Hosted by: Brittany and Chris (Gen Z and Boomer)
Description:
Our intermittent series YOUNG & SCRAPPY is made for 25-35 years old who want to set themselves up for success financially. We recognize that not everyone has a Financial Advisor for a dad. Not to mention, when you are starting out, the reality is you are largely relying on your own decision making. Chris has learned some things over the years about what young people can do with their money habits to best serve them throughout life. Brittany has benefited, but also has more questions. Consider this an open family discussion and you are part of the family. If you didn’t have a financial-advocate-mentor-friend-in-your-court, now you do.
In Mastering the Basics we cover: spend less than you make, paying yourself first, anti-budgeting, good debt vs bad debt, the magic of compound interest, owner vs lender, and finally how to get started investing.
As always, if you have any questions or feedback, we would love to hear from you: brittany.pilgrim@raymondjames.ca & chris.raper@raymondjames.ca
Thank you to Nathan Clark for composing our podcast music! He can be reached at nathancaclark@gmail.com.
Episode:
Brittany: [00:00:00] So it's kind of a little safety net.
Chris: It's a huge safety net.
Brittany: This is kind of making sense to me… so this saves you from having to quote unquote, “play the market”?
Chris: Exactly.
Brittany: Welcome to From Generation to Generation
We are Brittany and Chris a Boomer dad and a Gen Z daughter.
And this is a candid dad daughter podcast where all generations get to weigh in to discuss how wealth is actually a three-sided prism, character, intellect, and finance.
Today's our first episode of our new Young and Scrappy series. It's named Young and Scrappy because this is geared towards 25- to 35-year-olds who are serious about starting out well financially.
And we recognize that for that age group, there tends to not be a lot of resources for how to do that well.
Chris: Yeah, the reality, Brittany, is that when you're young, you're getting started, you don't have much money to invest. And therefore, there's no real good advice [00:01:00] that anybody can afford to give you at a personalized level because they can't make enough money off you to make it worth their while.
So it really falls to you as anybody that's just starting to kind of learn. You're kind of on your own. So today really is about mastering the basics.
Brittany: This is the 101, if you will.
Chris: Exactly. So, these are the basics that you have to master. If you want to provide for the ones you love, be generous towards others, and as we say at Aspira, live out your greatest aspirations. And these are practices that will serve you well with or without a financial advisor.
Brittany: Yeah, throughout your life,
Chris: But especially getting started life. And once you get started, they will get ingrained into your brain and you'll just keep doing them and doing them and doing them. Yeah. And providing that happens my bet is you're not going to have to worry about money by the time you're in your fifties or sixties.
Brittany: Well, that's the ideal.
Chris: That's the ideal. So, it's not a guarantee of [00:02:00] success.
Brittany: Cause these are the things that you can control.
I recognize that I had a privilege growing up of having a financial advisor as a dad who I could call with any of these questions or who just honestly set these things up for me that I didn't really have to know too much.
Chris: Or beat it into you.
Brittany: Yeah, one of those. And so, I still have things to learn and there's still lots of parts of this that I don't understand. I'm very lucky to have you to guide me through that, but also, I recognize that other people my age may not have a financial advisor as a dad or not everyone has that resource readily available to them, right?
Chris: By the way, if you can ride on somebody's coattails, you should do that. Those ads that you see about, “that's not dad's guy” are dead wrong in my opinion. And dad's guy is dad's guy is the financial advisor of the family. If you get the opportunity to tap that wisdom, you should be doing everything in your power to do that.
Yeah. So, moving [00:03:00] along, let's say that's not your situation. You have to figure out how to do it on your own. That's what we're going to cover today.
Brittany: Yeah.
Chris: And I will say, if you have the opportunity to ride on dad's coattails or mom's coattails, these are still things you need to master.
Brittany: These are still good habits for everyone.
Chris: Habits that are essential for financial success. Yes.
So, what we're going to cover today is really what I would cover with any young person or young couple that asked me to meet with them. To get them pointed in the right direction.
Brittany: For some advice. Yeah. I've had friends who've met with you, but also like when Zech and I got married, we sat down with you too. And a lot of what we're going to talk about today is, is what you told us then.
Chris: This is not a guarantee of financial success. There's no such thing as a guarantee. But it does put the odds highly in your favor if you adopt these habits that we're going to discuss today. Yeah. So, let's get started.
Brittany: Okay. Let's get into it. [00:04:00] Well, there's six main points that we're going to get into…
Chris: Okay. Let's start with number one.
