Lisa, Elaine, and Melissa are three young millionaires-in-the-making that began their journey into investing as a way to create long-term financial growth and save for their future. Shortly after high school, Lisa began investing in RRSPs (Registered Retirement Savings Plan) and TFSAs (Tax Free Savings Account) as a way to save money to support her passion for traveling. After receiving a substantial inheritance after a close loved one passed away, Elaine decided to start her investing journey by investing in ETFs (Exchange-Traded Funds), stocks, high-interest savings accounts, and GIC’s (Guaranteed Investment Certificates). As she grew older, she decided to begin investing in RRSPs. Melissa’s interest in investing began while she was still attending high school and preparing for university. She wanted to build a safety net for her financial future by creating slow, long-term growth through mutual funds.
Lisa, Elaine, and Melissa join me today to share their experiences as young investors. They share their journey into the investing world, how their families supported their decisions, and the lessons they have learned throughout their journey. They also share some of the money lessons they have learned throughout their childhood and explain why it’s important for young millionaires-in-the-making to begin investing in their future as early as possible.
“The best time to start investing is yesterday.” – Melissa
This Week on Young Money:
- Why Lisa opened an RRSP and TFSA account at the age of 18.
- The three money lessons Lisa’s parents taught her throughout her childhood.
- Why Lisa chooses to be a passive investor and focus on long-term growth.
- Elaine’s investing journey and why she decided to invest in ETFs, stocks, RRSPs and GICs at a young age.
- How Elaine splits her investments into different time horizons – long term and short term savings.
- Why Melissa began investing in mutual funds to create a financial safety net for her future.
- Why Melissa believes investing is empowering and motivating.
- Why Melissa believes it is critical for young adults to begin investing in their future.
Investing Advice for Young Millionaires-in-the-Making:
- You can’t spend what you don’t have. Always spend less than you make.
- Stick to your financial commitments once you make them.
- Understand the goal of financial freedom and be self-motivated to make it happen.
- Understand your goals today and structure your investments to support your achievement of them.
- Be disciplined with your money. Make saving and investing a routine.
- Start investing early and as soon as you can.
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