The Upside: Budgeting, saving and investing 101

00:00.333 --> 00:06.106

Subtitles are AI-Generated.

 

00:06.106 --> 00:09.376

Welcome to the upside. I'm your host, Tamara Radocaj.

 

00:09.376 --> 00:13.646

Wondering how to budget, save, or start investing without feeling overwhelmed.

 

00:13.646 --> 00:16.816

In the spirit of Financial Literacy Month, we're here to talk about it and

 

00:16.816 --> 00:20.020

answer some pre-submitted questions from young people starting out on their

 

00:20.020 --> 00:21.855

personal finance journeys.

 

00:21.855 --> 00:25.959

Welcome to Daniela Florea, Alternatives Investment Analyst, and

 

00:25.959 --> 00:30.030

Julianna Martino, Sustainable Investment Specialist, who are here

 

00:30.030 --> 00:34.200

with us today to break down the basics of personal finance, from common myths

 

00:34.200 --> 00:37.404

to smart tools to realistic timelines and more.

 

00:37.404 --> 00:39.406

Daniela and Julianna, welcome.

 

00:39.406 --> 00:41.074

Thank you for having us. Thanks.

 

00:41.074 --> 00:45.311

Of course. All right, before we dive into some personal finance

 

00:45.311 --> 00:48.815

questions, can you both just tell us a little bit about who you are and what

 

00:48.815 --> 00:50.583

you do at Fidelity? Yeah.

 

00:50.583 --> 00:52.585

Daniella, let's start with you. Yeah, for sure.

 

00:52.585 --> 00:56.589

Thanks. So, as you mentioned, I'm an investment analyst on our alternatives

 

00:56.589 --> 01:00.427

product development team. And so, what that essentially means is I'm

 

01:00.427 --> 01:04.831

responsible for supporting and enhancing Fidelity Canada's retail

 

01:04.831 --> 01:08.268

lineup of alternative mutual funds and other solutions.

 

01:08.268 --> 01:12.272

And so, really, it involves providing critical support for new product

 

01:12.272 --> 01:16.443

development initiatives by delivering competitor industry

 

01:16.443 --> 01:20.680

and strategic analysis to inform our product strategy.

 

01:20.680 --> 01:24.684

And really, this means collaborating with external resources sometimes, but a

 

01:24.684 --> 01:28.822

lot of different internal parties as well throughout Fidelity

 

01:28.822 --> 01:33.059

in order to bring new product launches to life and solution new solutions to

 

01:33.059 --> 01:37.063

market and ensuring that they are ultimately supported with materials

 

01:37.063 --> 01:41.000

that you know are effectively communicating the investment.

 

01:41.000 --> 01:42.836

Merits of each offering.

 

01:42.836 --> 01:45.972

Yeah, and I'm Julianna Martino, as you mentioned, a sustainable investment

 

01:45.972 --> 01:49.876

specialist on our product team. And there's kind of three ways I think about my

 

01:49.876 --> 01:52.779

role. First, we call it product management.

 

01:52.779 --> 01:56.516

So being the subject matter expert on the sustainable investment products that

 

01:56.516 --> 02:01.087

we offer and providing updates on performance and commentary,

 

02:01.087 --> 02:05.258

product development, so doing that market competitor and product analysis and

 

02:05.258 --> 02:08.461

seeing where there's viable opportunities to launch new products.

 

02:08.461 --> 02:11.564

And then also there's a lot of reporting requirements and kind of just staying

 

02:11.564 --> 02:15.335

abreast of the regulatory landscape, just because you know the landscape is

 

02:15.335 --> 02:18.838

dynamic and evolving. So, you know, every day does look different, but in a

 

02:18.838 --> 02:21.007

nutshell, those are my responsibilities.

 

02:21.007 --> 02:21.941

Very exciting.

 

02:21.941 --> 02:26.246

Yeah. All right, Daniela, first things first, first question

 

02:26.246 --> 02:28.081

How do you start a budget?

 

02:28.081 --> 02:31.684

Are there apps or other resources available to help get started?

 

02:31.684 --> 02:35.421

And what are the timelines we should consider when building budgets?

 

02:35.421 --> 02:39.192

Yeah, great question. I think it's it's it's a lot of things to unpack.

