TIG 02: Demystifying Personal Finance with Justin Lee

Show Notes:

In this episode, we speak with Justin Lee, who currently works as an accountant in British Columbia, and is also the co-founder of Young Guys Finance. Justin helps us simplify personal finance by digging deeper into some of the harder questions around this topic and suggests a few steps in how you can develop an investment portfolio suited towards your personal needs.

  •  Intro to Justin (1:11)
  • Justin’s big challenge when he started his professional career (2:02)
  • The motivation for starting YoungGuys Finance (4:00)
  • The first steps in handling your personal finances (6:06)
  • Setting realistic financial goals (7:45)
  • The “Money Game Plan” (8:15)
  • Importance of budgeting (9:00)
  • Tools to help you with budgeting (9:45)
  • Controlling the urge to use credit cards and how unpaid balances can put you behind (12:00)
  • Building the right spending habits. Starting small and being consistent (14:30)
  • Importance of investing early (16:30)
  • Misconceptions about the investing process (17:10)
  • Advantage of the “boring” portfolio (18:30)
  • Counterintuitive investment thinking (20:40)
  • Importance of diversification (23:00) 
  • Saving for the short term horizon and the difference between stocks and bonds (23:50)
  • Putting your investments on autopilot (26:00)
  • The cautions against mutual funds (28:00)
  • Justin’s personal approach for investing (29:20)
  • Index funds explained (31:20)
  • How much should your portfolio be weighted towards stocks? Towards bonds? (32:00)
  • TFSAs, RRSPs explained (34:30)
  • Amit’s take on his “short term GIRLS” (39:25)
  • Justin’s goals for YoungGuys Finance (41:50)
  • How to get in touch with Justin (45:10)

Episode Resources:

Young Guys Finance Website, Money Gameplan and RRSP & TFSA Video:

To kickstart your personal finance journey with Young Guy's Finance, click here:
www.youngguysfinance.com

Sign up at the following link to get access to the Young Guys Finance Money Gameplan:
www.youngguysfinance.com/free-tools

Get in-touch with Justin:

LinkedIn
Twitter