You should totally start investing 10 years ago. You didn’t? That’s cool. But in that case, you should absolutely start investing today…or tomorrow…basically just as soon as you possibly can.
Though it makes for a great movie plot, assuming you’ll eventually get rich overnight just isn’t a responsible life plan. The alternative is investing. Ever hear that old saying — that comedy is just tragedy plus time? Investing is a little like like that. Wealth is investment plus time. A little money invested for a long period of time will grow like crazy through something called compounding — the term for the miraculous way that if you leave your money alone and allow all growth to be reinvested, before long what was once a snowball-sized investment will build to snowman torso proportions.
Investments can be made with specific goals in mind, perhaps a future real estate purchase, a child’s higher education, or your own retirement security, and what you intend to do with the money will dictate what kinds of accounts you should open. Various retirement plans and 529 education savings accounts, for instance, offer incredible tax benefits but should only be used for those specific purposes. Whatever your investment goals, Wealthsimple can help you out by steering your towards out absolute favorite compounding engines — low-fee ETFs that will allow you to experience the natural, regular growth of the domestic and global economy. In most states, anyone 18 or over can invest, but even precocious kid investors can get a head start with the help of a “custodial account” opened by mom, dad, or a guardian.