5 Costly Money Mistakes Millenials Make
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If you’re a millennial, you’ve probably heard the usual money advice: save early, spend less, invest smart. But let’s face it–real life is busy, expensive, and unpredictable. Still, there are a few money habits that can quietly sabotage your future if you’re not careful. Here are five of the most common ones to watch out for:
1. Not Taking Saving Seriously
Time is your best financial ally. The earlier you start saving, the more your money can grow. But many millennials still aren’t making the most of it. A 2024 MyBankTracker survey found that less than half of millennials are actively investing, and many keep too much cash on the sidelines. Even just setting up automatic...
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Active vs. Passive Investing: Your Best Bet
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The debate between active and passive investing has been going on for decades–and for good reason. Both approaches have their strengths, but choosing the right one can make a big difference in whether you simply meet your goals or exceed them.
Why You’re Investing in the First Place
Most people invest with two goals in mind: protect what they have and grow their wealth. If your goal is to retire comfortably, you might be aiming for something like $50,000 a year in income. That typically requires close to a $1 million portfolio generating around 5% annually. The problem? Many Canadians aren’t even close–average RRSP balances are about $60,000, and even many Boomers have just over $100,000 in liquid savings.
So, playing it too safe–say, sticking with GICs–might keep your money secure, but it likely won’t grow...
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Why Everyone Needs an Estate Plan
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Ralph had always worked hard for what he owned. But after watching friends and acquaintances struggle with messy estates, he realized that without a proper plan, everything he’d built could be left in chaos.
Take Vivian, for example. She remarried and decided to save money by using a do-it-yourself will kit. Unfortunately, she overlooked obligations from her late husband’s will. Untangling the mess took years and cost thousands in legal fees. Worse, her heirs had to pay taxes on income they never even saw because her assets were tied up in trust.
Then there was James, a farmer whose land was eventually annexed by a growing town. When he died without a will, it took nearly a decade to settle things–stalling both his estate and the community’s...
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Online Resources
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Don’t judge each day by the harvest you reap but by the seeds that you plant.
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Robert Louis Stevenson
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The information provided is general in nature and is provided with the understanding that it may not be relied upon as, nor considered to be, the rendering of tax, legal, accounting, or professional advice. Readers should consult their own subject matter experts for advice on the specific circumstances before taking any action. The opinions expressed are those of the owners and writers only. Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated. Please read the prospectus of the mutual funds in which you invest. Mutual funds and segregated funds provided by the fund companies are offered through Worldsource Financial Management Inc., sponsoring mutual fund dealer. All other products and related services are offered through Mayrak Financial Solutions Inc.
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Mayrak Financial Solutions
4832 Huron Heights Dr, Mississauga, ON L4Z 4H8
Ph: (905) 501-0438
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