If you're reading this, you're likely one of the many folks who raised a glass of bubbly to the new year and vowed to get on top of their finances in 2022.
As resolutions go, it's a solid one. The tricky part is waking up on January 1 and realizing that you have no idea where to start.
Recognizing that this feeling is common among Canadians, TD has a whole range of products and services available to help. Among them is the TD Easy Trade™️ app, which has everything you need to start your very own investment portfolio and begin trading — no experience required.
The app has been designed with DIY investors in mind and offers educational videos, access to licensed specialists and up to 50 commission-free stocks trades per year to get you started on the right foot.
Taking hold of your finances doesn't have to be overwhelming; all you need is the right tools and a little support (like these seven tips), and your 2022 resolution will be as good as done.
You Don't Need To Do It All At Once
Getting into investing can be a formidable prospect. Instead of trying to tackle it all right away, you can space it out across the year and take it one step at a time.
For example, in January, you could schedule a recurring monthly meeting with yourself to assess your investment goals and make sure you're staying on track. In February, you could set up a TSFA (if you don’t have one already). In March, you could automate your savings deposits, and so on.
You may end up making your first trade around the middle of the year, or maybe you’ll be eager to start sooner — whatever works for you and your financial situation.
Either way, by the time December 31 rolls around again, you'll have smashed your 2022 goal to get started twelve times over.
Take Stock Of Your Money Sitch (Pun Intended)
When you ask your phone for directions to a location, it first identifies where you're located right now. The same idea applies to your financial situation.
There's a common myth out there that you have to be wealthy or have a lot of money saved to start investing, but it's not the case.
You could be in a great position to start investing if you've got a growing emergency fund (or could afford to set one up), are keeping up with your bills and still have a little money to spare.
There's no set amount you should be working toward since everyone's income and expenses are different, but if your 2022 resolutions include investing and trading for the first time, it's important to know where you're coming from so that you can plan where you want to go.
Know Why You Want To Invest In The First Place
"Get into investing" is a fine way to phrase your 2022 resolution, but when it comes to putting it into action, it helps to get more specific with your goals.
TD Direct Investing refers to this as "thinking about the end at the beginning," and it can impact everything from how much you invest to where you invest it and for how long.
Take a moment to think about what you want to get out of investing — be it a new home, your dream car or a backup income source — so that you know where you're headed when you set off on your investment journey.
Make Use Of The Powerful Tools Available To You
Taking charge of your finances can seem daunting, but with the right toolkit and info, you can get started with as much or as little money as you like.
For example, TD Easy Trade™️ is a service from TD Direct Investing, exclusively available as an app. You can get started investing from the palm of your hand in just a few easy steps. Plus, there are no account minimums or monthly fees to worry about.
The easy-to-use app is packed with how-to videos on investing, goal-setting tools and everything you need to make your first trade. And when you sign up, you automatically get 50 commission-free stock trades every year.
After your first 50 trades, you'll pay a fee of $9.99 per trade – except for trades on TD ETFs which are all commission free.
So, what can you trade on TD Easy Trade™? You can choose from thousands of stocks on both Canadian and U.S. stock markets, as well as TD ETFs including TD One-Click ETF Portfolios.
If you need a bit of help understanding what you can trade, TD has put together an explainer video.
Keep Diversification In Mind
One of the best strategies to manage risk when you start investing is to have a wide mix of investments.
This is known as diversification, and it can help you stay on track toward your goals. Over time, investments that perform well can balance out those that do not.
To help you keep an eye on hot investment opportunities as they arise, the TD Easy Trade™️ app even lets you create and manage a watchlist of trending stocks right on the home page.
Let Go Of Assumptions About Investing
To gauge how Canadians feel about investing and trading for the first time, Leger conducted a survey on behalf of TD Direct Investing which surveyed just over 1,500 Canadians.
The 2021 survey revealed that respondents who don't invest choose not to for a few main reasons: they don't know how or have no investing knowledge (24%), they don't know how to get started (11%), or they think investing is too intimidating (7%).
With an app like TD Easy Trade™️, you can get started with investing even if you have no prior investing knowledge or background.
It's specifically designed for both new and experienced investors alike who want a streamlined trading experience and includes a ton of helpful info to take the intimidation factor out of investing.
TD Easy Trade™️ is available for Android and iOS devices, and the service offers free trades on 38 TD ETFs and 50 commission-free stock trades per year, making it an affordable option for DIY investors
Don't Be Scared To Ask For Help
TD Easy Trade™️ may be made for DIY investors but that doesn’t mean you’re on your own.
Along with all the app's powerful integrated features (like goal-planning and tracking, creating your own custom watchlist of stocks, access to how-to videos, webinars and live master classes) the app also includes support from licensed Investment Reps through the TD Easy Trade Contact Centre.
When it comes to getting on top of your money in 2022, there's nothing to fear. Once you have a few good habits down, you'll see how simple it can be.
The TD Easy Trade™️ app (available for all Apple and Android devices) is just one of many tools TD has available to help make banking and investing easier and more accessible than ever.
To find out more about investing with TD, check out their website or follow them on Facebook, Instagram, Twitter and YouTube.
This content is for general informational purposes only and does not constitute financial, investment, legal, tax or accounting advice.