InvestingThis is how we're all going to retire rich, pals—and it's not as intimidating or hard as you think.
Investing is something we all need to do.
Once you’ve got a solid financial foundation—an income, an emergency fund, and you’re able to cover your bills and save a bit every month—investing is one of the most important things to tackle on your financial to-do list. It’s the best move you can make for your long-term savings, like the money you’re stashing away for retirement, because it’s the only way you’ll be able to outpace inflation and retire comfortably someday.
Think about this: to save up a million dollars without investing it, you’d need to put $2380 aside every month between the ages of 30 and 65.
If you invested your money starting at 30, and earned a 5% return after fees, you could end up with a million dollars by only putting away $900 every month. Sure, that’s still $900 a month, but it’s $1480 less than you’d need to stash away without investing your money.
That said, investing is a complex topic, and people spend entire university degrees and careers studying it. Luckily, you don’t need to get that deep to set up an investing approach that works for you—and it’s so much easier than you think it’s going to be.
Learn the basics with a free, five-day course
If you’re starting from square one when it comes to investing, this is the best place to start. It’s a free, five-day course delivered straight to your inbox, and walks you through the absolute basics—with Harry Potter references and all. By the end of the course, you’ll be confident about which beginner-friendly option is the best fit for you to use to invest and how to get started.
Let the tools do the heavy lifting
For most investors, you want a few things. Your investments should be easy to manage, low cost, and try to match the market—not beat it. While achieving this used to mean going out and buying a few low-cost ETFs, there are now tools that can do all that for you: robo-advisors. Here are three of the best ones, and who they’re a great fit for.
A perfect fit for beginners, with a gorgeous interface, easy-to-use app, socially-responsible portfolio options you can choose with the click of a button, and you can get your first $10,000 managed free by signing up through Half Banked.
A stellar option for higher-net-worth investors who want the ease of a roboadvisor with the lowest cost for large portfolios. Flat fees capped at $80 a month, personalized portfolios, and more make it a great fit for those who have more assets.
A great roboadvisor for people who want more choices in the same easy-to-use format. JustWealth offers over 60 portfolios, including target-date options, so you can be sure your portfolio is aligned with your goals.
Everything you didn’t learn in school about what the TFSA is, how it can help you retire a rich lady, and why it’s basically the worst name ever given to a tax-advantaged account.
Your RRSP is a heckin’ powerful account that can save you a lot of money in taxes—if you use it properly. Figure out all the nuances of the account and how to use it right this way.
Over the past four years, I’ve written a lot about it, but even that only scratches the surface, because investing is one of those really complex topics you could study for a decade and still learn something new every day. That’s why it can feel so intimidating—but it doesn’t have to.
Whether your side hustle is a few bucks here and there, or a more structured, consistent source of income, you need to manage it (and you definitely need to track it for tax time!). Here’s a system I use to do exactly that.
There are a lot of Wealthsimple reviews out there, but many of them lack one thing: A reviewer who has personally used them for almost four years. That’s where I come in. Wealthsimple was the first service that made it easy for me to start investing my money, and I’ve...
It’s classic investment advice: diversify your portfolio! But if you’re new to the world of investing, that probably means less than nothing to you. Diversify with what? And how? The good news is, I guarantee you’re already familiar with the concept of...
With the way the financial media covers the economy, it’s no surprise that from time to time, you might wonder how to prepare for a recession. Luckily, there are some solid, common-sense, basic things you can do to prepare your finances for a recession, although quite...
This post is a sponsored collaboration with BMO SmartFolio, but all opinions and stories are my own. When you think about saving for retirement, do you think about your Tax-Free Savings Account (TFSA)? If you’re not, you should—for a few reasons. Sure, your TFSA might...
This post is sponsored by Alterna Bank, but all opinions and stories are my own. When I was a student, I was not reading personal finance blogs—let’s just make that clear right now. I wasn’t terrible with money as a student in the grand scheme of things, but I...
If you’re worrying about your retirement savings, same. Here are the concrete, actionable steps I’m taking to feel more secure about my retirement plans.
Raise your hand if your investment accounts have been uh, less than fun to look at this year. I’m not necessarily just talking about the recent market volatility over the past six weeks either. Nope, my portfolio with Wealthsimple has been flirting with a certain...
This post is sponsored by RBC InvestEase Inc. All views and opinions expressed represent my own and are based on my own research of the subject matter. I am all about making investing more accessible for everyone. I’ll never forget how intimidated I was, or how much...
This is it, the moment you’ve been waiting for. Today, we’re going to talk about some of the most accessible ways for you to actually invest your money. Because you know what? You’re ready. That is, you're ready if you're reading this and you already have... A good...
The internet is so mad! Again! About retirement guidelines! If you’ve seen the “by 35, you should…” meme out of context, it’s all based on an article in MarketWatch that recommended—accurately—that you should have 2x your salary put away for retirement by the age of...
If you’re being inundated with emails and messages about how you should contribute more to your RRSP, don’t worry. Here’s everything you need to know about making the right choice for you, sans sales pressure (your RRSP will still be there on March 2nd.)
If you’ve seen any standard retirement advice, like “Save 1x your income by the time you’re 30” and been horrified—don’t worry. You don’t need to save that much, as long as you’re investing your money. Here’s how.
You might have already gotten a sales pitch about whole life insurance, or you might get one in the future. I’m here to help, by explaining why you almost 100% do not need whole life insurance, and what you should get instead when you do need some kind of life insurance.
It is so, so, so tempting to buy individual stocks, especially if you hear people around you having great success with it. But will you actually be able to beat the market and “win” at picking stocks? Here are your actual odds.
I sat down with my fiance to talk about his cryptocurrencies—what he has, how he got it, and what it all means. We’re not retiring on his Bitcoin or anything, but there are some solid lessons for anyone about investing in here, even if you still don’t really “get” crypto.
Passive income is a real thing—but maybe not in the way that you’re thinking. Running a blog? Not passive income. Investing your money, and having it work for you? Pretty heckin’ passive. Here’s how I got started.