Getting started with investing

Before investing, it’s best to pay down any debt you may have that is costing you in interest or fees. This doesn’t include your mortgage, which is considered good debt. Once your other debt is under control, you can start saving a little every month and investing it.

This answer will vary depending on your life situation and what you’re comfortable with. Before you start working with an advisor to help you figure this out, you can get a better understanding with our Budget Planner tool. Remember that it’s okay to start small. Even setting up automatic contributions for as little as $25 per month may not seem like a lot, but it can make a big difference over time.

If any of this applies to you, it’s worth having a chat with a Scotia advisor :

• You have money saved up that isn’t already invested or generating much interest  
• You have an existing portfolio and need a second opinion to make sure it’s performing well
• You’re interested in starting a regular savings plan
• You have questions and want to learn more

An advisor can help you figure out if your plan is on track to meet your needs. Depending on the length of time you’re planning on investing, your needs may vary. For example, if you’re investing for a short-term goal or planning on retiring soon, your advisor will adjust your plan to limit your exposure to risk. If you can invest for a longer period of time, you can likely handle more risk in exchange for greater returns in the future. If your life situation changes at any time, an advisor can help you adjust.

Diversifying your investments is how you decrease your risk. Spreading out your investments over a variety of geographies, assets, or sectors ensures that if one type of investment performs poorly, you can still rely on the others, lessening any negative impact. Check out our Weather the unexpected through diversification video for more

Meeting with an advisor means building a relationship. Your first meeting will likely be an hour. This will provide the opportunity for your advisor to ask you questions, become familiar with your financial situation, review any investments you already have, and go over your goals. It can take 2 to 3 meetings to get your plan in a good place. After your first meeting, you can expect to feel confident knowing that you’re in a better position to accomplish your financial goals.

Asking yourself these questions will also be helpful:

• How much money do I have to invest?
• What investments do I already have?
• When did I last speak to an advisor?
• How much can I spare each month for investing? (Use our Scotiabank Budget Calculator to get a better idea.)
• Do I have a financial plan and when was it last reviewed?
• What are my financial goals?
• How long before I need to reach these targets?
• How comfortable am I with risk?
• Do I have an emergency fund?

Even if you have investments at another bank or institution, a Scotia advisor can still give you a second opinion and help you maintain your portfolio. You don’t need to transfer all your money to Scotiabank to benefit from our advice.