Five ways to start investing
Ready to start investing? Here are five simple tips to get you started.
Investing is a great way to use your money to build wealth using RRSPs, tax-free savings accounts, GICs, bonds, and more. Whether you're saving for a new car or building your happy retirement nest egg, having a strong investment portfolio is key to making your financial dreams come true. If you’re new to the world of investing, you may be unsure of how to begin. We can help.
Here are five simple tips to help you get started:
- It’s never too early (or too late) to begin. There’s no time like the present to start investing—you can start at any age. Starting early gives your money more time to grow. If you’re older and haven’t started yet, don’t worry. You may have to invest a bit more, but great returns are still possible. No matter what your age, investing is always a smart thing to do.
- Set aside a specific amount each month for investing. Take a look at your budget and decide how much you can afford to put towards investments each month. If your finances are limited and you can only afford a small amount, that’s okay. Even a small amount will grow over time thanks to compound interest.
- Save yourself the guesswork—talk to an expert. Our advice is free and saves you from having to figure it out on your own. Make an appointment with a financial planning expert at your nearest branch today. They’ll answer all of your questions about investing and recommend the best options for you.
- Take advantage of your employer’s group RRSP.Many employers offer group RRSPs as a benefit, and some will even match your contributions. If this is the case, enrolling is a simple way to kickstart your investment plan.
- Don’t put all your eggs in one basket—diversify! Not every investment option will respond the same way to impactful economic events. Some will fare better than others. Having different types of investments means that if one of your investments is doing poorly due to events beyond your control, you have others to fall back on so that your risk of financial loss is minimized.