What Investing $250 Every Month on Looks Like After 2 Years

[@FIREWeGo]

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[@kevinfestner6126]

The value of dollar cost averaging, and second, not timing the market, but time in the market. In Schwab, I go between the schd, which is a domestic dividend fund, and schy, the international dividend fund. An etf called cowz is a value investing fund, which I am dollar cost averaging into. Here in the U.S., we have qualified and non-qualified dividends. Qualified dividends are taxed at capital gain rates, non qualified are taxed at normal income levels. Since 2015, I have been on a similar journey to yours. I recall exactly where I was when I made this decision (driving east on Centennial Parkway telling myself, I can change this). Looking back, this was a powerful decision.

[@FIREWeGo]

Is so true, once you decide to change your life and begin taking those steps, you never look back. The future is something brighter! You're well on your way as well to financial freedom. Great job! And, we may just look at that SCHY!

[@mikep4869]

TFSA could have been better named the "Tax Free Investment Account'. But let's face it, if folks are naive to think they can only have a savings account, then they deserve to have only a savings account. As a society we do a terrible job at personal financial education. Banks certainly exploit this lack of knowledge and keep most people trapped in debt and living with poor financial habits. I believe that younger people today are better informed than I was in the 80's. You guys had a self-awareness moment, and through your channel, you have shown your viewers one path out of it (all the way to retirement), in record time.

[@FIREWeGo]

Thank you, Mike! You're so right about the terrible job our education system does. We truly hope that younger people are more prepared and starting their investment journey's earlier in life!

[@TCTALKSTCFITNESS]

Everything adds up. Investing long term is key, keep up the great work 💯💪🏾🍀

[@FIREWeGo]

Thank you so much!! 😊

[@virnsky]

Dining out is also one of our biggest expense. We have factored this in our budget as it is something we truly enjoy. Wow, 2022 is such a roller coaster ride!

[@FIREWeGo]

Lol, 2022 was definitely an up and down year! We still love eating out as well and have definitely factored this into our budget as well moving forward!

[@User12345fan]

I started a roth IRA in the US in March 2023, and by March 2024 it had gone from 19,500$, to 24500$ And a 25% appreciation, but now I am at 19% appreciation.

[@FIREWeGo]

Any and all growth is great! Congrats on investing in yourself 😁

[@aurafritz5682]

I just started this year What ETF fo you have?

[@sarahthompson5066]

Absolutely keep us updated on this! I Love experiments like this and am going to show my 20 year old son who I can’t seem to convince to invest…..just curious, will you funnel any of your KZbin earnings (which are about to go up now that you will have more time to develop content) into this (even quarterly) and keep it going long-term?

[@FIREWeGo]

That's actually a good idea! Let's see how that works out. We will keep you posted. It's definitely interesting to see the effects of compounding growth and interest 😊

[@nncadi1]

when y'all start your slow travel, will you set up a separate channel for that?

[@FIREWeGo]

Right now, we are planning to keep everything on one channel! Incorporating travel, retirement and finances 🤗

[@Wlachancegofordividend.]

You could sell this stock and purchase a higher yield stock that pays you monthly. Example Horizon’s ENCL. pays $.29 per share monthly. This will increase your portfolio value without having to contribute

[@FIREWeGo]

That's true. there's lots of great monthly dividend options out there! We do have a significant portion of our portfolio in dividend stocks, so we are looking more towards growth for this particular etf 😊

[@epictetus3406]

Will the new tax changes affect your plans? What about the stocks inside the corporation?

[@FIREWeGo]

The new changes won't affect us at the moment. The stocks inside to corporation aren't being sold. We are using the dividends. 😊

[@dominiquetheeasyminimalist]

In your last video, did I understand correctly that you will be considered residents for tax purposes, and that you will still be able to contribute to your TFSA? I thought that this status prevented us from adding money to the TFSA (maybe it applies only to the non resident status). Even though I consulted a tax specialist, I'm still confused 😂

[@FIREWeGo]

Hello! As long as you're a tax resident of Canada, you will be able to contribute to your TFSA. Once you become a non-resident, then you're contribution room stops until you once again become a tax resident 😊

[@dominiquetheeasyminimalist]

@@FIREWeGo Thank you! Looking forward to your next video, take care! 🙂

[@FIREWeGo]

You as well!

[@FJX716]

I put away about $800 a month in ETFs

[@FIREWeGo]

That's a significant amount! Great job. You have to be seeing the returns as well 😊

[@iDrive123]

Most people could find $250 a month if they tried.

[@FIREWeGo]

We like to think this is very doable by everyone too 🤗