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Slip into something more comfortable and delve into personal finance with Josh Sheluk and Colin White, experienced portfolio managers at Verecan Capital Management. Each episode demystifies complex financial topics, stripping them to their bare essentials. From investment strategies and financial planning to economic headlines and philanthropic giving, delivered with a blend of insight, transparency, and a touch of humour. Perfect for anyone looking to understand and navigate their financial future with confidence. Subscribe now to stay informed, empowered, and entertained.
Verecan Capital Management Inc. is registered as a Portfolio Manager in all provinces in Canada except Manitoba.
Kathryn Toope:
You're about to get lucky with the Barenaked Money Podcast, the show that gives you the naked truth about personal finance. With your hosts, Josh Sheluk and Colin White, portfolio managers with WLWP Wealth Planners, iA Private Wealth.
Welcome, everyone, to a bonus episode of Barenaked Money. This is Kathryn. Normally I'm here behind the scenes. Colin and Josh mention me occasionally because I'm the one who edits out their mistakes and swear words. And today, we have a special podcast takeover in celebration of International Women's Day. So here today, I have got three of our powerful, wonderful, amazing women leaders on the team at WLWP. We've got portfolio manager, Ainsley Mackie, and associate advisors, Amy Redmond and Amanda McKenna, and today we're going to be talking about a book club that we've started, that was Amanda's idea. We are going to be reading books that are geared towards financial literacy for women. The first book that we read was called Girls Just Wanna Have Funds. So today, we're going to talk a little bit about the book and we're going to talk a lot about financial literacy for women. And I'll let Amanda explain to us why it's important that we talk about financial literacy for women. Amanda, take it away.
Amanda McKenna:
I chose the book, the first book for the book club, and the reason why I chose it, I love a good pun. So that's one of the reasons. One of the reasons why I'm passion about it is, there's not a lot out there for women, not a lot of books or resources for women, especially young women, to use to build their confidence in investing. So that's why we chose this book as the first one as a good starting point, to lay a foundation of once you know the basics of investing, it's a little bit better to have these conversations and have these conversations be more meaningful. Yeah, that's why we chose the book.
Kathryn Toope:
I would like to point out, because I think we all agree that investing is investing. It doesn't matter whether you're a man or a woman, financial planning is not a great deal different for anyone and investing is certainly not different for anyone. However, we, because we are women, recognize that women are not introduced to the concepts of investing and financial planning as early on as men, or they may be somewhat intimidated by it because we've just been socially geared to let somebody else worry about these things. So what we're trying to do is change that narrative for women. So that being said, what was your biggest takeaway from reading the book? And we'll start with Amanda since it was her choice.
Amanda McKenna:
My biggest takeaway is something that I hope anybody, not just women, take away from the book and it's quite depressing. At the start of the book, they talk about how there is such a gap in equality between genders when it comes to personal finance. I hope that it gives women confidence to start investing as early as you can. At the end of the book, they give three points that the authors hope you learned, and it's that you don't need a lot of money to invest, you don't have to be an expert, and investing doesn't have to be time-consuming. But I think those are great takeaways as long as you understand that you don't have to do it alone. Reading a book like this to get some basic knowledge of investing, but then finding a good advisor to work with.
Kathryn Toope:
Amy, what are your thoughts?
Amy Redmond:
I'd have to agree with Amanda that it is a good starting point, to have some good questions to bring to the table if you decide to work with a financial advisor. I think that, back to your point, that investing is similar for men and women. I think that it gives anyone the tips to just get started, and with budgeting and just working through those early stages of saying, "Okay, I'm ready to make this decision. I'm on board. I'm going to start investing." So I just think it gives a nice overview. There's some nice little checklists in there, of things that you want to check off your list before you really start to get involved or interested in investing.
Kathryn Toope:
Ainsley, what's your take?
