EP331 Financial Literacy Month with FCAC
Young Money with Tracey Bissett
In this Financial Literacy Month special of Young Money, we're joined by Rana Abu-Naameh, Director General of Supervision at the Financial Consumer Agency of Canada (FCAC). With her extensive background in public service and financial oversight, Rana sheds light on how FCAC protects consumer rights and enhances financial literacy across Canada. Listen in as Rana dives into the critical aspects of FCAC’s mandate, focusing particularly on the streamlined consumer complaint handling process. She explains the steps consumers should take if they have grievances with financial products or...
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EP330 Small Business Path to Impact with Pouya Zangeneh, Scotiabank
Young Money with Tracey Bissett
As we celebrate Small Business Month in Canada, I'm delighted to speak with Pouya Zangeneh, the Senior Vice President of Small Business Banking at Scotiabank. With over a decade of experience in the financial services industry, Pouya shares his insights from Scotiabank's recent report, "Path to Impact 2024: Navigating the Future Succession and Success in the Digital Era." Listen in as Pouya discusses the trends impacting small businesses, including the imminent 'succession tsunami' where many business owners plan to transition their businesses in the next decade. He explores the importance of...
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EP329 Canadian Holiday Spending Outlook with PwC
Young Money with Tracey Bissett
In this episode, I’m joined by Elisa Swern, a national retail and consumer leader and partner at PwC Canada. With over 25 years of experience in the retail and consumer goods sectors, Elisa brings her extensive expertise to discuss the findings of PwC's Canadian Holiday Outlook Survey for 2024. Listen in as Elisa dives into the expected increase in consumer spending this holiday season, despite economic challenges. She also highlights the spending behaviors across different generations and provinces and shares insights into the growing importance of sustainability in consumer choices. You'll...
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EP328 More Than A Number with Meridian Credit Union
Young Money with Tracey Bissett
Are you feeling overwhelmed by rising living costs and seeking better financial guidance? In this episode, we sit down with Shawn Kauth, Vice President of Wealth at Meridian Credit Union, who brings nearly three decades of experience in the financial industry. Shawn discusses the results of Meridian's 'More Than a Number' survey, revealing critical perspectives on financial insecurity among Canadians. Listen in as Shawn addresses the concerns different demographics face, including the anxiety experienced by Gen Z and the challenges women face regarding long-term financial futures. You will...
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EP327 Student Loan Repayment Explored with NerdWallet Canada
Young Money with Tracey Bissett
Are you or someone you know dealing with student loans or getting ready to navigate the world of repayment? In this episode, I sit down with Clay Jarvis, NerdWallet Canada’s mortgage and real estate expert, to discuss essential strategies for managing student loans and making smart financial decisions. We'll dive into practical advice for students just starting their loan repayments, adjusting payments to fit your financial situation, and what to do if you’re struggling to make payments. Clay also highlights the importance of budgeting and why parents should have financial conversations...
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EP326 NerdWallet's Guide to the Costs of Fertility Treatments
Young Money with Tracey Bissett
Have you ever wondered about the true costs of fertility treatment in Canada? In today's episode, we sit down with Shannon Terrell, a lead writer and spokesperson for NerdWallet, to explore the financial realities many Canadians face when seeking fertility treatments. With one in six Canadian couples experiencing infertility, understanding the costs and financial options available is crucial. Shannon shares insights from a guide she developed, offering a comprehensive look at the various methods of fertility treatments and their associated costs. Listen in as we discuss where Canadians can...
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EP325 Spotlight on V.I.L. Landscaping founder Charlie Kerrigan
Young Money with Tracey Bissett
In this episode, I’m joined by Charlie Kerrigan, the founder of V.I.L Landscaping and host of The Hard Lessons Podcast. Starting his business in 2016 with just a push mower, Charlie has grown V.I.L Landscaping into a thriving enterprise and aims to become one of the top landscaping companies in Canada. Listen in as Charlie shares his journey, from being a young entrepreneur knocking on doors to running a company with multiple locations and a dedicated team. He emphasizes the importance of surrounding yourself with mentors, the necessity of cash flow management, and building a strong team...
