Tag Archives: financial literacy

Must-Read Finance Ebooks that teach Gen Z How to Plan for the Future

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Image by Pexels

By Jack Andrews

For Financial Independence Hub

A recent study by Experian highlighted a troubling financial knowledge gap among Americans, especially younger generations.

Out of 2,000 adults surveyed, three out of five admitted that they have made expensive financial mistakes due to insufficient knowledge of credit and personal finance. Gen Z, in particular, faces significant challenges: 71% of respondents from this age group acknowledged that poor financial literacy has led to financial setbacks. Of these, 29% reported losses of $5,000 or more. These statistics underscore the urgent need for accessible and effective financial education.

Despite the evident need, a disconnect persists between the demand for financial education and its availability. While 78% of adults believe personal finance courses should be mandatory in high schools, only 25 states currently require such classes. This lack of structured education leaves many young people unprepared for essential financial responsibilities.

Gen Z is eager to learn about personal finance

However, there is hope: Gen Z is eager to bridge this knowledge gap. According to the same study, 80% of Gen Zers express a strong desire to improve their financial understanding, demonstrating a willingness to take charge of their financial futures.

The good news is that there’s a wealth of information available right at their fingertips. For example, there’s recently been an influx of reputable personal finance gurus sharing their knowledge on social media platforms. Former Wall Street trader-turned-financial influencer Vivian Tu is one of them. Known as Your Rich BFF on Instagram and TikTok, Tu has amassed over six million followers across her socials where she shares financial advice in the hopes of helping people live better, fuller financial lives. In addition to being a full-time content creator, Tu hosts a podcast called Networth and Chill and has written a bestselling book on all things related to personal finance.

 

Tu is far from being the only finance guru with a book worth reading. On Everand, you can find a plethora of personal finance ebooks that can help build your knowledge and your net worth. You can think about subscribing to this digital library as an investment. For an affordable monthly fee, you can access ebooks written by experts like David M. Rubenstein’s How to Invest and Steven A. Silbiger’s Retire Early?. So, if you’re ready to take charge of your financial freedom, here’s a list of the best finance ebooks to help you plan for the future:

How to Invest by David M. Rubenstein

 

Investing is one of the most effective ways to achieve financial independence, with a Youth & Money poll revealing that 63% of young adults believe the stock market is a great avenue for building wealth. Yet, many Gen Zers are not actively investing, often citing high living expenses or a lack of knowledge as barriers. This is where David M. Rubenstein’s How to Invest proves invaluable.

Rubenstein’s ebook is a deep dive into the principles of successful investing. Drawing on insights from some of the world’s most accomplished investors, the ebook provides readers with actionable strategies for navigating the financial markets. Whether you’re a novice or a seasoned investor, How to Invest delivers timeless wisdom and practical advice that can transform the way you approach investing. With Rubenstein’s guidance, young investors can gain the confidence and knowledge needed to grow their wealth.

Retire Early? Make the SMART Choices: Take It Now or Later? by Steven A. Silbiger

While Gen Z is proactive about managing immediate financial responsibilities, such as paying bills and budgeting, long-term financial planning often takes a backseat. According to a Newsweek report, 53% of Gen Zers have not yet contributed to a 401(k) or retirement plan, and 49% lack life insurance. These statistics highlight the importance of early retirement planning—an area expertly addressed in Steven A. Silbiger’s Retire Early? Make the SMART Choices. Continue Reading…

Harnessing Findependence: The Power of Podcasts

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Jon Chevreau and Canada Podcasts’ Philip Bliss:  https://canadaspodcast.com/findependencehub/

By Philip Bliss

Special to Financial Independence Hub

In an age where knowledge is easily accessible, podcasts have emerged as one of the most potent tools for personal development.

Findependence [aka Financial Independence] is a goal many aspire to, but achieving it often requires a solid understanding of money management, investments, and entrepreneurship. This is where podcasts shine, providing a wealth of knowledge and inspiration that can be instrumental in your journey towards financial freedom.

