Don't make the same mistake that I did of having an RRSP for years and diligently adding money to it, but never actually investing it in anything!
Don't let yours sit empty.
Invest it in something!
There are several different Investment options:
Bonds:
Less Risky and lower Growth potential. Usually used to stabilize your investments, especially later in life as you creep closer towards retirement.
Stocks:
Riskier and Higher growth Potential. Meant to grow your investments exponentially over time. Usually for the younger investor.
Cash:
Meant for shorter term goals or Emergency Funds.
Within these 3 types of investments you could buy a pool of stocks or a pool of bonds or a combination of the two within a fund called a Mutual Fund or an Exchange Traded Fund (ETF).
Mutual Funds:
Are a expensive option but provide a more hands off approach for an investor. They just keep adding their money to the pool of investments and the "Professionals" decide which stocks and bonds are purchased within the pool or basket.
ETFs:
Tend to be less expensive than Mutual Funds because they tend to reflect or follow an Indexes.
Less buying and selling = lower fees.
Now you are probably asking what is an Index?
Index Funds:
Now I dare you to do a quick google search of Jack Bogle and Vanguard....
I recently heard the term: Index and Chill and thought that it sounded more fun, than Set It and Forget It!
Now that you are back!
You now know the basics of Investing!
I highly recommend that you watch some Youtube Videos and Read some more books before you start DIY Investing but I just wanted to give you a quick intro!
Some great books to read:
Millionaire Teacher by Andrew Hallam
I Will Teach You to be Rich by Ramit Sethi
Beat the Bank by Larry Bates
Simple Path to Wealth by Jim Collins
For more great resources:
Please go to my Youtube Channel and have a look at my Financial Literacy Investing Basics for Canadian Nurses:
Now Go and Be Intentional!