This is a video from Money Sense. Tt is all about “What’s one piece of financial advice you wish you were given when you were younger?” A number of people answered this, mostly women. Starting early and let the compounding of investing work for you is probably the best advice.
What stood me in good stead probably what I learned from my mother. I always lived below my means, so that if anything happened, I did had room to maneuver. I was also lucky that I had supportive family and friends. So, I had people to talk to about such things. Although they all got into real estate, buying their homes, something I never did. I was not really interested in buying a home. The only other thing my parents bought beside a home was Canada Savings Bonds.
My first investment was a mutual fund, but I sold it to buy furniture when a roommate moved out who had the living room furniture. But I restarted to invest later that year in another mutual fund that held only mortgages. I went on the buy some Canadian Savings Bonds and then into some stocks. I took things one step at a time in investing and I was lucky things worked out for me.
The other thing I did was have a budget. I always had realistic budgets. I would build it from things I had to pay for like rent and food. I add in things I wanted to spend on (or really what I was going to spend money on). You muck around with the budget a bit so you have some left over to save. I was also the sort of person that got just as excited about purchasing an investment (stock or bond or mutual fund) as I did about purchasing clothes.
On my other blog I wrote yesterday about Bird Construction Inc (TSX-BDT, OTC-BIRDF) ... learn more. Next, I will write about Element Fleet Management Corp (TSX-EFN, OTC-ELEEF) ... learn more on Friday, December 24, 2021 around 5 pm.
This blog is meant for educational purposes only and is not to provide investment advice. Before making any investment decision, you should always do your own research or consult an investment professional. I do research for my own edification and I am willing to share. I write what I think and I may or may not be correct.
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