Investnow: A Canadian's Guide to Investing
By A. Dawn
()
About this ebook
You don't have to be a financial guru to develop a consistent savings plan and accumulate wealth. Invest Now offers all the tools and motivation you need to start building a safe and secure financial future now for you and your family.
A. Dawn
A. Dawn works as a data integrity analyst for a major Canadian wealth management corporation and is the creator of Canada's personal finance website. A Toronto resident, Dawn has an economics degree from City University of New York.
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Book preview
Investnow - A. Dawn
Copyright © 2008 by A. Dawn
All rights reserved. No part of this book may be used or reproduced by any means, graphic, electronic, or mechanical, including photocopying, recording, taping or by any information storage retrieval system without the written permission of the publisher except in the case of brief quotations embodied in critical articles and reviews.
iUniverse books may be ordered through booksellers or by contacting:
iUniverse
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Lincoln, NE 68512
www.iuniverse.com
1-800-Authors (1-800-288-4677)
Because of the dynamic nature of the Internet, any Web addresses or links contained in this book may have changed since publication and may no longer be valid.
The information, ideas, and suggestions in this book are not intended to render professional advice. Before following any suggestions contained in this book, you should consult your personal accountant or other financial advisor. Neither the author nor the publisher shall be liable or responsible for any loss or damage allegedly arising as a consequence of your use or application of any information or suggestions in this book.
ISBN: 978-0-595-46132-5 (pbk)
ISBN: 978-0-595-70286-2 (cloth)
ISBN: 978-0-595-90433-4 (ebk)
Contents
Preface
Introduction
Chapter 1
Chapter 2
Chapter 3
Chapter 4
Chapter 5
Chapter 6
Chapter 7
Chapter 8
Chapter 9
Chapter 10
Chapter 11
Chapter 12
Chapter 13
Chapter 14
Chapter 15
Chapter 16
Chapter 17
Chapter 18
Chapter 19
Chapter 20
Chapter 21
Chapter 22
Afterword
Conclusion
Resources
This book is dedicated to the Canadian soldiers deployed in
Afghanistan and other countries abroad. Your courage and hard
work are an inspiration to all of us.
Money is like a sixth sense—and you can’t make use of the
other five without it.
—William Somerset Maugham
Preface
Every day, we face tempting opportunities to spend money. A sea of indulgences can distract you from investing for your future. Buy now!
Pay after one year!
Don’t pay interest for six months!
Everyone everywhere is urging you to spend, spend, spend. I’ve even seen a Vacation now, pay later!
advertisement on the subway. But every dollar you spend now is a dollar in lost investment opportunities that could have grown a lot more in the long run.
Most Canadians were never taught any personal-finance lessons in school and in university; it is no wonder our savings rate is one of the lowest among industrialized nations. To make things worse, Statistics Canada reports that our average savings rate went below zero for the first time in 2006. This is scary—why is it happening?
Our main problem is a lack of information. Also, we have this idea that in order to invest, we need a lot of money, a PhD, and status as an investment guru. In this book, I will show you how you can start investing with very little money—and even less expertise. Investing can be as simple as walking into a bank or picking up your phone.
Start investing today toward a better future. No one else will do it for you; this is your future, and your investment decisions will have enormous impact. Don’t wait until tomorrow, or next month, or next year. Do it now. This is the time.
Introduction
Why This Book?
If you walk down the personal-finance aisle in a bookstore like Chapters, you will find thousands of finance books covering a wide range of topics. These books will promise to share the secrets of millionaires: how to make millions working on the weekends, how to retire as a millionaire, how to make millions in real estate, how to be rich within a few months „.it goes on and on. If you’ve never invested before, you will leave the bookstore even more confused than when you started.
All of those books have something in common: they aren’t for amateurs. Hardly any books on that shelf will stick to the basics, much less provide a step-by-step starter guide. What kind of account should you open? Where should you go to do that? What research is required? What investments are ideal for those of modest means? You may not find the answers to those questions on the bookstore shelves, but you will find them here. I have answered those questions and more in a very simple way. Read, do your research, and start investing.
Why We Never Invest
Ten years ago, I earned my degree in economics, and I have worked in the financial industry ever since. Such a career has many advantages; I really enjoy being able to help friends and family with questions they hesitate to ask anyone else. No one wants to be the person peppering a complete stranger with questions that may seem stupid, so they come to me.
It’s just not my friends and family. Most Canadians are in the same situation. They work hard, earn their money, and content themselves with the minimal to nonexistent interest they are getting from their bank accounts. This has to change. You don’t have to be a loaded financial genius to invest. All you need is the right information, and that is why I created my first Web site, www.adawn.net: to make the world of personal finance accessible to Canadians. This book will teach you all the basics you need to become a successful investor, and www.adawn.net, Canada’s Personal Finance Web Site, can give you that extra push toward success.
A Failure in Education
Our education system does not teach how to handle our own money. Usually, we learn it from our friends, our families and from our own mistakes. And the results are obvious: most of us enter the workforce without knowing anything about managing money and investments. If, like many others, you never thought of investing, the simple language of this book will help you invest successfully on your own.
This Book Is Not for You If…
If you want to become a millionaire overnight or are praying for some other financial miracle, this book is not for you. As I will mention repeatedly, investment is an art. As such, it requires
discipline, hard work and consistency. I don’t believe in making quick bucks without hard work, and I don’t enjoy anything that comes easy. In my book or on my Web site, I will not recommend or review any risky products promising to make you a millionaire (such as penny stocks). In fact, I will ask you to stay away from such products.
This Book Is for You If…
If you have always wondered whether is it possible to invest without being rich, this book is for you. If you have always wanted to invest but are not sure how to start, this book is for you. If you have just finished school and entered the workforce, this book is for you. If you are a hard-working Canadian and want more value for your money, this book is for you. If you want a better future tomorrow by working hard today, this book is for you.
Frequently Asked Questions
I have tried to answer some of the most common questions you may have regarding this book. Introductions do not usually feature an FAQ section, but I thought, why not give it a try?
• Who are you?
I come from a strong financial background. My extensive education, training and experience have enabled me to develop the knowledge and skills required to write this book and run two popular personal-finance Web sites.
• Why is this book so thin?
Are fat books better than thin ones? I don’t think so. I have eliminated chitchat, small talk and stories of John and Jane, organizing this book with only the stuff you need to