Adulting with Dave

Dave Sweeney shared some wisdom for 20 and 30 somethings based on the things he’s seen in his lifelong career as an independent financial advisor.

We discussed things like:

  • Some of our individual money stories and what specifics Dave would have us consider in trying to invest for our future.
  • Interesting pieces of overall guidance from Dave, along with some thought-provoking guidelines & quotes.

You’ll find photos of the event below!

Event Slideshow

Money Stories

  • R & A – newly married & purchased their first condo together in the past 12 months. Savings nearly depleted. How to save up enough to start a family and potentially move to a larger home when they have kids?
  • D – single, steady income from working in the family business. Plans to take over the business in the next 5 years. How to ensure that her financial picture continues to grow once she is solely responsible for the business?
  • H & L – married with a 2-year-old. H bought a condo in Yaletown before it was such a hot market. They live there now but would need to move since they want to grow their family. They are putting $25 per week in their toddler’s RESP, but is this the best way to save for his education and future?
  • J – lives with her boyfriend, has $20,000 in savings from working really hard the past two years. Is unsure how to start investing this money. Scared to make a mistake. Has the goal of buying a home.
  • K – has credit card and line of credit debt and would like to save for some extended travel. Should she pay off the debt before contributing to savings, or do both simultaneously?
  • C – is an independent contractor and so doesn’t have any benefits. Is wondering how to best plan for retirement?

 

Dave’s Adulting Advice

“It doesn’t matter what you make, it’s what you keep.”

“Investing is like a cup. The cup can hold coffee, tea, or milk but at the end of the day they’re all vessels. What you can put into that cup depends on if you have a registered or open account.”

“Insurance *isn’t* to protect the golden egg, it’s to protect the goose.”

“The three most important things when it comes to investing – time, money and rate of return. The only one of these that we can’t make more of is time.  Being Gen Y is an advantage because we have more of that elusive time! There’s no cheaper time to start saving than today.”

To have enough to live on in retirement, when you’re under the age of 35, you should put away 10% of your gross income every month. Before 45, put away 20%, and over 45, it needs to be 30%.”

Event Photos