I had a TSFA for almost 5 years now, and have always been cautious about risk. For this reason, I invested only in GICs but hardly made any money during all those years. I still want to protect my principal but eager to know if you have any ideas for me about other guaranteed investment vehicles that carries zero risk to my principal and still makes me "some" money?
I had a TSFA for almost 5 years now, and have always been cautious about risk. For this reason, I invested only in GICs but hardly made any money during all those years. I still want to protect my principal but eager to know if you have any ideas for me about other guaranteed investment vehicles that carries zero risk to my principal and still makes me "some" money? Thank you, Moneywise
I'm not sure what rate you've been getting, but your criteria (I've highlighted) make it difficult to suggest anything but savings or GIC investments. Some people move their money around trying to get the best guaranteed rates (I don't).
Look at this link and see how the rates you've been getting compare:
HISA:https://www.highinterestsavings.ca/chart/
GIC's:https://www.ratehub.ca/gics/best-gic-rates
None of the rates I see will make you any money in real terms (after inflation). To get better returns you need to be willing to take some risk of volatility, and some risk of loss (if you find yourself unable to stay invested during periods of volatility).
^ Resonate with all above posts. Perhaps take baby steps to more risks for more rewards. A rule of thumb(?) the younger you are (and/or have more assets), the more risk you can take.
^ Agreed. Come up with a financial plan before financial products.
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