E63: Douglas Price can help you understand the Canadian financial system

Hello, I'd really like to grow this email list. If you enjoy this newsletter, it would mean the world to Jola and I if you encouraged one friend/fellow immigrant/colleague to subscribe…Very likely, the the only thing you will get in return is warm fuzzy feelings, and if I can attribute it to you, I’d personally send you a thank you email.

Join us as we explore the bitter-sweet world of the immigrant.

In this episode, I’m speaking with Douglas Price — award-winning music teacher and composer turned personal finance educator, and author of Seventeen To Millionaire.

When planning to immigrate to Canada, we often spend a considerable amount of time learning about schools, where to find a house, the cost of groceries, the best cities to find a job, rental costs, and more. We rarely bother trying to understand how the Canadian financial system works.

It doesn't help that once you land and walk into a bank to open an account, the banks stuff a credit card into your palms and ask you to review dozens of forms and sign.

So it's not surprising that when we ignore the one thing that underpins most of the factors mentioned above, we experience a significant drop in financial confidence as we battle with our settling-in checklist. Check out Interac Corp’s survey on newcomer's financial confidence.

I was no different. And if I could go back in time, the one biggest thing I would have done differently is to buy the book, Seventeen to a Millionaire by Douglas Price.

Yes, it was written for a seventeen-year-old in Canada. But I dare say as a newcomer to Canada, we are all like 17yos when it comes to understanding the nuts and bolts of the Canadian financial system.

In this conversation, we chat about his book and why it’s a MUST-READ for newcomers.

We also talked about:

* The golden rules of making money in Canada

* How to approach the world of credit

* Why he thinks the TFSA is one of the best tools for saving and investing money

* The money truths he’s learned while working on the book

* And the backstory of how the book came to life

Enjoy.

P.S. Seventeen to Millionaire is currently #1 on Amazon’s Personal Financial Planning book list and was chosen by Moneysense contributors, influencers, and money experts as one of the top 25 timeless personal finance books.

Official Links

📚 Buy Seventeen To Millionaire on Amazon

👌🏽 Learn more about Douglas’s approach to money

This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit thenewcomerspod.com