Send This to Someone Who Needs to Start Investing | Ep. 56

Do you know someone who keeps saying they’ll start investing “later”?

This episode is for the person who knows investing is important but feels overwhelmed by where to begin. Tré and Sierra talk through the simplest possible starting point for a young Canadian or beginner investor: understand compound interest, stop waiting to learn everything, open a TFSA, start investing, and learn more as you go.

The point is not to build the perfect investment strategy on day one. The point is to stop losing time.

In this episode, we discuss:

•  Why compound interest matters so much 
•  Why the first $100,000 invested is such an important milestone 
•  How starting earlier can matter more than saving more later 
•  Why “I’ll catch up later” usually does not work 
•  Why young investors should focus on getting started instead of optimizing 
•  Why a TFSA is often the simplest place to begin 
•  Why a low-cost global equity portfolio can be a reasonable default 
•  Why early market drops can actually help you build investing experience 
•  The difference between risk tolerance and risk capacity 
•  Why keeping everything in cash or GICs can create its own long-term risk 
•  How parents, friends and family can encourage someone to start investing 

If you are young, new to investing, or trying to help someone you care about get started, the message is simple:

Start now. Keep it simple. Learn as you go.

Waiting until you understand every detail may feel safer, but time is one of the most valuable ingredients in building wealth. Once it is gone, you cannot get it back.

Chapters

00:00 Helping someone start investing
 00:44 Why “just start” matters most
 01:24 Compound interest explained simply
 02:13 Why starting young changes everything
 02:45 The first $100,000 invested
 03:30 Why compound interest feels unimpressive at first
 05:04 When investment growth starts to feel real
 06:32 Why lost time cannot be recovered
 07:45 What an 18-year-old should do first
 08:24 Step 1: understand compound interest
 09:25 Step 2: do not wait to learn everything
 10:18 Step 3: start with a TFSA
 11:04 When young people can start investing
 12:00 Investing for kids before they can open their own account
 12:46 Step 4: choose a 100% equity portfolio
 13:12 Investing is like learning to drive
 14:18 Why owning assets builds wealth
 14:42 Global equity index funds
 15:20 Why early market drops can be useful lessons
 16:00 Risk capacity versus risk tolerance
 17:30 Use the default, then learn why
 18:14 Why early losses feel bigger than they are
 19:10 Where to open an investment account
 20:05 Why starting early made such a difference
 21:00 First-generation financial literacy
 22:28 Recap: compound interest matters
 22:58 Recap: there is no catching up later
 23:10 Recap: start with a TFSA
 23:28 Recap: choose a low-cost global equity fund
 24:00 Why a market crash should not stop you
 24:40 Building a lifetime investing habit
 25:08 Send this episode to someone who needs to start
 25:52 Final thoughts and disclaimer

Learn more about working with Tré Bynoe, CFP®, CIM®:
 https://trebynoe.ca

Website | Youtube | Linkedin

Transcript

Tre 0:00

Have ever wanted to help a friend or a get started investing? You know, it's important, but you don't know quite say to them or how to convince them to start investing. episode is for you to be to share with them, your loved ones, So that they an idea where they start and how to keep it simple so they actually do it. that's what were going to talk

Sierra 0:23

Sounds good.

Tre 0:25

Okay. Go for it.

Sierra 0:26

Well, first things first. We all know step one by now.

Tre 0:29

What's that?

Sierra 0:30

You need to know your numbers.

Tre 0:33

Even simpler than that. We want them to be able to just basically, they just need to get started. What do they Do really think would be the right thing for them to do. But but try to focus on have we actually like what people are realistically going to going do to not try to optimize. just

Sierra 0:54

Yeah. start.

Tre 0:56

Just get

Sierra 0:57

Set up an auto transfer, like set up an automatic transfer into your, well, I guess, I guess they have set up the investment account, right?

Tre 1:06

Yeah,

Sierra 1:06

Step one.