Ainsley Mackie:
Really, I did feel like it was a great book, providing basics to understanding personal finance and investing, and really it was a bit of a cheerleader moment, where they would give you feedback from other people's experiences and it was encouraging you to actually take action and make your life better. Do things that you didn't think you were necessarily skilled at doing, but get enough confidence in that knowledge that you can ask questions and then you can move forward with some sort of a plan. They highlighted the obstacles and barriers to women and other marginalized communities, really. Because we don't understand, "Why was I never shown that when I was a kid? Why was my cousin in there with my dad in the study, learning how to take care of some of the books for the business that they ran, but I wasn't included in it?" And it just never really occurred to me as a child, "Maybe I should be in there learning some of that too."
And all of us, we've been in the industry long enough. I know we've experienced gender pay gap inequalities, for sure. One of the big five banks, I knew that there was a fellow who'd only been there two years less than me. He was making at least $20,000 more than me and I knew I was doing a better job. Every day, my clients were succeeding when... He was a guy, so he automatically had that extra bump in the pay gap.
Kathryn Toope:
How do you think this book might impact a beginner's approach to personal finance?
Ainsley Mackie:
I'll take it away here. Though really, I do think it's motivation to get started and pay more attention to what's going on in your lives. Taking a look at your income and your expenses, seeing where there are deficits. Again, it provided really great success stories, and not all the time being a straight out success. It could have had a failure at first. But then it reinforced, if you keep trying, you can be successful in whatever you're doing. And really, the realization that you can start small. You don't have to decide, "Oh, I have to have this much money to start on this goal." No, put in $25 every paycheck and at least get moving forward.
Kathryn Toope:
Yeah. Amy, what about you?
Amy Redmond:
I really liked the stories that they shared and I did like that they didn't share only positive stories. Hearing stories of women that may have not been successful but chose to go on, was great.
Amanda McKenna:
I think the book is great for beginners because it covers a lot of the basics and a lot of the terms women might have heard before but were too embarrassed to ask. Like small cap and large cap, what does that mean? Or an ETF. Terms like that, that they're having conversations with their advisors or their partners and they're like, "Yeah, I understand," but really they might not fully understand it. Having a book where they can research on their own, I think... I'm not sure if it covers this in the book or if I read it elsewhere, but women tend to want to research a lot before they make any big decisions. Having this book as a more approachable way for women to access this information can help build their confidence when it comes to investing.
Amy Redmond:
It gives you some tips to research. Because a lot of times you're just sitting there with Google and thinking, "Where do I start? What do I look up?" There's a whole big Google search engine there and you're not quite sure where to start.
Ainsley Mackie:
And it was interesting that they reinforce the fact that women do prefer to research, they do want to know what they're doing, but we'll hear that we're emotional, that we're going to make bad investment decisions because we're making an emotional decision. I think women typically take the time to research before making any changes.
Amanda McKenna:
Yeah, definitely. You see that or you hear about that all the time. That's why men are more prone to these speculative products, the cryptocurrency and stuff like that, that they're more drawn to, whereas women are more hesitant to do that. It's not so much that they're scared of the risk involved, but they just don't understand it and they want to research it before they make a decision.
Kathryn Toope:
Of course, we also all have friends who are more of the "Leap and then look" crowd.
Ainsley Mackie:
For sure.
Amanda McKenna:
Yep.
Kathryn Toope:
There's everything on the spectrum. And it's worth noting too, that our approach to working with clients is different and we want to make sure that our clients know exactly what we're doing and why we're doing it. We believe fully in transparency. So we still are encountering clients in meetings of both genders who are like, "You know what? I never knew what that meant." It's a spectrum out there. And I think although the book is called Girls Just Wanna Have Funds, there is probably takeaways for anyone who wanted to have a look at it and if they feel like they don't have enough information to walk into a meeting and ask a question.
Ainsley Mackie:
And I think part of the barrier that some people have is, they feel like they shouldn't be asking us questions. They're like, "I feel like this is a dumb question." Well, there's no dumb question. If there's something you don't understand, ask. And it's my job to explain it to you. And if it takes me three different examples on how to explain it, we're going to get to the point where you're going to understand it.
Kathryn Toope:
What advice from this book do you think is most valuable to women looking to improve their finances? What one thing or one concept really stuck with you? We'll start with Amy this time.
