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This is the stuff you millionaires in the making need to know to kick start or propel you on your financial fitness journey. Tracey Bissett, Founder of Bissett Financial Fitness and award winning Financial Literacy Champion, gives you the straight goods each week to set yourself up for financial success. As a former executive at TD Bank, one of Canada's Big 5 Banks, Tracey has worked with and in support of thousands of individuals and entrepreneurs to secure the financing they needed.  This hands on experience combined with her formal financial education, Masters of Business Administration and Chartered Financial Analyst designation, position Tracey uniquely to coach all things money. Tracey goes behind-the-scenes of all the money matters with need-to-know tips, money-making demystified, and special power-player interviews. Join us weekly for Financial Fitness Training that will turn even a Cash Couch Potato into a Marathon Money Maker.

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  2. EP040 Investor Spotlight Part 2

EP040 Investor Spotlight Part 2

Jul 17, 2018

 

Lisa, Elaine, and Melissa are three young millionaires-in-the-making that began their journey into investing as a way to create long-term financial growth and save for their future. Shortly after high school, Lisa began investing in RRSPs (Registered Retirement Savings Plan) and TFSAs (Tax Free Savings Account) as a way to save money to support her passion for traveling. After receiving a substantial inheritance after a close loved one passed away, Elaine decided to start her investing journey by investing in ETFs (Exchange-Traded Funds), stocks, high-interest savings accounts, and GIC’s (Guaranteed Investment Certificates). As she grew older, she decided to begin investing in RRSPs. Melissa’s interest in investing began while she was still attending high school and preparing for university. She wanted to build a safety net for her financial future by creating slow, long-term growth through mutual funds.

 

Lisa, Elaine, and Melissa join me today to share their experiences as young investors. They share their journey into the investing world, how their families supported their decisions, and the lessons they have learned throughout their journey. They also share some of the money lessons they have learned throughout their childhood and explain why it’s important for young millionaires-in-the-making to begin investing in their future as early as possible.

 

 

“The best time to start investing is yesterday.” - Melissa

 

 

This Week on Young Money:

 

  • Why Lisa opened an RRSP and TFSA account at the age of 18.
  • The three money lessons Lisa’s parents taught her throughout her childhood.
  • Why Lisa chooses to be a passive investor and focus on long-term growth.
  • Elaine’s investing journey and why she decided to invest in ETFs, stocks, RRSPs and GICs at a young age.
  • How Elaine splits her investments into different time horizons - long term and short term savings.
  • Why Melissa began investing in mutual funds to create a financial safety net for her future.
  • Why Melissa believes investing is empowering and motivating.
  • Why Melissa believes it is critical for young adults to begin investing in their future.

 

 

Investing Advice for Young Millionaires-in-the-Making:

 

  1. You can’t spend what you don’t have. Always spend less than you make.
  2. Stick to your financial commitments once you make them.
  3. Understand the goal of financial freedom and be self-motivated to make it happen.
  4. Understand your goals today and structure your investments to support your achievement of them.
  5. Be disciplined with your money. Make saving and investing a routine.
  6. Start investing early and as soon as you can.

 

 

 

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Thanks for tuning into the Young Money Podcast - the advice show for young millionaires-in-the-making! If you enjoyed this week’s episode, head over to iTunes and leave us a rating and review. Don’t forget to share your favorite episodes on social media!

 

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