Re: Canadian/US Dollar and Investing
I asked a similar question before and I hope people will answer this time. I am sure a lot of us invest here and do cross-border investing in the US and so on. Particularly men with families who are investing for the future and their family. I am young and my husband and I are not having any children but will need the money for equally demanding purposes.
Anyway, I have a gift of a lot of money from my parents. For privacy concerns, I don't want to mention it, but the amount is quite significant (XX,000). The reason I *am *mentioning it at all is because the choice of investments is different depending on how much you have to invest.
The cheque is in USD. The price of the USD has fallen, so I am going to lose some money when converting it to Canadian dollars. I haven't cashed my cheque yet and I am not sure how to deal with this problem of currency difference. Should I open a USD account and then cash the cheque or bite the bullet and just cash it in a Canadian dollar account because supposedly the CAD will keep rising and I will keep losing money if I keep it in USD, particularly since Canadian investments will require me to invest in CAD?
Also, I need this money to increase significantly in about 4-5 years; after that point I will use most of it and invest the remaining amount more aggressively in high risk investments. I don't have much free time and I can't put effort into monitoring high risk investments right not, so I need a mixture of low and medium risk that will give me significant returns. I have some ideas but I need more from people who invest and know better than me about how to invest. I want to invest in both the US and Canada.
My father lost a lot of money in the stock market a few years ago so I am hesitant about going down that route, particularly since I am not knowledgeable about these things. Maybe he made a few mistakes. In that case, should I hire a stock broker?
With medium and low risk investments, by how much (speaking in percentages) should I expect to see my money increase? Should I keep it in USD?
Please do help. Thank you.
Existentialist! ....Have you considered putting your Money where your Mouth is..............Invest in a Marxist State.................:biggthumb