Amy Redmond:
I think it's nice in the book that they cover different examples. So for a woman just starting out, wanting to start to invest, or somebody that might be a little further along in their career that might have to look at starting to invest and tackling debt as well. So they give some really good examples of how to start tackling your debt first, start from your biggest balance and then work down to your smallest balance, or having a look at the different interest rates that you're paying on your different debts. So just giving examples. Everybody is not the same, starting out. Some people have $100,000 of debt, some people have none. Everybody has a different situation. But I like that they didn't just generalize it to, "Okay, you want to invest? This is how to start." It's, "Okay, let's look at your whole financial picture first and then start making some improvements where they fit."
Kathryn Toope:
Ainsley?
Ainsley Mackie:
I like the concept of financial confidence and just creating an awareness of your own financial situation and what you can do to change that. And of course, within that financial confidence is financial literacy, and learning, and reading books like this, and talking to professionals and getting their opinions. Really liked that concept. So this is a good starting point for any investor to get some financial confidence.
Amanda McKenna:
There's a section in the book that talks about the six golden rules of investing, and I think rule number five is really important and it talks about when to sell, and it states how emotions are the fastest way to make irrational decisions and lose money on a stock market. And this is something we talk about all the time, that emotions are the greatest destroyer of wealth. So when things are bad, we have this human urge to do something about it. But if you have a well-built portfolio that's diversified, and we plan for these type of things to happen, oftentimes there's nothing for you to do. So that can be hard to wrap your head around, but once you've grabbed that concept of just letting your portfolio do what it's going to do and not making any changes, and waiting till you cool down before making any rash decisions, that's really the best way to help grow your wealth.
Kathryn Toope:
That's probably really good advice for just about anything in life. One of the things that stuck out to me in the book was, there was just one line that I really wish that they hadn't included, which was, "Trust your gut. You know more than you think," which... That is absolutely terrible advice. Your gut? No, don't trust your gut. Do the rational thinking. Talk to people who are experts in the field. Get good advice. Overall, did you guys feel the book was worth reading? Or do you think it would be much better to just sit down with an advisor and chat, or is there a balance there?
Ainsley Mackie:
I think there could be a good balance there. If you're fresh starting in the financial world and you've got no idea what sort of conversation you might be going into, this is a great beginner's book. You can go in there and have some good talking points and questions, and then a good advisor should lead you down the right questions, to figure out what is important to you, how you're going to get there. The book itself though, I did find that there were some moments that made me pull back and say, "Whoa, wait a second." The way that they were almost flippant about how easy it is to pick stocks. I've been in the industry almost 20 years now, and evaluating stocks, I have to work really hard to make sure that I am doing all of the due diligence that I need to say, "This is a product that we should be using." And they're pretty much just, "These five points and you've got a winner."
Amy Redmond:
I agree with that, Ainsley, and we had that conversation earlier. They talk so much about research, and that takes time and that's something that a lot of people don't have, especially when they're investing. They want to consult with somebody. They want to get some good advice. I think that there's a reason why people sit in front of tickers and research companies and analyze their financial statements, and it's not as easy as they lay out in the book. So I'd agree on that point, for sure.
Kathryn Toope:
We have a whole committee of people who do this.
Amy Redmond:
Yes.
Kathryn Toope:
And they do it well, but it is not as easy as just going, "Oh, tick, tick, tick. Yep, that's a good one." That would probably save us a lot of time.
Amy Redmond:
Absolutely.
Kathryn Toope:
I'm going to morph a little bit here and start talking about... I think we all agree, and it's not just because we're in the industry, but we all agree that you should seek out professional help when you need it. And I think that covers really everything. I'm not going to fix my own car. I will die on the highway. I'm not going to cut my own hair. I tried it. It didn't go well. So seeking out professional advice is important. We all know this. And I think there are times when people think they can do things on their own that maybe they should not, and my bangs are a case in point. So how does one go about finding a good financial advisor? How can you tell? This is a probably easier way to answer this, because it's not easy. But how can you tell in a first meeting whether somebody is maybe good or maybe bad?
Amy Redmond:
I think for me, I wouldn't look to get my roof replaced without asking my friends their advice, who they've used. And the same should go for a financial advisor. And then if you like them, just getting to know them.
