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Family Finances

piedpiper07piedpiper07 member
in Parenting after a Loss

Do any of you mamas manage it?

DH did here for the longest time and we were constantly coming up short, etc. So he let me take over and now things are really looking up. I have us on a great budget now and not only do we have money for bills, etc I even was able to get us saving extra money and putting money into an education plan for DS.

Now here's my question. Now that we have some money to invest, any advice? My dad is a really good investor so luckily he will be helping me, but I would like to get into some stocks. Also I guess it makes a difference because Canadian investments might be different?

LOL. i am reading Stock Investing for Dummies. Anyone else handle all of the financials? Advice?

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Re: Family Finances

  • Karen1998Karen1998 member

    This is what I've learned from doing it myself and talking to people - Research, research, research.  Invest for the long term.  If you're doing stocks, they traditionally go up over time, despite large gains and big dips in the interim.  There's a risk, but there's also a potential reward.  Watch your fees.  Each trade comes with a fee, so unless you have low fees and a lot invested, it usually doesn't make sense to repeatedly sell and buy often.  Also, check out your tax situation.  We get "charged" here for gains that are realized and the rate depends on the length of the investment.  Quick buys and sells are more expensive, tax-wise.  I have no idea what Canada does on this. 

    I also prefer to buy stock for companies that I like.  Companies that sell consumable stables (i.e. Proctor Gamble, Kellogg's) tend to go up steady over time, but don't typically have big gains in one set.  When I did a stock project in elementary school, we did well by buying companies that sold consumable staples, even though we only did the study for six months. 

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  • adoxyinherearadoxyinherear member
    I am terrible with money and applaud you for being so savvy! DH handles our finances and does so brilliantly. If they were in my hands our investments would end up being craft supplies and exotic chocolates.
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  • piedpiper07piedpiper07 member
    imageKaren1998:

    This is what I've learned from doing it myself and talking to people - Research, research, research.  Invest for the long term.  If you're doing stocks, they traditionally go up over time, despite large gains and big dips in the interim.  There's a risk, but there's also a potential reward.  Watch your fees.  Each trade comes with a fee, so unless you have low fees and a lot invested, it usually doesn't make sense to repeatedly sell and buy often.  Also, check out your tax situation.  We get "charged" here for gains that are realized and the rate depends on the length of the investment.  Quick buys and sells are more expensive, tax-wise.  I have no idea what Canada does on this. 

    I also prefer to buy stock for companies that I like.  Companies that sell consumable stables (i.e. Proctor Gamble, Kellogg's) tend to go up steady over time, but don't typically have big gains in one set.  When I did a stock project in elementary school, we did well by buying companies that sold consumable staples, even though we only did the study for six months. 

    Thanks! The account I have started is locked in until DS is 18 for school purposes. So I will be doing it for the longterm. My dad did warn me about selling/buying thing, and I will have to ask him about taxes because I am sure he knows.  I will definitely be taking a month or two to just research companies before buying anything but this is all helpful thanks! 

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  • piedpiper07piedpiper07 member

    imageRusalkaSings:
    If they were in my hands our investments would end up being craft supplies and exotic chocolates.

    Hehe. This is funny! If I was rich, those are 2 things that I would have a lot of! 

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  • kaleb87kaleb87 member
    I do all the books for us. I have always managed our personal finances but just a few years ago took over doing all book for our farming operation. Best advice I can give is talk things over with DH. I always saw what money was going to from our account. However, once I looked at the farm account I was shocked. DH would say one thing but spend another. We had a huge argument due to it. However, we have worked it out, and it is working nicely.
    When it comes to investments we consult a broker. We don't always listen to them but get advice. Good luck!
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