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I am 22F in Quebec, Canada, I have 2 GICs for 24 months, at a rate of 5%.
Last summer, i put in 70k of savings into GICs. I maxed out my TFSA (30500 used for one GIC) and $39,500 used for the other TFSA. My maturity date is July 2025.
I am with RBC. I currently have about 10,000$ saved up in a RBC high interest e savings account. Rate is 1.7%. Is this smart?
So I’m the meantime, I’m wondering what I should do with the 10k I have, and when my GICs are mature, I’m wondering what I should do with the money. Buy more GICs? Im really new, and know very little about saving and investments; and currently I’m looking for low risk, guaranteed investments that will grow (but not just hedge against inflation).
Im trying to be more financially literate, lol.
I’d appreciate any help!! I was never taught any finance, and I’m freaking out wondering how I can make my “money work for me”, and have it grow and supplement my low income (I currently make ~40k a year)
I kept reading that the earlier you invest the better, so I really want to get a ahead of the curve ball and take advantage of compounding interest and the fact that I start young. I feel stressed and lost and confused on what is smart, and I’m worried that GICs are safe but won’t really help me grow because of Inflation.
Again, tysm for any advice!!!!!
submitted by /u/Catroinerz
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Last summer, i put in 70k of savings into GICs. I maxed out my TFSA (30500 used for one GIC) and $39,500 used for the other TFSA. My maturity date is July 2025.
I am with RBC. I currently have about 10,000$ saved up in a RBC high interest e savings account. Rate is 1.7%. Is this smart?
So I’m the meantime, I’m wondering what I should do with the 10k I have, and when my GICs are mature, I’m wondering what I should do with the money. Buy more GICs? Im really new, and know very little about saving and investments; and currently I’m looking for low risk, guaranteed investments that will grow (but not just hedge against inflation).
Im trying to be more financially literate, lol.
I’d appreciate any help!! I was never taught any finance, and I’m freaking out wondering how I can make my “money work for me”, and have it grow and supplement my low income (I currently make ~40k a year)
I kept reading that the earlier you invest the better, so I really want to get a ahead of the curve ball and take advantage of compounding interest and the fact that I start young. I feel stressed and lost and confused on what is smart, and I’m worried that GICs are safe but won’t really help me grow because of Inflation.
Again, tysm for any advice!!!!!
submitted by /u/Catroinerz
[link] [comments]
Continue reading...