Brittany: So, spend less than you make.
Chris: Nothing happens good financially until you start living below your means. That's the reality. So, spend less than you make is extremely important.
Brittany: We can't do anything else before we do that.
Chris: There's obviously no residual dollars for investment or savings if that's not the case.
Don't pile up credit card debt because it'll kill you and you know, you just have to discipline yourself. Most people, when you sit down with them and say, where do you spend your money? They cannot account for 20 percent of their income. They just don't know where it goes, which is crazy. Seems crazy. But most people that's the experience.
Could you pay yourself first? 10 percent?
Brittany: What does that mean pay yourself first?
Chris: It means… my cheque is in the mail for 2,000 and [00:05:00] 200 comes right off the top. It goes into a savings account automatically, or it goes into an investment account automatically. It's not available.
Brittany: Yeah, so when you pay yourself first, quote unquote, you're investing in your future.
Chris: Yeah. And for me, that's the anti-budgeting strategy.
Brittany: Yeah, you've talked about this anti-budgeting thing. What is that?
Chris: Well, anti-budgeting is really paying yourself first. Doing so, taking that 10%, and you know, as we get further into this series, we can talk about whether that goes into a savings account or it goes into a tax-free savings account or…
Brittany: But for today, it's the taking the 10%...
Chris: Taking the 10% and salting it away. Yeah. so that's the anti-budgeting strategy that Arleen and I used. Now, Brittany, I know you're a budgeter and so you used a different strategy.
Brittany: I just like to budget the rest of the 90 percent so that I know I have enough to pay for gas and for my car and also have fun.
Chris: [00:06:00] All good. Yeah, both will work.
Brittany: Yes. Well, they're they go together. Really? It's just yeah, right I just get more specific about the 90 percent.
Chris: Does that mean that you're more anal than your dad? Probably?
Brittany: Yes. Yes, I think it does.
It's funny, this was actually ingrained into me, I'm sure partly by you, but when I was studying acting, as an artist, obviously, you don't make a lot of money, and someone asked an accomplished actor what their best advice was for young actors, and their response was, live below your means.
Chris: Well, I think it's important because when you do that, you have options. There's flexibility and you know, that would leak into your character and your intellect, parts of wealth that we're not going to focus on today as well. But just living below your means is a lifelong habit that when adopted will serve you extremely well.
Brittany: I do just want to say that I did appreciate from when I was growing that you taught us even if you can [00:07:00] save $10 a month, or whatever it is, whatever your income level is, if it's $100, if it's $500, it doesn't matter as long as you're saving something.
Chris: I think that's good childhood advice.
Brittany: Oh no, I know, but it creates, it creates a habit to go forward, and I feel like, you know, that's way…
Chris: Way better.
Brittany: And also, you know, when, I mean. I don't know if I can say this, but honestly, like sometimes like we only have enough to save maybe a hundred dollars a month for investment some months…
Chris: But you're doing it.
Brittany: So, but, like I'm even shameful to admit that, that I should be saving more and I should be doing more, but that's what we can do. So, I think that's the more important thing of like, that's what we can do.
Chris: You're building the muscle. Yeah. That's the important thing as you progress in life, hopefully your earning capacity goes up. And if your percent stays the same, then your savings goes up.
Brittany: But I just feel like, especially when I feel like maybe with my friends or other young people, [00:08:00] there's this, embarrassment about not having enough to invest or save, but it's, it's not so much about the amount. It's more so about the habit. Just get started. Just do it. Just do it. Even if it's small. Yeah.
Chris: So, let's talk about good debt versus bad debt.
Brittany: Okay. Good debt versus bad debt. You kind of touched on this for a second.
Chris: Right. So, debt that you take on to invest in things that will grow is good debt. Debt that you take on to invest in things that either expire or depreciate is bad debt.
So let me give you an example. You take on student debt to acquire skills that the marketplace needs. So, for example, you decide to take on a student loan to become an electrician as opposed to an electrician's helper. It’s an investment. What you get is your earning capacity went up.
That made total sense me. That's good debt. You own a home or a condo and they [00:09:00] normally appreciate over years, not every year, but they do over time. That's good debt.
Brittany: Okay, so good debt is for school and buying a home.
Chris: Good debt is for skills acquired that are marketable. So, just think about this though.
Brittany: I know, but you're the one who preached to me growing up that if you do what you're passionate about, you won't work a day in your life.
