Archive for February 2015
Weekend Reading: High Mutual Fund Fees Edition
We’ve been beating this drum for years now but a new study by the Canadian Centre for Policy Alternatives suggests that high mutual fund fees could cause Canadians to delay their retirement by as much as 11 years or else leave them with 40 per cent less money for their retirement. The study compares the management fees charged…
Read MoreOne Simple Test For Your Financial Advisor
I doubt very much you’re asking your financial advisor enough questions, and are worse off because of it. I think I’ve got a handle on why – let me see if any of this rings a bell: You don’t have enough time: It’s tough to commit time to an appointment when there are so many…
Read MoreAre You a Risk-Taker?
“Risk taking is inherently failure prone. Otherwise it would be called sure-thing taking.” – Jim McMahon The Merriam-Webster dictionary defines risk as the possibility of loss or injury; the chance of something going wrong; an outcome that can be different than expected. People who like the thrill of skydiving or mountain climbing can take great risks…
Read MoreTaking a Long-term View of Your Finances
I like to keep tabs on my finances for both the short-and-long term. A monthly spending summary is great for keeping track of where your paycheque goes, and an annual forecast works well for spotting trends and opportunities for your money. But it’s also nice to gaze into the future. I want to know what…
Read MoreWeekend Reading: Outdated CFP Curriculum Edition
I’ve spent the past two weeks studying hard for part three of the four-course CFP certification program. Learning the program online through the Canadian Institute of Financial Planning is fine, I don’t mind learning online, but I’m frustrated by some of the outdated material. This course is about strategic investment planning and includes gems like technical analysis, financial…
Read More3 False Reasons to NOT Buy a Stock
This is a guest post by Mike, aka The Dividend Guy. He authors The Dividend Guy Blog since 2010 and manages portfolios at Dividend Stocks Rock. He is a passionate investor. For the past five years, I’ve exchanged a lot of email with many of my readers. One of the main topics of discussion is…
Read MoreMaking The Most Of Your Costco Membership
Many of us have a Costco membership to take advantage of discounts on bulk food and household goods. Be aware, though, that the warehouse giant does not always offer the lowest price on an item. Sales, loss leaders, and generic goods at competing stores may give you a better deal. Related: Is the Costco Executive…
Read MoreNew or Used: What’s Your Car Buying Approach?
Most consumers generally fall into two camps when it comes to buying a car: those who buy new for the latest technology and safety features, and those who buy used because they believe buying new is a waste of money. We all know that a car is a depreciating asset and it loses the most value…
Read MoreWeekend Reading: Alberta Schadenfreude Edition
Plunging oil prices of the past few months has weakened the Alberta economy – so much so that it briefly considered adding a provincial sales tax before deciding on an across-the-board 5 percent spending cut. Is the rest of Canada taking pleasure in Alberta’s misfortune? This CBC article suggests just that while exploring the West vs. East,…
Read MoreManaging RRIF Withdrawals: Part I
As we know, the amount invested in an RRSP directly reduces your taxable income so you get a tax deduction today. The money invested then grows on a tax-deferred basis until it is withdrawn. When you withdraw money from the plan, it is treated as regular income and taxed for that year. The common theory…
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