Caroline is good at saving, bad at planning. What should she do with her cash?

Caroline says she’s in a good place financially and has been a diligent saver throughout her life. The 33-year-old public relations employee makes $67,000 a year, is debt free and has put away a decent amount over the last decade. But she doesn’t know where to go from here and where to invest her money.“I thankfully don’t have any debt and I have about $80,000 in savings from family and working over the years,” Caroline says.

Caroline recently adopted a kitten and “taking care of her is more expensive than I expected,” so she is looking into whether she should get pet insurance. Stock markets can go up and down a couple of percentage points per day and can be up or down double-digit percentages during a given year. Over the long run, they tend to generate high single-digit returns. Individual stocks can be even more volatile and that is one reason to make sure you have a diversified portfolio of stocks. An investor should probably own at least 20 individual stocks.

Caroline asks about pet insurance for her new kitten. My take? Insurance companies need people to collectively pay more insurance premiums than they pay out as benefits. That is how they stay profitable and make money. So the average person buying pet insurance is going to end up paying out more than they get back, or more than they would have paid out of pocket for pet-care costs.

Majority of it in bitcoin. The rest in cash for expenses

Are these budgeting articles written by AI? “Caroline recently adopted a kitten and “taking care of her is more expensive than I expected,”” they budget $250 per month for a kitten?

Here is a suggestion for Caroline : Don’t get financial advice from TorStar

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