 

02:39.192 --> 02:42.395

And a single question is something, you know, we always probably think about as

 

02:42.395 --> 02:45.732

individuals and you know, as we try to think about where our money goes each

 

02:45.732 --> 02:49.836

month. So with that being said, you know, I'd say budgeting is extremely

 

02:49.836 --> 02:53.740

important because we often have competing priorities with respect to how you

 

02:53.740 --> 02:57.010

know we're spending our income on in a given month.

 

02:57.010 --> 03:00.847

And so I think the first step I would highlight is just really about awareness.

 

03:00.847 --> 03:04.951

So taking a look at, you know, where you've been spending over the past

 

03:04.951 --> 03:08.688

couple of months and where your money is essentially going towards and kind of

 

03:08.688 --> 03:12.859

you know, working to categorise those different areas, whether it's housing,

 

03:12.859 --> 03:16.863

transportation, food, miscellaneous impulse

 

03:16.863 --> 03:19.332

bias, it's really just being aware of that.

 

03:19.332 --> 03:22.368

So once you have that picture, you could really start with a monthly budget.

 

03:22.368 --> 03:25.338

And there's different types of budgeting approach that you could approaches

 

03:25.338 --> 03:29.409

that you could apply, and that really just depends on your lifestyle

 

03:29.409 --> 03:33.112

a lot, right? So you could do like a pay yourself budgeting method, or you

 

03:33.112 --> 03:37.584

could do a method where you're allocating a purpose to each dollar.

 

03:37.584 --> 03:40.787

In terms of, you know, what are the types of resources that you could use to

 

03:40.787 --> 03:43.256

help you start a budget? There's lots out there.

 

03:43.256 --> 03:46.125

There's a lot of independent apps that could help you do this.

 

03:46.125 --> 03:50.230

If you have online banking with your financial institution, their apps often

 

03:50.230 --> 03:52.131

have some budgeting tools incorporated.

 

03:52.131 --> 03:55.969

The government of Canada also has a budget planner on their website.

 

03:55.969 --> 03:59.672

And of course, you know, the old pen and paper always work as well or an Excel

 

03:59.672 --> 04:01.941

spreadsheet on your laptop.

 

04:01.941 --> 04:04.978

Can always come in handy. So there's lots of different ways that you could go

 

04:04.978 --> 04:08.414

about starting your budget and really tracking it on a monthly basis.

 

04:08.414 --> 04:12.819

In terms of timelines to get to the last part of your question

 

04:12.819 --> 04:16.422

is I'd say probably at the start, you want to give yourself a couple of months

 

04:16.422 --> 04:20.493

to really see the flow of where your cash is going

 

04:20.493 --> 04:22.829

and whether you can actually stick to that budget, right?

 

04:22.829 --> 04:26.099

Maybe we may not set something that's realistic for us.

 

04:26.099 --> 04:30.169

And we have to always keep in mind that, you know, it's about consistency, not

 

04:30.169 --> 04:33.606

perfection. So I think you want to give yourself yourself a couple of months

 

04:33.606 --> 04:37.543

to, you know, actually get in that flow of tracking and, you know, making sure

 

04:37.543 --> 04:40.980

that what you've set as your budget targets actually, you know, makes sense

 

04:40.980 --> 04:43.383

given your current lifestyle.

 

04:43.383 --> 04:47.453

Great. And Julianna, as someone's planning a budget, how

 

04:47.453 --> 04:49.756

would they differentiate between a want and a need when they're trying to

 

04:49.756 --> 04:51.724

allocate all the different categories?

 

04:51.724 --> 04:55.728

So I think the question you need to ask yourself is is this expense required

 

04:55.728 --> 04:59.165

for my daily life and functioning, or is it just a nice nice to have?

 

04:59.165 --> 05:03.169

If it is required for actually maintaining your basic well-being, then

 

05:03.169 --> 05:07.340

chances are it's a need. So this could be rent or housing costs, maybe your

 

05:07.340 --> 05:10.943

basic groceries, paying down the minimum credit card payment.

 

05:10.943 --> 05:14.213

These are needs. If it is something that provides you with maybe more

 

05:14.213 --> 05:18.284

enjoyment, convenience or comfort, in that case, it's likely

 

05:18.284 --> 05:20.153

not essential and it's a want.

 

05:20.153 --> 05:23.823

So rather than basic groceries, it could be, you know, ordering takeout or

 

05:23.823 --> 05:27.593

going out for dinner, maybe going to concerts or buying more clothes when you

 

05:27.593 --> 05:30.063

already have a closet full. These are all wants.

