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Your investments, your way

We all do things differently, and often times, have different approaches to the same situation. It’s no different when it comes to investing. Depending on your financial goals and lifestyle, you might find you have a different strategy than your neighbour or friend.

If you’re the type that tends to like to do things your own way, perhaps do-it-yourself investing is for you. This service is gaining traction around the globe for its convenience of trading online from your home computer at your own discretion.

“DIY investing is suited to people who are independent minded and like to take control of their portfolio. It allows you to manage your investments the way that you want, anytime from anywhere,” says John See, president of TD Waterhouse Discount Brokerage. “And just because you are “doing-it-yourself”, doesn’t mean you have to go at it alone. TD Waterhouse, for example, provides an extensive selection of independent research tools and offers 24/7 telephone support to help investors make informed decisions with confidence,” he adds.

Your financial goals will determine which investment vehicles best suit your needs. For short-term purchases like a car, you can open a TFSA. For long-term goals like saving for retirement, you can consider stock-based investments inside an RRSP.

“It’s also important to know the tax deadline. To take advantage of possible tax savings this year, you must invest in your RRSP before March 1, 2011,” says See.

Do-it-yourself investing is ultimately up to you; you can steer the direction of your investments while achieving your financial future, your way.