As a fairly low-risk investor, do you have suggestions on where I should invest my extra cash?Getty Images/iStockphoto
Q: I have been saving via a TFSA but I still have approx. $5k sitting unproductively in my chequing account. As a fairly low-risk investor, do you have suggestions on where I should invest my extra cash? Thank you.
A: It certainly depends on the level of risk you are comfortable with and the length of time you can remain invested or in other words, when will you require the invested funds? As you have noted, you appear to be a low-risk investor so you may want to consider an investment that can offer a guarantee of principal such as a GIC. This should be considered within your overall financial plan and in consultation with your financial advisor.
** Please note that the information contained herein is comprised of opinions only and should not be construed as financial advice. We recommend that you consult with a financial advisor before investing.