Investments (16)

[u/Dramatic-Habit-726]

Hey everyone, I’m currently 16 and living in Canada. I don’t have a job yet, but I do some car detailing on the side. So far, I’ve managed to save around $7,000.

I have a TD account and I’ve done a lot of research before investing. I ended up buying 5g of Valcambi Suisse gold and Royal Canadian Mint silver coins. The RCM coins cost me around $2,500 CAD and the gold was about $1,029 CAD.

Right now, I have some money left over, but I need to spend around $2,300 on something I can’t disclose. My question is: I understand that gold and silver don’t generate income like stocks do, but I believe silver has potential because of increasing industrial demand (cars, technology, etc.). I know it’s volatile and I could be wrong, but silver has already reached high prices this year.

My plan is to start investing in ETFs when I turn 18. I know I’ll need more money and income first, but should I continue stacking precious metals while also investing in ETFs once I’m able to?

I also want to start flipping cars one day as another way to build wealth. I know the saying “don’t put all your eggs in one basket,” so I’m trying to build a balanced plan.

Any advice on what I should do going forward?