Amanda McKenna:
I think I come out of a first meeting with an advisor and if they have done 90 percent of the talking and you've only done 10, they're not a good advisor. If they don't listen to you and let you tell your story and what your concerns are, and they just present how they're going to perform better, they have got this fund that's going to triple the performance of your existing fund. If they're starting to talk like that, then they're not listening to you and they're definitely not a good advisor.
Ainsley Mackie:
You should never feel like they try to overwhelm you with financial mumbo-jumbo and just talk about how great they are. You never want to have that type of interaction with an advisor. They should be listening to you. And as Amanda said, 90 percent of the conversation, you should be leading it, not them. And one thing I do want to take note of, on the service level, how to potentially look for a good advisor, is look at their credentials. Have they done extra schooling? Are they really dedicated to their profession?
Kathryn Toope:
And we always say, credentials paired with experience. Because you can do all the courses in the world and if you haven't actually applied any of that learning, it maybe is moot. So moving along to goal setting, because I suspect that a lot of what you are doing in meetings is helping people define their goals. It's not uncommon for clients to come in and not really know what their goals are for retirement or not really know what they are capable of achieving.
Amanda McKenna:
They talk in the book about SMART goals. So you haven't heard of that concept before, SMART stands for specific, measurable, achievable, realistic, and time bound. Creating these goals with those parameters in mind, and then also just putting pen to paper and actually writing them out, that can be the first step that really makes you accountable for these goals. They also talk about, if you have a long-term goal, say it's five years out and you want to save money for a down payment on a home, how can you segment that goal so that you have little time marks where you can work towards getting to that goal.
So say at a year's point, you want to save a couple thousand dollars. Once you get to that point, it can be really motivating and can help you get to the next part of your whole goal. And it could be helpful to have rewards too, once you get to that level. What works for some people may not work for others, but you have to know what works for you and what motivates you, and that can help you achieve your goal. A lot of advisors will give you checklists or worksheets or stuff to work toward your goals. I think part of that is helpful, but it's really the conversation with the advisor and what's important to you in your goal and how are we going to work towards it, can be a lot more helpful than any worksheets.
Amy Redmond:
Being able to change your goal as well. Goals change. You don't have to stick with your 20-year plan because that's what, 10 years ago, you decided with your advisor. There was a part of the book that I just found it to be very unrealistic around goal setting and budgeting. They talk a lot about this 50-30-20 rule, so it's 50 percent of your pay going towards your rent, your mortgage, your living expenses, your car loan, 30 percent for having fun, and 20 percent for future you. Now, I know I can probably speak for most of us here, that nobody has 30 percent of their pay for fun. That would just be an incredible world that I would love to live in.
Ainsley Mackie:
We wouldn't need advisors. None of us would have our jobs if everyone had that 30 percent extra.
Amy Redmond:
No.
Ainsley Mackie:
Yeah.
Amy Redmond:
So I would just worry that somebody reading this book would be extremely discouraged by saying, "Oh, I don't even have 10 percent of my pay to have fun with." So just noting that that's probably quite unrealistic.
Kathryn Toope:
Something interesting that I saw in the book that I found very interesting, was the account of a woman who gathered together a bunch of like-minded women and they pooled their assets, and I thought that was such a cool communal idea and it felt so, "It takes a village to get..." Or whatever kind of vibe.
Amy Redmond:
Yeah, that was definitely a feelgood story.
Kathryn Toope:
Yeah, I thought so. What tips and tricks do we have, to help clients set goals and track progress?
Amy Redmond:
Big part of that I think, for us as advisors, would be setting up a financial plan. So just establishing all those goals and laying them out on paper and then checking in every year or every other year, just to see if you're still on track. But even just for your own goal-keeping, record-keeping, I guess, you could use a spreadsheet or keep track of it in an app. Just checking in with yourself, I think really. Or don't set it and then never look at it again. If you're going to go through the effort of putting all this work in, you have to check in with yourself and keep yourself accountable.
