Inspired by Derek Foster

Last evening, I joined a large group of Guelphites who had gathered at the main branch of the Guelph Public Library. We all hoped to glean valuable knowledge and advice from Derek Foster, one of Canada's youngest millionaires.

This dynamic young man spent his twenties travelling around Europe, Australia, New Zealand and Asia. During that time he continually invested and, one day, he realized his investments had made him a millionaire. He retired at age 34 and wrote a number of national bestselling books about investing.

In the hour-long presentation, he shared many of his strategies with us.

• Do not invest in any stocks dependent upon the economy. For example, airlines and RIM. 
• Select simple, recession proof stocks. Look for products that are used daily and dominated by few players. For example, Crest and Colgate are two dominant players in the toothpaste industry. 
• Buy stocks that pay dividends.
• Use a discount broker.
• In his latest book, The Idiot Millionaire, Derek recommends over 40 stocks.