Whether you’re a young adult, a new parent, or a budding business owner, it’s never too late to learn how to bump up your savings and start making suitable investments decisions.
We spent a beautiful September weekend up north at the #RBCandMe retreat to learn more about how millennials can start making their money work for them NOW. Above all, we learned that it’s easy to educate yourself on what you can do to make your money go further. Below are 5 takeaways from the weekend from RBC Investments, and their RBC advisors, to help you build the knowledge and confidence you need to invest purposefully.
Whether you’re a young adult, a new parent, or a budding business owner, it’s never too late to learn how to bump up your savings and start making suitable investments decisions. We spent a beautiful September weekend up north at the #RBCandMe retreat to learn more about how millennials can start making their money work for them NOW. Above all, we learned that it’s easy to educate yourself on what you can do to make your money go further. Below are 5 takeaways from the weekend from RBC Investments, and their RBC advisors, to help you build the knowledge and confidence you need to invest purposefully.
1) The best time to start investing was yesterday. The next best time is today. The earlier you start investing, the more time you’re giving your money a chance to grow. You don’t have to be a financial expert or have a finance degree to get started. Everyone can invest their money, and invest wisely, with the right information.
2) Do your homework. There are so many tools available to the public to better understand finance, investing, and what’s right for you. There are thousands of blogs, books and online videos that you can get easy – and free – access to.
3) Don’t let fear get in your way. Working and investing your money can be scary – that is your hard earned cash. Making an investment does involve some risk for potential loss, but it’s important to think about your investment goals, what you would like to accomplish with your money, and by what time. Big purchases like a home, a car, having a child, starting a business etc. all require a financial boost that the right investments can help provide. For some, even making conservative, low-risk investments may be better for your bank account than not making investments at all.
4) You don’t have to have a lot of money to invest. Back in the day, you might have needed a big lump sum to open an account or start investing – however, today that’s far from the truth. You can open a savings account with as little as $1000 and contribute as often as you’re able to. While it’s definitely more productive to contribute to your investments often, you don’t need to deposit huge amounts of cash if that makes you feel uncomfortable. When you’re ready to start, a common question many ask is, “How much of my paycheque should I be contributing to my overall investments?” And the answer is, however much you can while budgeting your lifestyle. 10%, 12%, 7%, 5% – whatever amount of your income you can contribute without disturbing your day to day. Over time, as your career develops or income increases, you might like to contribute more to your investments to potentially make a bigger impact.
5) Investing really isn’t as hard as you think it is. You can educate yourself by doing some research and sitting down with an RBC advisor to make choices that work for your lifestyle and your goals. There are tons of different saving and investment options that RBC has to offer: whether it’s Tax Free Savings Accounts, working with a Robo-advisor or finding ways for you to squirrel away money. RBC can help you start investing in your future.
Disclaimer:
Financial planning services and investment advice are provided by Royal Mutual Funds Inc. (RMFI). RMFI, RBC Global Asset Management Inc., Royal Bank of Canada, Royal Trust Corporation of Canada and The Royal Trust Company are separate corporate entities which are affiliated. RMFI is licensed as a financial services firm in the province of Quebec.