Chris: I said that?
Brittany: Yeah, that was like your thesis.
Chris: If you do what you're passionate about…
Brittany: You will be successful, and you will love your job, so you won't feel like you're going to work every day.
Chris: Okay. Don't know if I got that one totally right.
Brittany: We've talked about this on the podcast before.
Chris: I don't know what to say. Well, I guess the challenge is you've acquired a bunch of skills at acting school. Now, how do you apply them? You know, I, I acquired a bunch of skills going to agriculture college, but my jobs, my career is pretty distant from that. Yeah. So, a lot of things we learn in life,
Brittany: But I think if we [00:10:00] also bring in the character piece to it. Which you did with me when we were growing up is it how also has to be something you're passionate about?
Yes, because if you're not you will hate it and you will never continue doing it.
Chris: I'm not saying like if you hate carpentry work, you should go into carpentry. Yeah. No, because that's where the skill is
Brittany: I think maybe what you're trying to say is to be cautious of the lie that universities sometimes perpetuate…
Chris: That's really well put. I think the trades are way overlooked in terms of…
Brittany: But this is the thing is that it's swung back. It's swung, right? It used to be that in order to have any kind of success, you needed like a proper university degree. And now it's swinging back. It's not enough people in trades.
Chris: That's where we are today. World changes. We know that.
Brittany: So, I guess in conclusion, there is sometimes too much of an emphasis put on a university degree versus the other post secondary options.
Chris: I agree with that.
Brittany: And you should consider all of your options. Right. And consider what you're passionate about.[00:11:00]
Chris: Ideally, it's the intersection that I'm passionate about this…
Brittany: And I can make money doing it…
Chris: And I can make money or these are the skills that are required in the marketplace.
Brittany: Okay, so schooling and then buying a house. That's a good investment,
Chris: Right.
So, let's look at the other side. Bad debt. So, we take on debt for things that expire. We run up our credit card bills by living high on the hog dining and going to the bar. That would be the extreme but even borrowing money to go on a vacation.
That just so opposes my nature because you're immediately behind the eight ball. And honestly, I don't know how you could enjoy the vacation, but anyways that's just me.
Brittany: But also, you saw this in the bank too.
Chris: Oh, I have seen in my banking days, it was really. Sad, yet somewhat comical, you know, people around town, you would meet them and they’d be a party and somebody was talking about so and so was making so much money.
And, you [00:12:00] know, I was an account manager. I knew better. Of course, I couldn't say anything and wouldn't say anything. But, sometimes appearances are not what they seem… people live in paycheck to paycheck can't afford to pay their taxes and have big lines of credit, credit card bills….
It's an ugly way to live. Yeah, be very careful around the debt.
Brittany: I think another one you, I'm just remembering points that you've given me over the years, but always pay off your credit card every month.
Chris: Never let it accumulate. I'm not saying you shouldn't have a credit card.
Brittany: No, no, you need a credit card.
Chris: You do need a credit card, but never pay the interest on a credit card. Yeah, and never minimum payment. Pay it in full.
Brittany: Pay it in full. Every month. Every month.
Chris: And if you can't do that, you're spending too much.
Brittany: Yeah, that's the point of, you're spending money you don't have. Exactly. So only spend money you have. Right. So that's credit cards. And then cars, sometimes you talk about that?
Chris: Cars for me I think cars are an easy one where you can blow a lot of money unnecessarily. I[00:13:00] understand that everybody needs transportation.
Brittany: But would you say that taking out loans for a car is not?...
Chris: Not necessarily. Let's think about this the card appreciates in value, but if it means if it's the only means you have to get to a good paying job… Maybe that's not such a bad investment. Right, but you don't need… You know, you need a car for the job not one for show.
Brittany: So I guess the distinction between good debt and bad debt is will it make you money in the future?
Chris: Yeah, I think that's really well put Brittany.
Brittany: Yeah, like if you're getting a car so that you can get the job and go to the job, make the money at the job. Then that's a good…. Yeah, it's a good thing. That's a good thing.
Chris: Yeah, but if you're but if you really need a $25,000 car and you buy a $75,000 car.
Brittany: Yeah, then maybe that's not as wise that's not gonna actually help you right generate more income in the future.
Chris: Exactly.
Brittany: Okay. Our next point is starting [00:14:00] early. Can you break that down?
You've described to me before there's a rule of 72 in terms of what that 10% can do over a lifetime.