Tre 1:07

So what are they setting up?

Sierra 1:09

I don't know. Whatever they want. I can't suggest things I don't think. Can I? Qtrade? I don't know. Whatever. Sorry. Whatever. Like uh, investment account, they wanna... See, this is too complicated.

Tre 1:26

Yeah. This

Sierra 1:28

the point.

Tre 1:29

That's the point.

Sierra 1:30

I just start.. Ah! How do I start?

Tre 1:33

So first thing I would say that you to understand in order kind of be convinced that you need to start as soon as possible. First thing, and it's really difficult to describe when you haven't experienced it, but that's compound interest. Mm-hmm. What's compound interest?

Sierra 1:49

Compound interest is interest earning interest.

Tre 1:51

Yeah. And you, it might seem like a, A small, a small thing to somebody that is, you know, 19 years old, just left high school and you're trying to convince them that investing for your future is really important. That might seem like a small thing, you know, interest earning interest,. But the fact is it makes such huge difference. I'm actually working on another episode that we'll, we'll do at some point. But just as like a small preview, the difference of somebody, saving, between 20 years old and 30 years old versus saving from 50 to years old is four, almost five times the amount.

Sierra 2:33

Wow.

Tre 2:34

Just because of time.

Sierra 2:36

Yeah.

Tre 2:36

Right. Like when you choose to, when you choose those 10 years to save.

Sierra 2:40

Yeah.

Tre 2:40

So, compound interest cannot be understated. I often tell people when they come, they ask, Random questions sometimes, but they ask like, what should a And I'd to most people that your goal should be get to about a $100,000 invested as soon as you possibly can.

Sierra 2:57

Hmm. That's actually a really good goal. It should be a major goal. Because it's something people can actually easily track.

Tre 3:03

Mm-hmm.

Sierra 3:04

Because I hate, yeah. Not that I hate them. I understand it. It's just like you said, like just start investing. It's like, uh, you know, you start talking and you're like, oh wait, this is a little more complicated than I originally thought. Or things like, oh, have three months of saving, have an emergency savings.

Tre 3:18

Mm-hmm.

Sierra 3:18

It's like, well, what is, you know, the number and stuff. So it's nice to have like a concrete easy goal in mind. Okay. I was gonna say really quick, do you think younger people. View compound interest, possibly as not that big of a deal because of their experience with compound interest. And I say that because

Tre 3:39

Like what?

Sierra 3:40

Like a savings account when you're young? Mm-hmm. It's like, oh, open a savings account, and you get like, 20 cents. And they're oh, well big deal.

Tre 3:47

If you've only got a dollar in there, 20 cents is 20%. So

Sierra 3:51

I understand, but do you think that's possibly why it's like maybe it's a little harder to wrap your head around it? The concept of it like, Yeah, I'm just saying possibly Well, is- ...from that point of

Tre 4:02

It could because people they don't understand it. I think actually to truly understand it, it takes a relatively high understanding of financial literacy. But I would say that the the time hasn't happened. They haven't had the time. There's, there's,

Sierra 4:19

yes.

Tre (2) 4:20

on the enough to experience compounding. Yeah. the idea the $100,000 is the hardest, $100,000

Tre 4:32

you'd ever

Tre (2) 4:33

earn.

Tre 4:34

Once you get to a

Tre (2) 4:38

it

Tre 4:38

was,

Tre (2) 4:39

yeah. you're A quarter of the way a million. I think it was something ridiculous, like saving timewise. Because it takes

Sierra 4:46

Don't, don't quote you on that.

Tre 4:48

Yeah. For the other episode, I will get the actual numbers then have it. But yeah, it's,

Sierra 4:53

Significant

Tre 4:54

because of the takes is so difficult to get that first because the growth is negligible. So the growth doesn't really like 10% Who cares? Yeah. You know? That's why I say about the mark, that's when you you to see actual growth. You Your investments are growing by eight, 10,000, $12,000 a year. That's more significant than, and Why are you smiling?

