Money, money, money. Oh yes. We want to make money to help us pay our bills, and to live off debt free. We hear a lot about investing our money and how it can help grow our bank accounts. While we hear about investment, what does that mean necessarily? Let’s have a look.
What is investing?
The Oxford Dictionary defines investing as, “expend money with the expectation of achieving a profit or material result by putting it into financial plans, shares, or property, or by using it to develop a commercial venture.” In other words investing is when you put your money in funds to help grow your bank account.
Why Invest and How
It may be a good idea to invest your money for future savings. We all have goals to achieve, particularly retirement. Getting started early will give you more time for your account to compound and to grow. You can invest by buying stocks or put your savings into a fund. In Canada, you can contribute your funds into various accounts such as a Tax-Free Savings account. Investing in stocks can help you make money out of your funds. It is important to invest wisely as not knowing what you’re doing can lead you to lose money. This rule on investing is a great read.
This Blogger’s Point of View
For me, investing your money is a good idea as long as you understand how it works. I would highly recommend seeking a financial advisor at your local bank on advice on investing before taking the plunge. A financial advisor can help you decide what is best for you. I would also suggest on educating yourself on how to invest by looking at YouTube videos, reading books on investing, and maybe take a few beginners courses on investing.
We all invest everyday. Purchasing an item even as something small as a little key chain is money being invested. Remember to invest wisely, invest on what is best for your well being, and don’t hesitate to seek out financial advise if you want to invest but not sure on how to do so. Happy investing!
Until my next blog post, take care and thanks for reading.
Robert Toto
Blogger
Robert's blog 