Get Rich... Slowly

Report on Business is an excellent source for news on the financial markets. Yet, one comment that stood out from one of its readers is worth re-posting. 

Is obtaining wealth impossible? Is it difficult?

"Certainly the rich get richer, and certainly the knowledgeable get richer, BUT..one need not be a genius to invest in the market and make some reasonable returns .

For example...at the depths of the late 2008 "correction/recession/whatever your favourite term is..you could have purchase stocks in any of the big canadian banks. I'll take TD as an example because thats the one I bought. I bought at $43...I believe it went lower. It's now at over $75.....

The dividend is around 3% now...if you bought at $42 you would be making over 5% dividend on your cost...and that will go up from now. Big risk/ Nope..I think TD or BMo or CIBC or RBC will weather most storms...no matter what. I think that history has shown that the canadian banks are a good investment and safe...not foolproof..you have to buy low..but safer than most.

Am I a genius? HARDLY.. am I making 100% on my investments yearly and wearing fancy clothes..HARDLY..but I made a good percentage on the stock and I am making a good dividend and I don't plant to sell anytime soon because I think the dividend will go up and I can safely make 6 or 7 or 8 % every year off that stock for the dividend alone.

Hard to do?? HARDLY You can do it too...and you don't need big dollars to get started.....but starting is the key...."