Sierra 5:22

I'm sorry. I'm just thinking of a connection. Of course. And I'm like, this is stupid again. But I'm like, there's a song about this. Oh,

Tre 5:30

it's Oh, Jay-Z. Yeah, yeah, absolutely.

Sierra 5:33

I think he turned a two to a four. Four an eight. Anyways. Yeah. Yeah. But it, it's true. It's like when you start, just say that out loud. If you wanna understand compound interest. Double two... four. Double four... eight. Oh, double eight ...16. Wow. This is starting to jump up a lot more. Mm-hmm. So it's like, yeah, it sounds small at the beginning, but as it goes, it starts getting so big. It like, That's what

Tre 6:02

I have. and, it's funny 'cause I, I work with people that, they've said that to me. They're like, they, when you get to a point, you save your whole life to hit certain numbers and you achieve certain numbers, And then the growth of your portfolio is more than you. more than you ever put in to the portfolio, like on a regular or anything like that. And you're just like. People have went and spent a bunch of money on cars and like that. Like six figures on vehicles stuff, and they come a and it's oh, that was a quarter of the interest that was earned.

Sierra 6:34

That's crazy.

Tre 6:34

In this portfolio, like over the past

Sierra 6:36

or they it back within six months or

Tre 6:39

Yeah, so I'm saying it was a quarter of the interest. It was like, so 25% of what they earned on their portfolio just in the past year. It's, cra- it's nuts. It's very difficult to comprehend, but that starts small. Yeah. And you have to start, but time makes such a big difference that you wasting your and I hate to say this because some people, most people are older than that. And it's like, man, if you, if didn't start, then you, you have lost that time, There's getting back. Which is the second thing that I think you really need to understand is that time is so valuable that the idea that you'll learn and catch up later doesn't exist.

Sierra 7:17

Mm-hmm.

Tre 7:17

That is not the way that markets work. You, you cannot catch up.

Sierra 7:23

Mm-hmm. Mm-hmm

Tre 7:25

Because you'll always be behind because time plays such a big role.

Sierra 7:29

Yeah.

Tre 7:29

So let's say you do, you go and triple what you're putting into your investments. You might get to the number, but the reality is if you had started earlier, you wouldn't need to do that. Yeah. And if you still chose to do that, you'd that much more ahead.

Sierra 7:45

Yeah.

Tre 7:46

Because time makes such a big difference.

Sierra 7:49

Yeah.

Tre 7:49

Okay.

Sierra 7:50

Okay. So uh, maybe I'm again jumping ahead, but... A 17-year-old walks up to you and is like.. What do I do? Just tell what do.

Tre 8:00

Ok, let's use 18 'cause at least then you can open a TFSA.

Sierra 8:03

Okay, sure. I was, like, I just picked a young person number. I don't know. Okay. So an walks up to you. What's like the, what's the step-by-step process like

Tre 8:14

We're on step two, step five.

Sierra 8:15

so step one is.

Tre 8:17

Just learn how interest works. Okay? And that's why, 'cause you're trying to convince person, this, this episode is mainly for

Sierra 8:22

like convincing

Tre 8:23

parents to give to their kid and be like.. Hey, go and go and start this thing.

Sierra 8:27

Yeah.

Tre 8:28

Okay. So I would want to convince you compound interest is important enough that you really wanna take note that your money can out earn Your work, like you going and trading your time for money if you do it properly. Mm-hmm. And it can happen at any income level. In fact, the income the harder it is to save, but the easier it is for your money to earn enough to replace your income, if that makes sense. If you're trying to replace a $50,000 income, that is a lot easier to do

Sierra 9:00

mm-hmm.

Tre 9:00

Than replacing a 300,000 income.

Sierra 9:03

Right.

Tre 9:03

You know, like,

Sierra 9:04

Yes.

