Posts by Boomer
Protecting Your Portfolio From Rising Interest Rates
The Bank of Canada has increased interest rates twice since July and many are anticipating one or more hikes before the end of the year. Investors need to consider how rising interest rates might affect their portfolio. Rising Interest Rates and Inflation The effect of inflation on savers and investors is the loss of purchasing…
Read More10 Items To Consider Buying Used (Plus 5 Things I’d Never Buy Used)
Buying used items can be one of the biggest ways to save money. A report by Kijiji states that the average Canadian family of four saves about $1,150 each year buying second-hand items. If you want to try your hand at golf, or need a bicycle, exercise equipment, or a TV stand, why not look…
Read MoreRetirement Planning Advice For Singles
Retirement planning advice for singles is similar to that for couples – track your expenses, clear up debt, automate your savings, and keep investment costs low. However, being single, whether by choice, or as a result of being widowed or divorced, presents some financial planning challenges. The biggest challenge of being a single person is…
Read MoreHow To Convert Your RRSP To A RRIF
When I worked in banking, on December 31 we usually closed the branch at 3 pm so us bankers could get a head start on our New Year’s Eve partying. One year, at about 2:55 pm, a fellow sat down in my office and told me he needed to convert his RRSP to a RRIF.…
Read MoreBuilding Your Wealth: What You Need To Know Before Investing In Mutual Funds
An investment is an asset or item that is purchased with the hope it will generate income or will appreciate to create future wealth. There are lots of types of investments – from stocks and bonds, antiques, art and collectibles, and real estate. All investments have different ways of being selected and purchased, and each…
Read MoreBanks Dropping The Ball On Children’s Banking Options
Children start saving money at an early age. Eventually they will need an alternative to their piggy bank to stash their cash. One of the best ways to teach children basic money skills is to have them open a bank account. Once upon a time, youngsters would leave the bank branch proudly clutching a passbook…
Read MoreFrom The Boomer & Echo Mailbag: Repaying The Home Buyers’ Plan Loan
Q. Last year (2016) my husband and I bought our first home. For part of the down payment we withdrew from our RRSPs under the Home Buyers’ Plan – $25,000 from mine and $10,000 from his. We’ve had a lot of expenses this year and money is a bit tight. What happens if we don’t…
Read More25 Money Savings Tips
Running a household can be expensive. Big savings on things like mortgage rates and large purchases are worth more dollar wise, but you can also save by cutting back on smaller stuff. A lot of what we do are just habits. With just a little thought you can easily minimize costs. Here are some real…
Read MoreYou Haven’t Saved For Retirement? Why It’s Not Too Late To Make A Plan
In financial publications, you regularly read about couples that are wondering if they are able to retire as planned. These people all seem to have above average incomes, company pension plans, have been saving since they were five years old and have amassed a respectable portfolio. The consensus is always, “Yes, you will definitely be…
Read MoreCan You Really Afford That Mortgage?
My husband and I purchased our first home when we were 23 and 21 respectively. Back then the mortgage approval process used all of his income but only 50 percent of mine. Income requirements have changed since then. If both spouses (or common-law, or other applicant) are working, the total of both incomes is utilized…
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