If you're new to investing, we think taking a few easy steps will make you want to keep going. Here are some ways to get started.
Become a saver
Even though there is a difference between saving and investing, regularly putting money into savings is an important practice. You'll get used to living without the money, and, at the same time, you'll be building up a cushion for emergencies or unexpected needs. You don't need a lot of money to get started – any amount of savings is better than none.
Consider opening a Tax-Free Savings Account (TFSA) to benefit from tax-free investment income which can be used towards your short and long term goals.
Participate in your employer's retirement plan
The number one way most people start investing is by participating in a retirement plan at work. If your employer offers a group Registered Retirement Savings Plan (RRSP) or other retirement plan, this is an opportunity you shouldn't pass up. Not only is it an easy way to invest for your future (the money is typically taken out of your paycheque, so you don't even have to think about it), it may also offer tax advantages. Plus, many employers match contributions, so that's free money for your future.
Consider opening a Registered Retirement Savings Plan (RRSP)
Even if you're participating in an employer’s retirement plan, why not consider contributing more for your future by opening your own RRSP? And if you have left a former employer, Edward Jones can help you with your options.
Learn the lingo
It may seem intimidating, but it’s really not. At Edward Jones, our financial advisors speak in everyday terms because we place a high priority on making investing understandable.
Define Your Goals
Write them down. Investing should be for long-term goals, not for items you hope to purchase in the next five years. Here are thought-starters:
Be honest with yourself
Thinking about your preferences and attitudes about investing can help you make decisions about how to go about it. Ask yourself if you:
Would like a little extra help or a lot?
Have the interest in learning but not the time?
Know which goal to focus on first?
Would like professional help because this is just too important?
Talk to us for personalized advice
It’s what we do every day, and we’re told we do it well. Find an Edward Jones financial advisor near you. And learn about some things to consider when you're thinking about working with a financial advisor.