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Investing isn’t just for financial experts or those who are getting ready to retire.
It’s also a great way for students to grow their savings - because investing when you’re young is the best time to invest.
In fact, investing is one of the most effective ways to grow your savings over time.
Investing…
Here’s how to get started:
You may be asking yourself: Should I start investing now, even if I don’t have a lot of money saved up?
Investing when you’re young allows you to take full advantage of the power of compound interest. The earlier you start investing, the more money you could potentially make.
No matter how much or how little you’re starting with, you can invest it to start earning interest on your savings.
Maybe you’ve saved up $1000. Maybe it’s $500. Or maybe you have just $100 to start, but you want to make regular contributions to a savings account.
Once you’ve determined your starting funds, it’s time to figure out your time horizon. This is the amount of time you can let your investments grow before tapping into them.
In general, the more time you have to invest, the more aggressive your investments can be—since you have more time to navigate the ups and downs of the stock market.
Once you’ve figured out how much you plan to invest and how long you’d like to invest, you can start thinking about where you want to invest that money.
What’s the best way to invest as a student? We’re covering a few of the most popular options:
With a savings account, your money is accessible whenever you need it, and it earns interest, too. It works just like a chequing account; you can use it for purchases or add more funds whenever you’d like.
There’s no minimum balance required to open a Cambrian savings account. Whether you have $20 or $200, you can start growing your savings today.
A guaranteed investment certificate is one of the safest investments you can make. As the name implies, your returns are guaranteed.
The catch? You can’t take money out of the account until your term matures, which will be between 1-5 years.
If you have trouble spending money that you’re trying to save, opening a GIC is one solution—because you can’t withdraw the funds until your term is up.
And if you’re 22 years old or younger, you only need $100 to invest in a GIC with Cambrian.
To see how much you could earn, check out the Cambrian Credit Union GIC rates today.
Finally, you can pick from four popular types of investments:
At Cambrian, we can help you get started with a Qtrade Direct Investing account (where you buy and sell different investment products yourself) or a Qtrade Guided portfolio (where you pay low fees to get a professionally designed and managed investment portfolio).
To learn more, book a meeting with a Cambrian Advisor today!
When you invest in the market, where does your money go?
It’s a good question. You may want to ensure that your money supports companies that align with your values.
For that, you can look at responsible investing. Also known as sustainable investing, this type of investment portfolio will ensure you only invest in companies that pass the criteria of ESG factors:
Responsible investing is a way to earn money while ensuring your money makes a positive impact. It can also reduce risk—because of the way these companies are run and governed, they aren’t as likely to lose value due to reputational risks.
Any income you earn from your investment accounts is fully taxable.
But if you invest money within a registered savings plan, you can defer those taxes to a later date or shelter your money from taxes altogether.
With a tax-free savings account (TFSA), you won’t have to pay any taxes on investment gains you earn. To learn more, check out our blog on the different types of registered savings plans.
Saving money is tough when you’re preparing for your first year of post-secondary education.
By applying for Cambrian’s Learning for Life scholarship, you could be awarded up to $2,500 for your first year of tuition.
We’re currently accepting applications for Learning for Life–but the deadline to apply is May 31. Apply today!
Disclaimer:
Mutual funds and other securities are offered through Aviso Wealth, a division of Aviso Financial Inc. Online brokerage services are offered through Qtrade Direct Investing, a division of Aviso Financial Inc. Qtrade Guided Portfolios is a division of Aviso Financial Inc.
We would be happy to discuss your unique situation with you.
Our goal is to make complex topics like this one, simple.
It takes less than 5 minutes to make an appointment or to apply online. It is up to you how you want to meet your advisor - you will have the option to meet your advisor:
