Investing - where to start

[Prairiewolf]

Welcome to the world of uncertainty.

If I were you I'd inquire about a high-interest savings account for now and use the next few months to get familiar with a practice account. Make it a point to learn one new term every day (dividend, cash flow, NOI, ROI, MER, put, call, etc). Start reading financial institution blogs (not Motley Fool, Stockhouse Bullboards, or anything where you'll be swayed by pump and dumps - there's your first term...).

Don't get in a hurry, and as I've said on another thread, don't invest in anything you don't understand.

[skidderman]

Many of us learned through the school of hard knocks. It's a tough road. In my experience:

If going to mutual funds only two worth looking at. Mawer or Steadyhand. Low fees & likely as good of returns as others.

Avoid mutual fund co's like Investor's Group & even the banks. Their fees are high & they will give you a canned approach.

Start out very cautiously & learn on min amounts.

My experience on financial advisor's is most talk too much & listen little. I won't use one any more. Have had several & all except one sucked.

I would not go into single stocks but if I did only invest in bricks & steel. Example is CN Rail & CP Rail or something similar.

Real estate, especially commercial can be good but one has to have the right mentality dealing with druggies, no payer's & so on if residential.

Cash is always good. Banks like EQ Bank pay a bit of interest & cash is fluid.

Be patient. And good luck.

[150fighter]

There are so many different scenarios that will change what your investment strategies should look be. You need to first ask yourself what you are investing for, long term (like retirement long term), or short term (buying a house in a few years).

If you are saving up for a down payment and looking at taking out the money in the short term, it is not advisable to put your money in the stock market, because one year you may see a 50% drop in your account balance. People recommend sticking your money into a HISA (high interest savings account).

If you are looking to invest for long term, and will be able to weather the storms of the stock market, then there are a few different criterias you need to consider on choosing a TFSA or RRSP.

Unless …
•your employer is matching your RRSP contributions
•you are confident that you will be contributing in a higher tax bracket than you will withdrawing (even when you consider the effect of potential GIS or OAS clawbacks)
•you are an American taxpayer
•you are trying to maximize Canada Child Benefits
•you have a reason to think that you should shield your retirement savings from creditors
•you don't trust yourself not to keep dipping into the retirement savings in your TFSA

…you'll probably want to use all of your TFSA contribution room before you contribute to an RRSP.

When you decide on TFSA or RRSP then you decide on risk tolerance. High risk and wanting to see big gains, but also potential of getting big down-terms you can look at 80% equities/ 20% bonds

Lots to consider, but I also recommend looking at the Canadian Couch Potato strategy. Picking ETFs allow you a lot of diversification, while keeping fees low.

[Sideways]

Another great read. You guys are awesome! Love this site

[Penner]

Originally Posted by andyzolik

Ive seen some posts here about investing and I was just wondering if you guys have any recommendation where to start learning. Favourite books or blogs.

Also interested in figuring out how the RRSP an TFSA works.

I started reading this blog and I like it.

https://www.greaterfool.ca/

Sent from my SM-G960W using Tapatalk

Refreshing to hear someone is thinking about investing/saving money (I'm guessing you are a younger lad). Far to often these days folks live pay check to pay check and most spend far beyond what they can ultimately afford right from individuals up to and including some corporations and our governments. Fiscal responsibility is a rarity these days so kudos to you for just thinking about it. You are off to a great start just for that alone.

Lots of good advice here already. Educate yourself and ensure you understand your risk tolerance and the end goal of what the purpose of the money is for down the road. TFSA's rock (thanks S.Harper). Also look at opening a self-directed investment account (you alone make the transactions freely in what/when/how you desire).

Balance is the key and one has to enjoy life also, but life is so much less stressful with a good financial conscious and some savings for you and your loved ones. Good luck.

[fishtank]

krafts just took a 30% dive today but they also cut their dividend by 39% .still better then what the banks give on interest

[GoFlames]

Can't go wrong with etf's. All you need is XAW. https://www.blackrock.com/ca/individ...rket-index-etf

[lefthand cabin]

Originally Posted by andyzolik

Ive seen some posts here about investing and I was just wondering if you guys have any recommendation where to start learning. Favourite books or blogs.

Also interested in figuring out how the RRSP an TFSA works.

I started reading this blog and I like it.

https://www.greaterfool.ca/

Sent from my SM-G960W using Tapatalk

www.stockscores.com has a lot of free info. The focus is day trading and technical trading in general. The guy is very good if you're interested in picking stocks.