Peter Nguyen remembers what finances were like in his family growing up with his parents, who arrived in Canada before he was born.
“They were very frugal when I was growing up,” he explains in a telephone conversation with Inspired investor. “They were always looking to save more and spend less. They were afraid and inhabited by a mindset of scarcity. »
Mr. Nguyen admits that this mindset has influenced him and that he often feels the same anxiety about money and spending.
“They never taught me how to invest,” he says, “because they were afraid of losing money. »
If you’ve used TikTok, you may have already come across Mr. Nguyen, also known as @peternugget. This 24-year-old content creator from Toronto often produces short comedic pieces about his observations of life and relationships. The platform brought him luck. He attracted millions of subscribers, which gave him a good income. Additionally, it was his interest in the platform that first got him interested in the world of investing and prompted him to look into his own financial habits.
“So many creators on TikTok are making videos about investing,” says Mr. Nguyen. “As time went on, I thought maybe this is what I should do. I should make my money work. »
Mr. Nguyen admits that he received a large sum of money in his bank account after his career took off, and he wasn’t sure what to do with it. Feeling encouraged by what he saw from other content creators, he knew he wanted to put his funds to work. He contacted an advisor at his bank branch to take his first steps in investing.
Mr. Nguyen became interested in the potential of smart technology to guide his investment decisions and has since begun to explore other ways of investing and opted for the online investment platform RBC Investi-Clic.
A turning point came when Mr. Nguyen earned enough money to pay off his parents’ mortgage.
“I think my parents’ main goal in life is to find stability and comfort, and I wanted to help them achieve that,” he says. “I learned more about their history in Vietnam at that time. It was logical that they would be afraid. When they arrived here, they had to fight to survive. »
In doing this for them, he realized that the knowledge he was gaining could have a profound impact on his family’s financial well-being. He understood the cultural differences that often surround discussions about money within immigrant families. Traditionally, prudent financial approaches prevail, and people prefer to save rather than invest. Mr. Nguyen saw an opportunity to challenge these norms with his parents and provide them with the tools necessary for financial growth.
“I recently raised this issue with them and will work on it over time,” says Mr. Nguyen. “I would like to make them understand that they are afraid and that it is not just about risks and loss of money. »
Mr. Nguyen went to college to become a teacher before his passion for content and social media took over. It therefore seems normal to him to educate his parents through patient discussions. He takes the time to explain the power of interest compounding, the importance of diversification, and the risks associated with different investment instruments. At first he was met with skepticism, but he persisted and used realistic examples and analogies to bridge the generation gap.
Mr. Nguyen says growing up frugal kept him from spending money on things like travel. Today, thanks to his recently acquired financial independence, he is eager to discover the world, and his investments prepare him perfectly for this eventuality.
“I am taking steps today to adopt healthy habits and to ensure a peaceful financial future,” he says. “I hope my parents will join me. »
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2024-02-01 20:04:28
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