Family and friends may not be experts at managing and investing money, so they're often not the best people to tell you what to do with your money. Still, you can learn a lot from them if you know what to ask. After hearing their stories, you might start thinking about investments in new ways, or have a better understanding of your savings priorities.
What should I ask my friends and family?
- How to find a financial adviser
- How they saved money to buy their first home
- What they did to pay off their mortgage
- What happened when they bought different investments - with good, or not so good, results
- How they are planning for retirement
- Courses, books, and other resources that help them learn more about investing.
What should I be careful about asking my friends and family?
- What to do with your money, because the answer will depend on you, your money, your situation, and your goals
- If you should save your money, spend it, or use it to pay down debt
- What kinds of investments and savings are best for you
- How much risk to take when you invest
- Who you should choose to be your adviser.
Remember: Your family and friends are likely not financial experts
Even if they are just trying to be helpful, most are not trained and registered to give financial advice. Be careful how far you base your choices on what they tell you to do.
Content in this section is provided in partnership with the Investor Education Fund, a non-profit organization promoting financial literacy to Canadians. To find out more go to GetSmarterAboutMoney.ca.