I hit the wall in Chapter 3: the Canadian Regulatory Environment. Twenty-eight pages of tedium, plus online exercises. I’m telling myself, you gotta get through this to get to the fun stuff in Chapter 4: Economic Principles. (Yes, by comparison, it is the fun stuff. At least we’ll get back to talking about money.)
Chapter 1: The Capital Market managed to make money seem like a force for good. Of course it can be, but it’s really just a thing. The people behind it are what matter.
Chapter 2: The Canadian Securities Industry was a little easier, despite multiple definitions of underwriting. (Anyone else think of underwire bras? No? Just me then.)
Ok, one more push to finish. I’m trying to convince myself this is sexy stuff. Arbitration sounds fancy. Examples of unethical practices should be juicy. Trying really hard not to think of Paul Giamatti in his Billions bondage gear. I may need to watch Richard Gere in Pretty Woman instead.
Highlights of what I’ve learned so far:
- Capital is just money that’s available so you can do stuff with it, like invest.
Having more capital (money) means people can invest, businesses can increase productivity and governments can get more stuff done. So capital is good.
- Lots of foreign countries invest in Canada because we’re seen as safe and secure. (Peace, order and good government baby!)
- There are seven different stock exchanges in Canada, not just the TSX.
- The big six banks run >90% of the country’s banking assets but there are oodles more banks (yes, oodles. Hey you’re not the one being quizzed. Believe me, I’m saving you.).
- There are entirely too many definitions of underwriting.
When the global economy collapsed in 2009 (and the world’s biggest capitalist society needed government bailouts – wow!) we all discovered we really didn’t know much about how or why. We recognized that our financial literacy is lacking. As a current Facebook meme says, I’m sure glad I learned about parallelograms in school instead of taxes…
Money is a funny thing. I like learning about it and talking about it. It comes from growing up without it. Over the years I’ve collected a little library of books on the topic, I subscribe to a magazine about it (MoneySense), I even have a monthly meeting with a group of women to discuss it. But even with all this, I know there’s still so much I don’t know.
Sure I know how to budget and save and invest – to a certain extent. I know there’s a whole other world out there and, despite having some math fears (seriously, I have recurring nightmares about high school math class), I took a big step.
I signed up for the Canadian Securities Course (CSC), the foundation you need to work in the financial industry here. The plan is to take the course over its suggested 135 to 200 hours of study, and to write about what I’m learning along the way. I’m hoping it’ll help me find new clients to write and edit for in the financial industry. At the very least I’ll learn more about how to make the most of my money so that one day, I won’t have to work so hard for it.
Will I be spending my summer Sunday afternoons on my balcony in studying bliss? Or will I have to replace my new financial calculator multiple times from throwing it in frustration?
Let’s find out. Let’s improve our financial literacy and do some book learnin’ about this money stuff. Most importantly, let’s find out how to avoid eating cat food in our old age.