A common problem that holds some Canadians back from paying the lowest possible fees in investing by becoming a DIY (do-it-yourself) investor, is that it does take a bit of learning and practice. Also since we’re not taught this in school, it can be intimidating.
Even those that aren't intimidated by it can at times become annoyed with all the manual administrative work that is required when it comes to being a DIY investor (myself included).
For example, whether you're a new or an experienced investor, you still have to go through the hassle of individually buying the ETFs on the exchange, doing the calculations to make sure you buy the right quantities, and rebalancing your portfolio periodically so that you don’t accidentally end up taking on too much risk.
You also have to keep tracking and checking when your dividends came in so that you can quickly invest them to maximize the compound growth in your portfolio.
This is why I’m really excited to have Brendan Lee Young from Passiv on the show along with Stephen Graham from Questrade, as they have teamed up to automate these time consuming and sometimes intimidating elements when it comes to managing and optimizing your own investment portfolio.
I’ve been using the tool very heavily myself, have integrated my wife and I’s entire investment portfolio with it, and I encourage you to try it for free as it will save you a ton of time (just like it has for me).
You can grab your free account over at buildwealthcanada.ca/passiv. I am absolutely hooked on using it, and it's great to see this kind of innovation taking place in Canada.
If you liked the episode sign up for free to receive all new episodes as they get released, news on giveaways, and the free guide on the Top 5 Personal Finance and Productivity Tools.