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[OP]
Jr. Member
Jul 28, 2012
175 posts
32 upvotes

Wish I'd Known

Hi all, I work in higher education and am trying to create a youtube channel to help the next generation avoid the mistakes or make the right decisions not all of us may have made in the categories of 1) Career 2) Personal Finance and 3) Student Life.

Is there anything particular personal finance wise you'd be open to sharing. My big piece of advice which I'll be making a video about is don't try and bet on individual stocks in the market. You're better of buying and holding low cost index funds. Also, when you're a student of course, avoid credit card debt and try to live like a student even after your first job.

Any of your thoughts on any topics/pieces of advice would be must appreciated. Cheers.
62 replies
Member
Apr 29, 2017
275 posts
92 upvotes
It is possible to lose 10 hands of blackjack in a row and if you keep doubling down every time you lose, you will end up 35k out of pocket and depressed in Vegas, eating a free (compensated) $500 steak in dirty clothes and flip flops.
Last edited by Mitts87 on Dec 31st, 2018 8:58 pm, edited 1 time in total.
Deal Addict
Jul 23, 2007
3808 posts
1602 upvotes
I've personally owned individual stocks since the early 1980's and still do. Tradings not my game though. I just purchase at what seems to be reasonable prices and as long as they continue to give me a preferably rising dividend I continue to hold, hopefully for many years. All Canadian in the taxable account.

In the registered accounts for the last eight years it's been all index funds and ETF's. I don't play favourites. Whatever asset class is lagging gets the fresh investment cash.

I keep things very simple now in investing.

Favorite investment book. The Richest Man In Babylon. If you can't learn how to live within your means and save, then you're never going to have your own cash to invest.
Jr. Member
User avatar
Sep 20, 2015
125 posts
89 upvotes
Ottawa, ON
You can talk about little things and then grow from there.
Examples:
1) No Fee banking
2) Cell phone plans
3) Taking care of maintenance of your own car.
4) Passive investing.
5) Getting best bang for your buck by avoiding expensive brands but still focusing on quality.
etc. etc.
Deal Addict
User avatar
Mar 9, 2012
2642 posts
1442 upvotes
Kitchener
1) Career: Try to find a career that you'll actually like, and can be successful at and one that pays at least half decently. Not everyone can be a doctor or lawyer or sports star, but there a 'career' jobs vs 'paycheque jobs'. Crappy jobs are crappy (even if high paid) and will make you miserable and perhaps die early of a heart attack (if the job is stressful).
2) Personal Finance: Except if buying a house or car, and emergencies, run a financial surplus every single month. Avoid the credit trap. Debt will make you miserable.
3) Student Life: Get your sleep. Minimize alcohol and drugs. Study. And choose courses that will result in a job, as seen in my first point. Never be afraid to ask for help.

I am speaking from experience here: I wish I had found a career I wanted earlier, not while in my 40's. Took me to my 40's to figure out my finances. I did OK in school but never took it seriously as I should have. Now I have to go back to school. In my 40's. But at least I have a job I like, decent pay, decent finances, so no complaints. It just would have been better at 25 years old.
How can we fly like eagles, when we're governed by Turkeys?
Deal Expert
User avatar
Aug 18, 2005
18685 posts
3305 upvotes
GTA West
1) Career - Don't take career advice from people who don't enjoy their careers or failed to secure an upward trajectory in their careers.

2) Personal Finance - Don't take financial advice from broke people.

3) Student Life - This time in your life will never come again, so say yes to everything and don't let your student days waste away!
What if there were no hypothetical questions?
Penalty Box
Dec 16, 2017
2538 posts
1019 upvotes
CND Brain & Hear…
it's a good idea why not. although the internet has a lot of those guys with their own website and channels.
Never too bad to have one more
I am being targeted over Internet Relay Chat. Please help me.
Deal Expert
User avatar
Jan 27, 2004
41094 posts
4880 upvotes
T.O. Lotto Captain
Jucius Maximus wrote:
Dec 31st, 2018 8:20 pm
1) Career - Don't take career advice from people who don't enjoy their careers or failed to secure an upward trajectory in their careers.

2) Personal Finance - Don't take financial advice from broke people.

3) Student Life - This time in your life will never come again, so say yes to everything and don't let your student days waste away!
The real life version.
Deal Expert
User avatar
Jan 27, 2004
41094 posts
4880 upvotes
T.O. Lotto Captain
bbbc wrote:
Dec 31st, 2018 8:56 pm
I wish I would have known that the simplicity of the Saskatchewan Pension Plan is available to every citizen and permanent resident of Canada and could be funded via a credit card. The SPP's maximum 2019 contribution is $6,200.
Wait what. R u serious
Deal Addict
Sep 5, 2009
2988 posts
1138 upvotes
$1 earned and saved or invested under 30 is the same as $100 earned over 50.

I worked full time while in school since grade 12 and all the way through university and invested in real estate at 20. Those sacrifices during that time when everyone told me to enjoy being young have meant that I don't need to work full time at 35.

Work yourself harder than imaginable when you are under 25, it will pay huge dividends 10-15 years later.
Current cell plans:
Fido $15 3gb
Koodo $40 for 5GB Public Mobile migration plan.

Affordable wireless is possible, just takes some creativity.
Sr. Member
User avatar
Jun 29, 2012
634 posts
161 upvotes
Vancouver
That "name" tag clothing is a scam. Clothes, for the most part, do not increase in value.
Deal Guru
User avatar
Apr 4, 2001
11481 posts
458 upvotes
All you have in life are your balls and your word.
Deal Addict
User avatar
Dec 3, 2017
1642 posts
1136 upvotes
Guelph, ON
Jucius Maximus wrote:
Dec 31st, 2018 8:20 pm
1) Career - Don't take career advice from people who don't enjoy their careers or failed to secure an upward trajectory in their careers.

2) Personal Finance - Don't take financial advice from broke people.

3) Student Life - This time in your life will never come again, so say yes to everything and don't let your student days waste away!
Idk, so far student life for me has been no money and crippling depression. So I wouldn't mind if it never came back....
I like credit unions.
Member with DUCA Credit Union. Accounts with Tangerine, BMO, and EQ Bank.

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