We hope you learned something new and came away feeling more confident in your adulting abilities.
One of the topics that keeps coming up for everyone is investing. So we brought back financial advisor Dave Sweeney to help us sort through all the noise.
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.
As a bonus you’ll find your glamour shots at the bottom!
- Alleviating financial anxiety
- Fostering community
- Learning together
- Building intergenerational bridges
Adulting with Dave
“The 3 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. So being Gen Y is an advantage because we have more of that elusive time! There’s no cheaper time to start saving than today.”
“Don’t fear the talk of a possible recession! At our age, we can take advantage of the longer time period we will have to invest. A recession is also a good time to consider investing aggressively.”
“Between a RRSP and a TFSA, don’t use either for actual living expenses. But for long-term goals, the RRSP is better, and for short-term goals, the TFSA is the way to go.”
“Don’t make investment decisions based upon emotions.”
“Yes, diversify your investment plan. Really.”
“Don’t count on an inheritance as folks are living much longer now and eating up their savings in the last few years.”
“Have the long-term “financial chat” with your parents. Don’t leave any ambiguity. It will help both of you.”
And a tip from his earlier talk that was just so good, it bears repeating – “To have enough to live on in retirement, if you are 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%.”