Super basic Financial advice
September 4, 2012 3:42 PM Subscribe
I'm hoping for some information more then advice on investing in Canada. Really really basic investment information.
posted by Dynex to work & money (4 answers total) 3 users marked this as a favorite
I've inherited a large chunk on money and have no idea what to do with it! I don't need it in my day to day life so I figure I'll stick it somewhere to grow until I do need it. I've tried to do some research on my options but I a) have zero knowledge and b) there is a ton of information out there and it's exhausting trying to wade through it and figure out what I need. I've gone through some of the past posts on metafilter, but would appreciate it a bit dumbed down!
What is the difference between mutual funds, index funds, rrsps? Some basic "duh" explanations and pointers to some good extra reading would be greatly appreciated. I've tried to track down a book to help me out, but there are a million of them and I don't know how to separate the gold from the flotsom. Please very Canada specific, I'm not planning on moving any time soon.
Once I have more of a clue I will look into financial advisers/planners. Advice on how to find a good one would be great.
(I've tried asking the people around me, but from half baked explanations and the deer-in-headlights looks it appears I am not alone in my lack of any knowledge on this subject. Also it's embarrassing.)