To my fellow millennials and those alike.
Money. ” Item or verifiable record that is generally accepted as payment for goods and services”
Lets talk about money! If you haven’t looked at your bank in a month because you’re scared of what you may see. Lets break this horrible habit and take some control back.
I’m going to keep this really simple, hopefully it’ll be pretty easy to understand. And just before we get to the main event: easy ways to invest. I want to toss a quote out there that seriously applies here. “ If you always do what you‘ve always done, you‘ll always get what you‘ve always got.” – Henry Ford.
Pay off credit card debt
- The interest you pay is MORE than any RETURN you’ll likely make on a monthly basis
- Easy way to save money. They’ll actually take it off your pay-stub and you’ll earn some interest. (Pain free! You never see it)
- A bond is when you essentially lend money and the lender pays you interest. After a set time they’ll also return all of your investment.
- Click here for the link
- Grow your initial investment over time (or lose it…)
- Companies will pay you either monthly,quarterly, yearly to invest in them. This is called dividends.
- You don’t necessarily need a large amount of money down to start
- You may also open a mutual fund (be aware of management fees, MER)
Stocks can be a scary term. You mention it to the average Joe and they’ll tell you to be careful. Which isn’t horrible advice. But we shouldn’t fear the market. Learning before you put money in the market is key.
Invest in companies you know & can understand their lingo when reading new articles. Check out their track record, are they growing? If they’re not growing fast perhaps they are paying dividends.
If so inclined, learn about the strategies of Warren Buffet, Peter Lynch Benjamin Graham & George Soros. You’ll be one up on everyone after educating your self.
Check out some of their accomplishments in this investor article
Giving the nature of this article I won’t go in depth on this topic. However if you do want to open a world of opportunity to your self via the market contact your bank and open an investing account. Most major banks offer “Discount Brokers” which allow you to start with AS MUCH or LITTLE money as you choose.
We’ve all heard “pay your self first”. Well it’s true, so do it! Meet with an adviser or set it up online. Have as little as $25 a month go into a RRSP. This will benefit you at tax season. You’ll either get more back because of it… or pay less back. Plus in Canada you can use your RRSP towards the purchase of your first home. You do, however have to put it back for retirement. (The amount you withdraw)
Side note: You can have a mutual fund within a TFSA or RRSP.
I simply can’t stress this one enough! Contact whoever you must to find out what your employer offers for RRSP, Pension, or Stock options. If they’re willing to contribute a % it’s free money!
This is a basic introduction to a few effective ways to grow your savings, or even start saving for that matter. I’ll write more in the future about the stock market and ways you can enter the market with lower risk. If you have more ideas please reach out and leave a comment below!