 

05:30.063 --> 05:32.699

But it is important when you're budgeting to account for both.

 

05:32.699 --> 05:35.101

You know, Daniela talked about different approaches.

 

05:35.101 --> 05:39.339

You could pay yourself first. You can consider a 50-30-20 rule

 

05:39.339 --> 05:43.343

where 50% of your money is going towards those needs, 30%

 

05:43.343 --> 05:46.779

is going towards those wants, and then 20% goes towards savings and

 

05:46.779 --> 05:50.550

investments. And in this case, you're covering all bases because you're

 

05:50.550 --> 05:53.820

covering the essentials, you're covering your fun, but then also helping to

 

05:53.820 --> 05:55.922

prepare for your financial future as well.

 

05:55.922 --> 06:00.226

Fifty. 3020, that's a really great rule to follow.

 

06:00.226 --> 06:03.196

Next question, Julianna, is for you.

 

06:03.196 --> 06:07.266

How much liquidity or cash should I save in my account and how much

 

06:07.266 --> 06:08.368

should I invest?

 

06:08.368 --> 06:12.038

Yeah, so it's a tough question because ultimately there is no one size fits

 

06:12.038 --> 06:16.209

all. It really does kind of depend on your age, maybe your income,

 

06:16.209 --> 06:20.146

your goals. And so liquidity at the end of the day is the cash that you have

 

06:20.146 --> 06:24.217

available for daily living, maybe for emergencies.

 

06:24.217 --> 06:28.454

Typically putting aside maybe 50 to 70% of your money into a

 

06:28.454 --> 06:32.692

cash or checking account so it's readily accessible is typically appropriate.

 

06:32.692 --> 06:35.161

And then investing is more for long term growth.

 

06:35.161 --> 06:38.197

And so you're putting it aside because you want it to grow over time.

 

06:38.197 --> 06:42.535

In this case, maybe setting aside 30 to 50% of your money is appropriate

 

06:42.535 --> 06:46.773

because you know you're allowing time to work on your side and allowing

 

06:46.773 --> 06:50.209

that money to grow over time. So again, it really does depend on the person,

 

06:50.209 --> 06:51.878

what your goals are.

 

06:51.878 --> 06:56.382

But just and also thinking about how these percentages might change over time.

 

06:56.382 --> 06:59.419

You know, as you have more savings, you can choose to invest more.

 

06:59.419 --> 07:03.556

So keeping an eye, reassessing, I think it's important to just consider that

 

07:03.556 --> 07:06.092

when you are you know, setting your money aside.

 

07:06.092 --> 07:08.494

Great, Daniela, you're next.

 

07:08.494 --> 07:10.663

Julianna mentioned an emergency fund.

 

07:10.663 --> 07:12.732

Can you talk a little bit more about that in more depth?

 

07:12.732 --> 07:15.635

What is an emergency fund and why should someone have one?

 

07:15.635 --> 07:19.305

Yeah, for sure. And I think as Julianna said, what emergency fund essentially

 

07:19.305 --> 07:23.309

is is just money set aside for unexpected expenses, like say your

 

07:23.309 --> 07:26.979

car breaks down and you now need to do repairs, or your phone breaks and you

 

07:26.979 --> 07:30.750

need to get a new one. Those are things that you're perhaps not anticip not

 

07:30.750 --> 07:35.054

anticipating to happen, but that you do need to have some money aside

 

07:35.054 --> 07:38.758

for. So it's essentially akin to like a financial safety net.

 

07:38.758 --> 07:42.829

So it should be money that's easily accessible, but that's also separate

 

07:42.829 --> 07:46.432

from your everyday spending account that you know you kind of talked about.

 

07:46.432 --> 07:49.635

And you know, ideally it's been typically recommended that this, you know,

 

07:49.635 --> 07:54.040

emergency fund should be about three to six months of essential

 

07:54.040 --> 07:57.243

expenses. But once again, this will really depend on, you know, your current

 

07:57.243 --> 08:01.247

financial situation. You know, if you're a student in undergrad or,

 

08:01.247 --> 08:05.485

you know, perhaps you've just entered the workforce, it may not be as realistic

 

08:05.485 --> 08:07.386

to have, you know, larger amounts.

 

08:07.386 --> 08:10.423

But even if it's something smaller, it could still help so that you're not

 

08:10.423 --> 08:14.527

relying on debt when it comes for these unexpected expenses

 

08:14.527 --> 08:18.664

and you still have some sort of cash or like liquidity available for these more

 

08:18.664 --> 08:20.867

unexpected type expenses.