Chris: Sure. So, the rule of 72 is just like a… magical…. I don't know if it's magical, but it's, it's something that just works. It's a formula. It's a formula.
Brittany: So you take 72 and you divide it by your rate of return your rate of return, which would be something like a 6 percent 8 percent if you're lucky at 12, right?
Chris: And the answer is the number of years it'll take to double your money…
Brittany: To double your money.
Chris: So, there's a compounding effect, which is best illustrated like this. If you can save $500 a month, and you can grow that money at 8 percent per year, over 10 years, that’ll come out to about $90, 000 over 20 years. It comes out to $287,000 over 30 years. It's more than $700,000 at [00:15:00] 40 years and it's a whopping $1.6 million. So, if you're 25 today and you do that until age 65, There's $1.6 million there by saving $500 a month, right? If you haven't got $500, start with a hundred, start with $50. I don't care. Just get the discipline of saving and investing.
If you can get this habit drilled into you by age 30, obviously age 20 is way better. Right. But if you can get it in by age 30, my bet is by the time you're 60, 65, 70, you're not going to have to worry about finances. Yeah. You'll do just fine.
Cause that will be so ingrained in your psyche and, and now we're even, you know, we're leaving the world of finance and going into psychology, not only psychology, but intellect, I guess, and maybe [00:16:00] character because you've developed the care character of saving and investing.
And just a little illustration Brittany, neat story, just last week I had this client who he and his wife have saved pretty diligently every year. They pour money in, early forties couple age wise. They just hit their first million dollars in savings. And I said to him, I said, you know, your second one comes a lot easier. And the third one even easier than that. And that's just the illustration of compounding. Right. How quickly it can grow once you get that flywheel going.
Brittany: Yeah, that's cool. Should we do owner versus lender?
Chris: Sure.
Brittany: Okay. So, we're paying ourselves first. We're saving 10%. We recognize that that can grow immensely over time because of the rule of 72. If we are investing it, correct. And so how do I know… Where to invest it, how to invest it? How do I [00:17:00] do that?
Chris: Right. So, off the top. Probably everybody needs a little bit of a savings account, a buffer. The old rule used to be, you need six months worth of income. I've never done that in my life. And I don't think most people do, but you need a savings account, if the plumbing goes bad, you know what you need for your emergency reserve. But once we get beyond the emergency reserve, then we really have to start thinking about investing.
And in my world, there's really only two kinds of investment. Okay. We can choose to be a lender of our money, or we can choose to be an owner of our money. So, I'm going to break this down.
So, owner versus lender. I'm going to start with the lending piece. Okay. When we take our money to the bank and put it on a deposit, we're guaranteed a rate of income. Let's say it was 3 percent in a savings account today.
And the deal is we get 3%, but we can go back into that savings account anytime we want and demand our money and they'll give it to [00:18:00] us with the interest. So, there is a benefit to that equation. You know, if I need that money to pay a tax bill next April, then I shouldn't be taking any risk with it. So, what I got out of that was short-term security. By lending my money to the bank, I got a guaranteed rate of return. I have short-term security. I can go get the money right when I need it.
When we cross the chasm, if you will, instead of lending the money to the bank, now we're going to buy shares in the bank, be an owner. And there is both a cost and a benefit to that side of the equation. So, we know that over time, the owners have to do better than the lenders, because if they don't, who will ever repay the lenders? There's no bank. Right?
Yeah. So, our economic system is really [00:19:00] built on lenders get short term security, owners do better over the long term, so they get long term security. Right. But they have no short-term security. Because it can fluctuate. Well, we could buy shares in bank XYZ today at a hundred dollars and they can be worth 80 tomorrow.
Yes. And, you know, if we need that money to pay a tax bill, then we shouldn't have invested. In the ownership line, right? So, on one side of the equation, when we're a lender, we need short term security and when we're an owner, that's for long term security, right? And as long as we always ask ourselves the question, okay, with this bucket of money, what's my objective?
Do I want short term security, or do I want long term security, right? If I want long term security, then I have to be able to say, I don't need that money for three years, five years, 15, 25 years, you know, I'm willing to commit it for the long haul. If I [00:20:00] need money in a year's time, I should be a lender of my capital, not an owner of my capital.
Right. Is that making sense?
Brittany: It does. Yeah. Okay. So I have this 10%, I have this $500, whatever it is. I understand. I want to be an owner. Right. I want to invest it. Where do I start? Where do I invest it?
