Last Tuesday, I had the pleasure of joining forces with Erin Lowry (author Broke Millennial and Broke Millennial Takes on Investing) in Toronto for a special event we called Level Up Your Money!
It was a sold-out event sponsored by TD Direct Investing and was all about how to inspire and educate millennials about how to get started with investing. We were joined by money expert Barry Choi and TD Direct Investing Education Facilitator Diana Stoparic for a panel discussion on the key things we all need to know about getting started with investing.
Here is the live recording of our panel discussion, and as promised in this episode I’ll be doing another episode with the Q&A!
For full episode show notes visit https://jessicamoorhouse.com/199
It’s been a few years since I first had Erin Lowry on the show to talk about her first book Broke Millennial (that’s episode 109 if you want to listen), and she’s back with a brand new book called Broke Millennial Takes on Investing! She’s still on her book tour, but we recently teamed up to co-organize our Level Up Your Money Torontoevent last week, and while she was in town I got to do an in-person interview for this episode of the podcast.
Since her new book is about investing, but specifically a guide for beginner/millennial investors, that’s what we talk about in-depth in this episode. As we shared, we often get asked investing book recommendations, and there isn’t a whole lot out there as a good starter book. You can find some of mine on my recommendations page, but still many of those books can seem too advanced and thus do more harm than good.
Investing shouldn’t feel intimidating or scary, and the only way to feel more comfortable with investing is to educate yourself. It took me several years to feel confident even having certain guests on the show because I was afraid I’d say something wrong or use the wrong term. Here’s the thing, investing is simple. But it can also be as complex as you want it to be. The key thing is to start by learning the foundations, then continue educate yourself by learning more advanced topics in investing. And as a little self-promo, that’s literally why I created my Investing Foundations for Canadians course. It’s the perfect place to start to build that foundation and grow from there.
This was a topic we touched on and there’s so much confusion about fiduciary duty in Canada. If you pick up any American investing book, it’ll tell you to make sure you work with a fiduciary to get unbiased advice. In Canada, we don’t have the same regulations. Here are some articles that go more in-depth:
Another thing that’s important to make clear is although there are a lot of similarities between Canada and the U.S. in terms of investing, there are some differences too. In Canada, there are three different ways to invest: work with an advisor through an investment firm or financial institution, use a robo-advisor, or go self-directed (DIY) using a discount brokerage.
The biggest difference between Canada and the U.S. is of course the different regulations of our advisors, but also how our robo-advisors work. For all robo-advisors in Canada, there is always an investment professional behind the scenes. It’s not just an algorithm, there are people monitoring portfolios, rebalancing, and giving advice to clients.
I love having repeat guests on the show, especially when it's been years since their last interview with me. For this episode, I have FinancialMentor.com founder and author Todd Tresidder back on the show to talk about his new book The Leverage Equation. If you're a longtime listener, you'll remember him from episode 46 where we talked about his journey of reaching financial independence at 35.
For this episode, we talk more about the topics he discusses in his book, namely how to reach financial independence by using leverage.
So, what is leverage? It's not a negative word at all! It actually means using different processes and strategies to reach your goals. For instance, we talk a lot about how many investment experts will share how passive investing is the way to go. And although Todd agrees this strategy has merit, he doesn't believe can reach millionaire status quickly by doing this alone. In order to reach financial independence at an early age, you need to take advantage of other asset classes besides stocks and bonds, such as real estate and entrepreneurship.
To learn more, grab a copy of his new book The Leverage Equation!
Todd has a whole series of courses on different aspects of investing. Click here to check out all 7 courses about how to reach seven figures in seven steps!
For full episode show notes, visit https://jessicamoorhouse.com/197
What was going to be an interview about how Grant Sabatier, blogger at Millennial Money and new author of Financial Freedom, was able to become a million in only 5 years, sure turned into something quite different!
Maybe it’s because I’ve interviewed so many guests on the show about how they’ve reached millionaire status at such a young age, or because Grant majored in Philosophy, but in this episode we dive deep and talk about the “Why” behind wanting to reach financial independence.
For Grant, saving up a million dollars meant freedom. All he wanted was freedom. He wanted to be able to dictate his own schedule and essentially not be forced to make life decisions based on the balance in his bank account. I know many other people working towards F.I.R.E. also seek freedom, but for others it’s security or a way of laying a foundation to take more calculated risks in life.
What I’d suggest after listening to this episode is to define your financial independence “Why”. So many people think the goal is to become a millionaire, but money is just a tool at the end of the day. There are plenty of examples of unhappy and unfulfilled millionaires out there, just take a look. You need to find your “Why” or your purpose first, and then determine how much you need to save to get there.
Then, you need to figure out the “How”, which you can do by grabbing a copy of Grant’s book.
For full episode show notes, visit https://jessicamoorhouse.com/196