Newbie Here, Silver As Savings?

When I was your age (never thought I'd get this old to say that!) I didn't think much about investing. Once I started to make money with a job and get enough money to where it wasn't all going towards gas and car insurance, I wanted to learn about precious metals but never did. I wish I had gotten in then so props to you for thinking about it now.

At the time, I only really had a savings account and that does so little for you. Everybody should have a savings account even though it only gives you a tiny tiny insignificant amount of money in return. If you're interested in a savings account actually making money then look towards online banks as their interest rates are the best you'll find.

I really believe in investing in precious metals as either a safety or an investment. Mention of precious metals go back as far as people could write about them. I think gold is too high to invest in at the moment but silver still has room in my opinion. Those are choices I've made when I've researched and shouldn't be something you trust me about. Look into this stuff yourself. When you do your own research, you'll feel better about the choices you've made.

The stock market is also something I started to get into when I was only a little older than you and I regret not going harder into it when I had the opportunity. A stock that has a high dividend will offer you potentially better opportunities for investment over a long period of time than many other choices. Also, if the stock does well then you're in luck. The obvious downside is if the stock does poorly then you could lose gains or even money you originally put in.

There's so many choices out there and what I >think< shouldn't influence your choices at all. Do some research, and think of an "investment" as a potential loss because you could lose. Don't invest more than you can afford to lose.

Good luck.

It does. Interest paid is interest lost.

I think you're working hard enough to learn that there's no reason to dissuade you. You strike me as a person who is soon going to be earning enough money that $1k at your current age won't make a ton of difference in the long term, because you're going to bank income in responsible fashion when you do earn it.

Downtrends are for buying. I don't think they're far from bottom. Go have fun. Learn how this stuff works when it's your own cash and your own tolerance for risk, not ours. Your head is clear.

Thank you superdave, it truly means a lot to me if you knew how I grew up, it was thanks to my parents that I have the 15K they left me otherwise I wouldn't even think twice about anything and would be saving towards tuition!

I give you my thumbs up kid! Now you're still a kid ... get of the net and go have some fun! hahhaa

Libertad, perhaps you didn't read the whole thread (which I don't blame you because it's sort of long) the TFSA Is used as a 'loophole' to not pay taxes on capital gains on investments, or reinvested dividends.