Saving up for the future looks different for everybody. Whether you're working towards buying a new car, jetting off on a dream vacay, creating an emergency fund or getting started on that retirement plan, investing is a way to help you to save for what's important. Simply put, it’s all about making your money work for you.
If you don't really know where to begin, the whole process can feel intimidating. That's where your personal investing style comes in.
You can save up and grow your money — in a way that works for you — whether you pick your own investments, get ongoing support from an advisor or let a professional take care of your investment portfolio for you. (You can even do all three.)
Everyone’s unique, and how you go about investing should fit with who you are and your aspirations.
No matter how you choose to financially prepare for the future, you can do it without compromising your comfort level, personal values or investing style.
As you start your investment journey, keep these tips in mind to help you along the way.
Figure Out Your Personal Investing Style
There are so many ways to invest and investment solutions available. If you have never invested before, it can feel super overwhelming, but you can start by figuring out what your investing style is by asking yourself a few questions.
What do you want to save and invest for? How long do you have to build up your savings and investments to reach that goal? How much risk are you willing to take on (“risk tolerance”) and what’s your ability to do so (“risk capacity”)?
This will bring you closer to figuring out your investing style. Next, you can narrow down your options: if you aren’t super familiar with investing, you may want to delegate your investment management to professionals through an online investment platform or set up a meeting with an advisor to discuss your needs.
But if you’re down with managing your investments yourself through a direct investing platform, you’ll take the reins yourself on figuring out your risk tolerance and how to proceed.
Manage Your Investments Yourself
If you’ve figured out that you want to be a DIY investor — doing your own research and making your own investment decisions — RBC Direct Investing lets you trade the way you want through its online platform or your mobile device.
You’ll have access to comprehensive tools and resources to help you make your investing decisions. Plus, you can transfer however much you want from your RBC banking account to your investing account.
Help Out Your Future Self
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By automating your deposits into your investing account, you won't have to worry about setting reminders or accidentally spending what you intended to invest.
Consider setting up your deposits to come out the same day you receive paycheques. You probably won't even miss the money — out of sight, out of mind.
You can go slow and steady with a small amount each month to start. As your salary increases, pick up the pace and increase your contributions — you could have a mountain of savings in no time.
With your investing account total building up behind the scenes, you can rest easy. And in the not too distant future, you can give your past self a pat on the back!
Start Small & Let Your Investments Do The Work
Did you know you can start your investment journey with just $100 with RBC InvestEase? From there, let the cash build up, or add more dollars on top of your initial deposit. Over time, you have the opportunity to benefit from the power of compounding (translation: get earnings on your earnings).
If this feels a little overwhelming, sit back and let a pro take care of everything. With the support of portfolio advisors, RBC InvestEase offers an automated way to get a professionally managed portfolio at a low cost.
Follow Your Passions
If you don't know where to start investing, let your values be the jumping-off point. There's a little something called responsible investing: a term that describes investing that incorporates how well a company manages its environmental, social and governance (ESG) risks.
The responsible investing approach used in RBC InvestEase’s portfolios focuses on companies with the highest ESG scores, so you can invest in companies that share some of your values while you build your financial future.
Know There Are Many Ways To Start Investing
There are many ways to go about investing — you might feel comfortable letting a pro take the lead with RBC InvestEase, or you might want to be in control of your own investment decisions with RBC Direct Investing.
Another option: Working with an advisor can help you through any step of your investing journey, allowing you to be involved in every decision while receiving professional guidance.
Pro tip: you can stick to one route or mix and match by trying different methods all at once.
Join A Community For Investing
The world of investing may seem daunting, but you don't have to enter it alone. There are plenty of resources to ease you into this new environment.
Keep safe by joining a group that promises to protect your identity, like the Community* at RBC Direct Investing. Here, you can explore new ideas with investors at all experience levels once you become a client. You can even see the investment portfolios of other members (percentages only).
Who knew you could make online pals through your bank?
Set Out On Your Investment Journey
Everybody's different, and how you go about investing should fit with who you are and your unique goals for the future.
Start your investment journey with a trusted guide like RBC, a bank that has options to suit your needs and advice to help you every step of the way. By monitoring your finances and investments in one place, everything becomes a whole lot easier.
RBC’s investment solutions — DIY with RBC Direct Investing, letting an RBC InvestEase pro take the reins or getting an RBC advisor's help — mean that you don't have to compromise.
Remember: it’s how your investments perform after fees that will really matter, to help you reach the goals you have in mind.
There's no better time than the present to start thinking about how you want to save for your future. By taking the first step and becoming an investor, you can help make your dreams come true.
Discover your investing options with RBC, like RBC Direct Investing, RBC InvestEase and RBC Financial Planning (related disclosures included), by visiting their website, or check out their Facebook, Instagram, Twitter and Youtube for more info.
This content is for general informational purposes only and does not constitute financial, investment, legal, tax or accounting advice.
*Specific terms and conditions apply to membership in the RBC Direct Investing Community. For details please sign into the RBC Direct Investing online investing site, click the link to the Legal Terms of Use and read the RBC Direct Investing Community – Terms of Service.