3 things to set up at 18 🇨🇦 to become financially free

Here three things that you should do the moment you turn 18 in Canada to start building towards financial freedom. Number one is to apply for your very first credit card. And you'll get things like points and cash back for everyday purchases that you wouldn't get if you just stuck with your normal debit card. Also, you build your credit score so if you were to take a loan out in the future, say for a car, you might get a potential lower rate as well as easier approval. Number two is to switch from that normal savings account to a high interest savings account. For example, ScotiaBank has a savings account with 1.5% interest on a balance of over $10,000. This is great for your emergency fund because if you had some unexpected occurrence happen, you can dip into this fund and it's still earning a little bit of interest, aka it's growing over time. And No. 3 is, probably the most important, it's to open up a brokerage account, aka an account that you can purchase investments with. Some that I would recommend are either RBC, Wealthsimple, Questrade or Moomoo. And once you set up with either of these, you just need to open a specific account, a tax free savings account. This specific account will let your money grow tax free over time. So when it comes time to withdraw for retirement, you don't have to pay any tax. Personally, I invest in low cost ETFs like VFV, XEQT or XIU. That's basically it. If you have these three things down, you have a solid foundation for building financial freedom. Make sure to save this video for more personal finance content.