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I am a younger Canadian and want to put more thought into investing, and investing in Canada. What would you recommend? (programming.dev)

submitted 2 weeks ago by plankton@programming.dev to c/personalfinancecanada@lemmy.ca

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From my reading so far I'm looking at ETFs with WS, and that I should start with the TFSA. Am I on the right track and what do you recommend?

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[–] plankton@programming.dev 2 points 2 weeks ago (2 children)

Thanks!

If you want a more condensed explanation: don’t invest money you will need within the next decade

Does this include ETFs? I have some money in one and more sitting in a bank account, figured I'd make a plan and set it up properly

[–] Snowstorm@lemmy.ca 3 points 2 weeks ago

Yes ETF are the best tool to access low cost index fund.

Both stock and bond will see high variation in price : don’t put yourself in a situation where you divorce or loose your job during a downturn only to need the money and sell at a loss.

[–] FarFromIt@lemmy.ca 2 points 2 weeks ago

Congrats for thinking like this when you’re young!(I wish I had!) Yes, make a plan! That’s the first step. Write down your goals (what you want in life and need the money for and when) Then do your risk profile. Then check that you have the basics of personal finance in place (no debts, emergency fund, etc) There are courses and online resources for this. McGill has just updated their personal finance and investing online course!