp eCourse.