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Apply NowWhat are your financial goals? For those that are 5+ years away, investing can be a great way to grow your savings. But how do you know which investments are right for you?
It all depends on your time horizon (when you want to achieve that goal), your risk tolerance (how comfortable you are with fluctuations in your portfolio), and your unique financial situation.
Investments are products you purchase to save for your future. These include mutual funds, stocks, bonds, and exchange-traded funds (ETFs). You can hold investment products in a registered savings account (like an RRSP, TFSA, or FHSA) to save on taxes.
We met with Toyin Ladapo, Financial Advisor at Cambrian and Aviso Wealth, to learn about how to make investments that meet your financial needs:
As the world changes, the market continually changes, too.
“The right time to invest is when you’re ready to,” says Toyin.
“In any situation, there’s no good or bad time to invest, because there’s no way to predict how the market will perform. It all depends on the right time for you.”
“With long-term financial goals like retirement, the longer time horizon allows you to ride out market volatility and take advantage of compound interest.”
Essentially, that means you earn interest on the interest generated by your investments. To see how compound interest can multiply your return on investment, or ROI, check out NEI’s Advantage of Starting Early Calculator.
“Not every financial goal is suitable for market-based investments,” says Toyin. “That’s due to the volatility and long-term Tnature of this strategy.”
“We always ask our members: What is the reason you’re saving money? If you’re trying to buy a property in one to two years, we’d recommend sticking to a short-term solution, like a GIC or high-interest savings account.”
“But if you’re looking to save that money for five or more years, then a market-based investment strategy is a great way to grow your savings."
When markets drop and the value of your portfolio changes, it can be daunting. After working so hard to save money, the idea of your portfolio dropping in value may feel unsettling at first. However, market volatility is a normal part of any investment.
“That’s what makes investing great for long-term goals - because you have time to ride out the waves when markets fluctuate,” says Toyin.
“With market-based investments like mutual funds, stocks, bonds, and ETFs, your portfolio goes up and down in value. Through diversification, your portfolio contains a variety of assets, which ensures you aren’t over-exposed to one particular risk.”
“To educate our members, I share my knowledge, expertise, and talk about the industry. That way, they can understand how the market works and what to expect.”
“Depending on your risk tolerance, you don’t have to be in a high-risk portfolio – we can always make adjustments to reduce your risk exposure.”
What should I do before investing?
Before you’re ready to invest, consider checking these items off your to-do list:
When you meet with a Financial Advisor at Cambrian and Aviso Wealth, we’ll help you create a financial plan that meets your short-term and long-term goals.
“We’ll talk through your financial needs to find out what’s most important to you. From there, we’ll identify an investment strategy that’s the right fit,” says Toyin.
“We can also help you open a registered account to save on taxes, including an RRSP, TFSA, or FHSA.”
Let’s start working towards achieving your unique financial goals. Book a meeting today!
Disclaimer
Mutual funds and other securities are offered through Aviso Wealth, a division of Aviso Financial Inc. Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. Unless otherwise stated, mutual funds, other securities and cash balances are not insured nor guaranteed, their values change frequently and past performance may not be repeated.
Aviso Financial Inc. and Northwest & Ethical Investments L.P. are all wholly owned subsidiaries of Aviso Wealth Inc.
We would be happy to discuss your unique situation with you.
Our goal is to make complex topics like this one, simple.
It takes less than 5 minutes to make an appointment or to apply online. It is up to you how you want to meet your advisor - you will have the option to meet your advisor:
