The Generation Gap | Avoid these Mistakes

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Today we'll cover mistakes made by millennials and baby boomers.


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The Generation Gap | Avoid these Mistakes

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About the Author: Richard Money


    1. Age don’t matters here it comes down your passion for investing, experience and how well you actually learn and perform how you deal with emotions and risk tolerance.. some learn fast some slow most not at all they fail and call it quits it’s that simple.

    2. Gen X. We have a risk tolerance of a millennial, but have seen enough to know not to yolo on meme stock options. :p

  1. Although technically I’m a Baby Boomer, I’m at the very tail end of that being in my mid to late 50’s. I’ve only recently (last 5 years) started to understand how investing works and been making decisions to that end. Prior to that in my early 40’s I finally started investing through mutual funds but after using them for almost 10 years realized that the ones I was investing in weren’t performing anywhere near what they were promised which is why I switched to DIY. Prior to my 40’s I was living paycheck to paycheck and in fact growing debt instead of savings as my job wasn’t supplying me enough money for the lifestyle I had, and I wasn’t even extravagant in that nature (rarely went on a trip, didn’t own a car, my hobby wasn’t extreme but did cost me a couple thousand a year roughly). In my youth my parents didn’t have any investments or understand how any of that worked so never encouraged me to learn any of that either, everything was focused on getting my education and getting a good job … which I only barely accomplished. As such, I had no idea how investing worked, where to learn about it, or how to find contacts that could help me even develop an interest in it. Thus: paycheck to paycheck with little to no savings (other than getting a government job so I have a Pension coming up for retirement which has been my only focus until recently).
    That said, I’m NOW trying to make sure my young son (13) knows about investing, understands how growth and stocks work, how much you can make on it, and how it can supplement your income once you reach a certain point. He does ask me questions about it and often asks when he can start investing. I need to go to the bank and ask them to open a special investing account for him (and I) to get him started with very soon so he doesn’t make the same mistake I made growing up and missing the boat early on and trying to run “catch up” at this point. I don’t invest in risky stocks, but put most of my stocks to follow a particular style across indexes in each of the major regions of the world (Canada of course, US, Europe, and developing) and dable in a few risky stocks for less than 10% of my total portfolio (and they’re not that risky tbh).
    To the point: youth has many mistakes they will do primarily with thinking they have lots of time (and spend for the day rather than saving for the future), or due to ignorance in how investing works (and just not seeing there is an opportunity to put in some money early on to watch it grow); boomers may make mistakes by putting their money into “safe investments” (which honestly aren’t that safe, my bond ETF has performed the absolute WORST of all my investments and I’m glad I only had 20% in it).

    1. That’s what I dislike of the school system hi colleges universities they take your $ out don’t teach you how to make it. And the powers of compound interest with time on your side is a very very powerful tool

    2. There is one thing the crypto world has done. It’s clued a lot of the young generations into trying to grow their money, and how markets/ finance works. I think the biggest thing newcomers need to hash out with themselves is the difference between “gambling”, “trading”, or “investing” (risk management). They are very different beasts. The biggest part is willing to invest in ones self. The sooner the better. Budgeting in small amount to stow/invest away will be the best habit to form at a young age. Such slippery times to try and dig in and get a foothold. Current events in the fiat markets feel just as volatile as the crypto scene has the last 4 years. It seems like there is going to be a lot of “buying the dips” the next few years. With that said, I see you’re into RC racing. Also a Team Associated guy. I still have an RC10 buggy, and RC10GT, with all the components to swap around from on/off road, electric/nitro. I feel and itch forming. Time to wipe the dust off my RC gear! Cheers!

    3. I propose that you are, in fact, a Gen Xer. Things changed on the 80’s for most of us in a negative way, forget the stock broker minority.

  2. Great team guys 🙂 Are you going to do a comparison of US banks vs CAD banks and how they are regulated differently? Especially after the SVB and other regional US bank collapses. I know the SVB situation has been saturating the news feeds for awhile already. Just a thought. Thanks.

