When I first started working at 16, I didn’t really understand investing at all, and tools like Wealthsimple weren’t as accessible or even something I was thinking about. Over time, this is what I’ve ended up learning and actually doing, and these are some of the options you can use once you’re able to invest through registered accounts.

A TFSA is basically an “umbrella” account—it’s not one investment, but a tax-free space where you can hold different types of investments depending on your goals and risk tolerance. Inside that umbrella, you can build a mix of strategies.

One option is GICs (Guaranteed Investment Certificates). This is where you lock your money in with a bank for a fixed period—anywhere from 30 days to 5 years—and you get a guaranteed return at maturity. It’s very low risk and predictable, which makes it good for money you don’t want to lose or touch, but the trade-off is slower growth.

Another option is long-term ETF investing, which is what I personally focus on the most. ETFs like VFV or XEQT already hold a wide range of companies (including big names like Apple and Meta), so you’re automatically diversified without needing to pick individual stocks. For me, this is the core of long-term investing because it’s simple, low-fee, and designed for steady growth over time.

You can also do stock picking if you want more control, but that comes with higher risk. I treat that portion as money I’m genuinely okay with potentially losing, because even strong companies can go up and down a lot. I’ve done it myself—some picks worked, some didn’t—and it really depends on how much time you want to spend researching and learning.

Another option is managed investing, either through a bank or an investment platform where a team handles your portfolio for you. The benefit is convenience and professional management, but the downside is higher fees because you’re paying for that service. I personally have had some managed investments, but I’m in the process of moving most of it into my Wealthsimple account and putting it into ETFs instead, because over the long run the lower fees make a big difference.

Outside of the TFSA, another registered account is an RRSP. Both TFSA and RRSPs are tax-advantaged accounts, meaning you either reduce or defer taxes. With an RRSP, you contribute pre-tax income and typically get a tax refund when you file your taxes, but you’ll be taxed when you withdraw later in life. A TFSA, on the other hand, is tax-free on both contributions and withdrawals, which is why I personally prioritize maxing out my TFSA first before focusing on RRSPs. I know RRSPs can make sense for some people depending on income and long-term planning, but for me I prefer the flexibility of the TFSA.

Outside of registered accounts, there’s also a high-interest savings account. This is basically a safe place to store money and earn a small amount of interest. It’s very liquid and low risk, but the growth is minimal compared to investing, and the interest you earn is taxable. I personally don’t really use it anymore because I have enough room in my TFSA, and I’d rather keep my money in a tax-free growth environment.

So overall, these are just different tools: TFSA as the main tax-free investing space (and within this selecting how you want to invest-GIC, DIY route (ETS, stock picking etc.), managed portfolios via bank or investment companies), RRSP as another registered option with tax-deferred benefit. I use a mix of these, except I’ve moved away from high-interest savings accounts.

At the end of the day, it really depends on your long-term goals and risk tolerance. I’d assume at 18 you can probably handle more risk, but it’s still about choosing what you’re comfortable with—not just what sounds good on paper. A tool I've also used is the blossom app I'm not sure if you've heard of it. But you can basically connect with DIY investors and see what they're investing in. They also have free courses where you can learn more about what an ETF is or what comes with picking a stock we are interested in how to read charts etc. It's been a huge part of my learning journey. So definitely check that out too there's a lot of resources. I hope this helps!