With the semester almost over, it’s safe to assume your wallet is a little lighter than it was in September. But worry not, spendthrift readers — saving your money is easier than you might think. Today, our resident business expert Michael Chu offers some common investment tips to keep more money in your pocket where it belongs.
Don’t have time to think about investments? Think again. Your bank isn’t just there to help you save money, but make some too.
“If you have a part-time job, then why not save the money and invest it?” said Sean Ghanadian, a third-year business management student.
He insists that investing in the stock market is relatively easy — even for those inexperienced in the financial world.
Your branch can offer free investment advice and help maximize profits while minimizing risk. And if you plan on investing in American stocks, where many large companies are based, you can learn to profit from exchange rates too.
“A lot of people perceive the stock market to be a hit or miss situation,” says Dmytro Shepsen, first year business management student, and founder of Timeless Wealth – a website complete with advice and tips. Amateur traders will learn that not everything is out of their control.
However stocks aren’t the only way to keep your finances in check.
“There are lots of passive investments too, like an index fund or exchange traded funds,” said Dr. Scott Anderson.
The Ted Rogers School of Management finance professor explained that such alternate investment strategies can help you earn more money than a traditional savings account.
Of course, for your money to grow, you’ll need to have some in the first place — which might mean cutting back on those $4 lattes. Managing debt and controlling your personal expenses is the first step to smartly managing your money.
“Just saving that interest you pay would be a great investment,” said Anderson.
Photo: Matthew Braga