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Latest comment posted at 6:36 PM EST 07/09/08

Sherry Cooper on what every entrepreneur needs to know ...Read the full article

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  1. john van der ster from Collingwood, Canada writes: I agree with Sherry Coopers' comments that many financial advisors have no business experience which makes entrepeneurs very nervous about getting financial advise. And Banks do not want to take the risks either of many start up companies and consequently these entrepreneurs are going to the US to get the funding. Providing excellent financial services for entrepreneurs by BMO is a good start and I hope that they get the right financing when needed for their business venture. One must create a balance of the trust vs obtaining excellent financial advise and this can only be achieved when the advisor takes a serious interest in the business at hand and can add value.
  2. LM F from Toronto, Canada writes: Sherry has identified me to a tee. I've worked in the financial services industry for years in a support capacity and am ashamed to admit that I don't know where to begin with setting up an RRSP for myself, or if that is the best option, or what I should do with my meagre funds, etc. So ... as a result, I do nothing ... and silently worry about it! I pay my bills, my mortgage, there's not really anything left over anyway, and I well into my middle age, so why would I trouble a financial advisor? But I do walk around with that "secret shame" that I haven't got a real plan in place.
  3. L. C. from Canada writes: The good thing is.. it is never too late to start something. Young, mid-age, or elder age; it doesn't matter at what lifestage you are at. We all still have the opportunity to do something. For sure it is always starting young, it gives you more forgiveness and potential.
  4. liz fox from nanaimo, Canada writes: you mean this is the Sherry Cooper who aggressively advocated the merging of Canadian banks with those in the US and adopting the US dollar in Canada?? Why would be look to her for financial advice when she is stuck in an Adam Smith rut while the world has moved on and almost everyt5hing that I have heard from her has contributed to economic, free market rolling disaster!!
  5. Luck Lucky from Far West, Canada writes: Hey Liz, you are unfair to Ms Cooper - For years, I listened to her comments with interest - she is astute and well-informed. Her passion is as real as you lack of modesty and grace. The issue of the AMERO as a possible monetary unit is not such a bad one, if the European followed that route and gained 50 per cent in less than a decade.
  6. Richard Hawrelak from Sarnia, Canada writes: Sherry told us about How Wealthy We Should Be in her 2001 book titled Ride the Wave.

    Take your age times your gross annual household income from all sources (except inheritances) divided by ten.

    So, if you are a 55 year old CEO and earn say $525,000 per year, your net worth should be 525,000 times 55 divided by 10 equals $2,887,500. If your actual net worth is less than this, you are not wealthy. If your net worth is actually greater than this amount, your are wealthy.

    Sherry also advises you to save 15% of your gross before income tax income. If you don't, you need to cut expenses.

    Good advice.
  7. Roger Yak from Winnipeg, Canada writes: Uhh not to bash to much but as mentioned above Sherry Cooper advised everyone to sell out of Canadian dollar demnominated stocks about 2 years ago and buy US $ stocks as our dollar was being decimated....... some people lost out on that advice big time (this includes myself as my portfolio lost 25% pretty quick in exchange differences). A hard lesson learned and now I listen to no one.

    IMHO Financial advisors know as much about investing as you already know and the responsibility of growing your net worth is ultimately your problem. My advise...listen to no one on how to trade your money, stay within your risk limits and be comfortable with what you invest in.... The bottom line basics on wealth is how much money do you need to be happy... Remember.... there are a lot of unhappy rich people out there too.........

  8. steve allan from Canada writes: Sherry Cooper - the most irritating know-nothing nobody to ever comment on economic matters....and that's quite an accomplishment in itself! She's living proof that you can pluck just about anyone off the street and call them an economist.
  9. Brad Smith from Toronto, writes: Is this the same Sherry Cooper who, not too long ago said that the Canadian dollar was heading towards 50 cents U.S. (or lower) and that we should scrap the Loonie in favour of the U.S. dollar as our national currency? … &8220;while we still have something to bargain with,"

    http://www.cbc.ca/money/story/2001/11/09/dollar091101.html

    --- BMO Nesbitt Burns chief economist Sherry Cooper said the loonie's slide is inexorable and she urged Canada to adopt a common currency with the United States. ---

    "What makes us think we can buck this tide? Let's dollarize and get it over with while we still have something to bargain with," she wrote in an e-mail sent to clients Thursday.

    And how did that call work out for you and your clients &8220;Dr.&8221; Cooper? &8230; yeah, that&8217;s what I thought!
  10. Vic Vegas from Vancouver, Canada writes: Thank goodness for short memories, or this economist would be flipping burgers at a non-national outlet and waiting for a bus to get to her UFO club on Sunday mornings.
  11. Cliff Pallette from Kearney, Canada writes: Great recall Brad Smith. With our dollar's performance over the last year, I thought only of Sherry Cooper whenever I watched its rise. I still don't know why she is turned to for financial commentary.

    She's definitely the Joan Rivers of economics.
  12. Richard Hawrelak from Sarnia, Canada writes: Roger, Steve, Brad and Vic, hard to compete with a female with brians, eh? My only complaint is that she works for BMO and not TD.
  13. a c from not on Bay Street, Canada writes: wasn't SC one of those snake oil salesmen who in 2000 said that things really were different this time? she's like my wife, when she speaks, i tune out.

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