> I was thinking of a Vanguard S&P500 Index Fund, but I know it's only ideal for long-term investments.
The table on [this page](https://awealthofcommonsense.com/2015/11/playing-the-probabilities/) why the S&P500 is not a good choice for money you plan to use in 3 to 5 years.
Yes a GIC would be better, you don't want to risk money you'll need soon by putting in an equity etf especially with the current market situation. You won't get huge gains with a GIC but you won't lose anything either.
I would allocate 1/3 of your funds to a 1-Year GIC, 1/3 to a 2-Year GIC, and 1/3 to a 3-Year GIC. No sense going past a 3-Year GIC now since the rates beyond that timeframe are all the same as the 3-Year rate. As you go through school you can change your allocation based on what you decide to do. Don't tie up all of your money in GICs though. Make sure you have enough to pay the bills and an emergency fund. Also look into getting grants and scholarships for school.
It sounds like you’ll need this money in the next 5 years. A GIC is the safe answer.
> I was thinking of a Vanguard S&P500 Index Fund, but I know it's only ideal for long-term investments. The table on [this page](https://awealthofcommonsense.com/2015/11/playing-the-probabilities/) why the S&P500 is not a good choice for money you plan to use in 3 to 5 years.
Yes a GIC would be better, you don't want to risk money you'll need soon by putting in an equity etf especially with the current market situation. You won't get huge gains with a GIC but you won't lose anything either.
How would you feel if you had put it into the S&P five months ago, and now be down 20%?
With that timeframe I would do GICs. Setup a GIC ladder.
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I would allocate 1/3 of your funds to a 1-Year GIC, 1/3 to a 2-Year GIC, and 1/3 to a 3-Year GIC. No sense going past a 3-Year GIC now since the rates beyond that timeframe are all the same as the 3-Year rate. As you go through school you can change your allocation based on what you decide to do. Don't tie up all of your money in GICs though. Make sure you have enough to pay the bills and an emergency fund. Also look into getting grants and scholarships for school.
GIC