The next section of the Action Financial Group Orientation Series will deal with Investing and the various investment products or assets:
• Saving, banking, investing
• Cash and High Interest Savings Accounts (HISA)
• Guaranteed Investment Certificates (GIC)
• Mutual Funds
• Exchange Traded Funds (ETF)
Today we will deal with saving, banking and investing.
Saving means spending less than what you earn, and keeping the excess for future expenses.
Banking means depositing money (received in the form of cash, cheques, direct deposit or e-transfers), into an account at a bank or credit union, and holding the funds in the bank account in the form of cash until you withdraw it to spend (by issuing a cheque, e-transfer, on-line bill payment, paying by debit card, or withdrawing cash at an ATM or cashback).
Investing means taking money you have saved, and using it to acquire an asset that earns income or grows in value over time, to later be redeemed or sold and converted back into money or cash, to be spent. That asset or investment could be real estate, a bank account, or some other financial instrument.
In the next sections, we will explain many different assets that you can invest in. We hope you will find this information valuable and will increase your financial confidence. You can always find these articles on our website www.actionfinancialgroup.com In the next section we will deal with Cash and High Interest Savings Account (HISA).
Karin Rimnyak, Certified Financial Planner®
David Dryburgh, Certified Financial Planner®
Ian Barrie, Certified Financial Planner®
This information has been prepared by Karin Rimnyak who is an investment Advisor for iA Private Wealth. Opinions expressed in this email are those of the Investment Advisor only and do not necessarily reflect those of iA Private Wealth. iA private Wealth Inc. is a member of the Canadian Investor Protection Fund and the Investment Industry Regulatory Organization of Canada. iA Private Wealth is a trademark and business name under which iA Private Wealth Inc. operates.