| Investing. - Click HERE for Original Thread |
| Cobra_R |
Well I am 19 got my career going after what seemed like a lifetime in NAIT. (only 8 months but man being broke was fucking gay)
I got a Job making 28k a year. FULL benefits. And 2 weeks paid vacation a year.
all I spend my money on is room and board (still living at home) gas and insurance so 2k a month and I spend maybe 800 on bills/gas/food. that leaves 1200 for me I am looking at investing.(already got a RRSP through work) I have no real idea how to invest or how to make my money work for me to get the most out of my hard earned dollar. before I start what should I look at for options? what advice do you guys have to offer.
:confused: |
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| TrevorK |
You will need to talk to a decent financial planner.
Things such as your company RRSP matching, career goals, 5/10/25 year plan, future education plan, etc... will all need to be discussed before advice can be given.
General advice would be to save as much money as you can and invest it in guarenteed income producing investments (GICs, bonds, etc...) until you are able to determine your financial situation and get an understanding on your financial future. Do not foolishly start putting your money into stocks, mutual funds, life insurance, etc.... until you've worked with someone and developed a financial plan.
Most likely at your income/investment level you will need to pay for a financial plan to be drawn up, however this plan may provide quite a bit of advice to help plan your future. I'd say your future is worth $500-$1000, wouldn't you? |
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| zigzagblues |
| what did you take at nait for an 8 month program? |
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| MAPEX |
quote:
Originally posted by Cobra_R
Well I am 19 got my career going after what seemed like a lifetime in NAIT. (only 8 months but man being broke was fucking gay)
I got a Job making 28k a year. FULL benefits. And 2 weeks paid vacation a year.
all I spend my money on is room and board (still living at home) gas and insurance so 2k a month and I spend maybe 800 on bills/gas/food. that leaves 1200 for me I am looking at investing.(already got a RRSP through work) I have no real idea how to invest or how to make my money work for me to get the most out of my hard earned dollar. before I start what should I look at for options? what advice do you guys have to offer.
:confused:
start collecting u.s dollar cu'z two years from now , u make lots of money ... |
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| onestepback |
| As TrevorK posted earlier, take the time to take to a decent financial planner. Even if you dont use their services, its worth the time to listen to what they have to say. :) |
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| rocklee_86 |
if your looking to save for long term (i.e. 10-20 years +) you'll be better off in mutual funds, rather then GIC's and bonds.
Long term investing rewards the stock investor much more then one in bonds and T-bills.
You'll earn much more interest (as long as you reinvest your dividends) and believe it or not, if you choose your fund wisely and invest routinely, your risk in stock will decrease to an amount as little if not less then GIC or bonds.
But this is just a starting point, and a financial planner will be able to help you flesh out a more detailed point of attack. If you got 1200 a month to work with, your gonna have a lot of options man. |
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| little_one_der |
| How about invest in real estate. |
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| b18c5crx |
i put 300/month away into a mutual fund no matter what.
dividends goes right back in automatically to buy more.
been going at it since my first pay cheque.
that is my retirement savings.
then i have general savings which pretty much goes to the car and bills month to month or builds for a large purchase.
Rainy day fund of 5k in a esavings account.
And then the random investments over the years such as experimental wheat sugar which has not even gone public but is already beginning to pay off.
Even if you don't go to a financial planner, put something away monthly, and never touch it. Put as much as you can as soon as you can and retirement will be a breeze. |
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| little_one_der |
quote:
Originally posted by b18c5crx
And then the random investments over the years such as experimental wheat sugar which has not even gone public but is already beginning to pay off.
Don't worry, insider trading will make sure you don't get any of that money... |
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| stealth |
| I invest into Crack sales. Best return so far. |
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