Tre 9:04

There is always money that you can kind of put aside and start investing. It doesn't matter if it's $50 a month, like if that's you can afford, you should aim to get as high as possible, especially if just 50 bucks a month. But that, that's where what you start. You, you start with whatever, it you can matter. There is no, there's no too small number.

Sierra 9:25

Yeah.

Tre 9:25

Um, but it needs to be invested. Okay. why really important, that compound interest. You understand how that works Yeah ...and why, why that makes a big difference.

Sierra 9:33

Yeah.

Tre 9:34

So that was the, yeah, that was the,

Sierra 9:36

okay. Understand compound interest. Step two, you said

Tre 9:38

Yeah, that you can't catch up later. Okay. So you trying to take the time to learn about it and make a really good decision. No start. not worth it. Start and

Sierra 9:50

learn as you go,

Tre 9:50

and then learn then come back Yeah. And you're gonna start, then just use we go through. But just use my defaults, right? Like just use the default... else is doing with very high financial literacy, just copy them and learn the reason later. A lot of people get into the paralysis analysis part. And there is so information it could just be very overwhelming. Yeah. Plenty of people stop, and they'll be like, oh, I'll come back to in this months. back to this in a year. Three, 5 five years goes by, And somebody like me will tell you that you missed out on $400,000, $500,000 your retirement because you decided to wait five years. Like that's

Sierra 10:28

Yeah,

Tre 10:29

Unfortunately happens.

Sierra 10:31

Yeah.

Tre 10:32

back to your question. You're young. Where do you start? You start with a TFSA. So you dunno what to do, you go in, you open a TFSA. you have room likely, so you can go into your My CRA account, but you can, it's very easy to determine how much room that you have.

Sierra 10:50

Mm-hmm.

Tre 10:51

If you're just starting and you know, you have $5,000 to invest, you've probably waited too long. So you want to be, as soon as you get a job, you want to be putting, putting money aside.

Sierra 11:03

As soon as you have income. I would say. Yeah. Because some kids do have, I yeah. when, when you're able to open the TFSA and actually invest and you have an income together, start investing. Because some kids do get other means of income, they get allowance, they get whatever like they have.

Tre 11:20

Yeah. Should be doing it as soon as humanly possible. Yeah. And TFSA you have to be 18.

Sierra 11:26

Yeah.

Tre 11:27

Um,

Sierra 11:28

and you have to be 18 to invest, correct. Or do you know off the top of your head?

Tre 11:32

I actually don't know off the top of my head.

Sierra 11:33

I'm like, I'm thinking about it. Yeah. Is that a rule to have any investment? I know some registered,

Tre 11:40

Registered yeah. But I know

Sierra 11:43

N- non-registered,

Tre 11:46

It's not really something I come across. I mean Yeah. 18.

Sierra 11:50

Okay. That's what I thought. 'cause I thought open a... No. How old do you have be to open a bank account? I know.

Tre 11:57

is way, way earlier, but

Sierra 11:58

yeah.

Tre 12:00

Yeah, so it's the age Hi editing Tre here. I don't know why I didn't think about this during the recording of the episode. Typically, for kids, We'd open another non-registered account under the parent's name, and we would just know, we would just record it that that money is for the child. We do this all the time with, uh, when the parent is putting aside money for other things that aren't education related for, for the kids. We just have a specific investment. That money is for said child, and as that child wants to invest their own money, we just add it to that, that pile. And that does mean that the parents pay the tax on it, but that's a small price to pay, I guess, to enhance the financial literacy of the child that, that much and give them a really good head start Yeah, there go.

Sierra 12:53

That was number three. Start with a TFSA.

Tre 12:55

yeah. Start with the TFSA and then for investment allocation, pick 100% equity. And I know, each individual case is different and, and each individual case is different to a degree. But here's my view, I guess on, on the investment allocation. And I've used this before, but it's very, I use it a lot, so I liken investing to driving a car. The first time you get into a car. It is scary. If all you do is drive around your house and your block and your side streets, you'll not realize the full freedom that driving gives you.

