where should I invest ?
Hi everyone,
I’m looking for some suggestions and guidance on investing in Canada.
I currently have around $50,000 invested through a big bank’s managed portfolio. When I first started investing, I had very little knowledge, so I relied on the bank to manage my investments. Now that I’ve learned more about investing, I’d like to take control of my portfolio and transfer my investments to Wealthsimple.
Recently, I spoke with a financial advisor who suggested moving some of my money into insurance-based investment products, such as IAA and Equitable Life. Since I’m still relatively new to managing investments myself, I’m unsure whether these products are suitable for my goals or whether I should focus on a simpler investment strategy.
I’m starting from scratch with self-directed investing, so I’d appreciate advice on the following:
- Would a low-cost, diversified ETF portfolio be a good starting point?
- Should I consider insurance-based investment products, or keep insurance and investments separate?
- What would you recommend for someone who wants to build long-term wealth while keeping fees low and managing risk?
I’m not looking for quick profits or speculative investments. I want to make informed decisions and build a solid long-term investment strategy.
I’d really appreciate hearing about your experiences, recommendations, and any mistakes I should avoid. Thank you!