Darryl White officially takes reins at Bank of Montreal as chief executive + MORE Nov 1st

It’s as if everyone is obsessed with millennials’ finances.
One minute, our age group is being accused of spending too much money on lattes and avocado toast. The next, we’re being told we can’t afford homes because of said avocado toast (and when we live at home to save, we’re faced with backlash, too). To make matters even more confusing, a recent government study based on years of wealth surveys said millennials are actually wealthier than previous generations of people aged between 28 to 34. Pulling your hair out yet? Us, too.
So how are millennials *really* doing, money-wise? We asked five women how much they make each month, and how they spend it. From paying off student debt to balancing multiple part-time jobs, here’s what they had to say.
On juggling multiple side-hustles and managing a mortgage

(PHOTO: COURTESY OF JACKLYN MARWAH-CHOW)

Jacklyn Marwah-Chow, 25, lives in Toronto and works as a project and social media manager, as well as a fitness instructor…

TORONTO _ Darryl White officially started his new job as chief executive at the Bank of Montreal today.
White takes over from Bill Downe, who retired after more than a decade in the top job.
BMO (TSX:BMO) named White, who had been the bank’s chief operating officer, as Downe’s successor in April.
Before becoming chief operating officer, White had been group head of BMO Capital Markets.
Downe’s retirement leaves National Bank’s Louis Vachon as the last remaining big bank CEO who led his company through the 2008-9 financial crisis.
 
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You spent decades scrimping and saving to build up your retirement nest egg. And yet a lot of Canadians let inflation eat into their precious portfolio by leaving too much of it exposed, in cash.
Sure, there is a role for some cash. You’ll want to keep some accessible for household emergencies. And, in your portfolio, you might want some to use to take advantage of investment opportunities that pop up. But excessive amounts, sitting for long periods of time without a purpose, can cost you big time.
It is called a “cash drag.” Cash earns virtually nothing these days, so it drags down the performance of your portfolio. Let’s say you hold $50,000 in cash in your investment account, over and above what you have in your savings account for emergencies. If, instead, you had invested that money and earned a 5% return for 30 years you’d have $220,000 in your account. That’s $170,000 more, just by avoiding a lazy mistake.
Why this happens
There are three main reasons why some investors hold too much cash…

TORONTO _ Horizons ETFs Management Inc. says it has launched the first exchange-traded fund in Canada to use artificial intelligence for all security selection decisions.
The Horizons Active A.I. Global Equity ETF began trading today on the Toronto Stock Exchange under the ticker symbol MIND.
The ETF, sub-advised by Mirae Asset Global Investments, uses an investment strategy run by an AI system that analyzes data and extracts patterns.
Horizons ETFs president Steve Hawkins says MIND is expected to process market data and allocate assets more efficiently than any human manager.
MIND monitors more than 50 investment metrics from which it analyzes patterns and makes investment decisions.
South Korean-based Qraft Technologies Inc., a manufacturer of AI investment systems, created the technology powering MIND.
 
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The halt follows a tumultuous couple of months for the retailer, with the company selling off its storied Lord & Taylor property in the heart of New York City last month.