View Full Version : Investing early?

08-01-2006, 03:57 PM
Hey guys, up till now I've been pretty clueless on investing my money, but I've decided it's finally time to get into it.

I don't work during the school year, only during summer, and make roughly $3000 a month. I'll have some cash to play with after this summer is over, and I don't need to worry about school fees because of scholarships and whatnot.

So what I make is essentially pocket money for my spending throughout the year..

I opened up a TD Waterhouse account, but as per investing and all that jazz I'm still pretty confused. Any tips?

08-01-2006, 04:02 PM
I'd go with a medium growth RRSP investment account, and start putting away 200 bucks a month. You'll be filthy rich come retirement or can help for your 900,000,000 dollar house (Cal pricing in about 5 years).

Key is to spread it around, don't dump everything in one fund/investment.


08-01-2006, 04:04 PM
here this thread should help you out a little...


08-01-2006, 04:15 PM
I suggest reading a lot. I am pretty much in the same situation and I am currently working my way through several books and magazines. I really like the Rich Dad, Poor Dad series easy read and some pretty sound advice that leads to some soul searching. Otherwise I suggest finding a financial advisor and work on developing an investment plan.

adam c
08-01-2006, 04:19 PM
i would definitely go with a RRSP, then if ur more inclined perhaps look into mutual funds

08-01-2006, 04:28 PM
Do you actually has room in RRSP?

I say at this stage, don't start using your RRSP allocation yet because your tuition will get you tax break and returns.

Bank your RRSP room when you starting to work full time and really need those tax credits.

08-01-2006, 04:29 PM
mutal funds can be bought inside or outside of an RRSP.

Check out the thread in the investment forum. make an appointment with a CFP at TD Waterhouse. they'll ask you a bunch of questions about what your goals are, etc etc and then based on your answers will recommend what funds to go with.

08-01-2006, 06:17 PM
I wouldn't bother with RRSPs right now either. Real estate is good if you have decent credit but you'll need at least 10k just to get your foot in the door with a 5% downpayment...and thats for the worst properties. But its a start, in a couple years that investment will pay off far more than anything you could do elsewhere.

If you can't secure those kinds of funds, find a dividend fund and invest there. Not an RRSP, but it gives you steady returns and you can start right now with what you have.

Good luck, early investments will mean that you will live comfortably in your mid 30s and 40s and beyond.

08-01-2006, 11:24 PM
Investing early is crucial, you'll hear it a lot, time value of money hehe

It really comes down to what you are comfortable with. Some people like buying and selling stocks daily. I prefer the long term, set it and forget it method (Ronco :D). I look for certain Income/Dividend/Select Growth funds that have yielded solid returns (9%+) over a longer period of time (10+years), with very few, if any, negative return years. Sure it's a very conservative way to investing but it's something I never have to worry about.