Common Investment Myths – And How to Break Them

 

 

Let’s talk about investment myths. Have you started investing yet? If the answer is yes, think about the last time you sat down with a financial advisor and reviewed your portfolio to ensure your investment strategy is still aligned with your goals. If the answer is no, ask yourself why not? Maybe it’s because you don’t think you can afford it,  maybe it’s because you’re afraid of the risk versus reward or maybe it’s because you don’t see the value in paying fees.

 

Here’s the good news, today I’m debunking common investment myths. Actually, I’m going to shatter them. Whatever the reason may be that’s holding you back from reaching your full investment potential, it all ends now. If you’re hesitant about seeking financial advice, investing in the market and exploring different investment options, don’t worry because other people are too – that’s why there are so many common investment myths.

 

The key is to tell the truth about the current state of investing and help Canadians implement an investment strategy that you’re comfortable with.

Here are the real answers to three common investment myths:

 

I can’t afford to invest

 

Yes, you can. Everyone, whether you’re 16 or 56 can afford to put a portion of your after-tax income towards investing. The percentage varies depending on your monthly household expenses and individual disposable income, but yes everyone can afford to invest. So often people feel that saving investing are just for the wealthy – and that’s just not true.

 

I don’t need professional advice

 

Oh yes you do, everyone does. Why? Because there is so much more to creating an investment strategy than choosing the right stock at the right time – and I don’t do that because that’s not what smart investing is about.

 

The truth is investing is about finding solutions that align with your short term and long-term goals as well as your risk tolerance and time horizon. The Manulife investment philosophy is “There’s a difference between access to investments and investing successfully. Managing money wisely is a full-time job which takes experts with significant experience and skill.”

 

On a side note, timing the market to buy in on the absolute lowest day of the year and selling on the absolute highest day of the year to gain the maximum profit is another common investment myth. That doesn’t happen.

 

I shouldn’t have to pay fees

 

Well yes you should. In life we all have to pay for a professional service. I can’t think of a scenario where you get a service for free – except for the library. If you want the best dentist then you have to pay for it. The exact same principal is true when it comes to investing.

 

Of course, you can open a self-directed online brokerage account and manage your own money, but do you have the years of experience and professional expertise of a financial advisor? This is the real reason why paying for a professional service is worth the cost. It’s about access to investments (because you could do that yourself online) it’s about the experience and the expertise.

 

I hope this helps overcome some of your hesitations when it comes to building a relationship with a financial advisor and creating an investment strategy that fits your individual needs. If you want to discuss other common investment myths then let’s chat.

 

*This content was originally created by Manulife Securities for information purposes only. It has been distributed for advisor publication.*

5 Cheap End Of Summer Activites to Enjoy

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We know that all great summers come to an end, but the summer isn’t over just because kids are going back to school. It’s time to make the most of what’s left of summer and the good news is you can enjoy the outdoors without spending your hard-earned savings.

 

Here are five cheap end of summer activities:

 

Camping in the Backyard

If you already own the gear, backyard camping can be a cheap summer activity. You can save money and travelling time by setting up a tent in the backyard. Camping at home can be a great way to get outside, spend time away from technology and destress. You can even try building a campfire and cooking your own dinner on an open fire for a true camping experience.

 

Hike part of the world’s longest hiking trail

In Canada, we’re lucky to boast an abundance of beautiful natural landscapes, one of which is the Trans Canada Trail. With over 22,000 kilometers of trails, Canada’s Great Trail is the longest network of hiking trails in the world. It stretches from the coast to coast, passing many major city centers along the way.

 

Go to the Drive-In movie theatre

Travel back decades by visiting the drive-in movie theatre. Many drive-in movie theatres keep their vintage 1950s style, so you can take a trip through history while watching new releases. If you don’t have a drive-in theatre near you an alternative is to set up your TV in the backyard and create a family moment any kid would remember.

 

Have a sunset picnic

Picnics are a popular cheap summer activity in the movies, but when is the last time you had one? Pack a small snack or a portable dinner and go to your local park for a sunset picnic. Bring a board game and a lantern to continue the fun into the evening.

 

Plan a day trip

Day trips are a cheap summer activity because you save on the cost of hotel accommodations and multiple meals when dining out. Day Trips Canada features indoor and outdoor daytrips within driving distance of your location. It shows local activities and attractions such as museums, heritage sites, parks and city events.

 

The key to enjoying the nice weather is to spend as much time outdoors as you can without breaking the bank. If you’re looking for local activities, try these end-of-summer activities. The added bonus of indulging in cheap activities is you’re not spending a fortune to have fun. Always remember…a dime not spent is a dime that can be saved.

 

(Photo from IdPinThat)

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