Sierra 13:39

Mm-hmm.

Tre 13:39

But it is scary. But the more you do it, the easier becomes. first time drive on highway, it's scary. Suddenly it's fine. You don't even think about it as as a real risk anymore. The risks are still out there. Mm-hmm. The danger hasn't changed, but your attitude and your view of the danger has changed. Mm-hmm. You make precautions. You're, You are, you are wiser, you're maturer as you get older. So those type of.

Sierra 14:07

You've gained experience.

Tre 14:08

You gained experience.

Sierra 14:09

Yeah.

Tre 14:09

If you never allow yourself to gain the experience, you will always be stuck driving around your block.

Sierra 14:15

Yeah.

Tre 14:15

And when it comes to investing, it is very similar. The people that you will ever meet that have highest financial literacy own stuff. Mm-hmm. They will buy equity, they'll buy real estate, they will own stuff. That that is how you build wealth in our type of society. You do not build wealth by lending other people money to build wealth with.

Sierra 14:38

Mm-hmm. Yeah. Because someone is above you making money off of that, so, which means you're not making money.

Tre 14:45

That's the way it There is a risk/reward when it comes to, when it comes to investing, but you can manage your of risks. So start 100% equity. Global index type fund. And then learn about it later basically. And yeah, your $10,000 might drop to $5,000 and you might get scared, and maybe that is when you pull it out and then you will learn. And hopefully next time it happens, when it's $100,000, $1,000,000, $2 million $2 million, isn't as scary because you've been through it before. Mm-hmm. And maybe you'll learn your lesson from when you panicked with $5,000. The cost of, the opportunity cost, is greater if you avoid that, than the actual risk that comes with investing.

Sierra 15:35

Yeah,

Tre 15:36

Because the markets and global currency is so intertwined that if currency, if markets go to zero or go half price, like 50% off and stay there, the currency we're using is also worthless. So, do not be one of those people that just sees risk one dimensionally and just says, okay, well I'm low so I need I need GICs my entire life. No, that is a mistake. That is flat out a mistake and it's not a Oh, but for some people it help you sleep at night. and I get that argument. That is why you need the experience. Yeah. Because, if ups and the downs are stopping you from sleeping at night, it's because you haven't gained the experience prior to that. It's because you from driving around your block to on the Autobahn in Germany

Sierra 16:34

I was just

Tre 16:35

...doing 250 miles an hour. You do not do

Sierra 16:38

Put it all in weed stocks.

Tre 16:40

That's a different risk. Um, but you you do not do those things. You need to progress, you need to mature. And if do not let yourself mature, and come with that balance going up, and you're seeing ups and downs, increase in value, and go through that emotions things like that that come along with investing. If you yourself go through that, you will not build the maturity to be able to handle it when it's serious dollar figures. Mm-hmm. And if the, if the result of you not being able to

Sierra 17:09

is

Tre 17:09

is that you avoid it..

Sierra 17:11

Way

Tre 17:11

more

Sierra 17:12

from Yeah ...from bad point of view. So really you understand it. that is recommendation people is I don't, at point you capacity take risk because because you're Yeah. That's a that's the thing.

Tre 17:30

You need to learn how to, how to deal with that invest

Sierra 17:34

capacity

Tre 17:35

Not your risk tolerance. 'cause you don't have the experience to know what your risk tolerance even is.

Sierra 17:39

Yeah. I was just gonna say, it sounds like, First of all, The default episode that we talked about.

Tre 17:45

Mm-hmm.

Sierra 17:45

Like do the default and then ask yourself, why don't I belong in the default Yeah. versus like trying to pick your custom plan. Um, I forgot the other part. Gone, I guess.

Audio 17:59

Cool.

Sierra 18:00

Sorry, I can't remember.

