My wife and I are mid-20s, debt free and aren't sure what to do with our savings (we do not want to purchase real estate yet). How can we find out more about being smart with our money?
We're a relatively frugal professional couple with few fixed expenses beyond rent and other bills. Our budget ends up giving us about $2000/month for savings. We are completely debt free with good credit scores.
We live in Vancouver, where the real estate market is still absolutely insane. It's slightly less insane than a year or two ago, but certainly not enough that buying makes any sense. So while we'd like to consider maybe getting a mortgage in ~3 years, between now and then, we'll keep renting.
We'd like to do a little traveling between now and then, but nothing that would exceed a few months worth of savings total. No major financial plans beyond that.
So we're not sure what to do with our savings between now and then. We've got a bit of our savings in RRSPs and the rest in a "high interest" savings account, but it seems like we gotta be able to do better than 1.35% interest.
The only caveat is my wife is very concerned about risk. So something as risky as straight-up stock investment is probably going to be a real hard sell.
I'm not necessarily even looking for advice, I'm looking for where to find advice. Are there canonical books on this topic? Our pretty awesome credit union
can financial advisors, but they obviously have an interest (no pun intended) in getting us to use more of their services.
Searching came up with a couple older questions
, but they're nearly four years old and the economy (seemingly?) has changed a lot since then. Thanks!