Where to start?

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I don’t have much money in, don’t have much history and find a lot of your information a little over my head. Do you have any tutorials or suggestions on how to invest depending on career and age?

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Asked on April 3, 2023 12:39 pm
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Hey there,

First things first - it doesn't matter how much money one has. Everyone starts somewhere and the fact you are here and willing to learn is a good start. We don't have any tutorials on how to invest, but we do have a few principles that we have adopted ourselves. Since you are new to investing, we always believe that having a good foundation on which to build is of the utmost importance. That is why we like to direct newcomers to our Canadian Foundational list more often than not as a good starting point. These are high-quality stocks that we believe can be bought and tucked away for years. You can also read through our newsletters where we do some 'teaching' on subjects as well.

If you haven't joined our Discord yet, I'd suggest you do since it is a more natural place to answer a bunch of questions all at once. We have lots of discussions with new investors on there where we talk about different stocks, strategies, and investment basics.

In terms of career/age - the answer is not so simple. In general, the longer the investment horizon, the more risk one can take. That said, risk is not for everyone and it's important to understand one's risk tolerance. Speaking of which, there are several risk tolerance surveys you can take online but one really won't know until they've experience volatility in the markets. Many new investors who started during the pandemic thought they had high-risk tolerances only to find out that they didn't after this past year's drawdown.

We are happy to answer any questions you may have. If you want to know what certain metrics mean, what we think about a certain stock, etc. Ask away. As mentioned, Discord is probably the best place for this since you'll likely get a much faster answer and our more experience members are also there to help.

Also worth nothing, I'd suggest opening a Wealthsimple trade account. It is a no frills brokerage that has no trading fees which is important for someone with less money to spend. This way, you can buy as little as you want and not be burdened by high transaction costs.

Mat

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Posted by Mathieu Litalien
Answered on April 4, 2023 5:22 am