financial advice posts

By Mandy Woodruff
Daily Finance.com


I'm not quite 30 yet, but I'm more than familiar with the notion that this age is the new benchmark for people to get their lives together.

There are books, blogs and Twitter accounts dedicated solely to helping people cross that line in the best shape for their future. They do this by telling you to get rid of debt, stop shopping so much, start saving for your retirement and brace yourself for wrinkles.

But in my opinion, it takes a lot more than a healthy bank account and nice skin to live a full and happy life, whether you're 29 or 59. Most of us know how to succeed, we just happen to let ourselves -- and a few convenient lies -- get in the way.

There's a lot of one-size-fits-all advice out there online, but it's also pretty common to find it in somewhat unexpected places as well – at your local bank, for example.

Here's the thing: No matter how good something sounds, or how well-intentioned the advice might be, if it's boilerplate or not right for you, there's a fair chance that it's not worth following with blind acceptance.

Does father always know what is best? Yes – the majority of the time. But when it comes to setting a good financial example for his kids, father, and mother for that matter, deserve a "C". That's according to a quarter of Canadian parents who participated in an Angus Reid poll in May. It's a sobering reality that 92 per cent of moms and dads grapple with every day.

But it's not because parents don't want to. In fact, many parents believe that they are responsible for providing their kids with a solid financial education – they just haven't got around to it. Some parents feel completely unprepared when it comes to bringing up the topics of setting financial goals, investing, money management and using credit wisely.

Who doesn't like reading books offering financial advice? The latest book in this oeuvre is Finding the G Spot: A Sassy, Sensible, Entertaining Approach to Finance! by Jenn Killins.

Killins is a Canadian financial planning expert who wrote the book on a "keep it simple" approach, making financial planning easy to understand for the every day reader.

How would you rate yourself in financial literacy?

Do you think you know enough to manage your money?

According to a recent survey from Investors Group, Canadians consider themselves worthy of a B grade, but 47 per cent of us think we should know more and of those surveyed, only 32 per cent are happy with what they invest or save regularly.

No surprise that Canadians age 65 or older are the most confident in their financial ABCs compared to the next age group, 45-64, with 50 per cent comfortable with their knowledge, leaving an equal number of Canadians who aren't comfortable with their financial literacy.

Financial advisors can pinpoint risks, discover opportunities, and practically leap into a financial sweet spot in a single bound during a financial crisis. But why is that regular Jane and Joe Canadian can't perform the same acts of heroics in their own lives? The good news is, you can, and with no superhero experience required. The trick is to build your personal financial team.

Earlier this week, Royal Bank of Canada released a survey about how men and women approach investing. The survey found significant differences in what we invest in, how much we invest, and why we invest, with men being more likely to save for the future and women being more focused on spending today. To me, this highlights the obvious: Men and women are different. We approach many things differently, and money is no exception. So when it comes to financial advice, shouldn't women expect something different? Something tailored to our unique goals and needs? I think so. Investment advisor Natalie Jamison agrees.

In 2007, Natalie created Women and Wealth™, which provides financial planning services for each stage in a woman's life. Her clients include career women, women entrepreneurs, moms, widows, and divorcees. But they're all women. Here, Natalie talks about her company, and why women need different financial advice than men.

What drove you to create Women and Wealth™?
I worked for an advisor for many years, and I observed that female clients were interested in finance. They wanted to take charge of their portfolios, but they were intimidated by our industry. Even when I had couples in my office talking to me, I could see that the female was often shy and reserved and wouldn't ask a lot of questions. I wanted to create something specific for women. And I wanted to remove any level of intimidation there was in managing their personal finances.

It's true that women and men have different takes on money, but those differences of opinion are just as wide among women as well. Particularly women who have broad knowledge of the finance world, as you'll read.

Recently a group of financial experts gathered in New York to offer sage bits of advice on everything from insurance to investing. Personal finance guru Jean Chatzky over at Wowowow.com was on the panel and shares her findings, which are just as relevant for women north of the border.