Three female personal finance influencers to follow

I am often asked to suggest a good introductory book on personal finance and investing for young adults. Here’s one I got recently from author Sandy Yong, who took a smart approach in his new book, The master of money. The book is a blend of basic financial wisdom, personal experience, and expert interviews.

The content works well for today’s young adult investors and for that reason I asked Ms. Yong to do a Q&A with me via email. Here are her thoughts on investing mistakes, cost of living, and the personal finance influencers she follows:

Q: You say in the first chapter of your book that people should forgive each other for their past financial mistakes. What financial mistake have you forgiven yourself?

A: I started investing in a high-fee, high-risk (and undiversified) mutual fund at one of the big banks in my early twenties. When I saw the fund’s reservoir, I panicked and sold my shares at a loss. It was a difficult lesson to learn, but I was able to move forward to become a self-directed investor.

Q: A poll has shown that the rising cost of living is by far the biggest problem for voters in the federal election campaign. What do you think of the reasons people worry so much about the affordability of their lives?

A: Unaffordable housing, rising child care costs and food are hitting our wallets and stomachs – ouch! Also, with the banks offering dismal interest rates on our savings accounts, the value of our money goes down. With inflation and shrinking, it’s no wonder many Canadians are losing sleep at night. Voters should look at each party’s plans and decide for themselves what will help them solve these problems.

Q: Let’s say you are advising a young adult on how to get started as an investor – orient them towards exchange traded funds, stocks, mutual funds, real estate, crypto … . something else ?

A: If you are into crypto, remember that it is volatile and speculative. Real estate requires more equity and cash. Since it is difficult for individual investors to ‘beat the market’, newbies may do well with low cost index funds or exchange traded funds that are diversified globally and across all industries. .

Q: Your book has a chapter specifically aimed at women. What’s your best advice for women on how their financial needs differ from those of men?

A: Studies show that women live longer but earn less than their husbands. This means that women need to save and invest Following money so that they have a comfortable nest egg. Unfortunately, many women tend to pass financial decisions on to their male counterparts. Bottom line: Come together as a team when managing your household finances.

Q: Who are the personal finance influencers that you follow most closely?

A: I like supporting my fellow Canadian personal finance experts on Instagram, including:

• Melissa Leong @lisleong
• Vanessa Bowen @mintworthyco
• Jessica Moorhouse @jessicaimoorhouse

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