Money Matters

#MoneyMasterClass Recap–Week 12

Fast Food Tax

We have slowly been given instructions for all of the supplies we gathered at the beginning of the year. Our first jar is our Found Money jar and now we have instructions for our second jar.

Jar #2 is our Fast Food Tax jar. Every time we go for take out food, the instructions are to place that same amount we spent on take out into the Fast Food Tax jar.

Thinking of Investing

With all of the events that are happening in the world right now, it could seem like a strange time to be focusing on investing, but is there ever a perfect time? Since I know so little on the topic, I’m looking forward to learning all that I can so I’m more prepared to make smart choices when things start getting back to normal.

In addition to not investing until you have your consumer debt paid off, don’t forget Gail’s golden rule for investing: if you can’t explain your investment choice to a 12 year old, then you don’t know it well enough to be investing.

Risk Assessment

Gail provided some resources in order to evaluate our risk profiles related to investing, which are hosted on https://www.moneyproblems.ca/money-master-class/

The three items to complete on the site are:
1. What’s Your Risk Profile — Test #1
2. What’s Your Risk Profile — Test #2
3. Understanding Risk

Investment Timeline

No two people are in the same situation. Stages of life, risk profile, amount of money to invest…there are so many factors that will be impacting a person’s investments. One thing Gail emphasized this week was the “time horizon”–or how long you are going to have your money invested.

A Few More Reminders

How do you feel about this focus on investing? What did you learn about yourself by taking the Risk Profile tests?

New to the Money Master Class? There’s still time to get started!
Check out this tweet to see all of Gail’s #MoneyMasterClass tweets from the start.
Check out my weekly recaps to get caught up.
Start here with the Money Master Class Intro and Week One Recap
Missed last week? Find it here:
Week Eleven Recap

What are your thoughts? Let us know in the comments!

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