Your second step - Every man need to learn how to invest money

The Second Step - Investing, Learning, Opening a trading account

This is  little  introduction to investing. It is not legal and financial advice. Below I will stress how important it is to learn what you are doing before you start investing money. So that you can understand the risks involved and consequences. Knowledge is the only thing that can help you make sound decisions.

$50 can do wonders

You might have heard your parents tell you to save some money at some point of life. And if you did that it’s awesome, You got a head start on this step. Now if you are like me with no savings let me tell you $50 a week can do wonders. That’s how I started my investing journey.  I believe every person should learn the basic skills for investing in the market and should have a return on your investments as a second income. I am not capable of giving you any investing advice. However, there are a lot of resources on the internet and I would encourage you to look it up. 

It is the second thing that i wish i started at some point early in life. There are tools like practice trading accounts where you can try investing with fake money and you can learn things as they come your way without the risk of losing real money. Most major Canadian banks offer you a trading practice account free of cost. You should check with your bank and start your practice.

Choose your investing tool

Now when you are ready to trade with real money. You will notice that most major banks charge you a fee for your buy and sell transactions. As an investor who is just starting out these fees can make a significant amount. That is why I would recommend creating a Wealthsimple account that charges you no fee on your transactions. I will be sharing with you my Wealthsimple trading referral link. If you join the service by this link you and I will both receive a $5 gift after you deposit the money in your account.

Now when you are going to open an account you will see different accounts like non-registered, TFSA, RRSP, FHSA. You should look them up and have some information on them. All these accounts serve different purposes. Some of them can even provide you tax benefits. You should study them and then make your decision. You might end up using all of the accounts. But still it is to your benefit if you know what their purpose is. So that you can enjoy their benefits and can stray away from penalties. 

My first investing goal was to create a $100 dividend income every month. I still remember how happy I was when I accomplished that. You should gain more information on investing and should start growing your money.