Logically, we should save for retirement first, then buy and pay off a house, and nearing retirement have children. Life doesn’t work like that.

Here’s my advice to my daughter sons, who is in her 20s, has a good job and a little money to spare will soon have good jobs:

Since If your company matches RRSP contributions, take as much of that free money as you can afford. Then forget about it and let compounding work for you.

Open a Tax-Free Savings Account (TFSA) and use payroll deduction to sock it away. Add a portion of a raise or bonus. You won’t miss what you can’t see. This cash can be used for anything later on: a house, a condo, travel.

In the meantime, have fun. You’ve given yourself a head start and in the end that will pay off.

Read the full article from the Toronto Star.