Need some investment advice
Hello everyone, I'm a relatively young individual with a knack for value (as are most visitors on this forum). I noticed many if you were offering investment advice and I was wondering if someone could help me out.
As previously stated, I'm a pretty young individual (22 to be exact). I don't have a permanent position but I am working full time at a fairly large finance company for the forseeable future and it has gotten me interested in investing (I already knew a bit about it).
My investment horizon is long term and my risk tolerance is low, but since I'm still young, I'd be willing to take on more risk so that even if I lost, I would have time to recoup my losses. I don't have many expenses since I still live at home.
My family is not rich so I would like to help provide for my parents in the long run, as well as move out, start a family, basically living a normal life.
As for my financial situation, I have no outstanding debt. I have 20k cash parked in a TFSA earning 3% at peoples trust. I'm not sure if I should invest that or keep it as an emergency fund of some sort.
I also have 30k in a savings account. I would like to invest most if not all of this money. The sooner the better due to compound interest. I was reading up on couch potato funds, and I really like index ETFs as an investment strategy.
I also have a 5k GIC maturing in September. The interest I earned on that is negligible lol. I also have no RRSP account, but I would like to create a self directed RRSP as it would allow me to control my investments.
If I had to guess my annual income, it would probably be <30k. This year I don't think I even made 20k because I was still in school but now I should be working full time and hopefully my compensation should increase as well. (also a reason why I choose not to get an RRSP yet).
If anyone could provide me with some investment advice, I would really appreciate it. Thank you all for reading
As previously stated, I'm a pretty young individual (22 to be exact). I don't have a permanent position but I am working full time at a fairly large finance company for the forseeable future and it has gotten me interested in investing (I already knew a bit about it).
My investment horizon is long term and my risk tolerance is low, but since I'm still young, I'd be willing to take on more risk so that even if I lost, I would have time to recoup my losses. I don't have many expenses since I still live at home.
My family is not rich so I would like to help provide for my parents in the long run, as well as move out, start a family, basically living a normal life.
As for my financial situation, I have no outstanding debt. I have 20k cash parked in a TFSA earning 3% at peoples trust. I'm not sure if I should invest that or keep it as an emergency fund of some sort.
I also have 30k in a savings account. I would like to invest most if not all of this money. The sooner the better due to compound interest. I was reading up on couch potato funds, and I really like index ETFs as an investment strategy.
I also have a 5k GIC maturing in September. The interest I earned on that is negligible lol. I also have no RRSP account, but I would like to create a self directed RRSP as it would allow me to control my investments.
If I had to guess my annual income, it would probably be <30k. This year I don't think I even made 20k because I was still in school but now I should be working full time and hopefully my compensation should increase as well. (also a reason why I choose not to get an RRSP yet).
If anyone could provide me with some investment advice, I would really appreciate it. Thank you all for reading