I had a pretty balanced student lifestyle, I was active in the school clubs and committees, I worked, I studied, got some scholarships, and I partied. It was a pretty fulfilling undergrad. I regret that I partied so much and wasted all that money I worked so hard to make.

However, there is something else I regret. I wish I had started investing earlier. I met a guy in college who was passionately involved with stock picking and trading can you say HELLO what a turn on?? The old days of expensive brokerage accounts and commissions have vanished. Things have changed, fast forward to and young Canadians these days are so lucky- they have the option of contributing to a TFSA.

I would also enjoy my beautiful youthful looks too HA! Time my friend, is a very beautiful thing. Many I think most people are using their TFSA room for a high interest savings account or emergency fund of some sort.

These are savings accounts that give you back interest of 1. You might think this is a good idea because its tax free, but at 1. To be blatantly honest- using a TFSA as a savings account is NOT investing. The interest income is paid to you after you finish the term it can be 1 year or two years or even five years.

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For a mutual fund based TFSA you can have pre-authorized monthly contributions and put powerful dollar cost averaging on your side. This means that you neglect market timing which takes the stress out of investing, though some people actually enjoy market timing and can get better returns if they employ value investing tactics.

My favourite is the TD E-series fund. They are index funds with low Management Expense Ratios they charge as low as 0.

ING Direct also has their own Streetwise funds. For example, Investors Group is one of them.

This is where I have my TFSA. I have yet to transfer my non-registered investing account to my TFSA, though I plan to do this to max out my TFSA contribution room.

If they had this back when I was in school, I would probably pounce all over it. That can really really eat away at the money you have invested in your TFSA. I personally use Questrade. You can get 10 free first free trades if you sign up for a new account.

As a young investor, I would start with Exhange Traded Funds. HOWEVER, this is a big warning- if you think you might need this money in the near future, which is probably likely for young adults and students, investing your money can be very are you baffled by binary options we have an guide. You never know where the market might be when you need the money.

You could have half of what you invested in the first place. If you are willing to take that risk, then using your TFSA as an investment vehicle is for you. I agree that the high interest savings account is not an effective use of this account. Jewel of Toronto- Oh wow! If I had money I would go with the trading account option as well. TM- Ahh good point and excellent tip, Teacher Man! My biggest mistake as a student was buying RSPs.

It was a bone-headed thing to do. I, too, have been using my TFSA for an emergency fund in a regular savings account. First in a GIC account to stabilize and lower my Line of Credit should I ever need it and then a trading account to grow my wealth.

The Asian Pair- Sounds like a good plan, lady! A great article thanks. Each of the past three years I have made my TFSA contribution by transferring into my self directed TFSA stocks I hold in my trading account which have good upside potential, and are perhaps out of favour at the moment.

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This way, I may generate a small loss fo tax purposes outside the TFSA, and any gains I make in the TFSA are tax exempt. No sale per se, ie no commissions etc. Idealistically, I thought I could save that much and put it in, but I think I need some short term liquid jeep wrangler parts australia in case I need it questrade tfsa options back to school.

I would have to argue that although working through school may not seem that interesting, but the work experience in itself is an investment.

I hear you on the groceries comment. Care to explain why that is in reference to? Oh I see what you mean Alex. I would never advocate trying to produce an income that way through trading. I was more referring to saving for fatwa forex mufti perak goals.

Check out our free eBook for more on our attitude towards investing in general. He is only 14 and is now working in retail making approx. I would really like to find something that will be medium term if he want to buy a car in a few years as well as long term down payment on a house.

Unfortunately because he is so young, nothing is set up that the money can be directly invested in his name unless of course it is a basic savings account which gives you nothing really in interest. What do you think is the best option for someone of this age where mom still has all the say in how he manages his money.

Why not just a basic Canada Savings Bond that matures when he hits the age you wish him to get the money? Your email address will not be published.

TFSA vs RRSP: Which one is Better for You? Updated for

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Investing in a TFSA as a Student: Your Options by Young Education And Starving Student LifeRRSPs and TFSAs 24 comments. Here are the TFSA options: TFSA as a Savings Account Many I think most people are using their TFSA room for a high interest savings account or emergency fund of some sort. Mutual Fund TFSA For a mutual fund based TFSA you can have pre-authorized monthly contributions and put powerful dollar cost averaging on your side. TFSA as a Trading Account This is where I have my TFSA.

Tax-Free Savings Account | Registered Savings Plan

Readers, of these four options, what do you have your TFSA in? Echo on July 13, at 9: Jewel of Toronto on July 13, at M My University Money on July 13, at 4: Andrew Hallam on July 13, at 9: The Asian Pear on July 14, at RossTaylorMoney on July 15, at 6: RossTaylorMoney on July 15, at RossTaylorMoney- Thanks Ross, appreciate the mention! RossTaylorMoney on July 19, at 5: Kyle on January 1, at 5: Kyle on January 2, at 8: Denese on April 12, at 1: Kyle on April 13, at 1: Submit a Comment Cancel reply Your email address will not be published.

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