Ways to Make Your Money Grow in Canada

Every immigrant dream is to make their money grow whether they want to start a project or have retirement plans in view. They have access to several opportunities such as investment options in Canada.

You can rest assured that you will find a plan that’s perfect for your investor profile and current needs.  

Top investment options in Canada

It’s essential to work with an investment provider when taking this step. Here are the common investment options.

  • Robo Advisors

This type of online investing platform relies on a computer algorithm for creating and managing the investment portfolio of each investor. Factors like pre-defined risk tolerance will be considered by robo advisors when helping investors to set up their portfolios and choosing investment classes.

Robo advisors are great investment options whether you’re a new investor or have several years of experience. This is because the algorithm can recognize new trends and likely threats based on reliable financial data.

You will also enjoy insights that suit your goals. Reputable robo advisors exist online. Ensure that you weigh your options carefully before taking this route.

  • Stocks

Most companies place shares on stock markets so that people can purchase them like stocks. Each stock of the company you own indicates your ownership which comes with the right to vote. You will also be eligible to part of the company’s profits.

The most popular types of stock are common stocks. This type of stocks allows holders to choose the board members of a company through an election. Companies usually pay dividends to holders either annually or semi-annually.

Delving into the stock market is a viable plan for building wealth on a long-term basis.

  • Bonds

The government, provinces and companies often issue bonds in return for interests at a fixed rate. Later on, the principal amount will be paid once the period is over. The goal of organizations that issue bonds are to leverage debt to acquire money.

All bonds are not created equal. Their duration can be around 6 months, 5 years or up to 10 years. The interest rate will determine the length of the bond. Most people prefer bonds to stocks because the former comes with lesser risks. The downside is that they have lower returns.

  • Exchange-Traded Funds (ETFs)

You can purchase several bonds or stocks at a time with an exchange-traded fund (ETF). It should be noted that this investment option is completely different from mutual funds. Ownership of the entire pool of assets will be distributed into a single share at the end of the day.

Investors are bound to enjoy profits and capital gains. This is a great option for individuals with limited financial returns and still desire higher returns.

Other ways to make your money grow include mutual funds, real estate, and cryptocurrency, Registered Retirement Savings Plan (RRSP) and Registered Education Savings Plan (RESP). It’s imperative to do your due diligence before investing in any of these options.

Is online investing worth it?

Although money is a valuable asset, failing to invest it will lead to a loss of value as a result of inflation.

There were concerns about investing online when the concept was first introduced. However, investors keep maximizing different secure online platforms to grow their wealth in this era. These platforms are based on financial technology which is also known as fintech.

Robo-advisors and online brokerages are simplifying the entire investing process than ever before. Your investment goals will determine how much you will set aside.

It’s best to work with a trustworthy financial planner so that can understand the Canadian investment landscape better.  Financial planners are also responsible for managing their clients’ finances and proffer the right solutions and answers.

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  • Iam Gucho from Ethiopian if the Willing of God Want to Live in Canada I Graduated Bachelor B.A Degree in Geography and Enivaromental Studies

  • First I Would Thanks you For giving Chance  
     may Full Name is Gucho Gaye Gucho      From Ethiopian
     I Graduate Bachelor B.A Degree in Geography and Enivaromental Studies From Arbaminch University on July 03 2014 G.C