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Angelo Memmolo, CFP®, CLU®, RRC®
Angelo Memmolo, CFP®, CLU®, RRC®
Wealth Management Advisor, Mortgage Agent Level 1

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Personal Wealth and Finance

Develop an investment strategy

February 1, 2026

 Before you begin investing, it is important to develop a plan.

  • Patience eliminates a desire for get-rich-quick profits. No one gets rich overnight after purchasing mutual funds. However, many people will get rich investing in them over the long term (at least 5-10 years).
  • Identify your investment goals. Will you be saving for your child’s education over 15 years, or investing for retirement over 5,10 or 20 years? Choose funds that best suit your investment purpose. For example, keep short-term investments liquid. If you are putting money away for an emergency (it is advised to save three months’ income for this), you may consider a money market fund. For a longer period (5-10 years), consider using equity funds – those that hold market-correlated stocks.
  • Invest in several types of funds. Don’t put all your money in one fund basket. Utilize several types: equity, balanced, bond, and money market funds, for example. Create a well-rounded portfolio.
  • Maximize your tax savings. Mutual fund investments can be held in a Tax-Free Savings Account (TFSA) and a Registered Retirement Savings Plan (RRSP).  The RRSP contributions are tax-deductible in relation to your taxable income, and the investments grow tax-deferred and are only taxed when taken into income.
  • Position your fund investments. The best place for retirement investments that accrue interest or generate consistent high returns is inside your TFSA and RRSP, because the income on these investments won’t be taxed year by year. Thus, you will gain the advantage of the full yield without the ongoing annual tax on interest-as-income. If you earn 10% and pay 40% in tax, you’ll only net 6% in a non-sheltered, non-registered investment. In the RRSP and TFSA, you’ll get the full 10%.
  • Invest in yourself first. The advantage of owning mutual funds is that you can establish a plan in which money is automatically withdrawn from your bank account each week or month and invested (by purchasing fund units). By doing this, you probably won’t miss this portion of your pay; try to invest 10-20% of your pay using this method.

 

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