Quote:
Originally Posted by Greenstoner
^ thanks for the awesome tips ... i have barely any financial knowledge and I found the advisors in the bank are pretty useless explaining things to me.
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You're welcome, I'm glad to help anyone out. I didn't know much when I started, yet found the right people to ask and got some great advice early on. Now I want to return the favour.
Bank advisors you'll see... well... suck. Since you have so little to invest they set you up with an adviser that's probably still in training (ie just out of school, first "real" job). The better advisers are reserved for people with 6+ figure investment accounts.
If you do open a TFSA and invest in mutual funds, post up which bank you're with. I'll lookup the various funds and give you a plain english rundown of what you may want to do. Please don't listen to the personal adviser's "chart" they will convince you to do XX% equities, XX% bonds, ... which means splitting your investments so thin the management fees will kill your gains.
Its against common advice, yet when you have very little to start its a good idea to stick "all your eggs in one basket" then diversify as you save more.