Okay, so we've looked at why you should start investing now (time is on your side), and how it's important to invest regularly. Now you'll see why it's important to stay invested.
Pre-authorized contributions are something you can set up to make it easier to save money. Basically, it's a regular, automatic deduction from your Scotiabank account into an investment.
Looking at the Numbers
Say you got $1,000 from your grandparents when you were born, and started contributing $25 every month until you finished high school. At an annual compounded rate of return of 8%, you would have a whopping $16,203.55 by the time you're 18!
As little as $25 a month (which is just $5 - $7 per week), can go automatically into a mutual fund account every month, helping you make more money quickly and easily!
Note: if you are under 18 years1 of age, you are not allowed to invest in mutual funds directly. An adult can set up a mutual fund account as an in-trust account or RESP on your behalf.
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Children under the age of majority in the province in which they reside are unable to enter into a binding contract.