Ask Sherry: Where do I stash all my money?

You asked, and I am answering every Friday once I have enough questions!

You can ask any question using the form here.

Where do you prefer to keep the bulk of your money?

Invested. Not spent.

If you are interested, my money is parked here:

• EQ Bank: Good, general 2.3% high interest savings account; subject to change
• Tangerine: Use my Orange key { 32726976S1 } for free money ($50 once you deposit $100; and I get $50 too)

…and invested here:

• Lending Loop: Use my referral code { 7b03f0 } to earn $25 once you lend out $1500 to small businesses yourself; I have under $10,000 on loan right now. My yield is 11.8% right now (this is how you get started in private lending with Lending Loop)
• Questrade: Use my QTrade referral { o0soehds } for $50 in free trades (this is how you buy & trade on Questrade)
• TD Bank: In their E-Series mutual funds, I can’t move this locked in retirement money (this is how you buy e-series with them)

In retirement accounts, after-tax investment accounts, savings accounts?

I am not sure the nature of your question exactly, because it really depends.

I like U.S. funds in retirement accounts because of the tax treaty, I like money in after-tax investment accounts because I get to pull the money and only pay taxes on it if I had capital gains or earned dividends, and I like savings because I don’t have to liquidate anything.

If I could, I would put all of my money into the Tax-Free Savings Accounts (TFSA) but #FirstWorldProblems that is completely maxed out under my name, and I have no more contribution room.

Failing that, it then depends what I want to do with the money.

If I want to use it to live, I prefer savings accounts.

If I want dividends, I prefer after-tax investment accounts, although I have it all on a Dividend Reinvestment plan (DRIP).

If I wanted growth for retirement — retirement funds are the best.

Depends!

How do you prefer to distribute the money in the course of your life (how much here and there)?

I haven’t thought much about this.

I just figured I would save as much as I could, and when it came time to retire, I would see how much I would be forced to take out from my retirement plan when I hit 71 (e.g. Registered Retirement Savings Plan — RRSP), and then cover the rest of my living expenses with dividends and/or savings.

Do you plan to ever invest in real estate?

Umm… other than owning my own home free and clear? No.

I don’t plan on ever buying a place and becoming a landlord of any kind.

What kind of retirement plan do you have?

All of them. Not sure if that is what you are asking, but I am maxed out in all my retirement plans.

I also plan on retiring sometime around 55? 60? No idea yet if I even want to retire to be honest.

Is this money invested in the stock market?

Yes. The bulk of my money is invested in the stock market, although I am not sure what you are asking specifically because “stock market” is so general as a term…. do you mean individual stocks? funds? bonds?….

Are you afraid of death?

No. I guess I am too young to be afraid of it. I am only scared of it because I think of what would happen to Little Bun after I pass. I just worry about him, and I will, until the very end.

What do you think happens to us after we die?

We just die. I don’t believe in afterlife, or any kind of phenomena like that. I think we live, and then we die. The End.

The only way we live on is in the memories of others around us who we have influenced, touched, or in my case, have a child who will remember me until he has gone too.

What are the things that you are afraid of (if any)?

Snakes. Really don’t like snakes. I have tried, but I hate them.

I do however, love eating eel….. isn’t that odd?

Still have a burning question?

You can ask any question using the form here and all of my previous Ask Sherry posts are here.