When I was young my parents tried to instill in me a sense of respect for the almighty dollar (sorry, pun not intended). I opened my first savings account at the tender age of five and deposited my meagre allowance. I got my bank book updated every week and was always disappointed in the paltry amount. My parents kept uttering the mantra "compound interest, compound interest", but my interest was waning, not compounding. When I turned 13 the bank, in its quest to get more of my hard earned cash, offered me a Chargex (that's was Visa was called back in the day).
I happily accepted and never looked back. Compound, schmompound. My money was better spent paying off escalating credit card bills. Talk about compound interest. Chargex's interest rates were anywhere from 15 - 29% -- yes, even back in the 70s. And it was a never ending battle to pay off any of the actual credit card debt. Fortunately my credit limit was $500 so irreparable damage was not done. It was a love/hate thing for years. It still is a bit. It's so easy to just "buy" something and pay for it later. Sometimes much later. And with everything old being new again, the latest gadget (and I am the Gadget Queen) always screams Buy Me!
But my parents did prevail when it came to investing. My longest running job (FedEx from 1986 - 2006) offered a really decent company investment plan. For every dollar I put into an RSP (401k in America), FedEx doubled it. I know! I know! How could I not take advantage of that? Free money. I also thought it might be a good idea to put a little bit away on my own -- just dribs and drabs -- but something.
And then along came the man of my dreams. He was smart, witty, compulsively hedonistic (but in a good way) and kinda adorable. He's a Chartered Accountant and a Certified Senior Advisor. He said he could take my savings and make them do crazy Circe de Soleil things, but with a saftey net. He could help me plan for my future. Freedom 55 and all that. And now as everyone is limping back to the starting line, my portfolio is blossoming like a perennial in spring. He is my Financial Guru. Would you not trust this man with all your money? I know I do.