Where to put $5000

[glamvancity]

Okay so i have been given $5000 in cash from a family member as a birthday gift. I don't need the money for a car, or for housing, or for school. Also, I don't need the money for spending anytime soon, Where should I invest this money, should i put it in a savings accounts, stocks, mutual funds, bonds. Which of these options will give me the best return on my money ten years down the road?

[TrevorK]

If you are looking 10 years down the road you could invest it into a diversified portfolio of mutual funds. $5000 is enough that the banks will help you out with your investment.

You may be able to do better by investing the money yourself, however if you do not have the time to put into it then you may not see the results you are looking for.

[ik999]

buy asian durable goods dividend stocks (chinese/japanese automotive, haier, etc). oil is good too. chinese yuan is a good place to be?


mutual fund is a bad idea imo if it is for canadian or american companies - don't keep much of your wealth in canadian or usa dollars.

[EdLeafs]

Okay so i have been given $5000 in cash from a family member as a birthday gift. I don't need the money for a car, or for housing, or for school. Also, I don't need the money for spending anytime soon, Where should I invest this money, should i put it in a savings accounts, stocks, mutual funds, bonds. Which of these options will give me the best return on my money ten years down the road?

Avoid saving account, and Canadian bonds. As of now, they don't paid much interest. Your looking around the 1% area.

[Jon Lai]

Whatever you do with it, put it in a TFSA. What a fitting amount to invest in that :P

[BananaHunter]

There are tax free savings accounts and tax free investment accounts. Saving accounts don't pay much interest right now so don't bother. But if you want maximum safety and minimum hassle (too lazy or busy to research), savings account is the way to go.

I like mutual funds because it's relatively safe and that's what I'd personally go with. I don't recommend building a portfolio by picking your own stocks. It's really a gamble. The trading fees will eat away at your $5000 quickly. Of course, there are traders who are very successful but how do you tell if it's based on "skill" or if they got lucky? There's no easy way to tell.

No one can give you sound investment advice. For every opinion, there's likely to be 10 people who disagrees. The best you can do is research into what each type of investment is and then form your own opinion.

[Kami19]

hookers and beer.

[-=phelan=-]

Whatever you do with it, put it in a TFSA. What a fitting amount to invest in that :P

+1 if you don't have a tfsa already.

[barking frog]

If you just want to put it in and forget about it as a long term investment, open a TFSA and buy ETFs/index funds.

[barking frog]

hookers and beer.hookers and blow is the correct novelty response

[glamvancity]

thanks for all the responses, im definately looking for something that is low maintenance since i don't have alot of time to keep checking up on the money.

[canehdianman]

Is your family looking to adopt?

I could use a $5,000 bday gift!


Also, I would put it into a TFSA, or your RRSP.