Early investments?

Question

I'm sixteen (in Canada if that matters), I have about $7000CDN (like $6997USD), in my savings account earning approx. 3.4% interest yearly. Is there a better way to make my money grow quicker. I have a monthly income of about $700, and no expenses( besides for munchies ).

Please help!

Answer 1

http://www.gicdirect.ca/locations.html?p...

This site will give you the best gic rates available in Canada.  Put your money into the shortest term available as interest rates are set to go up.  When it matures, put it back in.  The stock market is going for a bumpy ride with little up or down movement.  You will do as well with gic's as you would with the average stock.  As you do not have a large income, you do not have to worry about paying income tax on your returns.  When your income is higher and you are no longer a student, you can start looking at other investments as tax planning will be a concern