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Helping Canadians with Personal Finance Since 2006

Welcome to Million Dollar Journey! If you’re new here, you can learn about me and even follow my financial journey to becoming a millionaire by 35 through my net worth updates. Since hitting the Million Dollar milestone, I’ve been documenting my journey towards financial freedom that you can read about here. If you are just starting your own financial journey, you can start with Financial Freedom 101 located in the navigation bar above. Before you leave, check out my latest articles listed below and don’t forget to subscribe to my updates!

The Ultimate Guide to Safe Withdrawal Rates in Canada (For Any Retirement Age)

By Kyle Prevost | November 3, 2019 |
The Ultimate Guide to Safe Withdrawal Rates in Canada

You’ve been reading MDJ for years, have used your Questrade DIY discount brokerage portfolio to accumulate a solid nest egg that includes your TFSA, RRSP, and perhaps even a non-registered account.  Now comes the time to start your retirement drawdown or withdrawal strategy. Surprisingly, when it comes to discussing Canadian safe retirement withdrawal rates, and…

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How Do I Maximize RESP Withdrawals?

By FT | October 28, 2019 |

With my oldest child turning 11 this year, my mindset and strategy for our family RESP is starting to shift from accumulation and growth to a more balanced portfolio. This has many similarities to retirement planning but on a smaller scale. In your younger years, there is a focus on growth, but as retirement approaches,…

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Being Grateful, Re-balancing your Portfolio, Recession is Coming, It’s Hard to Buy Nice Things, and More!

By FT | October 15, 2019 |

I hope you all had a great Thanksgiving long weekend!  If you take a moment to reflect, there are so many reasons to be grateful.  For me, the top of the list is my family.  Having a loving and supportive spouse, and the blessing of watching my children grow up before my eyes.   It’s almost…

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Running out of HELOC Space with the Smith Manoeuvre

By FT | October 7, 2019 |

If you’ve been following the blog for a while, you may have heard about the Smith Manoeuvre. At a high level, it’s a long-term investment strategy for investors with high risk tolerance.  Essentially, it’s where an investor borrows against his home (using a HELOC) to invest in the stock market, business, and/or real estate.  The plan…

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Reader Mail: I’m a Low Income Senior – RRSP or TFSA?

By FT | September 30, 2019 |

A reader emailed me recently about being a low-income senior, but with some savings ability and was wondering if it makes sense to start an RRSP or a TFSA. The email did not include a lot of details, but for the most part, my answer would be the same – TFSA. The next question is…

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Free Canadian Financial Summit tickets, Getting Retirement Ready, Living off Dividends and More!

By FT | September 23, 2019 |

Sponsored RBC InvestEase contacted me to help spread the word on a new educational initiative that they started to help beginner investors.  As they have launched a very competitive robo-advisory service that I positively reviewed, they are building an educational database of articles to help with your investing journey. Check out RBC InvestEase articles on…

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Financial Freedom Update (Q3) – September 2019 – Reaching the Cross Over Point ($53,400 in Dividend Income)!

By FT | September 16, 2019 |

Welcome to the Million Dollar Journey September 2019 (Q3) Financial Freedom Update – the third update of 2019!  If you would like to follow my latest financial journey, you can get my updates sent directly to your email, via Twitter or Facebook, and/or you can sign up for the monthly Million Dollar Journey Newsletter. For those of you new here, since achieving…

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Late Starting your RESP? Here’s how to Catch UP!

By FT | September 9, 2019 |

A friend of mine, Gary, recently asked me about registered education savings plans (RESPs) and if it’s too late to get started. Gary’s kids are 14 and 12, and while a bit late in the game, there is still time to take advantage of free government money. What is an RESP? An RESP stands for…

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