Here is a quick intro to how I have taught my own kids about money. Over the past year, I’ve taught two teenagers (not mine) about investing in stocks…and they are loving it! Investing is not taught in schools – even in business programs at university. It’s so easy to get started and to learn by doing…
Understanding risk and returns is central to becoming a successful investor. If you are looking for some help getting started, check out my investing courses…
My latest article for Golden Girl Finance is about 5 important myths to dispel about investing. With so much information out there, it is easy to get on the wrong track. Correcting the 5 mistakes will put you back on track.
I teach investing at the University of Toronto School of Continuing Studies and I am always looking for great resources to recommend to my students. Depending on where you are on your investment journey, one of these three books may be just the ticket to get your investments on the best track.
Preet Banerjee: Stop Over-Thinking Your Money!: The Five Simple Rules of Financial Success
If you are early in your career and you are looking to get onto a sustainable budgeting and savings path, this book is an excellent guide. It’s a great introduction to budgeting and investing. It’s a quick read with easy-to-follow advice for Canadian investors.
John Robertson: The Value of Simple
If you are tired of paying high investment fees and you want to switch to do-it-yourself index investing, this is a fantastic guide. One of the key messages of the book is that getting everything perfect shouldn’t be the goal, but rather getting invested at a low cost in a diversified portfolio. Getting over the hurdle of getting started is made easy with this clear guide. Whether you are considering a discount broker and exchange-traded funds, a robo-adviser or low-cost index mutual funds, this book is designed to get Canadian investors on the right track.
Frederick Vettese: Retirement Income for Life: Getting More Without Saving More
If you are thinking ahead about retirement, or in the midst of it, the best investment you can make is to get your hands on this book: Retirement Income for Life, by Frederick Vettese. Not only is is an excellent guide to the network of pension and retirement plans in Canada, it provides great investment advice. What I like most about this book is the step-by-step approach of how to make your investment money go further in retirement.
Yet again Yogi Berra has sage investing advice for us: “If you don’t know where you are going, you might not get there.”
What does this have to do with investing? Having at least a basic plan for our investments allows us to see how much progress we are making each year. Taking the longer-term view about what a reasonable rate of return would be helps us to weather market corrections (like the one we are mired in right now) much better.
Read on for my take on expected portfolio returns…
Many of us start each new year with some grand plans. For 2018, mine include learning to code (perhaps too ambitious) and de-cluttering (necessary!). In terms of priorities, though, these take a back seat to the big 3:
- Write/update your wills
- Make sure asset allocation matches your goals
- Get fit
For more on these, check out my latest article on Golden Girl Finance:
- Quest Math book: My own guide to key skills, games and activities from the early years to grade 4
- Pack of cards for the activities/games
- Specialty math dice for the math activities/games
TFSAs are a great way to help your children learn about investing – and you can start with as little as $100. Learning by doing is the key. Check out my latest article – and browse the great new Golden Girl Finance site.
I was asked to write about volatility for Golden Girl Finance, and not surprisingly, there are no easy answers on what it means and what investors should do. First bit of advice is to have a plan. Second bit is to stick to it. Let’s see how we all do when the markets give us more volatility than we are used to…