As we dive into the summer season, it's the perfect time to relax, recharge, and refocus on your financial goals. In this blog, we'll share our 2025 Summer Reading List, featuring books that can help you build financial management skills and confidence. We'll also provide a market update and discuss key U.S. developments. We continue to highlight the importance of staying the course with globally diversified investments to achieve your long-term financial goals. Whether you're looking to improve your financial literacy or stay informed about market trends, this blog has something for everyone.

Summer Reading List

This summer, whether you're at the cottage, by the lake, or in your backyard it's an excellent opportunity to stretch your mind and explore new ideas. Each year, RBC Dominion Securities (DS) curates a Summer Reading List, and this year is no exception. Our team at Hayes Vickers Private Wealth (HVPW) has added our own suggestion to the list, and we're excited to share them with you.

This year's list features books that can help build financial management skills and confidence at different stages of your life. We've included notes from Stephanie Dean and Annick (Emma) Li Lai Wah, staff from RBC DS Family Office Services, as well as our own comments from the HVPW team.

Book 1: Seventeen to Millionaire by Douglas Price This book provides a high-level overview of important financial topics, written in a quick, snappy, and entertaining style.

Target audience: Any teen or young adult looking for a crash course in financial success. As Douglas Price notes, "There is a direct correlation between how knowledgeable you are about your finances and how wealthy you become."

Stephanie's note: "My favorite part of this book is that it always ties in the 'why' of money management, connecting purpose and motivation. When we remember our purpose, and connect to what’s meaningful to us, we tap into motivation. If having money means you have options and opportunities, and options and opportunities are important to you, then this is the book for you!"

Book 2: The Myth of the Silver Spoon by Kristin Keffeler This book offers a process for finding your path or passion and "de-cluttering" to move forward.

Target audience: The "rising generation" and their family members and professional advisors. Kristin Keffeler writes, "Like the part of the iceberg that we can see, the transactional nature of money feels easy, uncomplicated, and clear. However, it is what's beneath the murky surface – a mass of belief, identity, and unconscious relationship – that really governs our behaviors with money."

Stephanie's note: "I loved how this book used fire as an analogy, reminding us of the traits and practices that contribute to success and well-being."

Book 3: La Retraite à 40 ans by Jean-Sébastien Pilotte This book shows how disciplined saving and smart investing can lead to financial independence earlier than you might think.

Target audience: Young adults under 40, as well as anyone seeking a life more aligned with their personal values and a greater sense of freedom. Jean-Sébastien Pilotte notes, "The key is really saving. In a world of overconsumption, just by cutting back a bit, managing your budget better, and investing in the stock market, it happens naturally. It's time that does the work."

Emma's note: "It's not about stopping work, but about choosing how to live. For me, it's freedom before retirement – the freedom to shape a life on my own terms."

Additional Suggestion: The Algebra of Wealth: A Simple Formula for Financial Security by Scott Galloway The HVPW team is adding this book to the 2025 Summer Reading List. It provides a candid formula for building lasting security, tackling essentials like career choices, investing basics, and the power of time and compounding.

Target audience: Young professionals, mid-career individuals, and anyone seeking a refreshingly blunt guide to building wealth. Scott Galloway is quoted as saying, "Wealth is the ability to look at your children and say with certainty, I got this."

Our team comments: "This book provides a reminder that financial security isn't just about numbers on a page – it's about freedom, confidence, and providing peace of mind for the people who matter most."

 

Market Update – Key U.S. Developments and what they mean for you

The summer months are usually quieter from a headline perspective, but this year the news cycle has stayed busy. Key developments are worth noting: the signing of a major U.S. bill and more tariff announcements. We discuss what you need to know below.

The U.S. government has passed an updated version of the “One Big Beautiful Bill”. It includes several major initiatives:

• Extends tax cuts from 2017
• Temporarily remove extra taxes on overtime and tips
• Reduces some social programs like Medicaid and food stamps
• Increases spending on defense and boarder security
• Rolls back many clean energy initiatives

The bill has sparked significant debate. Supporters argue it could help economic growth, while critics worry about its impact on social programs and renewable energy efforts. Politicians from both sides of the aisle have expressed concerns surrounding the Bill's impact on the federal budget deficit, which could add an estimated $3.4 trillion over the next decade. For a deeper dive, please read this week's RBC Global Insight Beauty is in the eye of the beholder or listen to the recently recorded Navigator podcast by RBC GAM Unpacking the 'big, beautiful bill.

On the tariff front, the “Liberation Day” tariff deadline has been extended from July 9th to August 1st. The U.S. has been actively sending letters to major trading partners who have yet to strike a deal. There have also been new tariff threats including an additional 10% tariff on imports from “BRIC” emerging markets (or any country that is “anti-American”), a 50% tariff on copper imports and teasing of higher duties on pharmaceuticals and semiconductors. For Canada, this is especially important because the U.S. is the top buyer of Canadian copper. So far, Canada has avoided the broadest tariffs – but some industries (especially metals and vehicles) are still at risk.

Despite the headlines, markets have stayed calm and resilient. Investors may have expected more volatility, but this time, the reaction has been muted. Why? Likely because markets have seen similar announcements before and are taking a “wait and see” approach. While headlines can sound dramatic, the big picture has not changed. A globally diversified portfolio remains your best defense against temporary market swings. Staying the course with your disciplined investment plan is key to achieving your long-term financial goals. For a deeper look at how we’ve positioned your portfolio to navigate volatility, please read our last blog, Staying Invested Through the Turns.

Next Steps: Summer is a great time to stay informed and focused on your long-term financial goals.

• If this blog generates new ideas or questions about your investment strategy, estate planning, or family legacy, don't hesitate to contact us.
• As a reminder; we are very passionate in supporting financial literacy at any age.  Please contact us to arrange a meeting with our team to review topics from budgeting and savings to complex financial and estate planning strategies.
• Share this blog with your friend and family and encourage them to pick a summer read and stay informed about market updates.
• We have 8 copies of these books available. To receive a free copy, please send us an e-mail with the subject "2025 Summer Reading" and specify the book of your choice. We will be happy to share a free copy with the first respondents