Comments on: Give Yourself a (Financial) Education http://www.canadiancapitalist.com/give-yourself-a-financial-education/ Helping you invest and prosper Sun, 12 Feb 2012 00:54:40 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Do we need a MANDATORY financial education curriculum in our schools? - myinvestingblog.com http://www.canadiancapitalist.com/give-yourself-a-financial-education/#comment-75006 Do we need a MANDATORY financial education curriculum in our schools? - myinvestingblog.com Wed, 31 Oct 2007 01:04:28 +0000 http://www.canadiancapitalist.com/2007/04/30/give-yourself-a-financial-education#comment-75006 [...] Concord Monitor Arnold Allred NewAmerica WealthBuilder Speranzanuova KimSnider Sahwahd Fool.com CanadianCapitalist Related posts: Investing age gap [...] [...] Concord Monitor Arnold Allred NewAmerica WealthBuilder Speranzanuova KimSnider Sahwahd Fool.com CanadianCapitalist Related posts: Investing age gap [...]

]]> By: Anissa http://www.canadiancapitalist.com/give-yourself-a-financial-education/#comment-38120 Anissa Tue, 22 May 2007 03:51:03 +0000 http://www.canadiancapitalist.com/2007/04/30/give-yourself-a-financial-education#comment-38120 Kids and Adults need to learn more about money and educate themselves from any resource they make time to access. I have had the opportunity to teach The Money Camp at the high school I work at and the students are always interested and always approach me with questions about money to business ideas they want to start. Here is an excerpt from The Money Camp website. It is a nonprofit organization based out of Santa Barbara.CA. “Why didn’t anyone teach me how to save and invest when I was young?” If you have ever asked this question, you’re not alone. Less than 10% of all high school graduates learn about money in school and even less learn about it at home. This is because parents often don’t know the information themselves or simply don’t have the tools to teach their kids about money.
Money Camp is a unique financial literacy program for kids and grownups. We believe that becoming financial free is primarily a matter of making the right choices in life and developing the right financial habits. Habits that sound something like this: Pay Yourself First Save Early, Save Often Put Your Money to Work For You Spend Less Money Than You Make Invest in Assets that Produce Passive Income Only Borrow Money When it’s Going to Make You Money And many more! Come to one of our unique camps, teach your kids and yourself at home or become a Certified Money Camp Coach and teach your own local Money Camps programs
“The Money Camp Mission is to empower people to create financial freedom in their lives.” As seen on the “Today Show” http://www.themoneycamp.com/?a_aid=1f3b745a Kids and Adults need to learn more about money and educate themselves from any resource they make time to access. I have had the opportunity to teach The Money Camp at the high school I work at and the students are always interested and always approach me with questions about money to business ideas they want to start.

Here is an excerpt from The Money Camp website. It is a nonprofit organization based out of Santa Barbara.CA.

“Why didn’t anyone teach me how to save and invest when I was young?”

If you have ever asked this question, you’re not alone.

Less than 10% of all high school graduates learn about money in school and even less learn about it at home. This is because parents often don’t know the information themselves or simply don’t have the tools to teach their kids about money.
Money Camp is a unique financial literacy program for kids and grownups. We believe that becoming financial free is primarily a matter of making the right choices in life and developing the right financial habits.

Habits that sound something like this:

Pay Yourself First

Save Early, Save Often

Put Your Money to Work For You

Spend Less Money Than You Make

Invest in Assets that Produce Passive Income

Only Borrow Money When it’s Going to Make You Money

And many more!

Come to one of our unique camps, teach your kids and yourself at home or become a Certified Money Camp Coach and teach your own local Money Camps programs
“The Money Camp Mission is to empower people to create financial freedom in their lives.”

As seen on the “Today Show”

http://www.themoneycamp.com/?a_aid=1f3b745a

]]> By: Canadian Capitalist http://www.canadiancapitalist.com/give-yourself-a-financial-education/#comment-33097 Canadian Capitalist Thu, 03 May 2007 11:08:04 +0000 http://www.canadiancapitalist.com/2007/04/30/give-yourself-a-financial-education#comment-33097 cappo: The RRSP vs. mortgage debate has been done to death here are at other blogs. FWIW, here's my sequence: RRSP contributions, mortgage pay down, kids education, other savings. You can easily argue that the first two should be switched. Maybe I'll summarize this debate in a future post. cappo: The RRSP vs. mortgage debate has been done to death here are at other blogs. FWIW, here’s my sequence: RRSP contributions, mortgage pay down, kids education, other savings. You can easily argue that the first two should be switched. Maybe I’ll summarize this debate in a future post.