 

08:20.867 --> 08:24.070

Great. Julianna, our next submitted question.

 

08:24.070 --> 08:28.074

What's the best way for young investors to decide between focusing on long-term

 

08:28.074 --> 08:32.078

growth investments versus short-term goals like saving for travel or other

 

08:32.078 --> 08:32.778

events?

 

08:32.778 --> 08:36.382

Yeah, it's a great question. I think the trick is match your money with your

 

08:36.382 --> 08:40.219

timeline. If it's something that you're aiming to achieve and maybe draw on the

 

08:40.219 --> 08:44.290

money within a few months to just a few years, then likely putting it

 

08:44.290 --> 08:48.294

into that kind of cash checking short-term savings account is

 

08:48.294 --> 08:51.898

appropriate. If it's something that you're planning to set your money aside for

 

08:51.898 --> 08:55.902

maybe three to five years plus, considering investments like

 

08:55.902 --> 08:59.805

stocks, bonds, mutual funds, or investment accounts.

 

08:59.805 --> 09:02.542

You know, if you're thinking about your retirement, then a registered

 

09:02.542 --> 09:06.279

retirement savings plan. If you're thinking of your first home, the first home

 

09:06.279 --> 09:10.383

savings account, considering those options is more appropriate if you know you

 

09:10.383 --> 09:14.120

want to set your money aside. Ultimately, you want to benefit from compound

 

09:14.120 --> 09:18.224

interest. And as a young person, starting early, you have more time on your

 

09:18.224 --> 09:20.293

side for that money to grow.

 

09:20.293 --> 09:23.663

So really it it does come down to what your timeline is.

 

09:23.663 --> 09:27.266

Short term, just think you want to draw on it sooner or cash or checking.

 

09:27.266 --> 09:30.436

Long term, you want to set it aside. So investments is typically the right

 

09:30.436 --> 09:32.405

approach. Cool.

 

09:32.405 --> 09:33.406

Daniella.

 

09:33.406 --> 09:37.276

What do you think is the biggest misconception that people have about managing

 

09:37.276 --> 09:38.644

their finances?

 

09:38.644 --> 09:42.815

Yeah, that's a great question. And I think, you know, you know, admittingly,

 

09:42.815 --> 09:46.352

I probably was victim to one of these misconceptions at some point in my life.

 

09:46.352 --> 09:49.455

And I think the really big one is that you need to have a lot of money to start

 

09:49.455 --> 09:51.390

managing it effectively.

 

09:51.390 --> 09:55.461

So in reality, like good financial habits really do matter more than

 

09:55.461 --> 09:57.463

you know, current income levels.

 

09:57.463 --> 10:01.467

So, you know, tracking your spendings, you know, saving some money

 

10:01.467 --> 10:05.605

aside for investing as well, paying yourself

 

10:05.605 --> 10:09.075

first are all steps anyone can take, regardless of whether you're doing this

 

10:09.075 --> 10:12.812

with $25 a month or you know, a thousand dollars a month.

 

10:12.812 --> 10:16.182

And I'll revert here to a concept, you know, we often talk about with respect

 

10:16.182 --> 10:19.619

to investing, but which I think can really apply, which is that, you know, the

 

10:19.619 --> 10:23.689

concept of you know, compound interest or compounding in general, it applies

 

10:23.689 --> 10:27.927

to budgeting as well, where if you're applying these small habits

 

10:27.927 --> 10:31.697

with respect to your finances, but you're doing so consistently, it can really

 

10:31.697 --> 10:34.734

go a long way over longer periods of time.

 

10:34.734 --> 10:38.170

And I think another misconception that I also wanted to point out is that many

 

10:38.170 --> 10:41.874

people probably think that like budgeting is restrictive, but it really

 

10:41.874 --> 10:44.677

shouldn't be that. It's not about saying no.

 

10:44.677 --> 10:48.748

In truth, it should be about, you know, a good budget giving you freedom to

 

10:48.748 --> 10:53.285

spend where you want later on because you've allocated for it ahead of time.

 

10:53.285 --> 10:55.121

Plus, it's always nice to find a little

 

10:55.121 --> 10:58.324

extra surprise in a you know in a budget that you you didn't get to spend all

 

10:58.324 --> 11:01.260

the way and you were like, oh I get to surprise, right?

