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In this wall we will be going over ways to use your finacnes to grow your net worth and make money in ways you didn't think of. We will go over what cards to use, what tools you can use to invest and much more.

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A quick summary of this video is him going through in his opinion the 6 best credit cards in Canada, he does though the BMO cash back world elite card, American Express aero plan reserve, AMEX platinum card, TD Aeroplane Visa infinite privilege card, BMO student cash back card and the AMEX cobalt. He goes through all these cards in detail and provides numbers on cash back and information on benefits.

We chose this video because it goes through in depth the 6 best cards you can get in 2024. The video goes through each card and the benefits of each. He starts with the BMO cash back World elite Mastercard, this card has lots of benefits but to me the biggest advantage is the cash back on reoccurring bills, the cash back on those bills can be used to pay those bills and the money saved can be used to invest in other things which we will go over later. We also wanted to go over another card specifically from this video and that was the BMO student cash back card the cash back rewards can pull into up too 100$ every year which students can use to start investing.

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Top 6 BEST Credit Cards In Canada (2024)

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In this video he goes through ways to invest to help build wealth including RRSP, TFSA and many more he's goes though each in depth and discuses the pros and cons of each, he even goes though alternate assets that you can use to grow wealth.

We chose this video because of the variety of the subjects he talks about. One thing we found useful about this video is the way he talks about using your TFSA account as more of an investment account instead of just a savings account. one thing different about this video is how he talks about using these accounts and not using them in the usual ways but using them differently to allow your self to grow your wealth.

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The Ultimate Canadian Investment Guide For 2023

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In this video she goes through the basics of investing in stocks. They explain how stocks work and why companies rather go public, then take out a loan. I also think that this would be a good video to look at before even thinking about investing in stocks.

We Chose this video as investing in stocks is a great thing to do on the side to increase and grow your wealth. Stocks are great for this very reason as you just have to buy the ones you think will do well(usually when low) and sell them when you think they'll go back down (Buy low sell high. We like this video because it informs the viewer about the risk factor involved in stocks. The risk factors are all over the place while doing stocks so in general i would put it as medium risk medium reward. We think stocks would be one good way to help you grow your wealth.

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The last video we have decided on is a video on how to budget. In this video they talk about how to make a budget based on your income. Although this video does not specially mention how to make money, this grows your wealth as your using money that you have to save instead of buying it on things you don't need.

We chose this last video as saving your money and budgeting is an important way to be able to grow your wealth. If you don't budget and have poor self control it is very likely that your wealth will decrease instead of growing. Budgeting is a great way as it still gives you room to have fun and go out but while also saving money growing your money and gaining financial wealth.

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This website goes over different ways to save and invest in different ways, it goes through long term and short term ways to achieve your goals. It also shows us what tools to use for each of these goals like using mutual funds for long term goals or GIC's for shorter term goals.

We chose this website because of how it shows multiple ways to get each goal done and how investing your money can help you reach bigger financial success. One thing we like about this website is how it shows both long term and short term goals and the differences of both and how using the different ones can help you achieve either and to increase your finances.

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Think about your financial goals

Saving and investing can help you reach your financial goals. Writing goals down is a good idea.

To figure out what savings and investments are right for you:

identify and prioritize your goals, such as saving for retirement or a down payment for a house

set a dollar amount for each goal

set a timeframe to reach your goals

As you get older, your financial goals will change. Review your savings and investing plans from time to time.

Keep in mind you're generally better off paying down debt first. This is because the interest you pay on debt is usually more than what you can earn by investing.
To help you get started, fill out the investment goals worksheet. Get tips on managing your debt.
Set a date to reach your goals

Your goals may be:

short-term (2 years or less)

medium-term (3 to 5 years)

long-term (6 years or more)

The amount of time you have to achieve your goals can affect how you plan to save and invest.

Save and invest for the short term

If you're saving for an emergency fund or a major purchase within a year or two, your focus will be on building your savings. You'll want to keep your money protected and easily accessible.

Short-term savings and investment options

savings accounts

short-term deposits

short-term guaranteed investment certificates (GICs)

cashable savings bonds

Ask your financial institution or advisor about the different types of short-term investments they offer and how they work.

Save and invest for the long term

If you're putting money away for a long-term goal, such as your retirement or your child's education, you may want to consider a broader range of investment types.

Longer-term investment options

bonds, such as Canada Savings Bonds

mutual funds

index-linked deposits

stocks

long-term deposits

long-term guaranteed investment certificates (GICs)

Keep in mind that some investments are complex and can be risky. Talk to an investment professional or financial advisor to find the investment that is right for you.