This new tool is particularly valuable in the fast-paced world of entrepreneurship, where the quest for knowledge and inspiration is ceaseless. In this digital age, Canada’s Podcast has emerged as a game-changer, becoming a cornerstone for Canadian entrepreneurial development and a key to enabling Findependence. Let’s explore why these audio/video gems are so critical to the journey of every aspiring entrepreneur.

1.) Education at your Fingertips

Podcasts offer a wide array of financial knowledge, from personal finance basics to advanced investment strategies. By tuning into podcasts, you can learn about budgeting, saving, and investing while going about your daily routine. Whether you’re commuting, exercising, or doing household chores, these audio programs allow you to convert idle time into a valuable learning opportunity.

Some popular finance podcasts like “The Dave Ramsey Show” and “BiggerPockets Money” offer practical advice on budgeting, getting out of debt, and achieving financial freedom. These shows are like having a personal finance mentor guiding you through the intricacies of money management.

2.) Diverse Perspectives and Ideas

Findependence is not a one-size-fits-all goal. Everyone’s journey is unique, and podcasts reflect this diversity. Podcast hosts often bring their personal experiences and perspectives to the table, offering a rich tapestry of ideas and approaches to achieving financial success.

You can listen to real-life stories of people who have achieved findependence, learning from their triumphs and pitfalls. This diversity of experiences can help you tailor your approach to fit your own circumstances and goals.

3.) Investing Insights

For those looking to grow their wealth through investments, podcasts can be a treasure trove of valuable insights. Whether you’re interested in stocks, real estate, cryptocurrencies, or other investment avenues, there’s likely a podcast that caters to your interests.

Podcasts like “Invest Like the Best” and “The Motley Fool” provide deep dives into various investment strategies, market analysis, and expert interviews. By regularly listening to such shows, you can stay updated on market trends and make informed investment decisions.

4.) Motivation and Inspiration

Findependence can be a long and challenging journey. At times, you may find yourself discouraged or unsure about your financial decisions. Podcasts can serve as a source of motivation and inspiration, reminding you of the benefits of findependence and keeping your goals in focus.

Many findependence podcasts share stories of people who have achieved their financial goals against all odds. These tales of perseverance and success can fuel your determination and keep you on track, even when the path seems daunting.

5.) Building a Supportive Community

Podcasts often come with dedicated communities. These communities provide a space to discuss financial topics, share experiences, and seek advice from like-minded individuals. Engaging with these communities can be a valuable source of support as you work towards findependence. Continue Reading…

Half of new Canadian families targeted by financial fraud

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A survey by Interac Corp. (Interac) released Wednesday (Nov. 8) on Canada Newswire found 70 per cent of  new Canadians polled believe they are more susceptible to financial scams than the general population.

53 per cent of newcomers say they and/or immediate family members have been targeted by fraud, while 55% are very concerned about becoming a victim in the future.

Scammers appear to be preying on a record number of immigrants arriving in Canada, who have to navigate an unfamiliar financial landscape. The top scams they face include fake job postings (witnessed by 40% of new Canadians surveyed), phishing attempts (37%) and scammers disguising themselves as representatives of official government institutions (34%)

“Being targeted for financial scams is an all-too-common experience for newcomers. We all have a role to play in providing advice to help build their financial literacy and spot scams before it’s too late,” says Rachel Jolicoeur, Director, Cybermarket Intelligence and Financial Crime at Interac. “Newcomers want to feel in control and most prefer to spend their own money versus borrowing. As they get used to life in Canada, we need to build their trust when transacting in new ways – such as using Interac e-Transfer or Interac Debit for the first time.”

The Interac survey reinforces that high scam rates are taking a toll on the financial fortitude of newcomers. Only 22% of newcomers polled strongly agree they would know what to do if they were the victim of a financial scam. 56% say being targeted makes them feel less financially confident, compared with 36% of all respondents polled.