 

11:01.260 --> 11:06.098

For sure. Don't know how often that happens, but

 

11:06.098 --> 11:08.467

Right, exactly.

 

11:08.467 --> 11:10.636

Another another one for you, Daniela.

 

11:10.636 --> 11:14.640

What are some practical ways for people to stay consistent with budgeting while

 

11:14.640 --> 11:18.644

managing variable expenses like social events, travel, especially

 

11:18.644 --> 11:21.113

when income changes month to month?

 

11:21.113 --> 11:24.150

Yeah, that that's a great question. And I think you know it's inevitable that

 

11:24.150 --> 11:27.186

you know your income may change from time to time, you know, throughout the

 

11:27.186 --> 11:30.222

different stages of your life, like Julianna mentioned, or your expenses may

 

11:30.222 --> 11:32.324

also change throughout the different stages of your life too.

 

11:32.324 --> 11:36.462

So I think it's important to be adaptable with respect

 

11:36.462 --> 11:40.466

to your budget. So I would say that if your income or expenses fluctuate,

 

11:40.466 --> 11:42.802

it's good to think in averages.

 

11:42.802 --> 11:47.206

So you know, basing your spending plan on a typical monthly income

 

11:47.206 --> 11:51.043

as opposed to you know a very strict number that you have in mind.

 

11:51.043 --> 11:54.313

So that way when you have, you know, like a higher earnings month, you could

 

11:54.313 --> 11:58.317

set more aside for, you know, whether it's your investing or some

 

11:58.317 --> 12:02.555

sort of expenses. And that can help compensate or provide a cushion

 

12:02.555 --> 12:06.392

for maybe some of the leaner months where perhaps your income is lower or your

 

12:06.392 --> 12:09.495

expenses are higher, right? Or a combination of the two.

 

12:09.495 --> 12:13.666

I'd say you can also create like a fun or a flex category

 

12:13.666 --> 12:16.702

for your budget for things like dining out or travel.

 

12:16.702 --> 12:19.905

And then once again, that way you can enjoy yourself without breaking your

 

12:19.905 --> 12:23.109

budgeting plan because you've allocated ahead of time.

 

12:23.109 --> 12:27.279

And, you know, one that I would be remiss if I wouldn't mention it is using

 

12:27.279 --> 12:30.549

automation as your friend, right, where possible.

 

12:30.549 --> 12:34.954

So setting up automatic transfers for savings or bill payments

 

12:34.954 --> 12:38.724

right after payday, because then you know for sure that you're going to get to

 

12:38.724 --> 12:42.228

some of those essential expenses first before going and spending your money on

 

12:42.228 --> 12:42.962

other things.

 

12:42.962 --> 12:45.364

Yeah, those are great, because then you forget about it and then you're like,

 

12:45.364 --> 12:47.366

oh, this, you know, this has grown quite nicely.

 

12:47.366 --> 12:50.169

I forgot that I did this, and you don't notice the money isn't there.

 

12:50.169 --> 12:52.171

So for sure.

 

12:52.171 --> 12:56.876

Okay, one final question before we finish off.

 

12:56.876 --> 13:00.179

What's a piece of advice that both of you have to people as they're starting

 

13:00.179 --> 13:03.149

their personal finance journeys? Julianna, let's start with you.

 

13:03.149 --> 13:06.519

Yeah, I would say track where your money goes before trying to change it.

 

13:06.519 --> 13:10.055

I think really understanding your spending habits and knowing how much money

 

13:10.055 --> 13:14.026

you're making and how much you're spending is the foundation for good financial

 

13:14.026 --> 13:17.163

management. Once you kind of know where your money is going, you can make more

 

13:17.163 --> 13:21.233

intentional decisions. But then ultimately just appreciating and understanding

 

13:21.233 --> 13:25.404

that it is a journey, you know, especially budgeting, starting your budget

 

13:25.404 --> 13:28.507

as a young person is gonna change the older you get, the more money that you

 

13:28.507 --> 13:31.877

have. So understanding that it's a journey and it's important to reassess and

 

13:31.877 --> 13:33.712

adjust accordingly.

 

13:33.712 --> 13:35.714

Daniella, what what's your piece of advice?

 

13:35.714 --> 13:39.618

Yeah, I'd say probably I'd echo Julianna and a lot of the points there is, you

 

13:39.618 --> 13:43.556

know, focusing on your cash flow, focusing on building good credit, and

 

13:43.556 --> 13:45.858

you know, making a habit out of saving.

