3 Ways To Get The Most Out Of Passiv
Warren Buffet, one of the richest men in the world, once wisely stated,“Price is what you pay, value is what you get.” After months of interacting with our early users, we’ve decided to put this short article together as a “cheat sheet” of sorts to help you get as much value from using Passiv as possible. So without further ado, here are 3 ways you can get the most out of Passiv.
Manage as many accounts as possible
The most obvious way to get as much value from using Passiv is to use it to manage more than one account. Do you have a kid? If so, you could open a Registered Education Savings Plan (RESP) account with Questrade to take advantage of free money from the government. Here’s more information on RESPs. Do you have a significant other? Does she/he have a Questrade account? If so, you could seamlessly manage your spouse’s account with Passiv. The idea is to get the most out of Passiv by using it to manage your entire household’s investments. Let’s pretend that both you and your partner have an RRSP and TFSA, and you’ve set up an RESP for your kid. That’s 5 accounts for the price of one!… Not bad eh?
Set up recurring contributions & reinvest those dividends
In other words, pay yourself first and do so regularly. Why have your money sit on the sideline when your money could be working hard for you? You can do this by setting up recurring transfers into your brokerage account via pre-authorized deposits or online banking bill payments. It may take a day or two for the money to enter your account, but don’t worry we’ll let you know when the money comes in, as well as the trades that are needed. Not only will you get the most out of Passiv but you’ll also have one less item on your to-do list. Here is more information on how to set up recurring transfers.
Saving for retirement is all about forming “positive investing habits”. One of these habits is to reinvest your dividends while in the accumulation phase. Whenever Passiv notifies you of dividend payments, don’t hesitate to put that money back to work for you. This way you can grow that investment portfolio and reach your retirement goals fast.
Use One-click trades to save time and money
Congratulations, you’ve made your future self over 30% wealthier by not investing in high-fee mutual funds. However, it shouldn’t have to come at the cost of taking shorter lunches, spending time making trades and updating spreadsheets. When compared to the alternatives using Passiv’s one-click trades feature will save you a ton of money and time. Especially if you’re managing more than one investment account. Once you’re set up with Passiv, all that’s needed is one-click each month.