Derek Foster did something at age 34 that most Canadians don’t dream of until they are in their 60s.
Foster isn’t a workaholic (he spent his 20s backpacking around Europe, Australia and New Zealand and lived a number of years in Asia), nor was he the heir to some vast family fortune. He did it through a simple investment strategy, and now he is an “idiot” millionaire because of it.
Foster, who has appeared on Toronto-based Business News Network, and on CBC’s George Strombolopoulos Tonight, never did anything spectacular besides investing in simple stocks, but this one activity proved to be life-altering.
His approach is to buy stocks that pay dividends (ones that send you money regularly). Foster did not treat the stock market like a “get-rich-quick lottery,” but instead stuck to boring stocks that offered products and services people use every day.
He uses Colgate toothpaste as a good example.
“The reality is that people brush their teeth every day, and there have been two dominant brands for almost a century (Colgate and Crest),” said Foster.
While many investors get excited with glamour stocks such as Apple, RIM (Research In Motion) and Nortel, Foster sticks to stocks simple enough for any six-year-old to illustrate with a crayon.
Now, Foster, his wife and their five kids are embarking on a pan-continental adventure. They have sold their Ottawa home and purchased a 31-foot camping trailer which they will use to travel around and experience the various communities in North America.
Along the way, Foster is offering free talks on personal investment strategy, and he will be at the Vernon Library (2800 30th Avenue) Tuesday night at 7 p.m. for one of his Okanagan stops.
Foster is also the author of six national bestselling investment books. For more information, e-mail him at email@example.com.