Ultimate Personal Finance Guide for Canadian Students: Bank Accounts, Credit Cards & Investing Tips

About this Video

• Video Title: Ultimate Personal Finance Guide for Canadian Students: Bank Accounts, Credit Cards & Investing Tips
• Channel: Lispman Finance
• Speakers: One speaker (Lispman Finance)
• Duration: 00:09:09

Introduction

This video provides a personal finance guide for Canadian students. The speaker shares their experience and recommends steps for opening bank accounts, choosing credit cards, and starting an investment journey. The focus is on practical advice and simple strategies for building credit and wealth.

Key Takeaways

• Open a checking account with a major Canadian bank: Many offer free accounts for students. The speaker suggests BMO due to its student credit card offerings.
• Apply for a student credit card: Building credit history early is crucial. The BMO student cashback MasterCard is highlighted for its simplicity and cash-back rewards on groceries (up to $500/month at 3%).
• Pay credit card balances in full each month: Avoid high-interest charges (potentially 20%) by paying off the full balance. The speaker emphasizes the importance of not treating credit cards as free money.
• Open an investment account: Even without significant funds, opening an account and learning to invest early is recommended. Wealthsimple Trade is suggested as a commission-free platform for starting with ETFs.
• Consider a second credit card: Once you have some income and credit history, a second card like the Simply Visa Cash Back (4% cash back at restaurants) or Rogers MasterCard (if a Rogers customer) is suggested.