Who wants to be a MILLIONAIRE
Toronto Star|May 27, 2024
Even if money is tight, investing can be the key to financial freedom in the future - just start out small
LORA GRADY
Who wants to be a MILLIONAIRE

The idea of investing might be intimidating, but for many Canadians nearing middle age, it could be the key to financial freedom.

According to a recent RBC poll, one in four Canadian millennials and members of generation X believe that having money to invest is a marker of financial independence. Yet over the past year, fewer than a quarter of them have put money toward an investment.

Nathan Parkhouse, a Toronto-based certified financial planner, chartered investment manager and owner of Parkhouse Financial, says inflation may be one reason this gap exists. "It's become very expensive to live and incomes haven't risen at the same pace," he says.

Even when the budget is tight, investing is part of paying yourself first to set your future self up for success. Jeff Kaminker, founder, president and CEO of wealth management firm Frontwater Capital in Toronto, points out that investments are particularly important as these generations look toward retirement. "You want to be able to maintain your lifestyle once you're no longer in the workforce," he says.

That's why Toronto resident Jessica Weisberg began investing 10 years ago when she was just 20. Her goal: an enjoyable retirement in 30 years with lots of travel. She started with $2,000, and today contributes $250 a month to her portfolio. “Anybody can invest on a regular basis. The best time to begin is when you have money. You just have to start small,” she says, stressing that you don’t have to go big or go home.

Parkhouse agrees with that advice. “Even if you’re only investing $25 from every pay cheque at first,” he says. As your income grows, so can your contributions.

この記事は Toronto Star の May 27, 2024 版に掲載されています。

Magzter GOLD に登録すると、数千の厳選されたプレミアム ストーリー、9,000 以上の雑誌や新聞にアクセスできます。

この記事は Toronto Star の May 27, 2024 版に掲載されています。

Magzter GOLD に登録すると、数千の厳選されたプレミアム ストーリー、9,000 以上の雑誌や新聞にアクセスできます。