Justin Lee, Irvin Ho, and Shun Lee, three SFU graduates, have made waves with Young Guys Finance, a website that educates young people through videos and workshops about personal finance. Back in 2014, the trio realized that most young people didn’t know how to manage their finances to maximize returns and thus took it as an opportunity to begin their venture.
In an interview with The Peak, the three spoke about their inspiration and approaches to teaching, and also gave some tips to students.
The Peak: What was the inspiration for your venture?
Shun: We noticed that there really weren’t any resources that were tailored to young Canadians like us. This was when we saw the opportunity to create something that could benefit people similar to us.
Irvin: We started to experiment with budgeting, apps to manage money, and investing. We also started to ask our peers about their knowledge on personal finance and the common answer was that they had no idea what they were doing.
P: What is the reaction that you have received so far?
Justin: It’s been really exciting. We’ve gotten positive messages from students and professionals from all backgrounds complementing our new approach to financial literacy.
Shun: One of my favorite quotes from one of our readers was “I love that your content is informative in a simple and concise way, and I appreciate the humor you smuggle in here and there.”
P: How has it been working with one another and how important is teamwork to you?
Shun: All of us have a slightly different background in terms of our own studies and profession. I enjoy my responsibility within the team because in the areas where I lack in-depth knowledge, Justin and Irvin are able to help fill the gap with their expertise.
Irvin: We have spent countless hours working on projects together, we are almost family at this point.
P: What approaches do you favor to educate millennials financially?
Shun: [Being] concise, yet informative. Very few millennials are willing to sit down and read through dozens of financial books to learn how to start saving or investing.
Irvin: We aim to cut the crap and focus on what millennials need to learn.
P: What financial advice would you give to students?
Justin: Always ask for student discounts. Worst case, they say ‘no’, best case, you get a small discount for something. I would suggest paying off student debts before investing. Debt will cripple your net worth.
Shun: It’s time in the market, not timing the market. Make sure you start investing money early to give it time to grow.
Irvin: All your monthly expenses can and should go through a credit card. If you’re spending on these expenses, why not consolidate your spending, why not earn some cash-back or rewards on the side, and why not start building your credit score now?
P: What would you say are the top 3 skills behind successfully managing finances?
Justin, Shun, & Irvin:
1. Being persistent and sticking to your investing plan, rather than chase the highs and lows of the stock market.
2. Being honest with yourself and spending within your means.
3. Investing in a portfolio where you can set it and forget it.
