I just recently reached a financial goal of $20,000 in my savings and I'm looking for tips, advice, suggestions on how to make this money work for me and start growing , I'm open to everything and would just like some guidance on where to put this money , a little bit of background finishing my last semester of school (sept-dec) currently 25 years old living in Canada. Looking forward to hearing back. I've been familiarizing myself with stocks, investments, GIC's, mutual funds, etc. Just not sure where to begin allocating the funds, or even how to build a viable portfolio.
closed as primarily opinion-based by D Stanley, BobbyScon, Bob Baerker, Dheer, Pete B. Aug 17 '18 at 11:34
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What is your career choice? Because seriously, the best way to grow wealth is to start in a high income profession. And / or go into anything where you handle a lot of money (making deals etc.). It also depends on how much you are willing to sacrifice - you are aware that high earners often have 60 or 80 hour weeks. And do not select their friends about how nice they are. Money, then at some point, pretty much turns into your profession - either direct or indirect (i.e. bill gates, elon musk running hugh companies). Also, it depends what you consider to wealth. A million? 10 million? 100 million?
A lot depends. The main form is hard work. I mean HARD work, preferably in a profession that pays well. Then put some of that into investment. You may think 20k is a lot (and it may well be for you), but let's say you become a high end lawyer, a top programmer - even working "semi independent" (lawyers have this funny partnership concept) it is way less than you put into a bank account every month as reserve.
If you want good returns - funds possibly. But yoiu still need a lot of capital to grow wealth. So, focus on EARNING for the moment.