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By this lesson, we've got you understanding why long-term, low-cost, diversified ETF investing is the way to go. But if you still want to pick a weed stock here or buy a little cryptocurrency there, this stock trading class will help you do it safely. Like the expert you now are.
Make your money make money, as Biggie used to say. I don't know if he said that.
We've spent a lot of time talking to you about diversified portfolios, very sexy, low cost ETFs, and thinking long term when it comes to investing. But we know that some people still like buying into companies or industries they believe in, or believe will make them a lot of money.
We're not saying you should never do it, but we are saying that it needs to fit in with your overall financial plan, especially when it comes to things like trading individual stocks or buying into cryptocurrencies. For instance, Dosh Coin, CryptoKitties, Moon Coin, Satoshi Coin, Panda Coin, Denta Coin, Pot Coin, Fedora Coin, Ripple, Z Cash, or, my favourite, Putin Coin. Whatever.
We're not in the speculation business. We have no idea what Tesla stock is gonna do, or if weed stocks will go up in value or up in smoke. We have no idea what Bitcoin's future looks like. Will it go up, will it go down? Like any speculative investment, there will be great success stories right alongside tragic wipeouts.
That's why Wealthsimple's advice will always be consistent, even if it is a bit boring. Focus on long term steady growth, with a balanced portfolio made up of ETFs that track the market as a whole. And never gamble with more than two to three percent of your entire portfolio in these little individual stocks, bonds, currencies, or commodities that you have a good feeling about.
We don't completely lack an adventurous spirit, that's what we created Wealthsimple Trade. Wealthsimple Trade isn't just low cost, it's actually commission free. What's more, you can do it all from a beautifully designed mobile app.
There's no account minimums, and your money is CIPF protected up to a million dollars. But again, we don't think stock picking through us or anyone else is the way to build a retirement for Future You.
Still, there's honestly nothing wrong with wanting to invest in companies that you believe in. Think of it as an extra little champagne glass at the very end of your financial health waterfall. Not your nest egg.