I am currently 23. I live in Quebec, Canada and I work full time at $17.31 per hour. My salary will increase 1% to 6% every December.
For the time being, my cost of living is relatively low. I have a small amount of debt:
- $1'500 in credit cards;
- $1'200 for a laptop which I pay $40 per month, no interest rate
- $550 in random loans, 19.50% interest rate;
- $65 per month for a mobile phone
- $50 per month for insurance, subscriptions, and miscellaneous items
- I owe the government about $350 in taxes, 4% interest rate
My expenses are relatively low:
- $180 per month for rent
- $50 per month for utilities
- $150 to $300 per month for food
- $950 for upcoming driving classes
I have extra discretionary cash and I put a bit of it toward my debt. each month. It was 8'000$ about 3 years ago. I assume that I will be out of any debt somewhere in 2020. However, I mostly drink all of it since I have nothing better to do and no real plan.
I am planning to begin investing in order to make more for myself. I plan to buy for a house, perhaps in 5 years for something around $220'000. I would also like to get a decent car in the next 10 years, something around $20'000.
I would like to know where to start. I have little to no experience in banking or investments and I would like to know where someone of my profile should begin in order to save money and invest it correctly, in order to make the maximum profit. A bit of risk is acceptable, I can be patient.
I believe that the best move would be to pay off my current debts entirely and that would occur sooner if I cut back on my drinking.
Do you think owning my first house within 5 years is reasonable? Possible? And having my first "new-ish" car in 10 years? Would this be possible with my current income?
How do I start investing? Who do I call or meet to start investing? Are stocks even a thing if you're not already relatively wealthy? I have an empty 1.050% Interest saving account, but that percentage seems way too low for me, what better options to I have?