This could be a long story (LOL). I will try to shorten it up a little bit…
The concept of money making money has always fascinated me. I opened my RRSP at about age 22 with $200 in change (coin) at my local BMO (With a goal to retire early someday and see if and how money really does make money!) The TFSA did not exist at that time. I am not a major risk-taker so “income” and “interest” related mutual funds scratched me where I itched. 🙂 I would add a few dollars here and there over the years; I even tried to max-out my RRSP from time to time. That was approximately 1989(ish). Skip forward to 2020!
Time flies when you’re having fun/living/working etc. Of course, there have been many ups and downs, but I’m still here: working towards an early and comfortable retirement and still loving dividends, interest and monthly income! I discuss more about monthly dividend and interest income specifics on my “monthly income blog!”
I also have a wonderful family, a pretty good education (BBA, BEd and an MBA) and a great job as a full-time faculty at a major post-secondary institution in Halifax, Nova Scotia. As “luck” would have it, I spend a lot of time teaching economics, financial planning and the CSI.ca industry exam course, Investment Funds in Canada (Mutual Funds) among other business and commerce courses. Not only do I get to educate young people about really important “financial life” subjects, but I learn something new myself, EVERYDAY!
After making some investing mistakes in my 20s and early 30s (Chasing stock tips and unsustainable ROI), it finally “hit me” once and for all – get my money working for me, instead of the other way around. The answer: (buy & hold!) dividends, dividends, dividends; interest, interest, interest! It’s like free money, it really is. Amazing.