]]> By: cappo http://www.canadiancapitalist.com/give-yourself-a-financial-education/#comment-33059 cappo Thu, 03 May 2007 05:59:13 +0000 http://www.canadiancapitalist.com/2007/04/30/give-yourself-a-financial-education#comment-33059 CC, thanks for those insightful rules. I'll keep them in mind. I'm especially confused over two items, both related to mortgages. 1. Is it better to make RRSP contributions or pay down a mortgage? [I make make RRSP contributions so my eggs aren't in the same nest.] 2. Is it better to pay down your mortgage or make other investments? [I think the mortgage comes first.] Other comments would be most welcome. CC, thanks for those insightful rules. I’ll keep them in mind.

I’m especially confused over two items, both related to mortgages.

1. Is it better to make RRSP contributions or pay down a mortgage? [I make make RRSP contributions so my eggs aren't in the same nest.]

2. Is it better to pay down your mortgage or make other investments? [I think the mortgage comes first.]

Other comments would be most welcome.

]]> By: brad http://www.canadiancapitalist.com/give-yourself-a-financial-education/#comment-32644 brad Tue, 01 May 2007 11:16:02 +0000 http://www.canadiancapitalist.com/2007/04/30/give-yourself-a-financial-education#comment-32644 Thanks Mike and CC. I suppose I should introduce some bonds into my Canadian mix; I'm (obviously) not at all risk-averse and if the stock market crashed tomorrow and I lost everything I wouldn't bat an eye, because I'm still far enough away from retirement to gain it all back and then some. But I'll get that book and look into adding some bonds to my portfolio! Thanks Mike and CC. I suppose I should introduce some bonds into my Canadian mix; I’m (obviously) not at all risk-averse and if the stock market crashed tomorrow and I lost everything I wouldn’t bat an eye, because I’m still far enough away from retirement to gain it all back and then some. But I’ll get that book and look into adding some bonds to my portfolio!

]]> By: Canadian Capitalist http://www.canadiancapitalist.com/give-yourself-a-financial-education/#comment-32641 Canadian Capitalist Tue, 01 May 2007 10:58:13 +0000 http://www.canadiancapitalist.com/2007/04/30/give-yourself-a-financial-education#comment-32641 Brad: I've just finished reading <em>The Four Pillars of Investing</em> (thanks Mike for the recommendation) and the book has a chapter on rebalancing. Actually, you should rebalance every few years even in your asset accumulation years as rebalancing reduces risk and slightly increases returns. Probably a good idea for a future post. Mike: Brad is referring to bringing your portfolio back your original allocation after it has become out-of-whack after a few years. Brad: I’ve just finished reading The Four Pillars of Investing (thanks Mike for the recommendation) and the book has a chapter on rebalancing. Actually, you should rebalance every few years even in your asset accumulation years as rebalancing reduces risk and slightly increases returns. Probably a good idea for a future post.

Mike: Brad is referring to bringing your portfolio back your original allocation after it has become out-of-whack after a few years.

]]> By: Mike http://www.canadiancapitalist.com/give-yourself-a-financial-education/#comment-32539 Mike Tue, 01 May 2007 02:46:55 +0000 http://www.canadiancapitalist.com/2007/04/30/give-yourself-a-financial-education#comment-32539 Brad - if you find that book then let me know. I assume by 'rebalancing' you are referring to asset allocation ie how much of different asset classes to own. The problem with that issue is that it is so dependent on your personal scenario ie risk tolerance that there is no easy formula. You might find that every book you read contradicts every other book you read. For what it's worth I'm about 20 yrs from retirement and I have 20% bonds, 80% equities although I'm thinking of going to 25/75. This is mainly based on the book Four Pillars of Investing which I really liked. His advice however for retirees is to keep an equity portion of 50 to 75% depending on tolerance. His research shows that 75% equity was the best allocation (using historical info) and that having less than 50% equity was detrimental to the average retiree. All I can say is read that book plus as many others as you can and decide for yourself. Brad – if you find that book then let me know. I assume by ‘rebalancing’ you are referring to asset allocation ie how much of different asset classes to own. The problem with that issue is that it is so dependent on your personal scenario ie risk tolerance that there is no easy formula. You might find that every book you read contradicts every other book you read.
For what it’s worth I’m about 20 yrs from retirement and I have 20% bonds, 80% equities although I’m thinking of going to 25/75. This is mainly based on the book Four Pillars of Investing which I really liked. His advice however for retirees is to keep an equity portion of 50 to 75% depending on tolerance. His research shows that 75% equity was the best allocation (using historical info) and that having less than 50% equity was detrimental to the average retiree. All I can say is read that book plus as many others as you can and decide for yourself.

