It is possible to live the good life. Not because you make more money than everyone else but because you handle your money properly over the years. In other words, choose to make better decisions about your money. The good news here is that making sound financial decisions does not need to be difficult. One crucial point all financial advisors agree on is that we all need to save. A sound retirement plan is not only easy to set up but also maintenance free once you have your plan in action. Both RRSPs and TFSAs are products that let you save a portion of your income and allow your money to grow tax-free for as long as it remains inside. Keep this tip in mind: RRSP: you don’t pay taxes now, it grows tax-free and you pay taxes later. TFSA: Pay taxes now, grows tax-free inside, you don’t pay taxes later. It’s important to consider and know your options but never underestimate the remarkable power of time and compound interest.
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