As you can see from my last few posts on wednesday, I am a big believer in investing. I regret not investing earlier , but that hasn’t stopped me from jumping in head first and trying to learn as much as I can. While I recognize that not everyone will share the same outlook of actively managing their investment portfolio, I am hoping that most has a need to save something, anything, for their future.
Its funny to note that I would have never been considered a poster child for being financially saving. I have common sense, but I have made quite a few (ne many) financial decisions that has left me poorer than I started. Needless to say, I learned from those mistakes and sought out different yet easy to manage avenues for my networth growing ventures.
Case in point, I started looking into E-series by TD Canada Trust a bit ago. I liked the fact that they have the lowest MER rates going and that I virtually have to do nothing but sometimes check in and rebalance it (this is more than I can say about my RRSP’s, or 401k for my American friends). The only problem with setting up an E-Series account is the sheer amount of work that is involved. TD, the bank, does not make it easy for you to give them money, or you to take your money out.
As I am starting to tell friends and family about this blog and my interest in personal finance, I keep having to answer questions about a few products that I endorse (not paid) such as Wave Accounting and E-Series funds. The problem with telling people about these funds is once I’ve sold them on the product, I am the first person they call when they need to figure out how to open their accounts.
Here is the step by step process.
- Step 1. Go the bank. Yes, I know, it is common sense but still. I am very happy with the hours of operation for TD.
- Step 2. Open up a TD Mutual Fund account. You need to bring 2 pieces of government ID and it helps if you have a general idea of your networth.
- Step 3. I opened up a Bank account with it as well, just in case. I remember the days when TD was offering IPODs to bring customers over. I miss those days.
- Step 4. Register your account online.
- Step 5. You will have to link another account to it to transfer funds in your TD account. I have this coming from my ING account.
- Step 6. Print out the Mutual Funds to E-series conversion form, fill it in and attach a void for the link another account. (see above)
- Step 7. Mail the form in.
- Get familiar with the 4 different funds that are available and allocate your investments that way. If you are not comfortable with jumping right in, start with a mock portfolio.