How To Invest Your First $1,000 In The Stock Market - Step By Step Investing For The First Time

If you've been getting ready to start investing, but haven't been sure exactly how to start, then you're in the right place. You're also in the right place if you're not convinced you should be investing, but are curious - in about 15 minutes we think you'll be ready to jump in! We're going to go step by step into how you can invest your first $1,000 (or less) in the stock market, from picking a platform to actually purchasing your first investments. Get ready to make some money!
0:00 Investing should be boring (at least at first)
1:25 You need to start investing, here's why
4:17 Active investing can mean mutual funds...
5:19 ...Or it could mean single stocks
6:25 Passive investing means matching the market
8:22 Step #1: Pick your investment platform
10:17 Step #2: Pick your investment account
11:36 Step #3: Buy your investments
12:27 Step #4: You need to stay consistent
13:29 How much money should you invest, anyways?
14:45 And what should my risk level be?
EQ Bank - Our High Interest Savings Account - click.linksynergy.com/fs-bin/click?id=Xoa5MXyunCM&offerid=1115263.5&type=3&subid=0
Wealthsimple Invest - Our Robo-Advisor Investment Platform ($50 bonus) - wealthsimple.sjv.io/vnkndW
Wealthsimple Trade - Our Favourite Stock Trading Platform ($25 bonus) - wealthsimple.sjv.io/yRARNB
Neo Financial - Our Cash Back Credit Card ($50 bonus) - join.neo.cc/stephandden
Simplii Financial - Our No Fee Checking Account (up to $400 bonus) - online.simplii.com/ebm-resources/public/simplii-referral-app/client/index.html#/referee?mbsy_source=5b7c3f75-92a2-474a-a892-1537e548bbfc&mbsy_exp=Thu,%2002%20May%202024%2018%3A02%3A17%20GMT&campaignid=36080&mbsy=6tLL6D
Questrade - Low Fee Investment Platform Canada ($50 in commission free trades) - questrade.sjv.io/AWa9jo
M1 Finance - Low Fee Investment Platform USA (Up to $500 free) - m1finance.8bxp97.net/DVq3gd
Borrowell - Free Credit Score Check - api.fintelconnect.com/t/l/612d3fe6cb45d3001d5ece04
The links above are affiliate and/or referral links that provide us compensation when you use them to sign up. Thank you for supporting our channel!
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Disclaimer - This content is for education and entertainment purposes only. Steph & Den do not provide tax or investment advice. The information is being presented without consideration of the investment objectives, risk tolerance, or financial circumstances of any specific investor and might not be suitable for all investors. Past performance is not indicative of future results. All investing involves risk, including the possible loss of principal.

[@stephandden]

If you weren't ready to invest before, you are now! Don't forget to check out our recommended investment platforms linked above. 🙂

[@kaz9237]

is it safe for me to put in my sin number in wealthsimple

[@yxmichaelxyyxmichaelxy3074]

Get to recommending! Chop chop! Lots of cash to invest!

[@pigsonwings]

people need to learn these things in school. i’m so glad you guys are educating us like this

[@stephandden]

They really do! Thanks for watching 😊

[@nicolecruz7561]

Let me just say this channel is completely underrated. There should be millions of people watching. I’ve been watching for about 1.5-2 years and I always look forward to the next video. The content is ✨Gold✨ Because of you guys I started investing early and have enjoyed seeing your journey.

[@stephandden]

Thank you so much, Nicole! We appreciate you, and so glad to hear you started investing! 😊✨

[@Ruth-AnneKlassen]

This was a concise summary of what I've heard about passive investing, but wasn't too confident about. Thanks you two!

[@Sirhlande]

Thanks a lot ! I like your Ramit sethi attitude 😊 was looking for the Canadian version and I think I’ve found it ! You’re great ! I have a question though, I do ETFS on my French bank account and I wonder if I should open one in Canada or just keep one and continue investing on it ? Thanks for your time 😊

[@joemarchant8963]

@stephandden ...could you talk about what happens if you one day you need to withdraw all your money in case of an emergency ? are there fees ?

