Walk into any household, and it is often the women who know which bills are due, how much is left on the mortgage, and when the kids’ next school extracurriculars must be paid. It is a fact women control between 80 and 85% of household spending and make the daily financial decisions that keep a home running smoothly. But ask most of those women what’s in their investment portfolio, and suddenly there’s hesitation, a nervous laugh, a quick change of subject, and in my case, a look of fear.
For all the power women hold when it comes to family finances, too many still feel like outsiders when it comes to growing wealth for themselves. This column might feel like I’m veering off course from the norm, but I attended an event this week that really sparked my interest – RBC’s Masterclass on Investing. While this masterclass was aimed at women, the takeaways from the night could easily apply to men as well. The advice was so straightforward and practical, I knew I just had to share it!
June Audette, Dunnville resident and RBC Global Asset Management, Regional Manager, decided about 15 years ago it was time to empower women financially. June noticed women were starting new businesses, women were still being paid about 11 cents on every dollar less than their male counterparts, and sadly, she was witnessing too many women widowed at a young age. The average age of widowhood in Canada is 56.
To all the young people who might be reading this column, do not wait! The number one financial regret is not beginning to invest earlier. In fact, getting started early is the first principle of successful investment, followed by investing regularly, investing enough, having a plan, and diversifying. Pre-authorized contributions or investing a bit from each paycheque is the right place to start, and June suggested increasing the contribution every year to combat inflation.
Each of our lives is unique, and we all have our own desired way of life; therefore, our plans for investments change as we move through different periods of our life. This is one of the reasons June suggests having a financial planner who can ask you all the necessary questions to determine what your financial goals look like today, tomorrow, and 25 years from now. Shopping around for a financial planner you like is highly recommended and looking for a guy or gal who is more interested in talking about you than presenting you with a cookie-cutter plan.
When it comes to investing, headlines and social media chatter can do more harm than good. Every market dip sparks posts filled with panic, and every rally brings out self-proclaimed experts. But successful investing isn’t about chasing trends or reacting to the latest headline – it is about patience and perspective. Markets will always move unpredictably; volatility is part of the journey, not a call to abandon ship. The real skill lies in focusing on what you can control: your goals, your time horizon, your risk tolerance, and your discipline. Learning to quiet the noise, shed fear, and trust a well-thought-out plan will serve you far better than any viral tip ever could. Investing is not a sprint – it’s a long-term game that rewards consistency, not emotion.
I want to thank the local RBC folks who took the time to empower a roomful of us with financial knowledge. If only I’d understood this information 30 years ago…. Experience is a great teacher, but I can’t help thinking how valuable this wisdom would have been decades earlier.
