A Guide to Getting Started in Investing

Financial Advisor Giving Advice

Investing your money is important to save for your future goals, whether it’s to buy a home, car or for your retirement. But if you’ve never done it before, investing can feel overwhelming. Cambrian has developed a guide to help new investors take the leap and begin investing their money.

Set a Goal

What are you saving for? Having a goal in mind will keep you motivated to save and meet your goal. This goal can be a short-term goal, such as saving for a car or vacation, medium term, like saving for a down payment on a home, or a long-term goal, like retirement.

How much money do I need to start investing?

Leslie Hanson, Wealth & Retirement Advisor at Cambrian recommends determining how much you have in your budget to save. “It’s one thing to say ‘I want a million dollars’, but if you have no money budgeted towards your savings, that’s going to be a tough thing to do,” Hanson says. If money is tight, put away as much as you can afford to do so in a savings account or TFSA; even $25 biweekly is a great place to start. “Whatever you can save out of your budget is better than nothing,” Hanson says.

Hanson suggests saving $2,000 before sitting down with an advisor to look at investment portfolios and dipping your toes into the world of investing and being in the market.

Meet with an advisor

Advisors are excellent at helping clients understand the basics of investing and set up a plan to help clients reach their goals. “I find that a lot of people are a little intimidated with the thought of investing in the market because they don’t understand what that means and how it works,” Hanson says. “This is why education is one of my top priorities when working with Cambrian members. It is surprising how few people truly understand investing,” she says. Don’t have an advisor? You can ask your branch for a referral.

When you meet with your advisor and they make recommendations, they will make sure you understand the fundamentals of investing. “The more you understand what you’re invested in, the less panicked you’ll be when there’s bumps on the road,” Hanson says. Hanson urges you to work with someone who has your best interests in mind and who really listens to you. “Make sure that, when you walk out, you feel confident about your decisions and are not second guessing yourself,” she says.

Digital advice from VirtualWealth®

For members looking for digital advice, consider VirtualWealth offered by Cambrian, a simple and convenient digital investing service that provides you with a professionally managed, low-cost portfolio to match your personal financial goals, timeline and risk tolerance. Getting started is easy. Tell VirtualWealth a little about yourself and you’ll receive a recommendation for an expertly designed portfolio that fits your needs. Then fund your account online and VirtualWealth will do the rest for you.

Try our Retirement Assessment to get a sense of whether you’re on track to meet your retirement goals.