“Those who know, do. Those that understand, teach.”
We are living through what could be the worst economic hit in 90 years. The equivalent of nearly the entire population of Canada is unemployed in the United States and it is likely to be worse here at home. As a generation we have dealt with the two worst financial downturns in modern history which has hurt our savings, investments, property ownership and debt levels. We have spent years working hard with little time to pause. We want to take control of our money but have never had the time or opportunity to do so. We now have the time and the opportunity. The New Norm is a guide for you to take control of your finances in what is, and what will be, a vastly different financial world.
This is not about picking a risky stock to get rich, it’s about confidently doing the best with what you have.
Watching our health care workers put their life on the line and the struggles people are facing from business shut downs or job loss, I felt a desire to help. I felt in order to help I could use my experience to work with others so that we can emerge from this situation as financially healthy as possible. For the last 11 years I have worked as an investment analyst, consultant, and business executive and for the duration of this time, I have invested in markets. My experience, combined with a financial education, has contributed to my understanding of the big financial picture. This is not about picking a risky stock to get rich, it’s about confidently doing the best with what you have.
For years, I have conversed with friends and colleagues regarding their investment options, company financial plans and how to manage their budgets. There was a clear and constant narrative from these interactions which can be broken down as follows:
1) The questions themselves: Is my company RRSP plan any good? How much debt can I afford and is it ok? Can I buy a house and is this a good time? Do I need a financial advisor and who should I talk to? What’s the best way to invest if I don’t want an advisor? Is my investment strategy a good one?
2) The desire to take control but there is just too much. The bank is selling us something and can’t be trusted for a proper opinion. Financial advisors and AI tools like Wealthsimple are intimidating or require too much money. We can learn ourselves through books, newsletters and twitter feeds but its often just too much to pull the trigger.
Recently a friend of mine, who has been trying to take more control of his finances, commented that the amount and speed of information available creates a sense of paralysis. Further paralysis comes from our current fear of job loss or the health of ourselves and our loves ones. In this time, we need an educated and unbiased source to answer our questions. We are looking to work with you, the readers, and ensure a steady hand to help guide you through this crisis and thereafter.
We will post weekly commentary to provide you answers in the form of actionable advice.
This guide starts with you asking questions. Our posts will either aim to stimulate these questions or to answer them. We will post weekly commentary to provide you answers in the form of actionable advice. And, we will be there, virtually next to you, as you take control. Each question will help the entire group and we look to you to help guide the direction of this journey. Much like we are socially working together for the benefit of our health, we can do so for our finances.
Let’s get started.