Teach the Power of Investing to your Teens with Michelle Hung

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#019.  Today’s guest is Michelle Hung.  We dive into how Michelle went from a career in investment banking and pivoted to being an author and becoming an entrepreneur and financial planner helping teach women and young adults how to invest.  Michelle recently launched her second book “Investing for Teens”.  We talk about the trouble Michelle faced in university with her spending habits, and we talk about some of the biggest issues that teens/young adults face, including the importance of credit card management.  We get into the mindset of how teens should be viewing the current downturn in the stock market, and we discuss why she is not keen on investing in bonds.  We dive into the importance of investing in equities, and the mindset you need to prevent yourself from panic selling.  

We get into the risk vs reward principle, and the importance of adopting a long-term mindset when investing.  We get into why leaving your money in a savings account designed for long-term investing is a waste and lost opportunity.  We talk about flaws in the current banking system including how risk is assessed.  We also get into the types of custodial accounts available for teens in the US, and get into options available in Canada.  And we end with the biggest pieces of advice she would give to herself as a teen, that you’ll definitely want to pay attention to, especially if you raising a teenager.

Show notes and more at:

https://moneydadpodcast.com/session019

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