• Last Updated:
  • Jun 22nd, 2020 9:48 am
Apr 18, 2020
1 posts
1 upvote

3-5k to invest

I'm 22, 1 year out of school, started making a decent salary of roughly 60k, trying to make sense of what I should be doing right now.

I have just over 3-5k sitting around, no debt.
1 reply
Deal Addict
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May 11, 2014
4020 posts
Iqaluit, NU
Hi OP. Congrats on landing a good starting salary, no debt and considering investing for the long term. Before you begin investing and deciding to buy so and so investment, you first need to think about general plans and goals. Buying long term investments, only to then require funds to go buy a home for example could cause you to eat a large loss, which is counterproductive.

Some questions to ask yourself

1. What are your short term, medium term and long term goals?
-These can be abstract (eg. save a lot of money for retirement), or very specific (have $60k for downpayment, save $6k
for an emergency fund, go on a trip next year etc.)
-Try writing out a few things to consider

2. What income and benefits do I have to achieve these goals?
-How much of your income can you save comfortably per pay cheque/per month?
-What work benefits (usually pension or RRSP matching) do I have available to me?
-What is my future income potential?

Try answering these questions first. Remember, what you should do with your money or what investment you buy should be the last consideration after looking at what your situation is and what you want for yourself financially.
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