Today’s guest is Michelle Hung. Michelle talks about how she 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”, geared toward helping teenagers learn how to invest.
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Michelle is an author and founder of The Sassy Investor. As an advocate of financial literacy, she is on a mission to spread the word on the importance of financial independence and how to achieve it. After graduating from the University of Waterloo, she spent 7 years working in the investment banking and venture capital space. Michelle is a CFA and a fee-only financial planner, and over the last 5 years, Michelle has helped many people of all ages with their investing and financial journey. Her recently published book is called “Investing for Teens: How to Save, Invest, and Grow”. Michelle currently lives in Toronto.
- Follow Michelle Hung on Instagram | Website
- Purchase a copy of Michelle’s latest book|Amazon (Canada) [Amazon Affiliate link] or Amazon (US)
- How Michelle went from a career in investment banking and pivoted to being an author and being an entrepreneur helping teach women how to invest
- How her path evolved to teaching young adults, which led to publishing her second book on helping teens to invest
- Michelle’s relationship with money in her childhood, and good habits as a saver; but how they turned into poor spending habits with the introduction of credit in university
- How she had to access financial aid while attending post-secondary education
- What inspired Michelle to write this book now
- What the biggest issues that teens or young adults are facing as it relates to money
- The importance of credit card management
- How a shift in perspective and viewing the current downturn in the stock market as a sale can result in tremendous buying opportunity
- What teens should be investing in from a portfolio allocation perspective
- Why Michelle is not keen on investing in bonds, especially given the longer time horizon that teenagers work with
- The importance of investing in equities and starting with index funds / exchange traded funds (ETFs)
- The investing mindset needed to prevent yourself from panic selling, whether from a teenagers’ perspective or from a parent helping teens to invest
- The only two reasons why you should sell your investments in the stock market
- The risk versus reward principle and how adopting a long-term mindset
- Why keeping your money in a savings account designed for long-term investing is a waste and lost opportunity to grow your money
- The flaws in the current banking system including how risk is assessed, why education around finances is so important and the negative repercussions of those decisions around risk tolerance
- The custodial types of accounts for teens available in the US, including the biggest difference between Uniform Gifts to Minors Act (UGMA) and Uniform Transfers to Minors Act (UTMA) accounts
- The options teens have to invest in Canada including Registered Education Savings Plan (RESP), their parents, or when teens start working, a Registered Retirement Savings Plan (RRSP)
- The three biggest pieces of advice Michelle would give to herself as a teenager, including Michelle’s biggest regret
- Everything is F*cked: A book about hope by Mark Manson [Amazon Affiliate link]
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Thanks to Michelle for joining me this week!
In case you missed it, make sure to catch up on last week’s episode “Episode 018: House Hacking and Vacation Rents with Jabbar Adesada”!
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