Moving from the accumulation stage of my professional career, to withdrawing investments in early retirement was more difficult than I would have predicted a few years ago. For those who haven’t been following me since I started writing Million Dollar Journey back in 2005, I have slowly-but-surely detailed my rise from a very average net worth, to building an investment portfolio that allowed me to reach complete financial independence. Here are some of the key articles that I’ve written ...| Million Dollar Journey
Canadians have fantastic options when it comes to registered accounts. Registered accounts are beneficial for many reasons, the main reason being that they are tax advantaged. Tax advantage accounts are those that allow you to grow your money tax-free or allow you to defer paying taxes until later. However, all registered accounts are not created equal, and before you invest, you want to read our detailed TFSA vs RRSP guide to better understand what these two registered accounts can do for yo...| Million Dollar Journey
If you’ve been following MDJ for a while, you will come to learn that I’m a fan of two investing strategies, index investing and investing for income through Canada’s best dividend stocks. I like index investing (also known as passive investing) for its ease, low cost, and ability to beat most active mutual fund returns over the long term. I use this strategy for: my spousal RRSP; the international portion of my RRSP; and, the education fund (RESP) that I set up for my two kids. Divid...| Million Dollar Journey
How and when to pay yourself through your business. Are dividends better than a salary? Should you use income splitting, are pensions worth it and more.| Million Dollar Journey
Income splitting is a tax-saving strategy that divides a stream of income between family members (usually two spouses). The goal is to apportion as much of the higher-earning family member’s income to other family members, in an effort to get that higher-earning spouse into a lower tax bracket. Some economists and policy wonks have made the argument that income taxation should be applied to the family unit as a whole, and thus negate the need for fancy income splitting accounting altogether...| Million Dollar Journey