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EP324 Advice to My Younger Self with Martha Ibrahim
Young Money with Tracey Bissett
In this episode, I’m joined by Martha Ibrahim, a certified accountant with 13 years of experience in capital markets regulation and a champion of financial inclusion projects in Nigeria. Martha shares her journey and the inspiration behind her book, Things I Wish I Knew Before I Got My First Job, which highlights the seven keys to personal finance, personal growth, and self-leadership. Listen in as she offers invaluable advice on the importance of personal finance, the necessity of multiple streams of income, and the four essential skills everyone should develop. You'll learn about the...
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EP323 Financially Supporting Aging Parents
Young Money with Tracey Bissett
As Canadians grapple with the financial and emotional aspects of supporting aging parents, we sit down with Clay Jarvis, a mortgage and real estate expert from NerdWallet Canada. This episode dives into NerdWallet’’s recent aging parent survey, conducted by the Harris Poll, revealing that nearly one-third of Canadians are either assisting or plan to assist their parents financially. Listen in as Clay provides expert advice on initiating conversations about finances with aging parents, addressing sensitive topics such as estate planning and end-of-life care. He emphasizes the importance of...
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EP322 Fifth Annual Worry Poll Results with Scotiabank
Young Money with Tracey Bissett
Are Canadians' financial concerns keeping them up at night? In this episode, we're joined by Kingsley Chak, Senior Vice President at Scotiabank, to delve into the anxieties and hopes shaping the financial landscape in Canada today, as revealed by the fifth annual Worry Poll. This discussion sheds light on the pressing financial issues that Canadians face—from spending concerns to debt management—and highlights the proactive measures being adopted, particularly by the youth, to forge a path toward financial stability. "You're not alone. What you're thinking, what you're feeling—a lot of...
info_outlineUnderstanding the basics is foundational when learning a new skill or pursuing new undertakings. The first step before investing is to equip yourself with the basics of how investing works. It is crucial that you understand how investment returns are generated and how investors gauge and manage risks based on their investment objectives and time horizon.
“No matter what your time horizon or risk tolerance, you should never invest your money in something you do not understand.” - Tracey Bissett
Today, I’m sharing a micro-training on investment basics including the definition of some common investing and saving financial terms. I discuss what investment objectives are as well as the four main asset classes: 1) equities (i.e. stocks), 2) fixed income (i.e. bonds), 3) cash equivalents (i.e. money market instruments) and 4) alternative investments (i.e.: real estate, commodities and cryptocurrencies). I also talk about why it is crucial to know your risk tolerance and how to determine the best investment choice or decision for you.
“Everybody is going to have a unique perspective and something that you’re more comfortable with than someone else. This is why investing is a very personal decision.” - Tracey Bissett
This Week on Young Money:
- What is investing and the primary goal of each investor
- Definition of terms such as principal, capital, return, investor
- What compound interest is and why it is so desirable
- What diversification, risk tolerance and liquidity are
- The difference between a guaranteed vs. non-guaranteed investment
- What is an investor or investment risk profile
- The concept of time horizon defined and how one investor may have multiple time horizons
- The importance of understanding how various investment returns (interest, dividends and capital gains) will be taxed
- The four main asset classes
- How to assess your investment plan based on your time horizon and risk tolerance
Key Takeaways:
- Never invest your money in something you do not understand.
- It’s okay to say you are a beginner and you do not have a lot of investment knowledge, especially to the person you are going to be making investments with. It is their responsibility to help with your financial education so you can make great investment decisions.
- Never be afraid to ask questions. No question should be considered stupid or bad.
- Anybody who’s trying to sell you an investment should be prepared to commit the time to help you learn.
- Generally, if somebody cannot explain the investment to you in simple terms, it’s probably not the right thing for you or they may not be the right investment advisor for you.
- Invest with your brain and not with your emotions.
- It is never too early or too late to start investing.
Resources Mentioned:
- Episode 4: An Annuity of Inspiration with Laura Beauparlant
- Episode 6: What are Your Intentions … Financially Speaking with Jackie Porter?
- Episode 21: Banking in the Digital Economy with Neil Parmenter, President and CEO of the Canadian Bankers Association
- Episode 24: Young, Fun and Financially Free with Leanna Haakons of Black Hawk Financial
- Episode 32: David Jenkins on Investing with TheAnswerIs
- Young, Fun, and Financially Free Book by Leanna Haakons
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