Tre 18:02

And I will say, you mentioned like Qtrade, Qtrade is what I use for my personal stuff. Honestly, it doesn't really matter how you access this at this point. Unfortunately, it's very unlikely that be able to come work with somebody like me. Mm-hmm. um, because you're just starting out.

Sierra 18:20

That's what I was gonna say. It's nice because when you're young it feels so detrimental.

Tre 18:25

Mm-hmm.

Sierra 18:26

All of these things, like the driving illustration does not work because your life is never like worth more or less. Right. But it like to have the dollar figures, it feels very detrimental when all you have is $5,000 invested and it drops to 2,500. That feels. Horrible because that's all you have. But you're right. It's good to gain that experience with those dollar figures versus later on when the dollar figures are so big. Yeah. So it's like, it is important to start and have, it feels like, like a lot.

Tre 18:59

Mm-hmm.

Sierra 19:00

Just like anything, when you're young, Absolutely. it feels like the world is ending, but it's not Yeah. like you gain experience and you're, you learn that you can handle things and do hard things and whatever. Mm-hmm. Like as you grow.

Tre 19:11

Yeah.

Sierra 19:11

that's all I was gonna say.

Tre 19:13

No, you're absolutely right. Yeah. Yeah. But what I was gonna say was, how you access the TFSA and things like that, like you, yeah, you mentioned, Qtrade, Wealthsimple, Uh, walking into a bank, it doesn't really matter at this point because the dollar figures aren't big enough for it to matter.

Sierra 19:32

Mm-hmm.

Tre 19:32

You know, like the fact is, again, if we talk about $10,000, let's you are overpaying, right? Like you're paying two and a percent, which is to me, criminal on investment accounts because you walked into a branch to, and that's what they put you in.

Sierra 19:47

Yeah.

Tre 19:48

How much even is that 250 bucks? You, you'll be okay.

Sierra 19:52

Yeah.

Tre 19:53

While you, while you get to $100,000,

Sierra 19:56

yeah.

Tre 19:57

You'll be okay.

Sierra 19:57

It feels like a big loss now, but through life, you will probably lose money in one way or another. if you'll get scammed, if you like you make bad decisions. it will happen. It's gonna happen. Just accept it. Learn from it. Move on. Keep going. Don't stop. Investing, Yeah. basically. Basically. And don't, don't sell when the markets are down.

Tre 20:22

Yeah.

Sierra 20:23

That's it.

Tre 20:24

Basically. Yeah. I just, it's something that I am, because I guess because for us it made such a difference, right? Starting at at

Sierra 20:33

20

Tre 20:34

20-

Sierra 20:35

Yeah.

Tre 20:36

starting at 30. Oh man It just really a, it made a huge, difference to- to where we are today, It's what we can do now. Yeah. And people. just don't understand. just unless you, I mean, for me it was first generation, right? Like there was, nobody I had nobody to teach me. me. I just got really fortunate that it was something that do.

Sierra 20:58

You were very interested in and you're a good learner. Like you're very quick learner and you can, you understand concepts easily stuff because yeah, even. me, like when I started working at the bank I was 19 at the time, same thing. I would say first generation for me as well. Like my, my family and like mentality of money was more, I wanna say more positively inclined in that was like you, there was respect and value towards it.

Tre 21:31

It was conservative approach.

Sierra 21:33

Definitely more conservative. Yeah. Like I would've, like you said, the cost of missed opportunity, that would've been me for sure. So, yeah, like I just remember even being young and like I was learning about it and then you came along and were like, oh, this, this, this. Like you had a, an accounting background and then you started going, like you went into banking, you were taking all these courses and superseding me very quickly when I started convert, but

Tre 21:57

We We had dreams That we career-wise...

Sierra 22:00

My dreams are... anyways, not in regards to finance, I guess, but

Tre 22:06

More puppies and... all of them ...and a shelter.

Sierra 22:09

Yeah. I still want one day. One day we'll see. I'll open a shelter for the the dogs.

