Investing for Nurses in Canada in 2021
Investing for Nurses in Canada in 2021. Nursing money and investing. Nurses investment opportunities.
Quest Trade Link:
Investing is probably the best way to achieve financial freedom. Whether you invest in real estate or in the stock market, the sooner you do it, the better you will be in the long run. Now, of course if you are working as a full time registered nurse in B.C, you know that our pension is one of the best in Canada. However, why not live even better in retirement, by investing money now.
Alright so I will share my experience investing in the stock market which is my preference as I do not have enough money to even consider to invest in real estate properties… yet! In all seriousness, let’s talk about tax free savings account. This is a great way for young adults to put money in and have it grow over time tax free. Basically, a TFSA is an account that allows you to invest in stocks and any growth that the stock has you do not pay any tax on it. Now in US, there is something similar such as a roth IRA, but I am not too familiar with that as I live in Canada. Here is how you invest in the stock market from a TFSA. So I use quest trade to invest, if you are interested in using this brokerage check the link the description box below. Using this link to sign up will give you 25$ if you invest 1,000 dollars. I use Quest Trade rather than a major bank like RBC, TD or ScotiaBank because they have much lower fees for buying and selling stocks than the major banks. So you essentially have to create a TFSA account with quest trade. Then you have to add quest-trade as a payee from your major bank. Then transfer funds from the major bank that you have to the TFSA account. Once you do that, you go into your TFSA account and are now able to purchase stocks. Now TFSA accounts have some restrictions and limits to them, check the link down below for a contribution calculator which is based on your age. Basically at the age 18 you get to contribute a set amount each year to your TFSA. It gets complicated so I have linked a calculator, just put in your date of birth and it will tell you how much your contribution room is.
So once you have money into that account you can purchase stocks. I chose to invest in stocks because it is relatively easy and you can make money while doing nothing. Now there are many different companies, exchange traded funds or mutual funds you can invest in. However to make it simple, I invest in a ETF which is a bunch of stocks put into one. The ETF’s that I am invested in XIU or XIC.
ETF’s are great way for people to grow wealth because you essentially make money over time without doing any work. You put your money in the market, and just let it sit there. You get a dividend payment every few months and over the years go by, the stock market generally rises in value and so does your money. To give you perspective how powerful this is, lets say you invest in XIC ETF 10 years ago. 10 years ago 1 stock of XIC was valued at twenty one dollars and sixty two cents. After 10 years each stock of XIC is now worth twenty eight dollars and fifty one cent. That means that if you put five thousand dollars 10 years ago you would have made one thousand five hundred and ninety three dollars for doing nothing. That isn’t even considering the dividends it pays you each year which is approximately 2.41% per stock for the entire year. That means as the stock value goes up you will get a higher dividend. This is a great way to make passive income and it grows tax free!
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