A few months ago we started financial freedom steps 4 to invest 15% of our income and step 6 to pay off our mortgage before 40.
To invest 10% of our salary. 15% is the recommended amount and our end goal; however, we are going with what we can afford and feel comfortable with 😅, and for now, that is 10%. This percentage will only be calculated on our regular 9 – 5 income.
The Goal date:
There is no goal date or ending balance. This is an ongoing goal.
Step 1 – calculate 10% of our 9 – 5.
Step 2 – determine which institutions to start investing with (we have decided to start with our RRSPs, mutual funds, and a premiere plan)
Step 3 – work out how much we will distribute to each.
Step 4 – set up automatic monthly deductions.
As mentioned before, there is nothing to track or update; therefore, there will be no monthly updates regarding our investments; however, once we start and get a better understanding of how the investing world works, we’ll pop in periodically and share any tips and new things we learn.