A Beginner’s Guide to Self-Directed Investing With Scotia iTRADE
Scotia iTRADE is here to let the multi-hyphenates and entrepreneurs of today’s world live on their own terms. In a series of features, Chef Brandon Olsen explains how he’s taken control of his own finances here, while creative consultant Amy Shio talks financial confidence here, and photographer Tristan O’Brien explains his journey with self-directed investing here.
If there was a status update that millennials could associate to their relationship with money, two words come to mind: it’s complicated.
At least that’s what the overwhelming narrative seems to suggest when describing a generation that has had to overcome great hurdles in order to succeed. The fact of the matter is, millennials care deeply about their money. They are self-starters that choose to live life on their own terms. They are trailblazers that have had to become creative problem-solvers in order to navigate a monetary minefield left behind by their predecessors. And as they progress, they are set to be one of the most powerful generations to make an impact on the economic landscape.
Scotiabank’s self-directed investing platform, iTRADE, empowers individuals to make the most of their money by overcoming their fears around investing. We are already so many things: artists, entrepreneurs, restaurateurs, business owners. Why not add “trader” to the list?
$$ Millenial's and Money $$
If you ask us, the trope of the avocado-loving, entitled millennial is getting tired. Things are changing and as the fiscal landscape continues to evolve, millennials are on track to inherit the largest intergenerational transfer of wealth in Canadian history. According to Strategic Insight, approximately $1 trillion of wealth will transfer to millennials between now and 2026.
As millennials get older and mature into their careers, they are asking serious questions about their money and how to grow it. One way has been through investing. According to a 2017 study by the Ontario Securities Commission, almost half of all Canadian millennials are investing their money. Of those that don’t, more than 60 percent plan on investing in the next five years.
The jury is in. Millennials are acutely aware of their finances and ready to harness its power. It’s time to foster a new perspective on money. One that veers away from dated stereotypes and empowers a generation that is about to make a significant impact on the economic ecosystem.
Sure, investing can be intimidating. Scotiabank is committed to charging the way forward by demystifying the world of investing and offering the resources and tools to inspire confidence in our conversations around money. Through their self-directed investment platform, iTRADE, individuals can map out their financial goals through a seamless, easy-to-use, and tailored interface that’s perfect for anyone, from the budding trader to seasoned pro.
In a series of features, meet Scotia iTRADE’s roster of talented multi-hyphenates, chef Brandon Olsen, photographer Tristan O’Brien and creative consultant Amy Shio and learn how they’re using the platform to take control of their finances. From artist to entrepreneur, they’re a group of ambitious millennials who embody a diversity of roles — trader being one of them.
Today, none of us are just one thing. We are business owners, creatives, advisors, freelancers, and self-starters. With Scotia iTRADE, each of us can also be traders. Are you ready to start your journey?