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/biz/ - Business & Finance

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12545957 No.12545957 [Reply] [Original]

I am young and live at home with my parents, work a full time job and have little to no bills to pay. Money is just slowly accumulating in my chequing account and i have no idea what to do with it. I have no intention of being invested in the /biz/ lifestyle so whats the best minimal effort thing to do? should i put it in a tfsa/retirement plan/ high savings account? should i go to my local bank for an in person advisor or are they just shills over there? Im thinking about the long term here. Thanks

>> No.12545970

Just give it all to me, generous giving is the most fulfilling thing you can do with money

>> No.12545973

Unironically, I would go like 80% of my savings for Bitcoin Gold or Bitcoin Diamond. Don't listen the FUD here that the forks are going to die; they are your best bet making 1000x in this day and age.

>> No.12546001

invest in US T-bills

>> No.12546042

>>12545970
ok

>>12545973
i want the non e currency minimal effort option

>> No.12546051

>>12546042
invest in S&P index ETF or t-bills if you want low return for 0 risk

>> No.12546088

>>12546051
I think i should have mentioned that i am a Leaf.

>> No.12546103

>>12546088
what is a leaf?

>> No.12546117

>>12546088
if you mean Canadian, there is an etf for S&P on the TSX you can buy

>> No.12546119

>>12546042
How much have u accumulated?

>> No.12546133

>>12546103
canadian

>>12546119
about $16 000 CAD doing nothing

>> No.12546161

>>12546133
buy ETF's for sure, you def have access to Canadian and US bonds for safety and the rest you should invest in the market, possibly with that S&P index tracking ETF

>> No.12546179

>>12546133
and best vehicle is TFSA one million percent

>> No.12546196

>>12546133
you could open a direct investing account with your bank and pay fucking nothing, only fees would be the $10 per trade and the small ETF management fee

>> No.12546198

>>12546161
>>12546179
thanks anon, il set up a tfsa asap then, i told my coworker today that my money is doing nothing and he told me to start a tfsa as soon as i get home. Il look into investing later.... and is it worth going to my bank to start a tfsa in person or just online?

>> No.12546243

>>12546198
you need to go in person to set up the online account/apply for the TFSA in the first place so definitely go to the bank as soon as you can and set the TFSA up. As far as I know, with TD I can trade directly through the app but I don't have a TFSA with them. I think you could do direct invest on a TFSA though. Anyway, even if not TFSA is definitely the way to go. If you look at it from an economic perspective, your uninvested cash is losing value over time because of inflation (fed target is 2% per year). go tomorrow

>> No.12546279

>>12546243
how coincidental, im also with TD, so how does a tfsa get interest? their epremium accounts have 1.20% interest, what does the tfsa make?

>> No.12546319

>>12546279
ok so it depends what investments you put in your TFSA, TFSA is just a type of account where all your capital gains, interest income, and dividend income is tax-exempt whereas you would normally pay 50%*marginal tax rate for capital gains and some other amount for dividends.

the epremium savings accounts pay you dog shit 1.2% but it's guaranteed and 16K may not even be eligible for their epremium, I don't know you would have to check. Canadian bond yields (5-10 year maturities are like 2%) and are also considered pretty much risk-free. USA 5 year yield is around 3% so even better and widely regarded as a risk-free asset.

you could include any of those in your TFSA if you wish, or you could invest in the riskier (but also higher potentially rewarding) equity markets (partial ownership of companies). I would recommend the S&P ETF because for a small fee you get all the benefits of diversification that you would not be able to achieve with starting capital of $16k

any other questions are welcome

>> No.12546373

>>12546319
how do i find someone thats more rich/ finacially responsible than me to deal with all this stuff so i can just marry them and be a male gold digger?

>> No.12546384

>>12546373
have u tried tinder?