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I'm considering robo advisors, RSPs and government bonds based off my online reading but am not sure if I should just choose one or a mix of them. Any tips on how to work towards eventually doing DIY investment will be appreciated as well! (:
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Andy Sim
05 Mar 2020
HR Professional at a Financial Institution
Hi Melissa! Great that you are thinking to start your investing journey! If you know what you are buying into and the associated risks involved, then robos and RSP are a good way to dip your feet into.
Then the fastest way to learn about DIY investing is to go for an investment course. It's like a crash course on all you need to know about DIY, how to do it and you can also learn from the experiences of the trainers. Do consider them if you still find yourself lost trying to read books advocating different stuff. But ofc even investment course you'll need to do your own due diligence. Some of the good ones are The Fifth Person and Dr Wealth. You can even consider Financial Horse's investment course.
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Yeap, investing in RSP and robo advisor is a very good start. It can also see how much is your toler...
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Maybe set a 70/20/10 approach. Start off with70% of your investable into low risk and low cost like robos. Keep the 20% for slightly higher risk like choosing to buy your own stocks on a trading platform. Last 10% into high risk, high returns like cryptocurrencies and forex.
Once you build up more experience with better knowledge and you can shift some funds from lower risk to higher risk, depending on your risk apettite. But always remember to keep your base!