Mutual funds, SIP portfolios, stocks, bonds, real estate… do you even know where to begin when it comes to investing your money? Knowing what to do and where to put your savings can be confusing for someone who is just looking into their options for growing their savings. What’s more, many of us are scared at the unknown possibilities of investing and worry about losing the savings we’ve worked so hard to accumulate.
Is it possible that investing can be a part of an average person’s financial profile? What about someone who doesn’t always feel like they’ve got complete control of their finances? Investing is becoming more accessible these days and even if you find yourself stretched thin in-between paycheques and wondering what to do when you need cash, you shouldn’t neglect this important step in financial stability.
You Still Need a Boost Every Now and Then
Everyone hits a bump in the road with their finances every now and then. For those who struggle to make their bill payments, a financial emergency that comes with a sudden, unexpected cost can feel like a major setback. Fortunately, payday loans from the online loan provider GoDay offer fast and reliable funds to support you until your next paycheque arrives.
The application is quick and simple. In less than five minutes you can know if you meet the criteria for their flexible borrowing. You can access your payday loan in as little as one hour from application in a completely secure online process.
Everyone needs help every now and then. Having to rely on an online payday loan, however, doesn’t have any impact on whether or not you can reap the benefits of financial investment. It all just comes down to budgeting and planning.
You’re Worried About Making Ends Meet
While society isn’t quite at a place where people speak openly about financial difficulties, at least the existence of online forums and communities help us know that you aren’t alone in living with debt. There are plenty of resources available to those who want to better themselves financially, but what happens when even your best planning intentions go awry?
The payday loans Ontario offers help bridge that gap between what you planned and what actually happened. Think about your financial priorities. Is “saving for retirement” as urgent to you as, say, paying off your car? You can work your way to becoming an investment whiz with just a bit of a change in perspective and re-organization of your financial “wants” and “needs.”
Get a TFSA
Aside from the catch of yearly dollar limits on the amount you can contribute (in 2019 the yearly TFSA dollar limit is $6,000), there isn’t really any downside to this type of savings account. Unlike RRSPs which have certain age restrictions (you must be under 71) and require proof of earned income in order to contribute, TFSAs can be opened by anyone.
These accounts allow you to invest your money and earn tax-free dividends from your investments. It is possible to invest your money and save it at the same time, you just need to know where to look and how to change your mindset.