You don’t need a lot of money to start investing. For example, you may start saving money and compounding your savings using a high-interest savings account or other low-risk investment, like a GIC. Other types of investments – like mutual funds and exchange-traded funds or stocks – may require more to get started because of the consideration of transaction costs and other fees.
Before you start investing, set your financial goals. Start by understanding your current financial situation using four numbers – what you own, what you owe, what you earn and what you spend. Once you know these numbers, you can decide how much you have to set aside for your savings and investments, and setting a goal will help you determine which investment options are right for you.