I'm young and from Canada, how should I invest my money now to insure I'm financially set when I'm older?

[darkknightkryta]

Slimebeast said:

Gilgamesh said:

Slimebeast said:
Saving money is not worth it unless you invest in stock.

The economy is designed around the idea of common people consuming and producing and thus it's cheaper to take loans.

Plus it's an oxymoron to save while you are young. A young person doesn't own any capital but is energetic and in constant need of money, while an old person has accumulated lots of stuff during his life and doesn't consume much anymore.

need much in addition to all the stuff he already accumulated during the years.

What if I do have some money tucked away,  stocks would be the only way to go?

Stocks are risky, and stock funds slightly less risky but still risky.

If you have some extra money that you won't need for the coming few years I'd go for a safer investment (a bank account, that's what I do personally. Interest rate sucks but it's safe) but if you really decide you want to save that cash for your retirement you should go for stock funds. Unless your country has these private retirement saving plans like Sweden does (I think it's simply called "pension fund" or "pension saving"), because they're subsidized by the government by allowing you a tax deduction on part of the interest.

We have them here, they're RSPs