8 smart ways to invest $100
Do you know what the most difficult part of investing is? Starting. You may not have $1,000, $10,000 or ever $1,000,000, but you know what? Investing $100 is better than nothing, and its a great way to start an investing habit which will likely result in wealth in the long-term.
I will tell you one thing – finding a place to invest $100 isn't easy. Heck, trying to find a place to invest $1000 isn't exactly straight-forward.
I have consulted my peers in the financial industry, gathered various opinions, and compiled them all here for you. In one article, you will be getting excellent advice, from a few different professionals.
8 Best Investments for Your $100 (in my opinion)
Lending Loop is Canada's first peer-to-peer lending business. Peer-to-peer lending is exactly how it sounds – lending to other people. Currently, Lending Loop is still in start-up mode, and only has a limited amount of loans to fund at a time. There is, however, the potential for some pretty high returns.
When I used to day trade, my discount broker of choice was Questrade. They have very low commissions and no minimum account balance.
I did a review of EQ Bank's Savings Plus Account a few weeks ago. They offer a 2% interest rate on all deposits. The best interest rate on non-registered saving account at the time of this writing.
Robo-Advisors are automated investment advisors which allow you to have your money professionally managed without any human interaction. Check out Wealthsimple.
Your TFSA offers a guaranteed return, completely tax-free. How can you argue with that?
The words I live by are: "the best investment is an investment in yourself." Take a course related to your field – or not. Develop your professional knowledge.
Get in on the action. ETFs are generally cheaper than mutual funds, and way more fun.
Even Warren Buffet is getting in on the action. "My advice to the trustee could not be more simple: Put 10% of the cash in short-term government bonds and 90% in a very low-cost S&P 500 index fund (I suggest Vanguard's). I believe the trust's long-term results from this policy will be superior to those attained by most investors – whether pension funds, institutions or individuals – who employ high-fee managers."
I have said it before, and I will say it again: High-interest revolving debt negates any investment returns. PAY DOWN YOUR DEBT.
You are not going to get rich with a one-time investment of $100. However, $100 every pay, or $100 every month will get you much further.
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