About – short version
Welcome to Profit Moose! My real name is Brendan. I am a 31 year old male from St Albert, Alberta. I have a masters degree in Mechanical Engineering. I have a strange obsession with learning and I realized that I knew very little about personal finance beyond “save more”. So after finishing school I used my newfound free time to study investing. On this blog I’ve boiled down countless books, blogs, teachings, and hunches into what gets the best return for the least work. Sometimes I talk about non-finance things too. Join me in blazing a trail through the financial forest like the majestic moose!
About – long version
I first opened a bank account at the age of 7. And by that I mean my parents gave me $10 and put it in the bank under my name. Soon I discovered that the bank paid me for letting them hold my money. It was a magical thing to learn that money could be used to make more money. Growing up I was mesmerized by watching the interest payments slowly rise as I continued making deposits. Meanwhile my friends continued to spend everything on candy, clothes, and games.
Attending university I continued my frugality, and limited my spending to when I knew it would directly affect my happiness. With this attitude, along with engineering internships in my summers, teaching assistantships, and receiving tuition support from my wonderful parents and grandparents, I managed to graduate debt free.
Despite spending 19 years of my life in school I realized I never learned anything about financial planning beyond “get a good job and save money”. I was doing both those things but the money was just sitting in that same savings account from age 7. The monthly interest amount was increasing but I was now painfully aware that my interest was barely 1% and inflation was 2%. Effectively I was losing 1% of my life savings per year!
This would not stand, so I asked my friends and family what I should do and the prevailing answer was “get mutual funds”. My parents had already gotten me started with mutual funds years prior using inheritance money from my grandfather. I took their advice and met with Investors Group and promptly gave them the keys to my financial future.
I felt good to be finally investing and I was expecting 5% returns, much better than -1%, but there was a nagging voice in my head that kept saying “you can do this yourself“. I googled “investing for beginners” and the learning began.
Within 6 months I closed my account at Investors Group (taking a hefty penalty of back end fees) and opened a do-it-yourself trading account at a discount brokerage. The moose is loose! (Sorry, that’s the last moose cliche I’ll ever use)
“Yea but….” As a single male in my late twenties with an engineering salary I understand that my financial situation is different from the majority. I don’t have an expensive family, debt, low paying job, or <insert other financial obligation>. However this doesn’t mean that my advice isn’t relevant or credible! If I had children and a lower paying job I would practice the same strategies with less money.
I’ve never had high interest credit card debt or student loans, and I don’t have a mortgage right now, so I’ll just say this. ALWAYS pay down high interest debt first (>7%, I’m eyeing your credit card debt) but it may not be necessary to pay down low interest debt (<4%) immediately. With proper investing you should be able to earn a 7% return for a profit of 3%. In between those debt numbers is that strange land where you decide for yourself.
Why is your site coloured black?
Do you enjoy staring at bright lights? Yes? Weirdo. No? Me neither. Every time I encounter a dark website my eyes thank me, and yours will too. Just because the world started reading on white paper doesn’t mean our computers have to look like paper!Spam your friends: