This week I decided to take control of my money. There has got to be a way to make more of it and make the money I have do more. People do it all the time apparently. This is an idea that has been in my head for years but this week something changed. I think it has to do with my baby daughter. I am currently on maternity leave with my 9-month old baby, Quinn. As a teacher, I was planning to take a one year leave and return to work at the end of March. However, there are no daycare spaces available in my town. And, hey, more time home with Quinn is awesome too! Two days ago, I made the call to extend my leave to 18 months. My employment insurance money will run out in March. That was the final push motivating me to take charge.
Like many people, I contribute monthly to a RRSP at a big bank. Once a year they ask me that list of questions and make some adjustments to my portfolio. Problem is…I really have no idea what they are talking about. I understand the basics of mutual funds and risk assessments, but beyond that I don’t know how investing really works. I Googled it on Monday while Quinn was sleeping. I found a list of the top Canadian finance blogs and started reading. I have become a little obsessed actually! I’ve been reading about online brokerages, robo investors, stocks, bonds, ETFs, MERs…the list goes on. My first take-away is that I am paying way too much in management fees by having my money in mutual funds with the bank.
So, here is my plan. Start simple and take baby steps. Set easy goals. My first one was to make an appointment with a financial advisor at my bank to find out exactly what I am paying in management fees and decide if I want to move my money out of mutual fund. My appointment is this morning so wish me luck. I am expecting some push-back but we’ll see.
Goal number two is to start blogging about my journey to hold myself accountable. I am following the step by step instructions at the Blog Starter. I know I will accomplish more knowing I have deadlines.
Quinn’s nap is almost over and I have to get ready to head to the bank.
Hi Christen. I somehow found your blog, looked around a bit, and picked this as the first post to read. As my middle name is Quinn, I had to keep reading. I was in your shoes a few years ago so I’m excited to follow your journey and see if your experience is similar to mine. One suggestion I would like to offer it to teach your kids about personal finance and investing as you start this lifelong journey of managing your money. Most schools don’t teach these skills so it’s up to parents. I look forward to reading more and good luck with your new endeavor.
Hi John. Thanks for finding me…wow, it seems like ages ago since I wrote my first post, though really it’s only been 6 months!