Elements of investing

First steps to financial literacy

With the Covid-19 pandemic more people are spending more time at home. This has also led many people to try a little do-it-yourself investing. After, all opening an investment account is relatively easy, and almost every financial institution offers online do-it-yourself investing platforms. What’s not so easy is how to proceed with investment planning, so you don’t immediately lose what’s in your account. So here’s my list of 10 basic investment and money management principles that it’s important to learn before you sit down in front of that screen and start trading.

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Elements of financial planning

First steps to financial literacy

This is a challenging time for building your wealth and saving for retirement. A newly released survey by FP Canada found that Canadians between age 45 and 54 are struggling the most during the Covid-19 pandemic. Over a third in the so-called “Sandwich Generation” (caring for both children and aging parents) say they don’t think they can recover financially, and less than half say they were strong enough financially before the pandemic not to have to worry about their financial health. And the FP Canada 2020 Financial Stress Index indicates that Canadians rank money as their greatest cause of stress in life.

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Parents take note: Covid-19 has put financial literacy into perspective

Now, more than ever, it’s crucial to teach your kids the first steps to financial literacy. Read my recent post on how to help your children learn the basics of money management.

Fraud prevention: recognize these 3 financial scams

How to avoid becoming a victim

March is fraud-prevention month in Canada, and unfortunately thousands of Canadians continue to fall victim to scams perpetrated online and by phone, often losing tens of thousands of dollars or in some cases, their entire life savings. Here’s a look at three of the most notorious financial frauds that are still widely active in Canada, and how to avoid becoming a victim. READ MORE

Junior achievement: Teaching financial literacy

More important than ever in a digital world

As society transitions increasingly to cashless transactions, using smartphones and online channels to pay for goods and services, parents have a bigger challenge than ever in teaching children the basics of financial literacy. How do you impress upon younger children the principle of “value” – the idea that the things you buy don’t just magically appear because you can tap, click, or swipe a device. It may sound daunting, but there are some basic principles that never change. And the sooner you start teaching these to your kids, the sooner they’ll become financially literate. READ MORE

Secrets of a financial planner

Good planning relieves stress, promotes overall well-being

This is a challenging time for building your wealth and saving for retirement. A new study conducted by Leger Research for the Financial Planning Standards Council (FPSC) noted that money is the number-one source of stress for Canadians, with almost half of respondents at times feeling embarrassed about their lack of control over finances and losing sleep as a result of financial worries. The toll on Canadians’ health and well-being is measurable, according to Health Canada. Yet research has also shown that those who engage in financial planning report significantly greater peace of mind, are on track to achieve their life goals, and enjoy elevated levels of overall contentment in their lives. But what does “financial planning” actually mean? READ MORE