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When is the right time to start saving for long-term financial goals? Even if retirement seems far away, today is the best time to start planning.
By investing the money you save, you can stretch your dollar further and build a substantial nest egg.
“Investing can help you achieve your financial goals quicker,” says Brody Bossuyt, Financial Advisor at Cambrian and Aviso Wealth.
“By investing your money, you have an opportunity for growth through investment returns and compound interest.”
“We always tell our members: Time in the market beats timing the market. The longer your money is invested, the longer it gets to work for you.”
We sat down with Brody to discuss how to start saving and investing for your future:
“If you need direction, the first step is setting a goal,” Brody says.
“When you try to save without a clear goal, it’s easy to go off-track. Try to set a specific dollar amount or timeline to help you stick to your plan.”
Not sure whether you should keep your money in a savings account, or invest it in the market? Here’s what Brody suggests:
“The biggest question to ask yourself when making this decision is: When do you need the money? What’s your time frame?”
“If you need it within 5 years, I suggest sticking to a high-interest savings account or GIC. But if you don’t need that money within the next 5 years, investing in mutual funds may be a better choice.”
For example, your retirement fund may not be used for another 10, 20, or even 30 years. That gives you sufficient time in the market to take advantage of several investment opportunities and ride out risk.
As far as saving for your future goes, Registered Retirement Savings Plans (RRSPs) are one of the most effective tools to help you get there.
Brody recommends opening an RRSP for 3 reasons:
“Depending on your age and financial goals, the best registered plan for you will vary; it could be an RRSP, TFSA, or FHSA,” says Brody.
“We make sure you know what your options are and how each one benefits you. Together, we’ll come to a decision on which account is the best fit.”
You may be wondering: Is it better to pay off your debt before you invest?
Brody says: “It depends! The right decision is based on your unique circumstances.”
“If you’re paying more interest on your debt than you’d likely get as an investment return, focus on paying down your debt first.”
“For example, if you have credit card debt, generally you want to pay that off first; that’s considered high-interest debt.”
“But if you own a house, you may be able to get a greater return through investing, depending on your mortgage interest rate.”
Feeling overwhelmed? Our Cambrian Advisors are here to help you navigate the nuances of saving, investing, and planning for your financial future.
“Working with Cambrian and Aviso Wealth, you have a team of experienced advisors by your side,” says Brody.
“An advisor will take the time to understand your needs and work on your personal goals. At Cambrian, you always get a personalized experience.”
“We want to help the members we work with succeed in achieving their goals.”
Book a meeting today!
Disclaimer
Mutual funds and other securities are offered through Aviso Wealth, a division of Aviso Financial Inc. Unless otherwise stated, mutual funds, other securities and cash balances are not covered by the Canada Deposit Insurance Corporation or by any other government deposit insurer that insures deposits in credit unions. The information contained in this article was obtained from sources believed to be reliable; however, we cannot guarantee that it is accurate or complete. This material is for informational and educational purposes and it is not intended to provide specific advice including, without limitation, investment, financial, tax or similar matters.
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