Robin Taub Financial Consulting

30/05/2024

Whether you graduated in the 2020s or in the 1980s (*ahem*), we all had something in common: Rotman Commerce, University of Toronto

Which made it really easy to connect with new people and reconnect with old classmates.

I loved learning what my fellow alumni were doing with their education.

The diversity of careers was really impressive, from wealth management to event management, from strategy to consulting and many other interesting roles.

When I started my career in audit, I never thought I'd work in derivatives, or that one day I'd be a personal finance author and speaker.

But my education gave me the foundation, and the confidence, to pursue challenging roles. And it seems I'm not alone!

25/04/2024

I look forward to answering your questions!

Ask them here: https://www.reddit.com/r/FidelityCanada/comments/1c5p6qg/hey_reddit_im_robin_taub_cpa_ca_a_personal/

Did you know? 64% of Gen-Z rely on parents and family members as their main source of financial advice.

Robin Taub, CPA, CA, personal financial expert, is hosting an (Ask Me Anything) on for on April 30 at 12 p.m. ET.

Drop your questions here: https://ow.ly/IbgO50RjoMW

01/04/2024

April is *Financial Literacy Month* in the US, so we thought it was the perfect time to update our map of financial literacy in American schools. (In Canada, Financial Literacy Month is in November, and we updated our Canadian map last fall.)

*25 states require students to take a financial literacy course in order to graduate from high school.

*10 states require a financial literacy course to be offered to students.

Given that 70% of states now offer financial literacy education in school, you may think you’re off the hook!

But according to research, most people believe it is a parent's job to teach their kids about money. If you agree, but don't know how to have these conversations or what to talk about, The Wisest Investment is your roadmap.

And if your kids do get financial education in the classroom, they will be at the top of the class!

26/03/2024

🏆 Oppenheimer may have swept the Oscars, but award season isn’t over yet…

Robin Taub Financial Consulting has been selected as a 2024 Excellence Awardee in the annual Wealth Professional Awards, in the category of IFSE Institute Award for *Financial Literacy Champion*.

Congratulations to my fellow Financial Literacy Champion awardees!

I’m honoured to be included on this shortlist, along with Tracey Bissett, CFA 🔹 Female Speaker and Benjamin Felix, both of whom have interviewed me on their excellent podcasts.

Each of these nominees commits their time, financial support, and resources to improving the lives of Canadians through educating adults, seniors, and children.

I am encouraged and inspired by all the work they do to further financial literacy from coast to coast🍁

15/03/2024

The only answer I got wrong when I tested my knowledge of fraud was...
..the final question regarding who is typically targeted:

Who is typically vulnerable to becoming a targeted victim of fraud?
A. Seniors
B. Newcomers to Canada
C. Women over the age of 50
D. Everyone

Having had first-hand experience with elder fraud, I guessed A. Seniors, thinking they were the most vulnerable.

But sadly, the answer was D. Everyone.

The quiz I took, from the Financial Consumer Agency of Canada | Agence de la consommation en matière financière du Canada newsletter, identified *11* types of fraud/scams (link in comment).

As the FCAC states, "digital innovation has transformed the financial landscape. While these changes may have benefited you as a financial consumer, they have also provided fraudsters with new opportunities to steal your money."

This text I received recently is a great example.

March is the 20th anniversary of Fraud Prevention Month in Canada.

Please talk to your kids, who do *everything* on their phones, about fraud, scams and identity theft. The Wisest Investment can help you with these conversations.

14/03/2024

Are your parents anxious about your interest in crypto investing? Contributor Sandy Yong (The Money Master Book) spoke to Shannon Lee Simmons and I about how to have family conversations about this and other tough money topics.

Are your parents anxious about your interest in crypto investing? Here’s how to have family conversations about this and other tough money topics.

05/03/2024

Last weekend, I attended the most effective and *enjoyable* networking event of my entire career!

At the Reciprocity Ring event, hosted by Rotman Commerce, University of Toronto (at Rotman School of Management, University of Toronto, my alma mater) as part of its centenary year celebrations, students and alumni had the opportunity to engage in meaningful “give and receive” exchanges.

