Who are your investment heroes?
The ones I’ve worked with in my career – some of the brightest, most practical and sensible people, both in life and in their approach to investing. The lessons they taught me was to always keep a perspective on what happens around me when everyone else loses theirs. Tune the sound. Also to have a discipline – mine is diversification – and focus on your process and stay committed to it through the ups and downs of the markets.
How do you prefer to spend your free time?
First and foremost, travel and spend quality time with friends and family. Sports, such as skiing, snowboarding and physical fitness, are a big part of my routine. I am committed to volunteering. I sit on the national board of directors of Ronald McDonald House Charities. It is very close to my heart. Our work allows families to focus on their children’s health rather than financial stress. And I am the co-founder and member of the investment committee of the Black Opportunity Fund. It is a long-term endowment fund committed to fighting systemic racism by empowering black community-focused charities and entrepreneurs for success, investing capital and providing credit options. Our goal is to empower the black businessmen, philanthropists and leaders of the future.
If money were no object, what would you do now?
I love what I do for a living – I wouldn’t change that. I love who I work with and the clients I have. More money would mean the freedom to do more of what I love most: volunteering, traveling, eating healthy, spending time with friends and family – and in exotic destinations.
What is your first memory of money?
My maternal grandparents were strong influences. I believed they would be in my life forever, and in many ways they are. They taught me important and practical lessons: how to save money, pay only for what one can afford, how to have a good relationship with money and control it. That made an impression. I try to share this advice with customers.
What’s the first thing you remember buying with your own money?
I bought a go-kart. I was so proud when I first drove it on the high school track, and I felt like a Formula 1 racer. I’ve learned that it’s never about the money; rather, some money will allow someone to do. I take the same approach with clients: money is the freedom to achieve goals or manage circumstances.
What was your first job?
I had a paper trail for The Toronto Star, which allowed me to buy and collect Marvel comic books. After reading them, I kept them in comic book bags, figuring they would one day become collectibles. I still have them. I was already an investor then. That’s foresight: start early.
What was the biggest money lesson you learned as an adult?
Time is on our side – use it wisely. diversify. Don’t have all your money in one basket and take too much risk. This important lesson kept me from trying to win the “home run” investment. Diversification and time are on our side.
What’s the best money advice you’ve ever received?
To have a plan, focus on the target and block out the noise that distracts me from my plan.
This post Duane Ledgister’s tips on investor distraction, the value of volunteering and more
was original published at “https://www.moneysense.ca/columns/my-moneysense/duane-ledgister/”