It goes without saying that we want the best for our kids and grandkids. We want them to be physically healthy, emotionally intelligent, motivated and financially astute. People often ask me how to create financially astute kids. Well with a 15 and 13 year old – I can tell you that Val and I don’t have the secret sauce and it is a work in progress.
Like most aspects of parenting, it is a balance between role modelling and allowing them to run through real-life experiences.
So, we need to be thoughtful about how we interact with money and allow them to make mistakes.
As I’ve witnessed first hand, there is nothing more motivating that a zero account balance when the weekend hits. But, today, I am here to recommend a book to help young adults build a solid financial future. The book I am suggesting is called “17 to Millionaire” by Douglas Price. The book lays out a smart, step-by-step path to financial independence for young Canadians. The book is written specifically for a 17-year-old but the lessons apply to anyone a handful of years older or younger.
Money Sense named it one of the Top 25 timeless personal finance books.
Thank you Jennifer for bringing it to my attention!
The author covers all the essentials: budgeting, saving, investing, and using tax-sheltered accounts like TFSAs —with real-life examples that make it easy to follow.
He underlines 4 main evergreen lessons.
- Start Early & Be Consistent - with time and compounding as your greatest allies
- Live Below Your Means by avoiding lifestyle creep and invest the difference so your money works harder than you do.
- Own Assets, Not Debt by building ownership in businesses, markets or property. Use debt sparingly and only for things that grow in value.
- Think Long-Term - stay patient and ignore short-term noise.
What makes this book different is not the content - we’ve all heard those pieces of advice a thousand times. Instead, it is the author’s ability to keep things simple, clear, and engaging. This isn’t a boring finance textbook. It’s more like friendly banter — with someone who genuinely wants you to succeed with money.
If you think someone in your family or friend group might benefit from “17 to Millionaire” let me know and we’ll mail you a copy.
Incidentally, here is the book my parents gave me at 17 - The Wealthy Barber with a nice little note on the inside. It did not instantly change me into a competent investor but it did enter my subconscious.
It can’t hurt.
As always then…let me know if you have any questions.
Bryan Deviney is a Senior Financial Advisor with Assante Capital Management Ltd. The opinions expressed are those of the author and not necessarily those of Assante Capital Management Ltd. Please contact him at 416.216.6500 or visit www.bryandeviney.com to discuss your particular circumstances prior to acting on the information above. Assante Capital Management Ltd. is a Member of the Canadian Investor Protection Fund and the Canadian Investment Regulatory Organization.
The case study mentioned in this presentation is provided for illustrative purposes only and does not represent an actual client or an actual client’s experience, but rather is meant to provide an example of our process and methodology. The results portrayed is not representative of all of our clients’ experiences.
