The
S&P/TSX Composite Index is off to a good start in May 2021 and even closed at a record-high (19,472.70) on the first week. Irwin Michael, a portfolio manager at ABC Funds, said in February 2021 that he sees pent-up dividend increases over the next six to 12 months.
Canadians with enough money can take the cue and start the trek towards $1 million. While the goal isn’t impossible, I should remind you that to pull it off, make the right investment choices and have a long investment horizon.
Invest for the long term
No one gets rich in the stock market overnight. The long-term investment approach is still the best way to have a crack at $1,000,000. You must be ready to lock in your money for the long haul and exercise patience. Historically, stocks deliver better, if not solid, long-term returns.