Mission Impossible - Operation Loonie: Investing Your First Dollar

DIY Guy
Jul 29
3 min read

Updated: Aug 1

Congratulations! You’ve decided to start investing for yourself DIY style. That first step, like the first time driving, or a first date, or a first job interview, can seem very intimidating. However, once you've overcome that initial hesitation and taken that first leap of faith, trust me, you'll look back and thank yourself. That first dollar invested is the key first step needed to start the journey to $10K... then $100K or even $1 million - sky's the limit. Suddenly, what initially felt like an insurmountable trip across the Arctic tundra feels more like a long weekend road trip to Banff. Here’s why.

1. Launch Barrier: Your Inner Couch Potato Strikes

Your brain sees “save money” and thinks, “Nah, let’s buy that fancy oatmilk latte instead.” Habits are sneaky: they hijack your dopamine, whispering sweet nothings about impulse buys. When you haven’t built a savings habit yet, your “couch potato self” flexes veto power over every financial decision.

2. Lack of Momentum: The Snowball Needs a Push

Once you’ve squirreled away that first dollar, you’ve made the hardest move—proof you can do it. That tiny deposit is your snowball’s initial bump; from there, compounding interest and automatic transfers turn it into an avalanche. Suddenly, every paycheck is a gentle nudge downhill, and before you know it, you’re sliding past the $100K marker like you’re coasting on ice.

3. Psychological Ownership: Turning “I Could” into “I Will”

Saving your first dollar is a pledge. It’s you, staring down that blinking cursor in your account, daring yourself to follow through. Once you’ve declared “I’m a saver,” you own that identity. And trust me, it’s hard to break up with a label you applied yourself—especially one that makes your future self high-five you every morning.

Supercharged Strategies to Nab Dollar #1 (and Beyond)

Automate the Bejeezus Out of It: Set up an auto-transfer of just $5 a week. You won’t feel it, but your savings will. Before your impulse toaster pastry habit notices, you’ve built momentum.
Celebrate Tiny Wins: Got that first dollar in? Order yourself a celebratory poutine—or buy a single Timbits. Positive reinforcement cements the habit.
Visualize Your Maple-Scented Future: Picture that lakeside cottage, the RV road trip to Newfoundland, or a stress-free retirement filled with moose-spotting excursions. Every dollar saved is another log on the campfire of your dreams.
Buddy Up for Accountability: Rope in a friend for a “savings showdown.” Whoever saves the most by month’s end treats the loser to craft beer (paid from personal spending, of course).
Hack Your Cash Flow: Pause one subscription you barely use (we see you, ultra-deluxe streaming service). Redirect that $10–$20 each month toward your savings snowball.

The Takeaway: Start Small, Finish Canadian Icon...

Investing your first $1 might feel more daunting than hockey practice in sub-zero wind chill. But that first buck is your official entry ticket to the world of compounding thrills, disciplined high-fives, and eventually, that dreamy six- or seven-figure landmark. Lace up your winter boots, take that tiny step, and watch your savings sprint turn into a marathon.

Go on—save that first loonie. Like I said at the start, your future self will send you a heartfelt “Eh, thanks!” and remember

“You miss 100% of the shots you never take.” - Wayne Gretzky

So what *IS* the first step... what do I do w/ that first Loonie? Open up a self-directed brokerage account with your bank (RBC Direct Investing, BMO Investorline, CIBC Investor’s Edge, Scotia iTrade, TD Direct Investing), or other well-established online brokers - such as WealthSimple Trade, Questrade, Qtrade (yes, it's a different platform ... similar name but different).

If this post has inspired you to open a trading account and you've chosen WealthSimple, please consider using my referral link.

(NOTE: This is not an endorsement of that service -and ...full disclosure... both of us will get a $25 referral bonus - that's a Queen sheet + a Fin! .. so WIN - WIN !)

Any opinions expressed in this content are solely my own and not the views or opinions of Wealthsimple. If you click on referral links in this piece and sign up for a Wealthsimple account I may receive a commission.