I can save about $1K a month, but I’d love to reduce the time it takes to hit my $6K goal. Thought about putting the money into gold and then selling it back, but is that even worth it with such a short timeline?
My plan was to buy a 1/4 oz every month until I reach my goal. It’ll just sit in my TFSA if I don’t do anything with it.
Not an investor here, just a horticulturist with a new interest in making my money work a bit harder. Any tips or advice from folks who know more about this would be amazing. Thanks!
Putting it in gold is overcomplicating things. Just stash it in a high-yield savings account (HYSA) or money market (MM) account. You’ll earn around 4.5%, and you won’t have to worry about selling fees.
If you don’t already have one, I’d suggest just opening a HYSA. It’s a straightforward way to park cash and earn a bit of interest. If you want the best financial move, T-bills have good rates and a tax benefit, but they can be a hassle to set up.
Gold isn’t a productive asset; it’s more of a hedge. Stocks, on the other hand, represent ownership in a business, which can grow over time. Consider putting your money in diversified ETFs instead. It’ll likely benefit you more in the long run than gold or even a high-end computer.
Are you sure you need a $6,000 computer? If you do, then save up. But for such a short time frame, don’t bother with gold; the transaction fees will eat into any profit.
Or consider this: Pay $15 a month for a cloud gaming service like GeForce Now, then put the rest into investments. Let it grow until your dividends or gains cover a computer!
@Channing
I invested aggressively in my 20s, and within a decade, dividends were covering bigger expenses like a new heating system. Compound interest over time is almost like magic!
Channing said: @Channing
I invested aggressively in my 20s, and within a decade, dividends were covering bigger expenses like a new heating system. Compound interest over time is almost like magic!
What are you investing in that’s giving you these returns? Any tickers you can share?
@Channing
I really do need it. I’m a game developer and have a YouTube channel. My current PC is from 2006! Maybe I could get a smaller, upgradable system and upgrade as I go. Thanks for the advice!
Noor said: @Channing
I really do need it. I’m a game developer and have a YouTube channel. My current PC is from 2006! Maybe I could get a smaller, upgradable system and upgrade as I go. Thanks for the advice!
You can get a solid dev and recording setup for way under $6K. $2K will probably do just fine.
@Jamie
It’s great to invest in hobbies or side gigs, but be realistic with your budget. As a fellow dev, I’d say $2K should be enough unless you’re deep into 3D rendering or heavy-duty production.
Jamie said: @Jamie
It’s great to invest in hobbies or side gigs, but be realistic with your budget. As a fellow dev, I’d say $2K should be enough unless you’re deep into 3D rendering or heavy-duty production.
I’ll check with the folks at Memory Express and see if they can suggest something. I need about 1TB of storage each month and need it to run high-end games smoothly.