Most people have no idea how to invest in stocks. It is a learning process. To start investing a good idea is to go to you bank and start investing in a fund with a name like Canadian Equity. Most banks have such funds, they are cheap and you can generally invest a minimum of $100.
I bank with TD and their fund is called TD Canadian Blue Chip Dividend D (TDB3105) or TD Dividend Growth - D (TDB3088). You have to open a TD Trading Account to buy funds and you would buy online.
What you need to do is to pay attention to what they are investing in. Especially pay attention to their top 10 stocks. These are the companies which when you are ready that you want to invest in. You should google these companies to get an idea what they are up to. Stay away from any stock where analysts are worried about debt load.
Start off with 3 stocks in different sectors. For example get a stock from Financial Services, Utilities and Consumer sectors to start. You do not need to get more than 3 stocks until your portfolio is at $20,000 or $30,000. If you are trying to pick between stocks in the same sector, pick the one with the highest yield or the highest growth in dividends.
One good site to look for this companies is Stock Chase. For most Canadian companies you can find out here what analysts think of a stock. An entry on Dividend Earner talks about how to use this site effectively.
If you do not have one the first account you should open is a TFSA account. If you have one and it is not filled with all you can invest in this account, this is still the account to use for investing. I think it is rather pointless to open an RRSP unless you are in the top tax bracket.
On my other blog I wrote yesterday about FirstService Corp (TSX-FSV, NASDAQ-FSV)... learn more. Next, I will write about Stantec Inc. (TSX-STN, NYSE-STN)... learn more on Friday, December 22, 2017 around 5 pm
This blog is meant for educational purposes only, and is not to provide investment advice. Before making any investment decision, you should always do your own research or consult an investment professional. I do research for my own edification and I am willing to share. I write what I think and I may or may not be correct.
See my site for an index to these blog entries and for stocks followed. I have three blogs. The first talks only about specific stocks and is called Investment Talk. The second one contains information on mostly investing and is called Investing Economics Mostly. My last blog is for my book reviews and it is called Non-Fiction Mostly. Follow me on Twitter. I am on Instagram. Or you can just Google #walktoronto spbrunner8166 to see my pictures.