Chris: So, once you've decided that, you know, this money is for the long term. In other words, I want to be on the ownership line. Yeah. So, when we talk about being an owner, we're talking about buying shares in public companies. Most of the time with small amounts of money, you're going to be best served with what we call in the industry, a dollar cost averaging strategy.
Brittany: So, this dollar cost averaging just means that you're investing a fixed dollar amount every month?
Chris: Correct. So, if you think about the math and all this, you're not going to [00:21:00] get the average price because you bought way more units when things were cheap. And you bought way less when things were expensive.
Yeah. So, you're going to get something below average, which is the magic of dollar cost averaging. Right.
Brittany: So, if I'm investing $500 a month, when things are cheaper, I'm buying more shares. Yeah.
Chris: You should delight in down markets.
Brittany: Yes, because I'm getting more shares. And then when things are a little scarier, costs are a bit higher, I'm not buying as many shares. I'm buying less shares.
So it's kind of a little safety net.
Chris: It's a huge safety net
Brittany: This is kind of making sense to me… I know you've broken this down for me like ten times before and I still don't quite understand, but so this is almost like… this saves you from having to quote unquote, play the market or, you know, I feel like a lot of like DIY young investors… it's such a dangerous thing to do because there's so much to understand. Like you have built your whole life doing this and there's still [00:22:00] parts of it that you get it wrong, right?
Chris: We're talking about disciplines that will serve you well. Yeah. So, if you think you're smart enough to buy stock XYZ when it's on sale and sell it when it's overhyped, God love you.
You should be in my business and there are very, very few people in my business that do that successfully.
A client story I'll relate to you, which is a wonderful client story. When I first got into the business, I developed this relationship with this lady. I can't remember if it was a thousand dollars a month or $1,500 a month, whatever it was, but we probably started in, I don't know, 2005 together or something like that.
We went through the 07, 08, 09 crisis, and at one point during the 09 crisis, you know, markets were off about 40 percent from their high. Yeah. So, you know, you had $100, 000, you were down to $60,000. Yeah. This lady never missed a beat. She kept on putting the money in every month because it was coming out of her bank account [00:23:00] automatically.
Same amount. She bought way more during that whole time when things were, you know, just at fire sale prices. Yeah. She never stressed, she never called me to bail out because things were going south and, you know, at the end of that cycle, we looked at her returns and they were as high or higher than anybody else that I had for clients because most of the other clients stopped sending money when things were on sale.
Yeah. So, this dollar cost averaging thing will serve you so, so well. And if you'll do it consistently, it's very hard for you to get hurt.
Brittany: And specifically, you're applying this dollar cost averaging method to mutual funds when you're starting out. Right?
Chris: So, let's talk about the mutual funds. Okay. So, I want you to think about the mutual fund as an umbrella.
If you will, and within that, there's two main kinds under, under that umbrella, there's what we call an index based mutual fund. So [00:24:00] that's a mutual fund that is designed to track something like the S&P500, which is the 500 largest publicly traded companies in America or Canada's TSX60, which would be the 60 largest companies in Canada.
Cross the other side of that umbrella, there's what we call a money managed mutual fund. So, the money managed mutual fund is managed by an investment management team. They're picking individual stocks or individual securities that they think are going to do well relative to the market.
So, that means there's a portfolio manager that's trying to pick. I like that stock. I don't like that stock. I think this stock's going to do better. I don't like that one. So their trying to pick the winners and avoid the losers with the argument that we're going to do better over time. But if you do actually review the data, most of those managers underperform the indices.
So, they underperform S&P500 or they underperform [00:25:00] the TSX60. Right. So, I think small amounts of money, you don't have a lot of advice... You're way better off in that index based mutual fund, right?
Brittany: It's more reliable.
Chris: Yes. Then you are in an active one because there's a chance that you pick in the right active one is, remote at best.
Brittany: Yeah. And even if you do think you're picking the right one, you're not going to know they historically underperform something like the S&P500 anyways.
Chris: Right. Yeah. So, it's a real good way of keeping it simple. And every mutual fund has what they call a management expense ratio built into it. So, for an actively managed fund, that might be 2%. So, in other words, whatever the return you get, it's going to be 2 percent less because of the management expense ratio. But for an index-based fund, it might be as little as 0. 5%.
Brittany: So, they're cheaper,
Chris: Way cheaper.
