Don’t spend, invest—and other secrets from millionaires + MORE Mar 30th

SPEEDREADER
Book: Secrets Self-Made Millionaires Teach Their Kids
Author: Steve Siebold
Publisher: London House
Price: $17.97 (Paperback) $7.80 (Kindle)
Link: https://www.amazon.com/Secrets-Self-Made-Millionaires-Teach-Their-ebook/dp/B078RP8J17
WHO IT’S FOR: Parents interested in sharing some key financial wisdom with their children and grandchildren, but also for those interested in seeing what’s inside the minds of self-made millionaires.
MORE SPECIFICALLY: Any parent, grandparent or teacher who wants to empower their children with money and life advice.
DOES IT BUST ANY MYTHS? Yes, that parents who haven’t been financially successful can’t teach their kids about money. They can with the help of this book.
WHAT’S THE COMMONSENSE CONCLUSION? Money is important but so is hard work and keeping good values.
INTERESTING FACT. The book is based on 34 years of interviews by tennis-player-turned-professional-speaker Steve Siebold with self-made millionaires and how they raise and educate their kids for financial success and everything that surrounds them…

Q. I started investing with a financial advisor 10 years ago and have $200,000 in RRSPs and TFSAs. I now have more time to manage my money, so I want to get rid of my advisor and my mutual funds (which all have MERs over 2%) and move everything into a self-directed account. Can I make this transfer easily?
— David N.
A. Transferring your accounts to an online brokerage is relatively straightforward. But if you decide to work with one of the big-bank brokerages, I suggest making an appointment and visiting a branch in person to open your new accounts. While many of the steps can be done online, it’s usually easier and less error-prone to do this at a branch. Bring your photo ID, a void cheque, and recent statements from the accounts you have with your advisor.
Related:The most popular online brokerage for DIY investors
When you fill out the forms to open your new accounts, you can complete the transfer requests at the same time. You’ll be asked whether you want to transfer your mutual funds “in kind” (without selling them) or “in cash” (selling them first and then transferring the proceeds)…

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Q. After buying two GICs, I received a statement showing $575 in commissions paid to my broker by a third party. I thought GICs were free of commissions. Any light you could shed on these fees would be greatly appreciated.
— Tom
A. There are few universal truths in investing, Tom, but one is that nothing is free. Fees on financial products can be transparent or hidden, but they are always in there somewhere. In the case of GICs, the commissions are so well hidden that very few investors even know they exist.
If you buy a GIC through an agent—whether an online brokerage, a GIC broker, or a financial advisor—the issuer of the GIC pays a commission to that agent. The amount is typically 0.25% of the face value of the GIC multiplied by the number of years to maturity.
Related: Is it safe to have $600,000 invested in GICs?
Here’s an example. Let’s say you work with a financial advisor and she decides to purchase a five-year GIC in your account for $25,000. The advisor has a list of banks, credit unions and trust companies offering GICs, and she learns that XYZ Bank currently offers the best interest rates…