34F in Toronto able to invest $4,000–$6,000/month — looking for advice on building long-term wealth
I’m a 34-year-old woman living on my own in downtown Toronto, and I’m looking for some advice on how to invest responsibly and build long-term financial security.
I’ve finally reached a point where I expect to be able to save and invest approximately $4,000–$6,000 per month. I work a full-time job, do freelance work on the side, and also have a part-time job at a wellness bar. I’m working quite a bit right now because I want to take advantage of this stage of my life to build a solid financial foundation for my future.
A little background: Until recently, I was heavily involved in supporting my family financially and contributed a significant portion of what I earned toward them. Thankfully, I have a good relationship with my family, and I don’t view that money as necessarily lost forever. I may eventually inherit some assets, although I don’t want to rely on a potential inheritance when planning my own financial future.
I’m now trying to prioritize my own financial well-being, retirement, and quality of life. I want to be financially secure enough to travel, enjoy my life, handle unexpected expenses, and eventually retire comfortably without constantly worrying about money.
Here’s where I currently stand:
I’ve been contributing to my FHSA and RRSP.
I’ve also been contributing approximately $1,000 per month to my TFSA since June.
I currently hold some XEQT.
I’ve also invested in DMG Blockchain Solutions and previously made some money on blockchain-related stocks, although my recent experience has been much less positive.
I realize that individual stocks and speculative investments can be risky, and I’m increasingly interested in taking a more disciplined approach rather than trying to pick winners.
My questions for those of you who have experience investing in Canada:
If you were in my position, how would you allocate $4,000–$6,000 per month between your TFSA, RRSP, FHSA, and a non-registered investment account?
Would you focus primarily on broad-market ETFs like XEQT, or would you allocate a smaller portion of your portfolio to individual stocks?
Are there particular ETFs or investment strategies you would recommend for someone with a long-term retirement horizon?
How much would you keep in cash or a high-interest savings account before investing aggressively?
If you were starting over at 34 with a good savings rate, what would you do differently?
I’m not looking to get rich overnight or gamble my savings away. I want to make smart decisions, take advantage of the fact that I can save a meaningful amount right now, and give myself the best chance of building wealth over the next 20–30 years.
I’d really appreciate hearing about your experiences, mistakes, and lessons learned. Thank you!