Smart Finance and Money Saving Tips
One of the biggest mistakes inexperienced investors make is to throw all their capital into one well-performing stock in the hopes they’ll see extraordinary returns in a short time. While this can and does happen occasionally, it is mostly blind luck, and altogether not a very wise investment strategy.
A more seasoned investor will tell you that the best way to play your money is to diversify your assets. And that, almost all the time, is the best advice you can get.
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Wine, gold, real estate and collectibles are popular alternative investments to cash and stocks. Trading currencies, or forex, however, is an investment gaining popularity among investors looking for alternatives to the volatile stock market. Here, we will look at how to start trading forex.
Warning: You should always seek professional advice before commencing with forex trading as it is a highly leveraged financial product which comes with risks. Never invest more than you can afford to lose. If in doubt, do NOT trade.
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If you currently have a Tax Free Savings Account (TFSA) at a financial institution but you would prefer to have it somewhere else, the good news is that you are able to transfer it; The bad news is that most (if not all) financial institutions will charge you a transfer out fee ranging from $50 to $100.
There are ways that you can avoid this transfer out fee. Check out the tips below to see if one of these will work for you.
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We’ve all heard about the importance of having an emergency fund and many Canadians have them nowadays, however, it appears that many Canadians aren’t using them for their intended purpose. Rather than setting aside the funds for true emergencies, many folks are using these funds for day-to-day expenses and completely defeating the purpose altogether.
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Building Wealth With Silver: How to Profit from The Biggest Wealth Transfer in History by Thomas Herold
I just finished reading Thomas Herold’s book entitled Building Wealth with Silver
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Why Are We So Clueless About The Stock Market? Learn how to invest your money, how to pick stocks, and how to make money in the stock market by Marius Skonieczny
If you have been thinking about investing in the stock market in order to achieve your medium and long-term savings goals, I would highly recommend that you read Why Are We So Clueless about the Stock Market? . It’s well organized, easy to understand, and provides charts and graphs as well as examples in order to illustrate the main points outlined.
The author discusses the importance of doing research before simply selecting stocks to invest in. The book talks about the process of determining the value of a given stock and provides clear instructions on how to determine whether or not a company is a sound investment choice. The book emphasizes that there is no use in spending a lot of time researching a given company unless it meets certain criteria.
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It is important to make sure that your money is working hard and not just sitting idle in a low interest deposit account. With the exception of keeping a few months worth of living expenses tucked away in a savings account as an emergency fund, I would advise that you make the rest of your money work much harder.
For example, right now we have an open variable rate mortgage at an interest rate of 2.5%. Rather than keeping all of our money in a savings account that pays less than 1%, we decided to put $5000 extra towards our mortgage principal to decrease the amount of interest we pay. Although 2.5% is a fairly low interest rate, our mortgage is our only debt right now; otherwise we would have paid off higher interest debt.
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