1. Try your hand at the stock market
You may have slipped into the stock market through your company’s RRSP program, but investing can be so much more rewarding than automatic withdrawals and yearly statements. Whether you’re ready to switch to the driver’s seat or just new to the world of investments, there’s never been a better time to get started. The rise of financial technology (FinTech for short) is democratizing access to historically complicated financial services, so now you can set up and manage an investment portfolio of your own, no matter how much (or how little) you have to get started.
With a host of simple online platforms to choose from, you can set up an investment account right from your couch.
2. Jump in the Tank
Even if you’re not a fan of Shark Tank, it’s impossible to ignore the way our economy is shifting in favour of startups and side hustles. With this wave of new businesses comes a corresponding need for capital to front them, and founders are increasingly looking outside traditional venture capital companies to a wider and more accessible group of ‘angel investors.’ Angel investing isn’t for the faint of heart;
Angel investing requires more due diligence than many other investment models. To mitigate risk, many angel investors work together, pooling resources and capital to evaluate opportunities, make smarter investments, and alleviate some of the associated legwork.
3. Put it in an education fund
If you’ve got children or little ones you love,
The other nice thing about RESPs is that once they’re set up, anyone can contribute, making it a great option for birthdays, milestones, or alternative gifts from extended family and friends.
4. Spend it
Sometimes, the best place to invest your hard-earned money is you. If you’ve covered your bases with an emergency fund, reliable RRSP contributions, and reasonable discretionary savings, it might be time to think about how your money can provide more than just peace of mind.
Whether it’s investing in personal growth (starting a hobby, buying a house, checking off a bucket list adventure), or your professional future (starting a business, taking a course, learning a language), there are certain times when spending your money is worth more than saving it. Spending on yourself can feel selfish, but if you’re investing in your own happiness or future success, consider it money well spent.
5. Give more of it away
As we get older and our income gradually stables out, old habits die hard. It can be tough to ever truly feel like we have enough, but research by social psychologist Liz Dunn shows that people who spent money on others
Amanda Ashford is a Brand & Communications consultant building brands with purpose and using business as a force for good. As a global traveller, Amanda is constantly inspired by the sounds, scenes and stories found around the world, and our shared passion for purpose that connects us all.