[@ruman2565]

I'm coming to Canada as an international student and am really interested in investing stuff. I'm really grateful I found you guys. Thanks for your efforts. 🥰🥰

[@stephandden]

We're so glad you're here! 😊

[@being_compiled]

So if "time in the market" out performs "timing the market" and I have $6000 ready to rock my TFSA, I deposit it all at once January 1st right, no need to stagger it into tiny recurring payments throughout the year?

[@Jess101479]

You both explain everything so clearly. I did invest $100 just to try it out.

[@stephandden]

Thanks, Jessica! 😊

[@SouLife_Chats]

How is it going @Jess101479

[@natania.creatress]

This might sound like a silly question, but how do I add Robo advisor to my wealth simple app?

[@tj95premeboy69]

Just subscribed to you guys 🎉

[@stacy-annmorgan6685]

Would u ever make a video on GIC’s. Trying to put some money in there. Some of the big bank platforms are so hard to understand. RBC has me everyday ready to switch only because they are my longest credit standing. Also what about KOHO bank account.

[@tigrayalula9502]

I was waiting for such kind of tangible video. Thank you folks!

[@stephandden]

Thanks for watching! 😊

[@Nasus05_]

Love your content! Do you have a demo video of the DYI approach on Wealthsimple? I think I saw you have a step by step demo for the robo advisor version but one for the DYI approach and how to automate the monthly transfers/ buying would be greatly appreciated 🙏🏾

[@mazwrld]

I bit the bullet and invest just right now.. Thanks for putting me on. Also the production on these vids is crazy good!

[@stephandden]

Amazing! And thank you 🙌🏿🙌🏻

[@laurenkines6320]

It’s very overwhelming to get started and I’m very lacking in the knowledge department on money and stuff so these videos are definitely gonna be apart of my routine hah

[@stephandden]

Hey Lauren! It's definitely overwhelming to get started. But, we love hearing that - hopefully our videos give you a strong starting point 😊 let us know if you have any questions!

[@deepseahorses]

Thanks for creating Canadian specific content. It's so helpful!

[@stephandden]

Of course! We're happy to hear that it's helpful 😊

[@raymondhoho]

Great video. Very informational. Thank you for this. :^)

[@hhewitt4772]

Great job on the video guys keep them coming. I will forward this one to my kids to start investing time is on my kids side. Thank's 💯💥

[@stephandden]

Thank you! 😊

[@tinamiller7345]

Thanks for the video! I’ve been watching for a couple years now and this was a nice recap. I always feel hesitant with US index funds, as I get confused by the conversion rates and fees from CAD to USD when buying into these funds. Would love a video on this piece, or a link if you already have one. :)

[@stephandden]

Hey Tina! Thank you 😊 good point re: the US funds with conversion rates/fees - there's a good article from Young & Thrifty called 'Sorting Out Canadian Listed ETF's vs US Listed ETF's' that gives a great overview! We can talk about it more in future videos, too.

[@armantahaboor7142]

Hi Steph and Den, agreed with Tina. Video on CAD vs USD conversion would be very helpful

[@mirandaspruyt6117]

I needed this video! Thank you!

[@stephandden]

Thanks for watching! 😊

[@angelabrown9141]

How did I miss this video ?? Such a good video !

[@stephandden]

Thank you! 🙌🏿🙌🏻

[@nataliesmith4012]

is there any platforms you recommend investing in Australia

[@yxmichaelxyyxmichaelxy3074]

I have mutual funds out of the wazoo. Problem is, they are not insured.

[@camillegroulx7420]

in Wealthsimple TFSA, can I sell and buy stocks as long as I am inside the tfsa account? I am not supposed to use the wealthsimple tfsa account for day trading, right??

[@julsh9776]

TFSAs are registered accounts intended for investing and growing your savings over time.” If you buy and sell investments frequently inside a TFSA, the CRA “may consider your account to be ‘carrying on a business,'

[@camillegroulx7420]

@@julsh9776 Thanks for the explanation. It helps me understand.

