This episode of the More Money Podcast is made in collaboration with National Bank Direct Brokerage, the first broker from a Canadian bank to offer online trading of stocks and ETFs for zero commissions. To learn more and open an account, visit nbdb.ca.
I became a fully self-directed investor in 2021 and no exaggeration, it was one of the best financial decisions I’ve ever made! Up until then, I’d used an advisor, then switched to a robo-advisor. But then I came to a point where I wanted more control over my investments, not to mention wanting to save more money on fees. Even though the transition from leaving my robo-advisor to going self-directed through a discount brokerage was fairly seamless, making the switch was still intimidating and I know that’s been a common sentiment from students in my Wealth Building Blueprint for Canadians course as well.
That’s why I wanted to invite An Le, Business Development Manager at National Bank Direct Brokerage, on the podcast to discuss all the ins and outs of becoming a self-directed investor from setting up your account, developing an investment strategy, and placing your first trade. This is an essential listen to anyone who wants to start investing on their own but isn’t sure what steps to take.
Timestamps
- 00:00 Introduction
- 02:06 Introduction to Self-Directed Investing
- 12:27 Getting Started with Self-Directed Investing
- 19:11 Transferring Investments to a New Brokerage
- 25:03 Understanding Different Types of Orders
- 32:34 Tracking Your Investments as a Self-Directed Investor
- 43:45 Final Tips for Successful Self-Directed Investing
Takeaways
- Self-directed investing allows for flexibility and control over investments.
- Establishing a personal investment plan is crucial for success.
- Investing can be for various goals, not just retirement.
- Zero-commission trading can significantly reduce investment costs.
- Research is essential before making investment decisions.
- Transferring investments can be done without tax implications if done correctly.
- Understanding different account types is important for investment goals.
- Investors should be aware of potential transfer fees when moving accounts.
- DIY investing can be as high or low maintenance as desired.
- Education and resources are available to help new investors succeed. Understanding different types of orders is crucial for trading.
- Market orders prioritize speed over price, while limit orders prioritize price.
- Self-directed investing requires knowledge of basic terminology.
- Currency conversion can be simplified by using US dollar accounts.
- Tracking contributions and returns is essential for managing investments.
- Avoid emotional decision-making in investing to prevent mistakes.
- Diversification is key in both investments and research sources.
- Learning from mistakes is part of the investing journey.
- Utilize educational resources to enhance investment knowledge.
- Be disciplined and organized in managing your own investments.
Things I Mentioned in the Episode
- Check out National Bank Direct Brokerage to start investing commission-free plus access their educational resources.
- I’m giving away copies of all the books featured in this season of the podcast! To enter, visit jessicamoorhouse.com/contests
- My free resource library, where you can find budget spreadsheets & more!
- Apply to enroll in my investing course Wealth Building Blueprint for Canadians
- Register for the next cohort of my Budgeting Together Accountability Group
- Check out my shop!
Follow National Bank Direct Brokerage
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Transcript
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