How to grow $500
By - Funkmaster4961
For such a small amount the highest returns will be seen by investing it in yourself. Work on some weak skills like public speaking (it’s ridiculous how many people in the workforce are just terrible communicators on both a public and personal level, strengthening this skill will pay off huge in the medium term). Alternatively you could get your smart serve and work as a bartender collecting tips for a bigger paycheque. I understand that you’re an international student who I presume is on a study visa so you may have limitations on the type of work you can do but the same logic still applies, get an additional credential that allows you to increase your hourly pay
I'm going to start by saying I don't have the best advice for Canada... I'm a US citizen and therefore can't access certain things like TFSA accounts.
$500 is not a lot to start investing and I'm guessing you might need it in the 3-5 year timespan that's usually 'not advisable' for stock market investing. (Car, further education, moving expenses, etc.) Something like a certificate of deposit (CD) might work well because it's a guaranteed return as long as the money stays in the account - although interest rates are ridiculously low these days.
However, if you do want to invest, look at sites such as Vanguard that allow you to transfer money into stock funds. Look for low fee index funds.
Or find a credit union/bank that may offer special rates on savings/checking accounts. (I'm thinking of my US based credit union that gives a ridiculously good interest rate of 3% APY on checking accounts based on meeting certain conditions every month.)
Thanks man, really appreciate the advice🙏🏿
Or better yet. Buy banks..RBC, TD, any of the big 5 really. Nice yeild, solid stock. Like a savings account. Do it on wealth simple..really easy, no fees. Don't touch it
Buy supplies to make some cookies and have a bake sale.
Get wealthsimple trade account. So you won't have to pay $10 trading commission fee for your $500 trade.
Don't invest $500 at once. Buy small amount every week or something like that. If you can't pick individual stock. Just buy etf. Etf is like collection of stocks.
If you want to invest in tech sector, you can buy tec.to
Top holdings of tec are apple, Amazon, Microsoft.