  3. I’d think on average you’re going to find a lot more younger people nowadays making mistakes given how popular investing in the stock market is. I work for a bank and it’s not uncommon to see 20-30 year olds with very little financial literacy or personal assets with brokerage accounts. Of course the majority of it is penny and meme stocks or crypto, but it’s surprising given they haven’t actually established credit or even a budget yet… but they spend enough time online to be swayed to invest.

    1. Very interesting…thanks for your perspective especially with direct experience that stems from working at a bank and having clients come in as you watch their decision making. 🇨🇦🤔

  4. Im 27, and I think that the older generation makes more investing mistakes.
    I think the fact that the fact that young people are investing in the first place is a huge bonus over a lot of old people who still believe that mutual funds are the best tool.
    Additionally to that, young people are more well versed with online tools, and might be able to learn at a quicker pace.

    You see it all the time people who dont learn investing early enough and they dont start until 10 years before retirement. Thats the biggest investing mistake you could ever do.
    (Old people also fall for more scams and traps while pursuing investing)

  5. Teaching the younger generation is key. My daughter who’s 12 loves to go shopping at the dollar store. I mentioned to her, you know, maybe when your a bit older you may want to actually own a little part of this company by putting a bit of what you spend into an investment that pays you back. She seemed intrigued. I was a proud dad 🙂

    1. You planted the seed….and it is a very good seed indeed! Right on there “pops!” 👍💯 😊🇨🇦

  6. I identify as a Gen X; the big change when things ‘got harder’ and the future was much less certain, not that Boomers didn’t work or try or suffer. I remember hearing I should get RRSPs, invest, etc, but for me, that was not realistic when I was scrambling to pay the rent and back then When I could, I did invest in a RRSP ( mutual fund GIC I bought in person at the local CIBC that paid 13% interest!!!) and I used it to buy my first home. There were not the same options as there are today. …no online brokers, no internet, etc. That $25 was required for food, rent and going to the Bowie Lets Dance tour in vancouver or Talking heads.

    I wonder what percent of the population was invested in the market in 1986 vs now? I dont think the market was used as broadly back then, in general.

  7. The biggest mistake young people make is not starting. It’s so easy now. Back in the day my dad had to pay like $100 commission fees to trade! I wish I started sooner myself.

  8. I am the same.vintage as Mark. Raised a wack of kids. I feel the difference in mindsets is basically the young expect instant gratification. They can’t grasp the reality that times passes quickly. ” invest now so I can have money in 25 years???”. I have heard this ad nauseum. They want to click and be gratified. 60 year olds appreciate how quickly the 25 years go by. I watched the Netflix Gamestop doc. I had no idea.. I thought I was informed by watching you tube. The younger peeps are definitely aware of tech. I think there are residual depression values instilled in the boomers and the genx and beyond have no idea.

    1. Great commentary, Steven. I think both generations can learn from the other. Indeed, time passes quickly. – Marc

  9. When I was 25 my mind was swimming practice – swimming competition 😂✅ Great dad – son chat ☀️💪🥂!!!

    1. Thanks, Carol. I’m sure you enjoyed the pool activity. Fun fact. I only learned how to swim 4 years ago. 😂- Marc

  10. I wish schools would emphasize and repeat, the compounding benefit of investing $50(20%) a cheque from 18, rather than waiting until 30 or 40 years old. You might be making more money per hour when your 30 or 40, but you’ll never catch that 18 year old.

  11. In my opinion, the older generation doesn’t understanding stock investing. They didn’t have the information or ease to invest that they do now. Older generations depended on mutual funds through their work or stock brokers to advice them.

  12. I wish I would have listened to my Dad more when I was younger and had a bigger interest in my money , is my regret. In my late 50’s now and still learning. My account was doing ok pre covid ,but during covid, most of my stocks stopped their dividends!! Ouch that one hurt, lost 2 years worth due to bad selections; lesson learned!
    There is a quote in aviation maintenance , which is my field, that I think applies here. ” learn from the mistakes of others, because you won’t live long enough to make them all yourself.”
    Take an interest in your money and educate yourself!! That’s why I watch your channel!!

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