I'm a 22 year old Canadian living in Canada. I am about to finish school, paid off my student loan, and I have a good paying job, apart from rent and food (no car or house), I don't have much need for money. However, I still want to be smart with the money in my chequing account.
Let's say I have 30,000 CAD in my chequings account.
I have a background in Mathematics (and Computer Science) not a lot in finance, I was thinking about starting an investment, so that I will be set for rainy days and retirement. (har har)
I was looking at gold, and was wondering if that will be something to look into investing. But then again, gold is only as stable as one desires for the value of it.
I was thinking maybe get my toes wet by starting with mutual funds then eventually move onto something more wild?
How much risk? I don't want to be too risky from the start, I want to start with something stable, but more yielding than the 1.25 "high" interest savings account. Eventually as I get a good grasp on investment I may try the stock market.
Is this a one-time investment, or will you be adding to your position over time? I will be putting in any amount that is left over after food and rent.
How liquid do you need this investment to be? I wouldn't mind having access to the cash when needed, but I can always set away some emergency fund in a high interest savings account. Chances are I may purchase a house after 5-10 years.
How long do you plan on investing the money for? For as long as I can take care of myself, so say 40 years.