Continue to Build Wealth
Continue to Build Wealth
Like most Canadians, you may be wondering about the impact of our current economic environment on your finances.
Has it changed how you should be saving for your goals?
I’m Derek Cooper, Senior Investment Advisor with TD Wealth Private Investment Advice here in Kingston.
Here are some basic financial tools that make sense in any financial climate:
1. Use tax advantaged accounts to build your after-tax returns.
a. A Registered Retirement Savings Plan still makes sense for most people.
b. So does a Registered Education Savings Plan if you have children.
2. Set up an automatic contribution plan.
a. It helps ensure you never stop working toward your financial goals.
b. Because these contributions usually involve smaller amounts, they’re easier on cashflow.
3. Compound interest works.
a. Especially if you invest over longer time periods.
b. Even a few years of compound interest can have an impact.
4. Diversify your portfolio.
a. Different investments have their own risks.
b. Multiple investments in a variety of sectors mean that when some are down, some may be up.
If you have any questions about which financial tools suit you best, contact me to get started on a plan that works for your family. Call me at 613-549-9008.
Like most Canadians, you may be wondering about the impact of our current economic environment on your finances.
Has it changed how you should be saving for your goals?
I’m Derek Cooper, Senior Investment Advisor with TD Wealth Private Investment Advice here in Kingston.
Here are some basic financial tools that make sense in any financial climate:
1. Use tax advantaged accounts to build your after-tax returns.
a. A Registered Retirement Savings Plan still makes sense for most people.
b. So does a Registered Education Savings Plan if you have children.
2. Set up an automatic contribution plan.
a. It helps ensure you never stop working toward your financial goals.
b. Because these contributions usually involve smaller amounts, they’re easier on cashflow.
3. Compound interest works.
a. Especially if you invest over longer time periods.
b. Even a few years of compound interest can have an impact.
4. Diversify your portfolio.
a. Different investments have their own risks.
b. Multiple investments in a variety of sectors mean that when some are down, some may be up.
If you have any questions about which financial tools suit you best, contact me to get started on a plan that works for your family. Call me at 613-549-9008.