Ainsley Mackie:
Yeah. We have a saying at our office that we use regularly because we're always working on different projects, but one of it is, "How do you eat an elephant?" And it's one bite at a time. Don't try and tackle the biggest goal first. Take the really nice, easy things. So say if there's a small credit card debt, pay that off first. Congratulate yourself, celebrate that, and then move on to the next thing. Yeah, small bites, you can get things accomplished.
Amanda McKenna:
They talk about that as the snowball effect in the book, especially when trying to pay down debt is, okay, if this works for you, pay off the little bit at a time and it snowballs and motivates you to... And before you know it, you're paying down most of your debt.
Ainsley Mackie:
I did also like the fact that they pointed out the avalanche effect, which is more, you're paying off your higher debt first. Which with the increasing interest rates right now, I do think tackling some of that higher interest rate debt is important and it does feel good when you finally get those big ones off of your chest.
Amanda McKenna:
Yeah.
Ainsley Mackie:
And I will say, for tracking my own progress over my own financial goals, I'm a nerd. I've got a spreadsheet. I love seeing things go down, things go up, and I've got a little pie graph so I can see, "Oh, I'm this much further towards the blue mark I'm looking for."
Amanda McKenna:
I'm in the same boat as you, Ainsley. I love a spreadsheet. But keeping that in mind, a spreadsheet doesn't work for everybody. You got to do whatever works for you, whatever motivates you, whatever helps keep you on track.
Kathryn Toope:
This is something that the book touched on, how to take advantage of building wealth over time using compound interest. So is there a way you can easily explain compound interest?
Ainsley Mackie:
Oh. Compound interest, for me, I look at my interest outside of finances. I look at, if I plant this bulb every year, it's going to sprout this many other bulbs and in so much time it will lead to a full garden. That's my perspective on it.
Amy Redmond:
I think the book had a really good quote, and I feel like I've heard this quote before. I don't think it's their quote. But it was, "Time in the market beats timing the market." It is a long-term gain. This isn't a "Get rich tonight and cash out tomorrow." It's staying in it for the long haul, sticking with your plan, and just spending time in the market.
Kathryn Toope:
We talked a little bit about the idea that people don't like to ask questions that they feel they should already know the answer to, and we've just done a podcast about the difference between RSPs and TFSAs, but we'll touch on it quickly for anyone who's tuned in for the bonus episode and maybe isn't going to go back and listen to all the others. Ainsley, we'll start it with you again. But if you can just overview the difference between an RSP and a TFSA and exactly what those things are. Because we still hear people say, "Can I buy my RSPs now?"
Ainsley Mackie:
Sure, yeah. RSP, it's a retirement savings plan where you make contributions to reduce your taxable income in the tax year that you're in, with the expectation that when you retire, you're going to be in a lower tax bracket and you start drawing from the RSP and pay less tax in the long run. To use an RSP, there has to be a certain line. So in most cases, say for BC, if you're earning under $42,000, we say RSPs are probably not the vehicle for you. Something that would work better is a tax-free savings account and the money that's earned is tax-free.
Amy Redmond:
I thought that was a big part of the book that they didn't touch on at all. And I know the authors are... One was Danish and the other one was from the UK. But really, these accounts that are offered by the Canadian government are huge vehicles for investing, and we talk to clients about this all the time and making an RSP versus a TFSA contribution. I wouldn't expect that a book that was written in a different country would have any knowledge on Canadian taxation, but any of the investment strategies that they were talking about in the book can be used within an RSP or within a TFSA or within a registered education savings plan.
Kathryn Toope:
Yeah. That's a good point that Amy made. You can hold investments in any of those accounts. They are not the investment themselves. So and RSP or a TFSA or an RESP, those accounts are accounts where you put your investments. I think the book actually was very vague. And you're right, it was for everyone. I read somewhere that the authors have chapters of their organization in 88 countries or something like that. Yeah, it wouldn't have been able-
Amy Redmond:
It'd be hard to cover-
Kathryn Toope:
Yeah, sure.
Amy Redmond:
Taxation rules for-
Kathryn Toope:
I would not want to read it.
Amy Redmond:
No, no. It would be very boring to find out what the tax rules are in Australia and New Zealand.
