Smart ideas for not-so-savvy investors
Financial journalist Bruce Sellery, Com’93, says too many Canadians waste their money by making poor investment choices. He has some ideas to help change all that.
Bruce Sellery, Com’93, can scarcely contain his infectious enthusiasm, even when he is talking about the topic of personal finances. Clearly this enthusiasm has spilled over into his writing. His new book, Moolala: Why smart people do dumb things with their money and what you can do about it (McClelland & Stewart, $22.99), was picked up for distribution by Amazon.ca and Walmart Canada months before its January release date.
Sellery understands all too well why smart people do dumb things with their money. “Nortel is my own personal example. I clung onto my Nortel shares, and when they fell in price, I saw what I thought was an opportunity and bought more. The rest is history,” Bruce says with a knowing chuckle.
“Knowing how your portfolio is faring in relation to the rest of the market is key,” he says.“Few mutual funds do as well as the benchmark index.”
Some of the other dumb things that smart people do with their money include not having a financial plan or investment strategy, not knowing how much they pay their financial advisor, being afraid to ask questions, and not having financial goals.
Sellery, who was one of the founders of CTV’s Business News Network (BNN), was a business news anchor with BNN in both Toronto and New York City.During his “magical three years” in the Big Apple Bruce was BNN’s New York Bureau Chief, and he reported from the NASDAQ MarketSite in Times Square. A practical, extremely well-informed, engaging, witty, and much sought after speaker, Sellery has now put down roots in Calgary, where he runs his own personal finance training company. Fittingly enough, it’s called Moolala.
Both his new book and his workshops focus on helping people to understand their investment choices and consequences. “Using four key factors: context, consequences, complexity and community, I help people establish investment goals that are both holistic and inspiring,” he says. “We go through a visioning exercise, establishing what you want from your career, and for your family, your house, your future. Perhaps your goal is to travel overseas, buy a house, build your own business, or leave the workforce and pursue a different kind of dream. We work to make realistic plans designed to achieve those ends, whatever they may be.”