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Before you throw your $10k into investments, consider tackling these common financial tasks:
How you should invest $10k depends on a host of things: your age, goals, investment knowledge, and risk tolerance. You’ll need to have a clear picture of these to build a $10k portfolio.
If you’re in your early 30s and want a long-term portfolio focused on growth, here’s what it might look like:
|GICs and bonds||0-15%|
|Stocks, ETFs and mutual funds||70-90%|
|Real estate and alternative investments||0-25%|
To make the most of many of the investments below, you may need a new brokerage account.
If you’re looking to save for retirement, you can get a jump start by opening a Registered Retirement Savings Account (RRSP).
RRSPs are designed to hold certain types of assets including:
If you’d like some guidance on how to invest $10k, a robo-advisor may be a good alternative to a traditional adviser.
Brokerage accounts are accounts opened with an investment company. It’s like a bank account, only the account holds stocks instead of cash deposits. If you’re more of a hands-on investor, $10k is more than enough to get started with an online broker.
If you plan on making a big purchase in the near future, such as buying a home or sending the kids to college or university, it may make sense to invest your money in bonds. Terms typically range from a few months up to 30 years.
Lend your money to other individuals in need through peer-to-peer (P2P) lending.
There are many different ways you could invest $10k. Whatever you choose, make sure your investments align with your needs. Weigh the pros and cons and nail down which investments will help you accomplish your goals. Then, shop around for top-rated investment accounts until you find one that suits you.
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