Invest in what you’re really invested in

This answer will vary depending on your life situation and what you’re comfortable with. Before you start working with an advisor to help you figure this out, you can get a better understanding with our Budget Planner tool. Remember that it’s okay to start small. Even setting up automatic contributions for as little as $25 per month may not seem like a lot, but it can make a big difference over time. 

There are a wealth of investment options available. Depending on the length of time you’re planning to invest, your needs may vary. For example, if you’re investing for a short-term goal or planning on retiring soon, your advisor can recommend investments that limit your exposure to risk. If you can invest for a longer period of time, you can likely handle more risk in exchange for greater potential returns in the future. Your Scotiabank advisor can map out a personalized financial plan that includes investments that match your goals, time horizon, and risk tolerance.

A popular starting option is a Tax-Free Savings Account (TFSA), which is an all-purpose savings account that offers the flexibility to save for many goals in one account. Your savings grow over time tax-free, and you can withdraw your money whenever you need it.

Do your homework beforehand by reviewing your investment objectives and bring along topics for discussion. Remember to bring all relevant paperwork, including recent account statements, budget plans and any relevant tax forms.

Don’t be afraid to ask questions. It’s important that you understand the investments that your advisor recommends and how they work with your financial plan. If you have any concerns or don’t understand something, ask for clarification. Your advisor is there to answer your questions.