While we do our best to provide general information to help you, we are not able to provide advice. In this case, we can’t tell you what type of investment would work best for you. This is based on personal information – including your income, tax considerations, savings and other debts. A registered financial advisor can help you review your goals and savings strategy.
A question you may ask first is whether it’s better to pay down your debt or invest. This is one that a lot of people have, and there are things to consider, for example, your risk tolerance. There are many types of risk to consider when investing, and some investments are generally riskier than others. For example, consider what would happen if you lose money on your investment – would you be comfortable with this risk? There is no one right answer for everyone and a registered financial advisor can help with reviewing your financial goals. Learn more about investment risk and risk tolerance.
Try our Pay Down Debt or Invest Calculator using different scenarios for the expected investment return as a first step.