If you’re new to the world of personal finance, or new to looniewise.ca, below is what I consider to be the important articles for gaining understanding and confidence in managing your money.
To start with, motivation. Surely there are more important things for you to do other than read articles about money? Knowing what you want your saved money for is important for knowing where to put it until you need it. Having a goal helps get you going.
- Savings Accounts, everyone should be familiar with the pros and cons of savings accounts
- Mutual Funds, money invested here will generally grow faster than savings accounts, but there are more risks
- Bonds, not quite as popular these days, thanks to a low interest rates
- The S&P 500, the best place to put your long-term money
- To put these things in perspective, you should re-acquaint yourself with the awesome power of compound interest
These are some handy articles for how to conserve or grow your money. These articles explain how to avoid costs that take your money:
- UTIC, the Unavoidable Trifecta of Investment Costs
- RRSPs, how to avoid the taxes of of UTIC
- TFSAs, another way to avoid taxes
For those with an appetite for more risk, and potential reward, there’s the stock exchange