Tre 22:15

Nope.

Sierra 22:17

Great financial decisions. I'm like, we need m- more money for this dog who needs surgery. That was hit by a car.

Tre 22:25

gee,

Sierra 22:26

Oh gee. Well, that's what the shelters do.

Tre 22:27

do. I guess. I

Sierra 22:28

mean they, you spend a lot of money when you have a shelter. It's a- Absolutely. That's why it's a not for profit. Yes. You're definitely not making profit, no,

Tre 22:35

no, no,

Sierra 22:35

no. It's bettering the world

Tre 22:38

One dog at a time. Yeah,

Sierra 22:38

Yeah,

Tre 22:39

it's true. Thank you. So anyway, um, um, yeah. And and that is, that, is it. It is that simple.

Sierra 22:45

Okay, so recap again. Let's hear it. Sorry. I love a recap.

Tre 22:49

Okay. Finally. last recap is that compound interest really matters and you probably learn how it works.

Sierra 22:56

Yeah.

Tre 22:58

In the meantime, there is no catching up.

Sierra 23:01

Two

Tre 23:01

doesn't like that. Don't think that you have the time and be able to fix it later. You do it now and then you learn about it later. Just start. Number three is just start with the TFSA. Mm-hmm. There's a ton of different accounts, blah, blah, blah, blah, blah, blah, blah, and some might be better for you. At this point doesn't really matter. You need to start and you need to get on that path of investing.

Sierra 23:26

Mm-hmm.

Tre 23:27

Number four is just pick 100% global equity, low cost index fund, And then learn later. Leave it

Sierra 23:36

alone,

Tre 23:37

leave it alone, learn about it Yeah come back to it in three years time when you've had time to learn a little bit more and you wanna what, whatever that is. But just start. And people well, what the market crash? I hope they do. change it. It doesn't. If it was, if it was the day before 2008 happened. And you starting your investing journey and put your 500 bucks into that account and it went to $250 and you stuck with it and you kept putting $100 in there amount. Good for you.

Sierra 24:16

Yeah.

Tre 24:17

Yeah, it doesn't matter. Those, those type of things are not, I am trying to get you to be path for your lifetime. For the next... I mean, if you're 20, next potentially years of your life and teach you do that and and get you on the right path for that, not teach you to navigate the next market crash in the next three years of your life, when you have 10,000 dollars. Yeah, It's irrelevant. But you putting that that's super relevant and that will change the course of your life. That will change the course of your financial life.

Sierra 24:54

Yeah,

Tre 24:54

so that is what I want you to focus on. If you're listening to this episode and you haven't started investing 'cause somebody has sent you it. Just start. Just start. Go walk into your financial institution. Talk them them want invest in the Open a TFSA. Go with a, as to a 100% equity portfolios as you. Keep it very diversified... Move on. Yeah. Okay. And then come back later and learn more.

Sierra 25:23

Yeah.

Tre 25:24

Okay. That's it. That's what I want. That's what I, that's what I want. So this episode, if you know somebody that you've been on fence about talking to about this type of thing. ...But you love them enough that you want them to make really good decisions and put themselves on path that will give them the best chance of financial success. Send them this episode and hopefully it will convince them to just walk into somewhere, open a TFSA, get invested and come back to it later.

Sierra 25:58

Yep.

Tre 25:59

See you guys in the next one. Thanks for listening. Bye. Bye.

Speaker 5 26:02

Thanks for listening to this episode of the Plain English Finance Podcast. Trey BYO, certified Financial Planner. Chartered Investment Manager is a financial planner with TC Wealth Management and a Visa wealth. You should always consult with your financial, legal, and tax advisors before making changes. This podcast is provided as a general source of information and should not be considered personal investment advice or solicitation to buy or sell at any securities. The views expressed are those of the individual and are not necessarily those of a Visa Financial Inc. Mutual funds and other securities offered through a Visa wealth, a division of a Visa Financial, Inc.