Quote:
Originally Posted by Cecil Terwilliger
Except 99% of people don’t educate themselves and chase a quick buck. There’s a reason I see a dentist for my teeth and a mechanic for my car.
Is it good if I understand dental health and car mechanics? Sure. But I don’t do my own root canals. It’d be idiotic.
The other things prey on is people chasing a quick buck. People who think getting rich is easy and they can take shortcuts. It is way, way more important how a person budgets, saves, manages their money etc. And that’s what questrade doesn’t teach. And they don’t want to. They make more money the more you trade. They want people who are chasing the get rich quick stock.
Someone who signs up for an account, sets up a PAC to their RSP/TSFA and invests in a few solid ETFs/stocks and holds long terms makes questrade little money compared to the people who think they’re the next Gordon gecko.
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I don't need to know the ins and outs of fixing cars, but at least knowing the basics of how a car works allows me to make a more informed decision about which mechanic I will take it to, or prevents me from getting screwed when I go to one.
It doesn't mean you go all in and invest 100% our your life savings chasing a TSLA. But I do think it's healthy for people to have some involvement, even just to be able to be more informed. Especially these days, when the money printers are on overdrive. It's funny that people don't want to educate themselves about something that has so much impact on their, and their family's, future. They'll invest countless hours into analyzing sports stats, or scrolling through needless social media posts, but won't spend an hour a week maintaining their financial health.