Andrew Goldman has been writing for over 20 years and investing for the past 10 years. He currently writes about personal finance and investing for Wealthsimple. Andrew's past work has been published in The New York Times Magazine, Bloomberg Businessweek, New York Magazine and Wired. Television appearances include NBC's Today show as well as Fox News. Andrew holds a Bachelor of Arts (English) from the University of Texas. He and his wife Robin live in Westport, Connecticut with their two boys and a Bedlington terrier. In his spare time, he hosts “The Originals" podcast.
You know when the best time to invest is? 10 years ago. You didn’t? That’s cool. But short of using a time machine to remedy that, you should absolutely start investing today…or tomorrow…basically just as soon as you possibly can.
Though it makes for a great movie plot or daydream, getting 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? Security and wealth follow a similar formula. Wealth is just a regular 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 university tuition, or your own retirement security, and what you intend to do with the money will dictate what kinds of accounts you should open. Pension schemes like SIPPs, for instance, offer incredible tax benefits but should only be used for that specific purpose. ISAs are more versatile and can be used for any purpose you can imagine. Whatever your investment goals, Wealthsimple can help you out by steering your towards our absolute favourite compounding engines — low-fee ETFs that will allow you to experience the natural, regular growth of the domestic and global economy. In order to buy shares on your own, most brokers have a minimum age of 18. But even precocious kid investors can get a head start with the help of a Junior SIPP or Junior ISA opened by mum, dad, or a guardian.
If all this talk about investing has you eager to start, now might be a good time to join Wealthsimple. We offer state of the art technology, low fees and the kind of personalized, friendly service you might have not thought imaginable from an automated investing service. Get started investing in a matter of minutes.