When my Canadian listeners ask me "I want to get a hold of my money, but I don't know where to start, also I'm looking for something that's free..." that's when I direct them to one of the best free personal finance resources around — the McGill Personal Finance Essentials course. Having first launched in November 2019 as free way to improve Canadians' financial literacy, it now boasts over 200,000 participants, and lucky you (and me), I've got Dr. Benjamin Croitoru on the podcast to talk all about it!
Benjamin serves as the Academic Director of the McGill Personal Finance Essentials online course and has been vital in its development and in helping so many Canadians level up their financial lives over the past 5 years. I wanted to bring him on the show to share why the course was built, what you can expect as a student, and some of the key things every Canadian should know about money. He even shares some of his best money tips, financial pitfalls to avoid and top book recommendations too.
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CHAPTERS
00:00 Introduction
02:20 Guest Background
04:02 Course Creation and Objectives
05:22 Course Success and Need for Financial Education
07:54 Course Updates and Additional Modules
09:55 Importance of Personal Finance Education
11:31 Recommended Books for Personal Finance Education
15:58 Importance of Starting at Your Level of Financial Literacy
17:48 Creating the Syllabus for the Course
18:39 Key Elements of the Course: Budgeting and Saving
19:38 Retirement Planning and Real Estate Modules
21:01 Behavioural Finance Module
22:51 Responsible Investing and Sustainable Investing
26:51 Crypto and Blockchain Module
34:23 Investing in Traditional Markets vs. Crypto
37:20 The Importance of Learning Financial History
38:42 The Temptation to Follow the Crowd
39:29 Beware of the Phrase 'This Time It's Different'
41:57 The Difficulty of Sticking to a Plan
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TAKEAWAYS
• The McGill Personal Finance Essentials course provides basic personal finance education to better prepare young Canadians for life.
• Personal finance education should be taught in schools to ensure everyone has a baseline level of financial literacy.
• Recommended books for personal finance education include 'Random Walk Down Wall Street' by Burton Malkiel and 'If You Can' by William Bernstein.
• The course covers various topics, including budgeting, saving, borrowing, investing, retirement planning, real estate, behavioural finance, responsible investing, and crypto and blockchain. Investing in traditional markets is different from investing in cryptocurrencies, as the odds of making money are generally in your favour in traditional markets.
• Learning financial history is crucial for understanding the risks and avoiding repeating mistakes in financial markets.
• The temptation to follow the crowd and invest in trendy assets can lead to poor investment decisions.
• Beware of the phrase 'this time it's different,' as it often signals a potential bubble or market manipulation.
• Sticking to a well-thought-out investment plan is challenging but essential for long-term success.
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RESOURCES
📌 Enroll in the McGill Personal Finance Essentials free online course https://www.mcgillpersonalfinance.com/
📌 Show notes & transcript https://jessicamoorhouse.com/390
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ABOUT ME
I'm Jessica Moorhouse, a money expert, Accredited Financial Counsellor Canada®, speaker, content creator, and host of the More Money Podcast. I'm based out of Toronto, ON, Canada and run my own business, MoorMoney Media Inc., to educate others about financial literacy. To learn more, check out my website https://jessicamoorhouse.com
#personalfinance #financialliteracy #money
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