Altcoins vs. bitcoin: What to consider while building your crypto portfolio + MORE Sep 14th

The “Big Five” Canadian banks offer investment funds and include Royal Bank of Canada, Toronto Dominion Bank (TD Canada Trust), Bank of Nova Scotia, Bank of Montreal and Canadian Imperial Bank of Commerce (CIBC). Let’s explore the best place for you to invest.
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With so much investing info out there that can be both confusing and conflicting, it is challenging for Gen Zers and Xers to figure out how to get started, especially when you see social media “finfluencers” promoting individual stocks. Young investors not aware of the associated risks with day trading could end up making bad investment choices. Before dumping your money just anywhere, do your research and understand how an investment works along with the inherent risks and rewards. But first things first, let’s look at your options on getting started.

Types of investment services available in Canada—a comparison chart

If you’re ready to take the plunge to start investing, here is a breakdown of the three most popular options: self-directed investing, using a robo-advisor and hiring a financial advisor. 

Self-directedRobo-advisorFinancial advisorFinancial knowledge neededIntermediate to advancedNone required None requiredMinimum amount required~$5,000 to $25,000$0 to $5,000$1,000,000+FeesTrading: $0 to $9…

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Cryptocurrencies have skyrocketed in popularity over the last couple of years. While bitcoin remains the “king of the hill” of virtual coins, some other altcoins (smaller cryptos) are gaining traction and market value, driven by broader acceptance among retail and institutional investors.

As the concept of digital currencies works itself deeper into the mainstream, the conversation has evolved to an “altcoins versus bitcoin” debate and what to consider while building a crypto portfolio.

The cryptoverse is teeming with thousands of different digital coins, and new ones continue to roll off the assembly line. For the average investor, deciding which cryptocurrencies to pick could be tricky, and the intricacies are hard to grasp. On one end of the spectrum are blue-chip coins including bitcoin, ethereum and cardano. On the other end are the lesser-known coins of questionable utility and provenance, including meme cryptos such as dogecoin.

To help you make sense of these digital assets, MoneySense spoke to crypto experts about what to look for when building your portfolio…

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I’m 60 right now. And, if I buy an annuity for $100,000, it appears I can get about $510 per month, according to the best quote I see, which is $6,120 a year. If I take the same $100,000 and get 4.2% interest on it at current rates, I can take out $536 a month for 25 years, which is my life expectancy.

It seems a DIY approach is about the same as the annuity, with the caveat that I might live longer but I also might die sooner.

Do you agree with the numbers above and what would you advise on what is better?

—Mark

Annuities versus GICs: The differences that could affect retirement

This is a good question, Mark. I agree with your numbers, and based on the way you’ve done your comparison, an annuity and a guaranteed investment certificate (GIC) appear very similar. However, there are some differences to consider. Once you’re aware of the differences, and how those differences align with you and your lifestyle, you’ll have a better sense of which one is right for you…

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