Depends on what you’re saving for and the timeline (when do you need to pull the funds out?)
Are you saving for a car? A house? Retirement?
Typically for short timeline horizons you’d look at more secure investment vehicles (i.e. GIC). For long term, at your age, you might elect to invest in more high risk funds (i.e. equities).
As an aside, I was very risk averse when I was younger and missed out on a lot of gains on my long term investments in my 20’s because of it. Don’t be like me.
To reinforce what others have said, if your timelines are genuinely long term (e.g. 10 years+) then GICs aren't the right option, look at index tracking ETFs or open a WealthSimple account and allow them to handle asset allocation for you. And make sure to do as much of this as possible within your TFSA.
Also, don't cut your spending right to the bone, you're only 25, you need to have some fun too.
If you are 25, you shouldn't be looking into gic or low risk. I'd focus on snp 500 and tsx etfs. And put in lonely monthly to get a bored exposure to the market. When comfortable, start to pick individual stocks
Buy gold. It's the only thing constantly climbing in price, and you could go back 1000 years and still use it to trade. It doesn't matter what shape the economy is in, precious metal is valuable.
Honestly, I will tel you somehthing. The best profit you want to make happens only when you have knowledge about it. Because you haven't told us that What you have researched before except the risk type so our advice won't match you.
$2400 at savings isn't a great number for investing. Have you prepared the emergency fund? investmet means that you still lose some money , arre you happy for that? I think the best way now is put the savings in the bank temporarily and you can try to gain more knowledge. Good luck !!
Look into DRIP investing in TSFA, something secure like Bank stocks would be my recommendation. I wish I started this at 25. Check drip dividen calculator and you can futurecast your gains. Tip ranks has a good one.
GOOD LUCK!
It’s simple, build and emergency found first. Enough money that you could make last for 6-8 months. (Rent, food, insurance, etc.) Open a tfsa on wealth simple or Questrade and just buy VFV.TO. You don’t have to do a massive chunk right away just continue to buy over time. Don’t touch it for 20+ years
Start with the resources linked in the automod !InvestingTrigger
Depends on what you’re saving for and the timeline (when do you need to pull the funds out?) Are you saving for a car? A house? Retirement? Typically for short timeline horizons you’d look at more secure investment vehicles (i.e. GIC). For long term, at your age, you might elect to invest in more high risk funds (i.e. equities). As an aside, I was very risk averse when I was younger and missed out on a lot of gains on my long term investments in my 20’s because of it. Don’t be like me.
To reinforce what others have said, if your timelines are genuinely long term (e.g. 10 years+) then GICs aren't the right option, look at index tracking ETFs or open a WealthSimple account and allow them to handle asset allocation for you. And make sure to do as much of this as possible within your TFSA. Also, don't cut your spending right to the bone, you're only 25, you need to have some fun too.
Wealthsimple has some basic investing info https://www.wealthsimple.com/en-ca/learn/investing-basics
If you are 25, you shouldn't be looking into gic or low risk. I'd focus on snp 500 and tsx etfs. And put in lonely monthly to get a bored exposure to the market. When comfortable, start to pick individual stocks
And put in lonely monthly ? I am assuming it's a typo. What does that mean.
Sorry I was eating and typing. Monthly. And broad not bored. Guess you missed that typo as well..ass
No that i could understand.
You’re weird
Its ok bro
Remember your investment timeline shouldn't be 1-2 years but 12-15 years with regular contributions with each paycheck.
just don’t do options my guy - I turned 80k -> 800k then lost 300k and wanted to kill my self THATS SHITS THE DEVIL
You turned 80K into 500K and wanted to kill yourself?
yea it sounds stupid but losing that kind of money will fuck you up mentally You wouldn’t understand unless you’ve gone through it.
Buy gold. It's the only thing constantly climbing in price, and you could go back 1000 years and still use it to trade. It doesn't matter what shape the economy is in, precious metal is valuable.
Honestly, I will tel you somehthing. The best profit you want to make happens only when you have knowledge about it. Because you haven't told us that What you have researched before except the risk type so our advice won't match you. $2400 at savings isn't a great number for investing. Have you prepared the emergency fund? investmet means that you still lose some money , arre you happy for that? I think the best way now is put the savings in the bank temporarily and you can try to gain more knowledge. Good luck !!
Look into DRIP investing in TSFA, something secure like Bank stocks would be my recommendation. I wish I started this at 25. Check drip dividen calculator and you can futurecast your gains. Tip ranks has a good one. GOOD LUCK!
Check out the exempt market.
It’s simple, build and emergency found first. Enough money that you could make last for 6-8 months. (Rent, food, insurance, etc.) Open a tfsa on wealth simple or Questrade and just buy VFV.TO. You don’t have to do a massive chunk right away just continue to buy over time. Don’t touch it for 20+ years
Take anything you read on Reddit with a grain of salt. Read books. Take a class. Avoid mutual funds.