It’s the opposite of typical networking events where you just shake hands and connect on LinkedIn.

As my session facilitator Anthony Adair said: “The Reciprocity Ring is not just a networking session where you just mingle from group to group. It’s purposeful—you’re here to help and get help—with anything and everything. It’s been pretty incredible to see the connections made just by asking: you never know what someone else might be able to help you with!”

Here's how it worked:

Each participant made one meaningful ask, either professional or personal, and presented it to the group of about 20 people. An example of an ask in my group was to connect with people in the mining industry for an AI start-up.

As each participant answered questions to clarify their ask, the rest of us started thinking about if and how we could offer to help fulfill that request.

After everyone presented, each person made 4 - 6 offers to help. Even if we couldn’t personally assist, we offered to connect the person with information, advice or someone in our network who might be able to help.

There’s no denying that giving back and helping others, whether with time or money, feels good. Giving is one of the Five Pillars of Money in The Wisest Investment and something that can be taught at every age and stage.

27/02/2024

Pop quiz! How many of the following financial acronyms do you know?

1. ESG
2. ETF
3. GIC
4. RSP
5. ROI
6. TFSA

Are you surprised that only 3% Canadians recently surveyed by Tangerine correctly named all 6 financial acronyms?

Financial jargon is one of the biggest barriers standing in the way of saving and investing. For those without industry knowledge, financial jargon decreases investment willingness because it decreases understanding.

According to this survey, half of Canadians say they are more likely to invest the more they understand financial acronyms.

Financial advisors and parents can help bridge the knowledge gap and empower their clients and the next generation with financial literacy.

The Wisest Investment explains all of these acronyms, and more, in plain language.

Thanks to Rob Carrick for bringing this survey to our attention in his recent Carrick On Money newsletter.

21/02/2024

For Financial Education, There’s No Place Like Home!

According to a recent CNBC survey, most people believe it is a parent's job to teach their kids about money.

*64% of students look to their parents and family members as their primary source of financial advice

*But only 15% of parents have financial conversations with their kids more than once a week

*And 31% never discuss it at all

🤷‍♂️ Why the silence?
Parents may not know what topics to cover, lack guidance on how to bring up financial conversations or simply feel uncomfortable discussing money matters with their children.

📚 The solution?
The Wisest Investment: Teaching Your Kids To Be Responsible, Independent and Money-Smart for Life, lays out a financial roadmap for teaching your kids about money. Filled with practical guidance and examples, suggested activities and family discussions, worksheets and self-assessment tools, it’s a book you will turn to again and again. Bonus: your older children can read it too!

🏫 Don’t kids learn this in school?
While many schools now offer financial literacy education, the foundation is laid at home

30/01/2024

Top 10 things keeping wealthy Canadians (and their advisors) awake at night...
..according to a recent article from Canadian Family Offices

1. Transitioning wealth - Ralph Awrey MBA CA CPA explains that "preparing the next generation for the responsibility of wealth is a foundational factor for successful transfer of intergenerational wealth."

2. The reluctant heir - Mindy Mayman describes seeing "the next generation be less materialistic and sometimes expressing that as a disinterest in the family wealth...so the question is how to bring them into the fold in a way that's meaningful for them."

3. Spoiling the kids - According to Steve Legler, MBA, FEA, CPCC, his clients "don't want (their) kids to screw up (their) wealth and don't want (their) wealth to screw up (their) kids!"

(The remaining 7 things keeping wealth families and advisors up at night can be found in the article - link in comments)

The Wisest Investment can help you and your clients sleep at night.

29/01/2024

Has "loud budgeting" replaced "quiet luxury" in 2024?

And why is loud budgeting suddenly so popular?

Is it just another TikTok trend or does it speak to something more fundamental?

I share my thoughts, along with Kristine Beese of Untangle Money, in the following article by Aya Al-Hakim:

TikTok’s newest trend is empowering people to speak openly about their finances