Most of the money you save is likely to be spent when you’re enjoying your retirement. But not all our goals are decades away. This week,Travis and Derrick have invited Justin Paniak, Wealth Planning Specialist at Island Savings, to help us evaluate short-term investment options that you can use to grow your money: 

1:30 – Money Problem: Travis’ client had some cash in-hand and a desire to quickly pay-off their mortgage, but needed help to avoid losing money to penalties. 

3:30Expert Examination: Derrick, Travis and Justindive into the pros and cons of your short-term investing options: 

• What classifies an investment as “short.” 
• Good reasons to invest your money for a short amount of time. 
• Taking a close look at the types of short-term investments you can choose: GICs, real estate, currency, money market accounts, gold and silver, regular savings accounts. 
• Tax implications of short-term investments. 
• Strategic ways to include short-term investments in your portfolio. 

23:00–Weekly Financial Fix: Travis has a recommendation that will help you put to work any money languishing in a short-term investment. 

If you have an undiagnosed financial concern or want to better understand a financial subject, send Travis and Derrickyour question at islandsavings.ca/wealthbeing, or at [email protected], and we will consider it for a future episode.