Brittany: [00:26:00] So, in conclusion, a great strategy when you're starting out is dollar cost averaging. In an indexed mutual fund.
Chris: I think most people will be better served there than elsewhere, yeah.
Brittany: Yes, and that means putting a fixed dollar amount monthly, the same amount every month… into an indexed mutual fund.
Chris: So, Brittany historically this is what has served people well, right?
So, I want you to understand it's not a guarantee. It's not investment advice. When you look at the past data, this has served people well. And I've lived it. I've experienced it. I've seen it in my own career. Past performance is not necessarily indicative of future performance. That's a routine disclaimer in the industry. And this discussion we've been having about active managers versus index based mutual funds is not meant to be construed as investment advice. It's for informational [00:27:00] purposes.
Brittany: Cool.
Okay, so today we talked about spending less than you make, living below your means, within that good debt versus bad debt, paying yourself first, so taking that 10 percent first…
Chris: Or 5 percent or get started…
Brittany: Whatever the percent is….
And then we talked about the beauty of compound interest of what you can do with that 10 percent or 5%. And then, becoming an owner versus a lender with that 5 or 10 percent and then specifically within the owner category, we talked about how to start out investing with that 5 or 10%.
Chris: And that's where we went into, okay, mutual funds, small amounts of money at probably best... And then the two major categories of mutual funds being actively managed, and index based where they're trying to track the index. Historically speaking, most people have been better served with an index based mutual fund.
And then, in -terms of actually buying those mutual [00:28:00] funds… dollar cost averaging, fixed amount on a systematic investment program every month. You won't have to think about it.
Brittany: Okay. That was a lot of foundational info, but I learned things today, so that was great.
Chris: Brittany one of the key things that I've learned kind of from the school of hard knocks over the years is, financially speaking, try not to let yourself get into a situation where you're forced to do something, so if you're… forced to sell your investments in a down market because you owe debt, right? That's a really bad place to be, because if you think about it, you've accumulated all this… you've probably paid higher prices. You actually lost money to do that. They're going to be forced into doing something that's really hurtful to them. Right. So that would be my note of caution.
Brittany: And I guess in that way, these different points we've talked about today, build on each other. Right. [00:29:00] Right. Like in order to feel the accomplishment of that compound interest that we talked about… You need to make sure your debt's in check.
Chris: Yes. Yeah.
Brittany: Okay. So, I think that's a wrap for today. Good lesson. Good chats, dad.
Chris: That's good. Did you seriously learn stuff out of that?
Brittany: Yes. I mean, I feel like I'm continually learning… Some of it I've heard you drone on about many times, but this is actually really good because I attempt to explain this to friends who ask about it and I fail at it every time. So now I can just send this to them.
Chris: Well, it's good. Yeah.
Brittany: Thank you everyone for joining us today. I hope this was valuable to you.
And if you think it's a good resource, feel free to send it on to other young and scrappy folks in your life. And we look forward to getting into more detail in the rest of the young and scrappy series.
See you next time.
Chris: And this is Chris Raper, Co-Founder and Wealth Advisor at Aspira Wealth. If you do have questions, we'd love to talk. So don't hesitate to reach out [00:30:00] and you can connect with us at AspiraWealth. com. Just a reminder that everything we discuss on this podcast is for information purposes only. It is not to be construed as investment advice and the opinions expressed here are mine, Chris Raper. They may differ from those of Raymond James Limited.
Brittany: And a quick thank you to Nathan Clark for composing our podcast music.
Disclaimer:
This podcast has been prepared by and expressed the opinions of Aspira Wealth of Raymond James Limited and are not necessarily the opinions of Raymond James Limited or Raymond James USA. Statistics, data and other information presented are from sources RJL and RJLU believes to be reliable, but their accuracy cannot be guaranteed.
This podcast is for information purposes only and is not to be construed as an offer or a solicitation for the sale or purchase of securities. Investors considering any investment should consult with their investment advisor to ensure that it is suitable for the investor's circumstances and risk tolerance before making any investment decision.
Past performance is no guarantee for future results. Information provided in this podcast is general in nature and should not be construed as [00:31:00] providing legal, accounting, or tax advice. Should viewers have any specific questions and or issues in these areas, please consult your legal, tax, and or accounting advisor.
Raymond James Limited, RJL is a member of the Canadian Investor Protection Fund. Raymond James USA Limited, RJLU is a member of FINRA/SIPC. RJL and RJLU financial advisors may only transact business in provinces and or states where they are registered.