Kathryn Toope:
Exactly. The other thing I wanted to talk about was, that book was geared to people starting out just fresh. They maybe have a savings account at the bank, or maybe they have nothing and just need to get started. So what are some tips that we would give to folks who are starting out with small amounts and what they should do very first thing? What's the very first thing they should do, if they're just fresh out of university or they're starting life over and they're just at base right now?
Amanda McKenna:
I would say if they can start contributing to a mutual fund, probably based on, if they're just starting out, a fund-to-fund product would probably make the most sense so that they can diversify their accounts that way. But setting a reoccurring payment, if it's as little as $50 a month that you can send out of your bank account and it's automatic, you don't have to think about it, that's the best way to get started. And over time, like we said, the power of compound interest will come into play. But just getting started that way, where you don't have to think about it, and just start investing small amount and then see what you're comfortable with. If you're okay with $50 a month coming out of your bank account and you think you can up it a little bit more, then do it. Up it a little bit more. It's going to help you in the long run. But just having that in place as a way that you don't have to think about it every month, is the best way to get started.
Kathryn Toope:
You can set it and forget it, kind of thing.
Amanda McKenna:
Yes.
Ainsley Mackie:
And really, the longer you delay starting it, the harder it's going to be to get to the point where you want it to be later on. So just get started. I know when I first started, my first real job, my assistant manager sat me down and said, "Ainsley, the company will not have a big enough pension for you if you do stay here till pensionable age. You've got to start saving for yourself." And at the time, at 24, I'm like, "What is she talking about?" But we got started on that $25 paycheck savings plan, and that helped me afford to be able to buy my house. So getting started.
Kathryn Toope:
Yeah.
Ainsley Mackie:
First step.
Kathryn Toope:
Getting started. For sure.
Amanda McKenna:
I did the same thing. As soon as I graduated from university and started having a disposable income, I set up an appointment and just got started and said, "Okay, look, what can I do? How can I start saving for my future?" And it helped me buy my first house too.
Kathryn Toope:
And for those who are older or restarting life after some setback, don't feel bad that the women on the team who have chosen to work in financial services maybe started earlier than you. It really is a matter of starting whenever. It's the same as any goal. I need to lose 20 pounds ish, maybe more. And so it doesn't matter if I start today and I think, "Oh, I'm only going to lose two pounds. I'm only going to lose two pounds here and two pounds there." But if I wait a year, I'm still going to have that whole amount. If I start now, I will be much closer to my goal by the end of the year. It's just starting.
Amanda McKenna:
Yep. Never too late.
Kathryn Toope:
It's getting started. Yeah.
Amy Redmond:
It's a good analogy. I think we can all relate to that one.
Kathryn Toope:
It's top of mind. No, but that's a whole other podcast. What about for those women who worked in a career and are about to retire, and they realize they have a massive pension and they have no idea what to do with it because it's been looked after for them all along, and they may or may not have a partner who is interested in financial matters, or maybe they're just on their own? What should they do?
Amy Redmond:
I think for that one, it would definitely be, find a financial advisor. If you haven't met with anybody and you're at the stage where you're looking to retire, I would say meet with somebody.
Ainsley Mackie:
And if you are at retirement stage where you are offered a pension, sometimes it's 14 pages long of all your different pension options. You need a professional's advice to figure out what's going to work best for you and your goals.
Kathryn Toope:
Right. Now, Amanda, you're doing something in the next... Jeepers, that's coming up soon, isn't it? Talking to some young women who are part of a program through the Nova Scotia Community College here, and one of the things that we've been talking about is lifestyle creep. These women are going from being maybe below the poverty line even, to coming out with an education in a trade and they're going to be working and making really good income suddenly.
Amanda McKenna:
So this term of lifestyle creep, I actually just learned about it recently, but basically just... And they talk about it in the book too, where you're starting to make more money and instead of saving more, you're spending more to keep up with the lifestyle. And it can be brought on by comparing yourself to other people. "They have that, so I should have that," and spend more to buy the nicer vehicle or nicer clothes. But just being aware of that, and not changing your lifestyle when you start making more money and using some of that extra money to save and invest for your future, rather than investing in the short term on material things, it can help a lot for saving for retirement and future financial goals.
