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Starting an investment portfolio can be intimidating and overwhelming — which is exactly why many put off getting started. Millennials are opting out of investing at higher rates than any other generation. Driving factors include lack of accessible information, misconceptions about investment opportunities, and fear of losing money. As a result, many millennials are opting to save their money in a savings account instead of investing it.
The reticence about investing is understandable, since millennials had a front row seat to the devestating losses their parents suffered during the financial crises. But, as James Chen at Investopedia reports, today’s young adults also face the “most uncertain economic future of perhaps any generation in America since the Great Depression.” With job insecurity, wage stagnation, and a growing divide between the rich and poor affecting the chances for millenial future wealth, it’s more important than ever for young people to start investing their money. Here are some steps to help you get you started.
1. Pay yourself first…then leave your money alone.
The first step is building the habit of investing consistently, little by little — not just when you have some extra cash. Jeremy Delk, founder of investment firm Delk Entreprises, recommends budgeting a percentage of your monthly income to squirrel away. “Sock away a minimum of 20% of your income and put it in a separate account, ideally a different bank where it is hard for you to move money back,” he advises. That way, it’s out of sight, out of mind, and growing your investment.
When it’s hard to access your money, it gives your money time to work for you. Leaving your money alone for extended periods of time gives it a chance to rebound when the market drops.
2.Diversify your investment portfolio to minimize risk.
Even if you wholeheartedly believe in a certain stock or investment, do not put all your eggs in one basket. Diversify your portfolio to make sure you have multiple avenues to see returns. A good way to do this is through mutual funds with a financial advisor. But also consider other potential investment avenues, like startups or cryptocurrency.
You can also diversify your portfolio by picking investments with different rates of return and investing in foreign stocks. That way, even if many investments within your portfolio are doing poorly, you bolster your chance of performing well in other areas.
3. For passive income, consider real estate investment.
Real estate isn’t cheap, but if you have the funds at your dispoal, buying property is one of the best ways to diversify your portfolio. David Brim is cofounder of investment management firm Bright Impact, and he says his first real estate investment payed his rent and added “landlord” to his resume. “I started by investing in a duplex,” Brim says. “I lived on one side and rented the other, which covered expenses and gave me the experience of being a landlord. After moving out we automatically had another rental unit, which generated solid monthly passive income.” Additionally, real estate values generally appreciate over time. So in addition to earning rental income during your ownership, you’ll likely have the opportunity to sell at a higher price.
Alternatively, as opposed to buying a specific property, another great option is to put money in a real estate investment trust (REIT), which currently has an average annual return of 11.8%.
4. Check out financial experts on YouTube.
YouTube is a fantastic resource for beginning investors, with countless videos by financial experts who can explain the markets and tricks of the trade. Just be discerning about which experts are actually DOING the investing–with professional bios and personal stories to prove it– as opposed to “teachers” without obvious experience to back up their advice. Examples of renowned financial investment teachers include people like Dave Ramsey and Graham Stephan.
There are also many financial book summaries on YouTube, which rehash financial planning classics like Rich Dad Poor Dad and The Intelligent Investor. These summaries will help you get a grasp on key investing concepts without spending hours reading the whole books. Although, of course, actually reading the books will help even more!
5.Start ASAP!
Now that you know the basics on how to get started… make money moves! You are never too young and it’s never too early to start investing. In fact, the sooner you learn how to make your money work for you, the better. What all investors will tell you is to use time as your best asset, because a dollar today is worth more than a dollar tomorrow.
Of course, nothing is guaranteed, so it’s always a good idea to get a financial advisor, educate yourself on different types of investments, and diversify your portfolio to try different things, and see what works best for you. Despite the risk, investing rather than saving money yields worthwhile returns in the long run. The odds are worth the gamble, every time.
TORONTO – Canada’s main stock index was up more than 250 points in late-morning trading, led by strength in the base metal and technology sectors, while U.S. stock markets also charged higher.
The S&P/TSX composite index was up 254.62 points at 23,847.22.
In New York, the Dow Jones industrial average was up 432.77 points at 41,935.87. The S&P 500 index was up 96.38 points at 5,714.64, while the Nasdaq composite was up 486.12 points at 18,059.42.
The Canadian dollar traded for 73.68 cents US compared with 73.58 cents US on Thursday.
The November crude oil contract was up 89 cents at US$70.77 per barrel and the October natural gas contract was down a penny at US2.27 per mmBTU.
The December gold contract was up US$9.40 at US$2,608.00 an ounce and the December copper contract was up four cents at US$4.33 a pound.
This report by The Canadian Press was first published Sept. 19, 2024.
Losing a loved one is never easy, and the legal steps that follow can add even more stress to an already difficult time.