]]> By: Mike http://www.canadiancapitalist.com/give-yourself-a-financial-education/#comment-32538 Mike Tue, 01 May 2007 02:36:59 +0000 http://www.canadiancapitalist.com/2007/04/30/give-yourself-a-financial-education#comment-32538 Great post CC - You're right that diy does not take a lot of time however I spend a lot of time on finance stuff mainly because I really enjoy it. Now that the weather is finally getting better, I'll probably cut down. I just read through the comments section of the resp blog you linked to and was thinking that if Brenda spent as much time researching investments as she does commenting on that blog, she'd be a pretty good diyer. Great post CC – You’re right that diy does not take a lot of time however I spend a lot of time on finance stuff mainly because I really enjoy it. Now that the weather is finally getting better, I’ll probably cut down.

I just read through the comments section of the resp blog you linked to and was thinking that if Brenda spent as much time researching investments as she does commenting on that blog, she’d be a pretty good diyer.

]]> By: David http://www.canadiancapitalist.com/give-yourself-a-financial-education/#comment-32523 David Tue, 01 May 2007 01:16:15 +0000 http://www.canadiancapitalist.com/2007/04/30/give-yourself-a-financial-education#comment-32523 CC said "As you can imagine, I am not very sympathetic to the argument. If you are like me, <b>you are exchanging eight hours of your precious time every weekday for a pay check</b> and you owe it to yourself and your family to be an effective steward of your money." CC, you hold an uncommon view in current society: that you, as a worker, bring a valuable commodity to the workplace. Many, on both sides, employer & employee seem to denigrate the value that the worker supplies. I'm pleased to see that you clearly understand the value of your labour, and hope you are fairly compensated for the precious time you spend contributing to your employers product or service! I read a comment that most folks spend more time watching TV last night than they spend in a year managing their financial future, so I can see why the original comment was made. Since so few folks will spend time managing their finances, they want someone else to manage them on their behalf. However, relatively few hours per month would give many folks a clearer understanding of the financial world, and if nothing else, allow them to counter the statements of a financial planner acting without due care for the client's resources. CC said “As you can imagine, I am not very sympathetic to the argument. If you are like me, you are exchanging eight hours of your precious time every weekday for a pay check and you owe it to yourself and your family to be an effective steward of your money.”

CC, you hold an uncommon view in current society: that you, as a worker, bring a valuable commodity to the workplace. Many, on both sides, employer & employee seem to denigrate the value that the worker supplies. I’m pleased to see that you clearly understand the value of your labour, and hope you are fairly compensated for the precious time you spend contributing to your employers product or service!

I read a comment that most folks spend more time watching TV last night than they spend in a year managing their financial future, so I can see why the original comment was made. Since so few folks will spend time managing their finances, they want someone else to manage them on their behalf. However, relatively few hours per month would give many folks a clearer understanding of the financial world, and if nothing else, allow them to counter the statements of a financial planner acting without due care for the client’s resources.

]]> By: brad http://www.canadiancapitalist.com/give-yourself-a-financial-education/#comment-32520 brad Tue, 01 May 2007 00:19:19 +0000 http://www.canadiancapitalist.com/2007/04/30/give-yourself-a-financial-education#comment-32520 The one thing that I've always been a little unclear on is rebalancing; of all those books you recommend is there one that explains the concept and practice particularly well? I'm 20 years away from retirement and have all my RRSP investments in two of TD's eFunds: the Canadian index and the US index. I assumed that this would be reasonably diversified and I've long been a believer in index funds and low MERs. I started out investing in both of those funds evenly, and they're still roughly even in value although I have more shares in the US index. As I get closer to retirement I plan to shift more of my investments out of stocks and into something more secure, and I assume that's when balancing will become more important, right? I lived in the US most of my life and have a good chunk of retirement money in 401(k)s and IRAs down there, which includes some bonds and lower-risk funds as well as index and growth funds, but here in Canada I decided to keep it simple. The one thing that I’ve always been a little unclear on is rebalancing; of all those books you recommend is there one that explains the concept and practice particularly well?

I’m 20 years away from retirement and have all my RRSP investments in two of TD’s eFunds: the Canadian index and the US index. I assumed that this would be reasonably diversified and I’ve long been a believer in index funds and low MERs. I started out investing in both of those funds evenly, and they’re still roughly even in value although I have more shares in the US index.

As I get closer to retirement I plan to shift more of my investments out of stocks and into something more secure, and I assume that’s when balancing will become more important, right? I lived in the US most of my life and have a good chunk of retirement money in 401(k)s and IRAs down there, which includes some bonds and lower-risk funds as well as index and growth funds, but here in Canada I decided to keep it simple.

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