Hey guys
I have received great advice from here in the past so I figured I would ask another question. A little background...I am newish grad (7 months into my career). I have about $3000 in a tfsa with RBC. I contribute $200 biweekly to this tfsa but right now it is just another savings account (i think the interest rate is less than 1%).
So my question is what should I be investing in? I would like to get 4-5% return and do not plan to withdraw for at least 5 years (probably longer). Should I be looking at ETFs? Mutual funds? Should I transfer out the tfsa and move it to another bank? 2013 was the first year I contributed so I can withdraw the funds without having to worry about over-contributing. The other option would be to just open another tfsa elsewhere and leave the RBC account dormant (although I would still like to invest that $3000 in something rather than have it just sitting there).
Thanks in advance!
I have received great advice from here in the past so I figured I would ask another question. A little background...I am newish grad (7 months into my career). I have about $3000 in a tfsa with RBC. I contribute $200 biweekly to this tfsa but right now it is just another savings account (i think the interest rate is less than 1%).
So my question is what should I be investing in? I would like to get 4-5% return and do not plan to withdraw for at least 5 years (probably longer). Should I be looking at ETFs? Mutual funds? Should I transfer out the tfsa and move it to another bank? 2013 was the first year I contributed so I can withdraw the funds without having to worry about over-contributing. The other option would be to just open another tfsa elsewhere and leave the RBC account dormant (although I would still like to invest that $3000 in something rather than have it just sitting there).
Thanks in advance!