New digital learning program helps arm against fraud

73% of these newcomers to Canada want to learn more about how to protect themselves from fraud, and 83% see the value of having access to tools that help manage their spending. Seeing as November is Financial Literacy Month, Interac and Conscious Economics have teamed up to offer Mindfulness & Money for Newcomers and International Students, a digital learning program that teaches financial literacy and fraud prevention techniques. Continue Reading…

Retired Money: A new DIY financial literacy course for aspiring Retirees

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Kyle Prevost: https://worryfreeretire.com/

My latest MoneySense Retired Money looks at a new Canadian DIY financial course created by MoneySense Making Sense of the Markets columnist Kyle Prevost [pictured above].

For the full column, click on the highlighted text: How to plan for retirement for Canadians: A review of Four Steps to a Worry-Free Retirement course.

November is of course Financial Literacy Month in Canada. And Kyle Prevost is well qualified to help Canadians boost their financial literacy, especially as it relates to Retirement.

In addition to being a subject matter expert in Canadian personal finance, Prevost is also a life-long teacher, which makes him doubly qualified to create this course, which he describes as a first in Canada.

And the combination shows: it’s a slick multi-media package that features snazzy graphics with voice-overs by Kyle himself, plus more in-depth PDF backgrounders and videos with various experts gathered through one of Prevost’s other projects: the annual Virtual Financial Summit (for which I have often been interviewed.)

Entitled 4 Steps to a Worry-Free Environment in Canada, the multi-media course is targeted to those thinking seriously of retiring from the workforce in the next decade or two, and even semi-retirees or those who have already reached that milestone but who want to finetune their retirement income strategy.

An ongoing theme throughout the course and related materials is “No one will care about your retirement as much as you do.” That’s a variant of the oft-used phrase “No one cares about your money more than you do.”

From CPP/OAS to Working for a Playcheck

You can find the course at this site: https://worryfreeretire.com/. You can get a flavor of what’s included before committing to payment by clicking on the “Tell me more” button. If you’re ready for the full enchilada, click on the “Get Started” button. There are various payment options, including major credit cards.

At C$499, the course does represent a major investment but the outlay could be considered a bargain if it helps some DIY retirees escape the clutches of a conflicted securities salesperson who cares more about their own retirement than that of their clients. Continue Reading…

Canadian Financial Summit starts online October 18

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https://canadianfinancialsummit.com

 

The annual Canadian Financial Summit kicks on online tomorrow: Wednesday, Oct. 18, 2023.

The all-virtual summit, now in its 7th year, features more than 35 speakers, including Yours Truly, as well as several other financial commentators pictured to the left: Ellen Roseman, Rob Carrick, Preet Banerjee, Ed Rempel, Lisa Hannam and many more.

Other familiar names that will be familiar to Hub readers include Dale Roberts, Jason Heath, Robb Engen, Kornel Szrejber and Barry Choi.

Here are some of the topics:

  • How to plan your own retirement at any age
  • How to save money on taxes by optimizing your RRSP to RRIF transition
  • Get Into Your First House with the New FHSA (First Time Home Savings Account)
  • Retirement Decumulation Strategies
  • Adjusting to the World of High Interest Rates
  • Using Annuities and Equities to Create a Retirement Paycheque
  • The Pension Paradox: Lump Sum vs Cash for Life
  • Plan your personalized combination of a DIY portfolio alongside an annuity for a customized stream of retirement asset growth + monthly income.
  • What Canadian real estate investments looks like in 2023
  • How to deal with inflation on your bills and in your investment portfolio
  • The best Canadian personal finance books of all time! (That’s my topic).
  • When to take your OAS and CPP
  • Travel for free with Canada’s loyalty rewards programs

The founder of the Summit is Kyle Prevost (pictured right), who is also a writer at Million Dollar Journey, and writes the weekly MoneySense Making Sense of the Markets column, among other things.

Kyle also is the creator of a multi-media course titled 4 Steps to a Worry-Free Retirement, which I’ll be featuring in my next MoneySense Retired Money column.

The All-Access pass costs $89 if you act quickly enough. Plus, there’s a no questions asked money-back guarantee for those who change their mind.
Prevost will be sending email updates most of the week. Here’s what Monday’s said (in part):