Investing money is something I’ve aimed to do since completing my emergency fund years ago. And these days, I tend to favor stocks as my investment of choice.
Investing in stocks can be a risky proposition. The market can be quite volatile, and through the years, I’ve seen my portfolio lose substantial value from one week to the next.
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I also know, however, that stocks have a long history of rewarding investors who stick with them for decades. Over the past 50 years, the stock market has averaged an annual return of 10%. If you were to invest $10,000 today at that same return, in 50 years from now, it might be worth about $1.17 million — no joke.
To be clear, I wasn’t always comfortable investing in stocks. It took years for me to talk myself into accepting the risk that comes with them. But to this day, there are certain investments I won’t even consider adding to my portfolio. Here are three that fall into that category.
1. Crypto
As someone who owns her fair share of stocks, I’m no stranger to risk. However, to me, cryptocurrency investing is just way riskier than stock investing for the sheer reason that it hasn’t been around as long.
There are stocks in my portfolio whose issuing companies have been around for more than 100 years. Bitcoin, by contrast, was only introduced to the public in 2009.
It’s hard for me to know how much staying power crypto has. That puts it into the category of being a risk I’m unwilling to take on.
2. Art
I like a classic painting as much as the next person. The Mona Lisa? I made a point to check it out when I visited the Louvre years ago.
But while I enjoy looking at art, I refuse to actually invest in it. And the reason is that I don’t know enough about art to determine whether a given work has the potential to gain value or not.
As a general rule, I believe that I should only invest in assets I understand. I don’t understand the finances of art.
Heck, to some degree, I don’t always understand the art behind art, like those modern paintings you see fetch $1 million when all you’re looking at is a bunch of swirly lines on a canvas. So it doesn’t make sense to add art to my portfolio.
3. Real estate
I’m invested in real estate to the extent that I own REITs, or real estate investment trusts, which are publicly traded and work very much like stocks to a large degree. But I don’t own physical real estate as an investment, like rental properties, for one big reason — I know I’m not capable of doing the work.
Being a landlord is a lot more than handing out leases and collecting rent checks every month. There’s a ton of work that goes into it, and I don’t have the capacity for it.
Owning stocks, on the other hand, involves a minimal time commitment. Sure, I have to research stocks before adding them to my portfolio. And I like to check up on my stocks’ performance on an ongoing basis.
But that pales in comparison to the time I might spend overseeing a rental property. As such, physical real estate is an asset I won’t be investing in any time soon.
Choose your investments carefully
If you’re going to put your money to work by investing it, you need to be comfortable with the assets you choose. As such, you may want to limit your holdings to investments that meet these criteria:
The risk is one you’re reasonably comfortable with
You understand how they work
You have the time to maintain them
Going outside of these lines could result in you losing money. So while it’s a good idea to branch out in your portfolio to some degree, you’ll want to do so with caution to avoid getting in over your head.
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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.
