When you think back to your education you may think about your years in high school or university learning algebra or writing book reports. While the structured education we receive in school is important for our growth it may not teach us the skills we need to manage in real life. Things like how to file our taxes or how to budget our finances are not always taught in conventional school programs. So, how do our kids learn how to manage their money?
Last year RBC Wealth Management released a Wealth Transfer Report providing insight into giving and inheriting wealth across generations. This report, based on data from over 1000 Canadian respondents, reveals essential acumen into what is being called the biggest wealth transfer in history. In this report it was revealed that the earlier a person begins to learn about finances the more prepared they feel to manage money throughout life.
So, how can you help yourself or your child or grandchild, of any age, be better prepared to handle and manage money? There are a few ways you can increase your own knowledge:
- Read – find everything you can on wealth management and read it. There are some excellent resources out there and I would be happy to recommend some.
- Take a formal course – there are many courses available to anyone. You could even take the courses advisors take.
- Talk to a professional – your advisor is there to advise you and to teach you. As you work with your advisor you can learn about various securities and investment strategies. You can also ask questions of your advisor or have your children chat with your advisor.
However you choose to learn it is important to educate yourself and your family on money matters. For more information or for educational resources please contact the office.