 

13:45.858 --> 13:49.795

You know, once again, going back to that whole compound interest discussion is

 

13:49.795 --> 13:53.632

whether it's small, starting now is better than starting later.

 

13:53.632 --> 13:57.303

And most importantly, keeping in mind that money management isn't about

 

13:57.303 --> 14:00.506

restriction. It's actually about, you know, giving yourself that freedom and

 

14:00.506 --> 14:02.975

options for your future self.

 

14:02.975 --> 14:05.878

Because the financial choices you make now, you know, can make your

 

14:05.878 --> 14:09.949

postgraduation or other life events and

 

14:09.949 --> 14:11.784

potentially less stressful.

 

14:11.784 --> 14:15.387

And you know, one final thing I'll say is, you know, never compare your

 

14:15.387 --> 14:19.058

personal financial journey with others because it should at the end of the day

 

14:19.058 --> 14:22.828

be focused on your own goals and what you want to achieve and what you can do

 

14:22.828 --> 14:26.832

on the day-to-day, whether it's with respect to spending and investing, that

 

14:26.832 --> 14:28.667

can help you get to those goals.

 

14:28.667 --> 14:29.935

Amazing. Well, thank you.

 

14:29.935 --> 14:32.972

Well, so much for the insights today. I definitely learned a lot.

 

14:32.972 --> 14:35.774

Thank you for having us. Thank you.

 

14:35.774 --> 14:39.044

Thank you for joining us on today's episode of The Upside.

 

14:39.044 --> 14:42.181

If you want to explore more of our financial literacy content, you can head to

 

14:42.181 --> 14:46.185

Fidelity.ca's investor education section for all things investing, no

 

14:46.185 --> 14:49.955

matter your knowledge level. You can also check out our money gain series on

 

14:49.955 --> 14:54.326

YouTube, a whole library of explainer videos talking about investing basics.

 

14:54.326 --> 14:58.330

For even more content, you can find Fidelity Canada on YouTube, LinkedIn,

 

14:58.330 --> 15:02.735

Reddit, Instagram, Facebook, as well as our Upside and Fidelity Connects

 

15:02.735 --> 15:05.771

podcasts with new episodes dropping daily.

 

15:05.771 --> 15:09.541

Once again, I'm Tamara Radocaj Thank you for watching, and we'll see you again

 

15:09.541 --> 15:10.442

on the upside.

 

15:27.226 --> 15:31.597

Thanks for listening to, or watching, Fidelity Canada's The Upside Podcast.

 

15:31.597 --> 15:35.601

Subscribe on your podcast platform of choice so you don't miss an episode.

 

15:35.601 --> 15:39.271

If you like what you're hearing please leave a review or a 5-star rating.

 

15:39.271 --> 15:42.541

Fidelity mutual funds and ETFs are available by working with a financial

 

15:42.541 --> 15:45.411

advisor or through an online brokerage account.

 

15:45.411 --> 15:49.014

Visit fidelity.ca/howtobuy for more information.

 

15:49.014 --> 15:52.484

While on fidelity.ca you can also find more information on future live

 

15:52.484 --> 15:56.422

webcasts. Don't forget to follow Fidelity Canada on LinkedIn, YouTube,

 

15:56.422 --> 15:58.190

Instagram or X.

 

15:58.190 --> 16:00.693

We'll wrap things up today with a quick disclaimer.

 

16:00.693 --> 16:04.430

The views and opinions expressed on this podcast are those of the participants

 

16:04.430 --> 16:08.500

and do not necessarily reflect those of Fidelity Investments Canada ULC or its

 

16:08.500 --> 16:12.504

affiliates. This podcast is for informational purposes only and should not

 

16:12.504 --> 16:15.407

be construed as investment, tax, or legal advice.

 

16:15.407 --> 16:18.911

It is not an offer to sell or buy or an endorsement, recommendation or

 

16:18.911 --> 16:21.880

sponsorship of any entity or security cited.

 

16:21.880 --> 16:25.451

Read a fund's prospectus before investing. Funds are not guaranteed.

 

16:25.451 --> 16:29.088

Their values change frequently and past performance may not be repeated.

 

16:29.088 --> 16:33.225

Fees, expenses and commissions are all associated with fund investments.

 

16:33.225 --> 16:35.627

Thanks for tuning in. We'll see you next time.