Tina V's daughter, a recent Canadian graduate, feels overwhelmed by mortgages and the rent-versus-buy decision. Most young adults lack basic financial education and hesitate to ask for help. Marc Haine recommends formal training to understand the process before buying.
My daughter is in the process right now. She's looking at either renting or buying her first place. And she's so frustrated because it is so beyond. Like she's got a degree. She's a smart kid, born and raised in Canada. But it's so intimidating when you don't understand how a mortgage works. You have to go to the bank. You have to understand the process for warranties. And she's like, well, why isn't anyone just taking the time to explain? Yeah. Explain the basics to me before I make these massive decisions. So, I think somewhere we've lost that piece because like, that's how we have to come into this. We're not parents per se when we're leaders. But there is such a high component of teaching that is involved. And I think that people don't realize that. They just assume people know things and they don't. And they're too scared to ask.
So, to your point, one of the best practices would be get out there and get trained. Right.