Longer-term savings options

Registered retirement savings plans (RRSPs)

Registered education savings plans (RESPs)

Registered disability savings plans (RDSPs)

Tax-free savings accounts (TFSAs)

Figure out your comfort with risk

Many investments offer the potential for a higher rate of return but also involve some level of risk. However, the risk may be more acceptable if your goal is longer-term because you have more time to recover any financial losses.

Your comfort with risk depends on your emotional willingness to accept risk and your financial ability to absorb loss. This is known as your risk tolerance or risk appetite.

There are many different types of risk including:

the risk that your investments will lose money if domestic or global markets decline

the risk that an investment cannot be traded quickly enough to prevent a loss

the risk that the value of your investments won't increase enough to keep up with the rate of inflation

the risk associated with investing in certain types of businesses, like a business that is part of an unregulated industry

More risk may be acceptable if your goal is longer-term because you have more time to recover any financial losses.

Decide if you want to invest on your own

Investing on your own may be an option if you:

are confident about your investing knowledge

have the time to follow developments in the financial market

Many people work with a financial advisor or planner to help them plan and achieve their financial goals.

​​Related links

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savings; investments; financial goals; saving; investing; managing debt

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Setting short-term and long-term financial goals.

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This website goes over how to invest save and grow your wealth, it jumps into investing and getting the most out of your money like using savings accounts to help grow wealth. It also goes through securities which are similar to mutual funds, have less fees and are traded similarly to mutual funds.

We chose this website because of many reasons especially cause of how in-depth it goes into GIC's and showing the different varieties of GIC's and what to use them for. One thing different about this website is how it teaches you to save and invest as most of the websites only show either one not both and we think that makes this website different from others.

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Setting up your finances in Canada? What you need to know to save, invest, and grow your wealth | Scotiabank StartRight Program

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Setting up your finances in Canada? What you need to know to save, invest, and grow your wealth

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This image to us really makes us think about how you have to let your money grow for you and let it work for you. It shows us that giving your finances more attention can be the difference in your money growing for you or not.

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In our second picture we used an imagine that depicts don't put all your eggs in one basket. This is what what you should think of when you start investing. It is very important to spread out your investment portfolio with a couple different things. This is important because if you don't and for example only put your money in one stock and that stock plummets then you've lost nearly almost all them money that you've put into. It is best to be safe then sorry when dealing with your money in investing.

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This website goes over a bunch of ways on how you can make money using the money you already have. This website goes into depth and as the title says it shows many ways other then stocks to do this. These ways include Stocks, Cash, Real estate, and bonds.

We chose this website because it gives the reader a basic understanding of each of those ways to use your wealth to grow your wealth. While going it depth it also gives you a large variety of options incase you don't like an option. As someone may have enough spare wealth to get into stocks but may not be able to get into real estate as it takes much more wealth to get into.

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Get to know the ins and outs of the most common assets to hold in your investment portfolio.

4-minute read

Investing can often sound complex, but it has a simple purpose - to build your wealth so you can reach your goals. You make a deal with yourself. Instead of spending all your money now, you invest some in things you expect to grow in value over the long term. As a result, when you need that money for retirement or your children's education, you expect to have more wealth than if you'd kept your money under a mattress.

So, where do you put that money? Here are some of the most common investments to consider as part of your portfolio.

Stocks give investors an ownership stake in a business. When you own stock - even if it's just a few shares - you become one of the owners of a business. There are two main ways to earn a return on a stock investment. The first is from an increase in the value of your shares. The second is by receiving dividends - a portion of the company's profits that it pays to investors.

Stocks can be risky to hold for the short term and are better if you can hold them for at least 5 to 10 years. Since stock prices tend to go up and down more than other investments, it's important to diversify. Don't put all your eggs in one basket, or all your savings in a single stock.

Bonds are loans that investors make to governments or corporations. Bonds typically pay a fixed rate of interest over the term of the loan and repay the full amount at the end of the term. The value of a bond may increase or decrease depending on how interest rates move, but the main reason to invest in a bond is to get a regular interest payment.

Bonds typically have somewhat lower risk than stocks, since the issuer of the bond doesn't need to grow or become more profitable. Instead, they simply make regular interest payments and repay your loan at the end of the term.

If a company goes bankrupt, the bond investors are paid back first, while the stock investors only get what's left over after doing so. That's a big part of the reason why bonds are less risky than stocks.

Cash and cash equivalents are assets that you can easily withdraw when you need your money. Cash holdings, like high-interest savings account deposits, are expected to have a positive return with very low risk of loss. But, the return is likely to be lower than from stocks and bonds over the long term.