Kathryn Toope:
And what about any other practical tips to prepare for unexpected expenses? Ainsley, I feel like you might have some ideas for this one.
Ainsley Mackie:
I do think it does help to review your actual expenditures. I know I've reviewed all of mine. I had all these renewing subscriptions. Netflix, Spotify, I had all these things that I reflected. I'm like, "How often do I log in on a monthly basis? Twice? That's not worth it." So by eliminating some of those expenses that you really don't need, that could help build up your emergency fund.
Kathryn Toope:
And listeners, this is how you find out that Ainsley doesn't have a teenager.
Ainsley Mackie:
It's true.
Amy Redmond:
That's a good tip, Ainsley, though. We went through this about a year ago and went through... Like banking fees. Because why am I paying banking fees? There's all these different options that you can have free banking, and they're just as good as any bank can offer. Subscriptions, shopping around for just a cheaper cell phone plan. It's a lot of work and it does take a lot of effort. Those savings could add up pretty quick.
Amanda McKenna:
Every little bit helps.
Amy Redmond:
Yeah.
Kathryn Toope:
Yeah, it does. I think even, if you think about it, $100 a month is fairly easy to recover nowadays. You could cancel a couple of subscriptions and you could move your banking, you have $100. And that's a lot of money right now, given that peanut butter's, I don't know, $90,000 a jar at the moment.
Ainsley Mackie:
At the grocery store, I needed vegetable oil. Sunflower oil, $15.
Kathryn Toope:
Oh my god.
Amanda McKenna:
Gosh.
Kathryn Toope:
Yeah. It's crazy. It is crazy.
Ainsley Mackie:
$100 could buy quite a bit of stuff.
Amanda McKenna:
Come in handy. Yeah.
Kathryn Toope:
You'd at least for sure have peanut butter and sunflower oil. All right. I want to say that we're going to come back with another Triple A takeover because we've got Amy, Amanda, and Ainsley. So we're going to do another book. But for this book, what were the key takeaways? We've talked a lot about them so maybe we've already discussed them, but I'm going to hit you all up one last time, starting with Amy.
Amy Redmond:
Just getting started. There's no good time to start caring about your finances. Just say, "Go," and do it.
Kathryn Toope:
Nice. I see you're all nodding. So that's the key?
Ainsley Mackie:
You summed it up.
Amanda McKenna:
I was going to say the same thing.
Kathryn Toope:
All right.
Ainsley Mackie:
Good job, Amy.
Amanda McKenna:
Well done.
Amy Redmond:
[inaudible 00:32:10] for the team.
Amanda McKenna:
Have we chosen the next book already? Do we know what that's going to be?
Ainsley Mackie:
No.
Amanda McKenna:
Who's picking the next one?
Amy Redmond:
I think it's me.
Amanda McKenna:
Okay.
Amy Redmond:
Is it?
Kathryn Toope:
Yeah.
Amanda McKenna:
Okay. No pressure, Amy.
Amy Redmond:
I have to get started.
Kathryn Toope:
All right. Thank you so much, you guys, for your time today. I really appreciated this and I'm looking forward to what will happen in our next episode of the Triple A Takeover.
Amanda McKenna:
And happy International Women's Day.
Kathryn Toope:
All right, thanks.
Amanda McKenna:
Thank you, Kathryn.
Amy Redmond:
Thanks, Kathryn.
Ainsley Mackie:
Thanks. Have a great day.
Amy Redmond:
Bye.
Ainsley Mackie:
Bye-Bye.
Announcer:
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Kathryn Toope:
This information has been prepared by White LeBlanc Wealth Planners, who is a portfolio manager for iA Private Wealth. Opinions expressed in this podcast are those of the portfolio manager only, and do not necessarily reflect those of iA Private Wealth Inc. iA Private Wealth Inc. is a member of the Canadian Investor Protection Fund and the Investment Industry Regulatory Organization of Canada. iA Private Wealth is a trademark and business name under which iA Private Wealth Inc. operates.
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