For years, families in Vancouver (and Canada in general) have struggled with a complex probate process—filled with paperwork and legal challenges.
Thankfully, recent changes to Canada’s probate laws aim to make this process simpler and easier to navigate.
Let’s unearth how these updates can simplify the process for you and your family.
What is probate?
Probate might sound complicated, but it’s simply the legal process of settling someone’s estate after death.
Here’s how it works.
Validating the will. The court checks if the will is legal and valid.
Appointing an executor. If named in the will, the executor manages the estate. If not, the court appoints someone.
Settling debts and taxes. The executor (and you) pays debts and taxes before anything can be given.
Distributing the estate. Once everything is settled, the executor distributes the remaining assets according to the will or legal rules.
Probate ensures everything is done by the book, giving you peace of mind during a difficult time.
Recent Changes in Canadian Probate Laws
Several updates to probate law in the country are making the process smoother for you and your family.
Here’s a closer look at the fundamental changes that are making a real difference.
1) Virtual witnessing of wills
Now permanent in many provinces, including British Columbia, wills can be signed and witnessed remotely through video calls.
Such a change makes estate planning more accessible, especially for those in remote areas or with limited mobility.
2) Simplified process for small estates
Smaller estates, like those under 25,000 CAD in BC, now have a faster, simplified probate process.
Fewer forms and legal steps mean less hassle for families handling modest estates.
3) Substantial compliance for wills
Courts can now approve wills with minor errors if they reflect the person’s true intentions.
This update prevents unnecessary legal challenges and ensures the deceased’s wishes are respected.
These changes help make probate less stressful and more efficient for you and other families across Canada.
The Probate Process and You: The Role of a Probate Lawyer
(Image: Freepik.com)
Working with a probate lawyer in Vancouver can significantly simplify the probate process, especially given the city’s complex legal landscape.
Here’s how they can help.
Navigating the legal process
Probate lawyers ensure all legal steps are followed, preventing costly mistakes and ensuring the estate is managed properly.
Handling paperwork and deadlines
They manage all the paperwork and court deadlines, taking the burden off of you during this difficult time.
Resolving disputes
If conflicts arise, probate lawyers resolve them, avoiding legal battles.
Providing you peace of mind
With a probate lawyer’s expertise, you can trust that the estate is being handled efficiently and according to the law.
With a skilled probate lawyer, you can ensure the entire process is smooth and stress-free.
Why These Changes Matter
The updates to probate law make a big difference for Canadian families. Here’s why.
Less stress for you. Simplified processes mean you can focus on grieving, not paperwork.
Faster estate settlements. Estates are settled more quickly, so beneficiaries don’t face long delays.
Fewer disputes. Courts can now honor will with minor errors, reducing family conflicts.
Accessible for everyone. Virtual witnessing and easier rules for small estates make probate more accessible for everyone, no matter where you live.
With these changes, probate becomes smoother and more manageable for you and your family.
How to Prepare for the Probate Process
Even with the recent changes, being prepared makes probate smoother. Here are a few steps to help you prepare.
Create a will. Ensure a valid will is in place to avoid complications.
Choose an executor. Pick someone responsible for managing the estate and discuss their role with them.
Organize documents. Keep key financial and legal documents in one place for easy access.
Talk to your family. Have open conversations with your family to prevent future misunderstandings.
Get legal advice. Consult with a probate lawyer to ensure everything is legally sound and up-to-date.
These simple steps make the probate process easier for everyone involved.
Wrapping Up: Making Probate Easier in Vancouver
Recent updates in probate law are simplifying the process for families, from virtual witnessing to easier estate rules. These reforms are designed to ease the burden, helping you focus on what matters—grieving and respecting your dead loved ones’ final wishes.
Despite these changes, it’s best to consult a probate lawyer to ensure you can manage everything properly. Remember, they’re here to help you during this difficult time.
TORONTO – Canada’s main stock index was higher in late-morning trading, helped by strength in energy stocks, while U.S. stock markets also moved up.
The S&P/TSX composite index was up 34.91 points at 23,736.98.
In New York, the Dow Jones industrial average was up 178.05 points at 41,800.13. The S&P 500 index was up 28.38 points at 5,661.47, while the Nasdaq composite was up 133.17 points at 17,725.30.
The Canadian dollar traded for 73.56 cents US compared with 73.57 cents US on Monday.
The November crude oil contract was up 68 cents at US$69.70 per barrel and the October natural gas contract was up three cents at US$2.40 per mmBTU.
The December gold contract was down US$7.80 at US$2,601.10 an ounce and the December copper contract was up a penny at US$4.28 a pound.
This report by The Canadian Press was first published Sept. 17, 2024.