Also included in cash are Guaranteed Investment Certificates (GICs). These have similarly low risk and may offer a higher rate of interest than some bank accounts, but funds are typically locked in for a period of at least one year. You may be subject to loss of interest if you withdraw the funds earlier than planned.

Many Canadians invest in real estate by owning their home and through investing in rental properties. Returns can come from an increase in the property value over time, as well as from rental payments.

To calculate the return on a real estate investment, it's important to factor in the cost of mortgage interest, property taxes and maintenance. You also want to consider realtor fees and land transfer taxes.

In some ways, investing in real estate is like a mix of stocks and bonds. The land part of real estate is like a stock, in that it reflects the growth of the economy. The building part of real estate is like a bond, in that rental income can be a steady source of income. While most bonds lose value to inflation, rental income from a property typically rises with inflation. This is subject to rent control limits that vary by province or territory.

Choose the right mix for you

With financial assets, risk and return are somewhat related. We take more risk with stocks and expect a higher return; we take less risk with bonds and cash, but expect a lower return. Real estate is like a blend of stocks and bonds, though much less liquid.

The right mix of investments will depend on your time horizon, risk tolerance and investment goals. Consult with an advisor to build a mix of investments that helps you achieve your goals.

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More than just stocks - learn about the most popular types of investments

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Learn about the most common assets to hold in your investment portfolio to help build your wealth, and reach your goals.

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In our last website that we'll be talking about it goes in depth about saving and what people should do with there money to maximize how to make money with the money they already have. This combines many of the topics we have already suggested (I.e stocks and budgeting) with more ways included.

We chose this as our last website because we think that this site would be very useful to a lot of students. This topic includes paying off debt and a lot of other ways to make money using personal finances. These ways do not have a large start up cost and would be perfect for a student to use to make some money on the side.

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What is money management, exactly? It's a plan for your money so you can make the most of it. This plan typically involves budgeting and saving money, avoiding or reducing debt and investing in your future.

If learning how to manage your money sounds intimidating or stressful, take it one step at a time. Below are money management tips to help you gain control and, more importantly, peace of mind.

Get a custom financial plan and unlimited access to a Certified Financial Planner™

Custom financial plan tailored to your situation and goals

Access to a Certified Financial Planner™ via calls or messaging

Unbiased, expert financial advice for a low price.

How to manage your money

1. Take inventory of your finances

Money management is about more than making the math work out. It's about adjusting your mindset, too.

Take a mental inventory of your current position.

Be honest with yourself about where your weaknesses lie. You might've made some missteps in the past, but you don't have to continue on that path. Here's how to manage your money now, while preparing for the future.

2. Build a money management blueprint

How do you put your plan in action?

Use the steps below to build a blueprint that works for your finances.

Use designated accounts for spending and savings

Make a plan to pay off debt

A strategic approach to debt repayment will help you reach the debt-free finish line faster. We recommend tackling your most expensive debt - the accounts with the highest interest rates - first, while making minimum payments on the rest. Then, work your way down through any lower-interest rate debt until it is all paid off. Consider using windfalls, such as a tax refund or bonus at work, to make a dent in balances.

Develop good credit habits

Your credit can determine whether you're able to get loans and the rates you pay on them, as well as many other aspects of your financial life. A credit check may be part of getting a cell phone plan, apartment or car insurance.

Invest in your financial future

3. Make the most of your savings

Money management goes beyond spending less than you make. A true sign of financial prowess is saving enough to live comfortably in the long term as well as the short term.

You can achieve this in four steps:

Start socking away extra money to build an emergency fund. Ideally, you should have six months' worth of living expenses at your disposal in case the unthinkable happens. If that seems too ambitious, start small. A $500 reserve is a great first goal.

Invest extra money for your future. Set yourself up for retirement by contributing to a 401(k). If your company offers a match, contribute enough to get the maximum.

Keep building up that emergency fund, investing for retirement and knocking down debt.

Despite their good intentions, many people fall off the financial bandwagon. Sticking to a budget that's too restrictive can be suffocating. Navigating investment jargon can be confusing. But don't get discouraged.

You didn't get in the financial position you're in overnight, and you won't get out of it overnight, either. Give yourself time to learn and grow. With hard work and dedication, you can manage your money with confidence.

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Money Management: 4 Tips for Mastering Your Finances - NerdWallet

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Money management is a plan that typically involves budgeting and saving, avoiding or reducing debt and investing in your future. These tips will help you get started.