Lux Investing

How should I invest my money at the bank?

I am still young and have a part time job and was wondering which way would be the best to invest my money. I've heard of a GICs or RRSPs but what would be the best for me? I'm making up to 2000 per month but also have other expenses such as phone bills, car insurance, ie... So how should I invest my money for the long run. I live in ontario canada and bank with TD canada trust Also, I plan on depositing monthly

Public Comments

1. I would invest in a low cost index fund to match market returns.. go to Vanguard.com and look up their Index funds (Index funds are like a mutual fund but probably 10x cheaper). You can buy an index that tracks (matches) the S&P500 or the Dow and just collect the dividends and watch your money grow. Even better if you keep adding money to it monthly and enroll in a DRIP (Dividend reinvestment plan).. Hope this gives you an idea of what is possible.
2. Smart Idea and Financial Strategy for Success! Go to your local Bank and make an appointment with either a: - Financial Consultant - Financial Advisor - Licensed Personal Banker - Personal Banker Tell them about your financial goals and ask them for FREE advice this is there specialty. __________________________ You can also get some good advice online from: www.wellsfargo.com (INVESTMENTS) www.bankofamerica.com www.wachovia.com www.chase.com www.usbank.com __________________________ You can also benefit from starting a regular SAVINGS PLAN via an automatic deduction from your payroll. Visit: www.sharebuilder.com And establish a budget for your income, expenses, and savings. ________________________________ Great resources: www.simpleplanning.com Complete Planner includes all 8 personal calculators & planners: Budget Planner Net Worth Calculator Retirement Calculator Calendar Planner Mortgage Calculator Tax Calculator (free updates) Investment Calculator 401k Calculator ___________________________ Good Luck on your road to SAVING and INVESTING!! Great Idea :-)
3. I got a program from a young millionaire a few months ago and found that it has been very helpful for me in my investment decision/ portfolio choice. I like it because it teaches me how to pick up winning mutual funds, stocks, how to make investment in long term etc. You can check it out if you are interested :) www.FastSuccessTips.com
4. The best way if you don't want to make decisions is to give it to a money manager...your bank may have some products or see a financial advisor. The other way is to first learn about how to make money with your money. I'll give you a link I found offering a free trial so you can learn. You can also get phone support.