$7k at 18

Ignoramus
Ignoramus

What is the best thing to do with $7000 I've earned working? I'm 18 and in college full time.

GICs make me lol, I'm thinking of just seeing an investment adviser at my bank (RBC) and having him handle it for me. I don't want to go into the meeting blinded though.

All urls found in this thread:

canadiancouchpotato.com/

Dreamworx
Dreamworx

1. pump it all into trump coins
2. watch it go to the moon within a year
3. 7000 x 25 (from 4 cents to 1.00 per coin) = 175,000
4. pump it all into penny stocks
5. glorious capitalism kicks in
6. they go to the moon
7. sell sell sell
8. repeat steps 4-7
9. enjoy infinite monies

Stark_Naked
Stark_Naked

Yeah or I could maybe not do that.

Crazy_Nice
Crazy_Nice

he doesn't want easy money

kizzmybutt
kizzmybutt

he doesn't stop low quality shilling

Poker_Star
Poker_Star

P T X
T
X

Memes aside, but aside $3000 and use that as an emergency fund so if anything horrible happens you won't be absolutely boned, and use that $4000 to avoid student loan debt.

Flameblow
Flameblow

Got no student debt loans tho so any cash I make is for me since I'm living at home
tfw post-secondary school is heavily subsidized by the govt

RavySnake
RavySnake

Your bank will just want to put it into their mutual funds.

Open a self directed trading account and buy some ETF's.

CouchChiller
CouchChiller

18 and already saved up $7000

You're cool. I like you. Would buy you a beer if you were legal in America.

BinaryMan
BinaryMan

please explain to me the meaning behind your picture

Sir_Gallonhead
Sir_Gallonhead

You're cool. I like you. Would buy you a beer if you were legal in America.
Legal in Quebec, come join me for one haha. Currently working two jobs now (one govt. and the other is I do private landscaping) and trying to pick up a third one (office data entry shit that'd be good on a cv). There's not really much to spend money on aside from gas, food and drinking, all though I can spend $250 on supps every 4-5 months.

haveahappyday
haveahappyday

canadiancouchpotato.com/

fuck an advisor

w8t4u
w8t4u

Canada has one of the highest MERs for mutual funds. You will get screwed by the banks. Do they even charge you guys for going in and getting advice? If they don't that's how you KNOW you're getting fucked. Why would they give you such an essential service for free? They get paid a fuckton from garbage mutual funds.

Fee based advisors can help a LOT with taxation and feeling out a proper portfolio. That site is okay but there are some flaws and biases in it.

FastChef
FastChef

Thanks I'll look into this

Fried_Sushi
Fried_Sushi

Where in Quebec homie? Français?
What's your e-mail senpai

Spazyfool
Spazyfool

Top

idontknow
idontknow

Good job saving it. So you have three options, all three very valid.

1. Commit to just using your bank, and never think about it. All your energy towards furthering your career, later you can get into investing

2. Half in savings half in bluechip stocks. Easy and most people do this.

3. Save it for a month or two while you study your ass off in investing in stocks/cryptos. Tons of money can be made IF you have extreme amounts of discipline, intelligence, time, and energy.

Evilember
Evilember

3. Save it for a month or two while you study your ass off in investing in stocks/cryptos. Tons of money can be made IF you have extreme amounts of discipline, intelligence, time, and energy.
Any resources?

RavySnake
RavySnake

madaz on youtube if you want to see someone who typically makes a couple thousand in the first thirty minutes of the market day. He has a lot of good stuff to watch, can give you an idea of how seriously you should be taking this if you want to really be making money

investopedia, read everything on the dictionary

/rhg/ for stockpicks but do your DD!

For cryptos, look for ones good to trade. Eth can be slow, lisk is good on polo right now but will die out eventually. Invest in as many tech-heavy ICO's as you can, sell off and get profits at their opening, then trade them. And buy BTC for savings (consider selling off before halving though)

massdebater
massdebater

No interest in cryptos but otherwise hank you!

kizzmybutt
kizzmybutt

I am not the guy who posted it but Bernie Sanders supporters are usually seen as the average m'lady fedora weak beta cuck socialist stereotype, hence the picture.

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