we want to invest but where do we start?

[ashedfc]

They are index funds... the whole point of index funds is that you don't need to know about what investments are inside the fund because they hold the whole index.

True, You don't need to know... that's where the problem is..
Index fund itself means its representing a particular index.
There are times, when a client has to diversify among various indexes... like the Small cap index/ DJIA/ MSCI/ Bond Index/ DAX/CAC/ TSX/ Russell/Nasdaq/S&P/ Nikkei/etc/etc... each one has several variants of indexes..
Now the big question is How to decide, how much of a proportion of an index one should have in their portfolio; & how often to change the proportion...

[anawhatsme]

Its normal to feel that way.
Even lot of financial gurus also find themselves lost sometimes.
Take one step at a time.

By the info you gave (you have couple hundred $$ saved); I feel its too premature to venture out into anything fancy.
Are you working; what's your tax bracket; what's your budgeting; are you spending more than you make or less than you make; is there a scope of reducing your spending; is there a possibility of increasing your income; etc.etc.. there are lot of info required to give any quality suggestion..

so the best is talk to a Financial advisor, & proceed from there.
most advisors want to talk to people who have money (cause there's potential for more commissions/revenue for them), but there are advisors who do lot of social service too..

Most important is "Don't feel so lost"..... if you loose confidence; chances are we will end no where..
Start small, & take it to the next level..
For example: Start as little as $25 PAC (annually/semiannually/ quarterly/monthly/biweekly/weekly/daily/ whatever you can afford) into a RRSP.. & accumulate it for your home purchase down payment. And let it grow.

Most important is
Not having money shouldn't be a reason to postpone your financial planning;
Most of the time People postpone their financial planning; that's the reason they don't have money

ASH

this is very helpful!
thanks.
i didn't know we could do as low as $25 a month into an RRSP.
we can definitely do that!

[alicia]

this is very helpful!
thanks.
i didn't know we could do as low as $25 a month into an RRSP.
we can definitely do that!

At BMO, for my TFSA contributions the minimum is $50/month, and currently that is what I am doing (still a student so it's the best I can do right now). It's just getting me in the habit which is the important thing. When my earnings go up so will that continual contribution, but right now it's just nice to put a little away automatically.

[ashedfc]

Just for your info.. There are some good institutions which can offer regular deposits (PAC), for as less as $10 per deposit.
Worst case scenario one can start as low as $10...
So not having money is not an excuse not to save..
ASH
Financial Advisor
www.edfc.ca

[anawhatsme]

thanks ash.
you have been so helpful.
i really appreciate it!!

[hamster]

Providing she needs a tax refund. Again like Mortgage Queen stated everyones situation is different. But definitely speak to more than one outfit. TFSA is a wonderful way to save until a RRSP is needed for a tax shelter.

[ashedfc]

Providing she needs a tax refund. Again like Mortgage Queen stated everyones situation is different. But definitely speak to more than one outfit. TFSA is a wonderful way to save until a RRSP is needed for a tax shelter.

If you go by the logic then..
Even TFSA is a Tax shelter... the growth in TFSA is tax free..

ASH
Financial Advisor
www.edfc.ca

[AnneRice]

If you have any doubt related investment local commercial can assist you quite well..

[st jacb]

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