TFSA account sizes | Tax Free Savings Accounts | Discussion forum

Swinging for the fences with tech stocks. I am guessing a single investment in QQQ ETF may have done that, especially using puts and options. Per Morningstar, QQQ has a 10 year CAGR of 18.5%.

Added: It took me until 2015 to realize I was missing the boat by simply investing in a 5 year GIC ladder in a tax free (after tax) account. I switched gears into a more balanced equity/fixed income mix and finally moved to 100% equity once my last 5 year GIC matured circa 2020. I would have never invested in QQQ myself but even something like XIU from the beginning would have been a better choice.

Dean said

But seriously, how does one turn $95K (TFSA max contribution) into $5M+
... what Magic is involved ❓❗

I'd like to know.

Dean

  

High performing stocks. Probably owned some or all the magnificent 7.

From the G&M article talking about the 29 Canadians

How are people building high-value TFSAs? A survey of TFSA Trouncers shows that Nvidia and Tesla shares, energy stocks and Chinese stocks have played a role. A reminder of how challenging it is to achieve this kind of investing success can be found in the story of the guy whose TFSA peaked at $1.7-million thanks to an investment in Tesla. A pullback in the price of these shares brought him back to $1-million, still an impressive achievement.

It very clearly takes a number of speculative bets and getting lucky to have a >$5M TFSA. No one is talking about the X number of Canadians who speculated and lost their shirts. Strictly entertainment value.

AltaRed said
From the G&M article talking about the 29 Canadians

How are people building high-value TFSAs? A survey of TFSA Trouncers shows that Nvidia and Tesla shares, energy stocks and Chinese stocks have played a role. A reminder of how challenging it is to achieve this kind of investing success can be found in the story of the guy whose TFSA peaked at $1.7-million thanks to an investment in Tesla. A pullback in the price of these shares brought him back to $1-million, still an impressive achievement.

It very clearly takes a number of speculative bets and getting lucky to have a >$5M TFSA. No one is talking about the X number of Canadians who speculated and lost their shirts. Strictly entertainment value.  

Well some may call them speculative or they just have the vision and balls that most dont.
Kudos to them rather than envy.

pwm said
I'm surprised at such low numbers. My two TFSAs each just went over the $200k line and I only hold the usual Canadian dividend ETFs as well as BCE and ARX. Nothing exotic. Of course I've never withdrawn any money, but I thought most people like me who have maxed them out from the beginning, would have over $200k.  

Ours are at $170K each. Used TFSAs for HISAs and didn’t start investing within them until 2016. Using them for HISAs was the most stupid financial thing I ever did. Also, our US investments are in RRSPs/non-reg, which saves on withholding taxes but hurt TFSA growth.

Without breaking it down into age groups the numbers don't really indicate much.

Be interesting to see the breakdown for those who have contributed the max and not withdrawn anything since day one, that would show the impact of different investment strategies.

I seem to recall the discount brokers I deal with all offered TFSA accounts pretty much right from the get-go.

From the people I know it seems some folks can't help but raid their TFSA accounts when they get a bit of a pile in there, take a trip or make another large purchase, use it like a forced savings account or something.

Bill said

. . .

Be interesting to see the breakdown for those who have contributed the max and not withdrawn anything since day one, that would show the impact of different investment strategies.  

I fit that ⬆ bill.

But due to my conservative investing, I'm only up by ~ 38%.

No matter ... it's my Shiny Little Tax-Free Nest Egg.

Dean