When planning to immigrate to Canada, we often spend a considerable amount of time learning about schools, where to find a house, the cost of groceries, the best cities to find a job, rental costs, and more. We rarely bother trying to understand how the Canadian financial system works.
It doesn't help that once you land and walk into a bank to open an account, the banks stuff a credit card into your palms and ask you to review dozens of forms and sign.
So it's not surprising that when we ignore the one thing that underpins most of the factors mentioned above, we experience a significant drop in financial confidence as we battle with our settling-in checklist. Check out Interac Corp’s survey on newcomer's financial confidence.
I was no different. And if I could go back in time, the one biggest thing I would have done differently is to buy the book, Seventeen to a Millionaire by Douglas Price.
Yes, it was written for a seventeen-year-old in Canada. But I dare say as a newcomer to Canada, we are all like 17yos when it comes to understanding the nuts and bolts of the Canadian financial system.
I had the honor of chatting with Douglas Price on The Newcomers Podcast about his book and why it’s a MUST-READ for newcomers.
We also talked about:
The golden rules of making money in Canada
How to approach the world of credit
Why he thinks the TFSA is one of the best tools for saving and investing money
The money truths he’s learned while working on the book
And the backstory of how the book came to life
Enjoy.
P.S. Seventeen to Millionaire is currently #1 on Amazon’s Personal Financial Planning book list and was chosen by Moneysense contributors, influencers, and money experts as one of the top 25 timeless personal finance books.
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