Here Are 12 Things You Absolutely Need To Know If You’ve Never Invested Money Before (And Have No Idea Where To Start)

It's never been easier to watch that money grow.

1. First thing's first, you don't actually need a ton of money to start investing.

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Seriously. Investing isn't just for high-powered business people in suits. In fact, all you need to get started is just a few dollars a week.

2. Yup, it's more than okay to start off small.

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Even small amounts can make a huge difference over time. Choose an amount to save and how frequently. Then BAM—you're off on your own investing journey that's tailored to you and your budget. 

3. On that note, auto-deposit is your new investing best friend.

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Investing regularly (even if it's a small amount), is super important. A strategy advisors at RBC recommend is to set up a pre-approved auto-deposit on your payday so that money can be squirreled away from your chequing account before you can spend it. A perfect solution to warding off impulse purchases too. Hooray! 

4. Start today and future you will thank you.

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The more time your money has to grow, the better (we can thank the power of compounding, which helps increase your rate of growth over time). 

5. And while we're talking about the future, think about your saving goals.

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No matter if it's your fairy-tale wedding, a house or a lengthy vacation to Italy once you retire (dream big people!), there are different accounts that'll help you get there. For example, you can save for short or long-term goals with a flexible TFSA, or get started building your retirement savings with an RRSP. 

6. There is absolutely no one size fits all when it comes to investing.

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It's important to know that the way you invest will probably be different than the way your parents or friends do. Not only are there different accounts to consider, but also different investing options. 

7. If you're a DIYer by nature, you might want more control over your investing journey.

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If you want a more hands-on approach to investing, you may want to consider an option like RBC Direct Investing. You'll be able to make your own decisions about trading with the help of a ton of online tools and resources. 

8. But if you're looking for something more low effort, you can hand it off to the pros.

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If you're super busy or not interested in managing your investing decisions on your own, online services like RBC InvestEase make the whole process automatic, quick and easy. All you do is answer a few questions and an RBC pro will build your investment portfolio for you. A huge bonus is that you can get started literally right now. For real, right now! 

9. Or if you want tailored advice and a personalized plan, you can always talk to an expert.

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Whether it's by video or IRL, RBC advisors can help you get started and provide ongoing support. For some extra guidance, check out more details here.

10. With so many investing options, think about your big picture before deciding.

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What are some of your money goals? How involved do you want to be with your decisions? How comfortable are you making those decisions? How much support do you need? Then, go from there. You can always mix and match options too. Find your perfect fit here. 

11. No matter what you choose, you don't have to do it alone!

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Investing may seem overwhelming at first but advisors, online resources and even practice accounts to test things out are here to help you kick butt on your journey. 

12. Last but certainly not least — investing doesn't have to be scary.

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It might seem like a scary time to start investing, but if you consider all of the above and check out options using the resources and pros over at RBC, they'll help you make investing decisions that feel comfortable to you! 

RBC has everything you need to start investing. It's never been easier, learn more about how to get started here.

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