what does my first home plan look like! this is the best case scenario of what i want my future to look like in terms of purchasing a home! currently im investing 100% of my FHSA into XEQT and contributing $8,000 every year for 5 years until i hit the $40,000 limit. as of right now, my FHSA is worth $7,968.16. im going to continue to contribute $225 a week until september, then dropping to about $100 a week until april while im in school! i currently have $16,000 of room for this year because i opened it last year and contributed nothing, so the value of it right now has been since midway february. that’s when i started contributing to this account! every summer ill increase my contributions along with my income to make sure i max out my FHSA ASAP, obviously AFTER my TFSA is maxed first. so now what? if we use a 9% average annual return that $XEQT has proven since its inception here’s what my FHSA could look like by the time i want to buy my first home around age 30! Age 21: $7,967 Age 22: $18,200 Age 23: $28,900 Age 24: $40,600 Age 25: $53,500 (final $8k) Age 26: $58,300 Age 27: $63,500 Age 28: $69,200 Age 29: $75,400 Age 30: $82,200 if everything goes according to plan ill have over $80,000 to put towards my first home🤯. but honestly i believe it will closer to $100,000 based on these last few years so im very optimistic! i plan to live at home all this time, my parents (especially my mom) are very okay with it! once i start working full time it’ll be a matter of weeks before i max this out!
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46 Comments
Mcintoshaaaaaaaaaaaaa @Peteraaaaaaaaaaaaaa · 24d
I love that you have a plan. This is so Important. Plus it creates goals for you to achieve. I remember when I bought my first place. It was a 2 bedroom condo in Calgary. I had my fist job after finishing post secondary school. It was a great feeling. Keep it up Jared.
Leeaa Carlso@Burnet · 23d
I'm 5 months away from maxing out my FHSA with a 40% return! I've structured mine to Xeqt 60% zsp 30% hxq 10%
Brown Banks@Jenniferaaaaaaa · 23d
Great plan Jared, LOVE it 👍🏽🙌🏽 The FHSA such a great tool! We max it out despite having zero intentions of buying.
Sharo @Pamelaaaa · 24d
I don't know what area or region you plan to buy, but homes could be very pricey, so don't forget you also have the Home Buyer Plan (HBP) to use for a down payment. Also, you lose your FHSA room after 2 years. If you don't think you can max the contribution room from 2 years ago after TFSA, then think about contributing to FHSA before TFSA.
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