[@t.lynch-major8521]

From a fellow Canadian, thank you for creating this video!

[@stephandden]

Thank you for watching! 😊

[@cheettaah]

Love your videos. Well done 👍

[@stephandden]

Thank you! 😊

[@ashton2618]

I know this video is over a year old now, hoping you can still be of help though! I can’t seem to make a choice on which brokerage (online/bank) to go with. On one hand I bank with a credit union which uses Qtrade. I just haven’t heard the greatest things about it. Starting with anything say qtrade is probably still better than nothing for now until I learn more? Or would you hold off and just save my money in my savings until I’m more knowledgeable? I also don’t mind the idea of my bank being there to answer any questions I may have. Is Qtrade that bad?

[@stephandden]

Hey Ashton! 😊 After taking a quick look at their website - we see that they have a quarterly administration fee and account specific fees as well. This seems a bit odd considering that even the big banks have eliminated most of these types of fees. In general, Wealthsimple is a great beginner friendly brokerage that has no fee trading if you decide to go down that path. Have you decided if you want to go down the robo-advisor or DIY path? I would recommend you watch our videos on wealthsimple and in particular Steph most recent ‘Wealthsimple Invest Portfolio Results After 3 Years’ video where she talks about what she’s learned so far and some of the changes she’s made. Hope that this points you in the right direction. Also, you can sign up for our newsletter via our website where we’ll be sharing updates on a step by step investing course thats coming soon.

[@gorillaglue458]

What are your opinions on TSLA for exposure to growth regarding Artificial Intelligence as well as the etf’s ROBO and BOTZ?

[@mazwrld]

Dennis that sweater the fire??? Link??

[@stephandden]

Thank you! I got it in Kenya 🙏🏿

[@ydesign7661]

Would you invest first or pay a relatively mid amount of consumer debt ?

[@alyciamg]

but why use the tax free saving accounts first(and max those out? rather than the taxable ones ? approx 11:30

[@dor1994]

It's so you don't have to pay tax on your investments in a TFSA! Might as well use as much tax free room as possible first

[@eyobtesfasion8694]

Can you guys do a video how to invest with Wealthsimple step by step , You guys explain good

[@thivyanagamuthu6963]

How would I determine my risk level if I want to invest with robo advisor ?

[@stephandden]

They help you at the start by asking you a series of questions 😊 there are also risk level tests out there (Vanguard has one for free online!). Lastly, we do have a video talking about this from earlier this year - called "Why I'm Investing In 100% Equities (No Bonds)".

[@autobotdiva9268]

index funds and vanguard!!

[@stephandden]

🙌🏿🙌🏻

[@eminem3251]

I played with python code. This is well put together. Now I’m building strategies with pluto io as it is a lot more easier for me and faster to see results without spending a lot of time. I also tried desk, etc. with little wins.

[@stephandden]

Thanks for sharing!

[@paulbarnaba4236]

I’ve been watching your videos for about a year and being in Gen Z the two of you have been very educational! What high interest savings accounts would you use in Canada?

[@stephandden]

Thanks for watching, Paul 😊 we use the EQ Bank high interest savings account, they just increased their interest rate to 1.50%! We have a link in our bio

[@samanchhabra9237]

Hands down..Your best video so far! Great job guys!!

[@stephandden]

Thanks so much, Saman! 😊

[@paujee]

8% return? How?

[@imhotep1613]

Denny, how can I contact you, man? I need some help with getting my investment journey started

[@stephandden]

Hey! We’ve got a waitlist on our website for our Simple Investing course that’s coming soon. You’ll be able to ask me and Steph questions directly once it launches. Check it out 😊

[@imhotep1613]

@@stephandden Thanks .I will . What's your website again ?

[@eleritreano7248]

are you guys interested in cryptos ?

[@MrExpert23]

any idea plz why does wealthsimple require SIN number ? is it safe to provide it