Beginning to Invest? Here’s How to Get Started

In this article we are going to take a look at some easy steps you can take to get the ball rolling and hopefully get you investing in a way that works for you.

Beginning to Invest? Here’s How to Get Started

Creating a budget. A budget will allow you to track your income, assess your spending and give you a really good idea of what you’re doing with the money you make.

Create A Budget

Manage Your Debt

 I think most credit cards charge interest rates of around 20%. Because you’re going to be paying more interest on your debts than what you’re bringing in, it is best to eliminate your debt or at least get it manageable.

Becoming familiar with how the stock market works I think is an important thing for investors to learn because it’ll help you understand what’s happening when you get your quarterly reports from your advisor.

Create A Watch List

Current Opportunities

Before venturing out you should always check what opportunities are already available to you, like an employer RRSP contribution plan.

If you have money already invested and it’s performing well, you’re happy with your advisor and the way you’re being treated then that seems like the way to continue investing your money.

Existing Investments

For the majority of people I would recommend talking to a financial advisor rather than opening a QTrade account and just going at it. Probably the easiest place to start is going to be a bank or credit union that you already bank with.

Talk To A Professional

Even a one percent difference can take a huge chunk of your final retirement out of the picture and when you have questions or need advice you need to be comfortable and confident that you’re going to be treated like a priority and not just another client.