Weekend Reading: More RESP Clean Up Edition
A few months ago I wrote about some changes I plan to make to our kids’ RESP portfolio. We’ve used TD’s e-Series funds for this account, but will switch to an ETF portfolio using Justin Bender’s excellent RESP strategy. Along with this portfolio reboot, I’ll also change how we fund the account (annually versus monthly).…
Read MoreWhen Life Insurance Is Sold, Not Bought
They say life insurance is a product that’s sold, not bought. This decades-old maxim was shamefully brought to light when the Financial Services Regulatory Authority of Ontario (FSRA) looked into troubling sales practices in the life insurance industry. Troubling, indeed. FSRA examined life insurance agents at three firms – World Financial Group, Greatway Financial Inc.,…
Read MoreWeekend Reading: Canadian Financial Summit Edition
The Canadian Financial Summit is back for its seventh year and I’m really excited about this year’s line-up of speakers. This year’s conference takes place from October 18th to 21st. You can grab your free ticket here. A reminder for those of you new to the Summit – it’s a virtual (and free!) personal finance…
Read MoreI’m Single. Can I Afford To Buy A Home?
Canada is in a full blown housing crisis. While much of the housing conversation centres around sky high prices in Toronto and Vancouver, affordability issues stretch across the entire country. The average home price in Canada was $650,140 as of August 2023. This is especially problematic for single Canadians. Canada’s single population has increased steadily…
Read MoreHow To Trick Your Lizard Brain Into Saving More Money
Humans aren’t wired to make rational decisions. Our lizard brain, responsible for satisfying all of our primitive survival needs – including safety, hunger and feeling as good as possible at all times – sabotages our behaviour every day. And it can sabotage our bottom line, too. Lizard brain makes us do the same things –…
Read MoreWeekend Reading: How Much Will You Spend In Retirement Edition
Investors often look to rules of thumb or mental shortcuts to help guide their decision making. Unfortunately, there aren’t many good rules of thumb that can help determine how much you will spend in retirement. The 4% safe withdrawal rule, while a decent starting point, is not particularly useful. For one, investors don’t just have…
Read MoreWeekend Reading: Maximizing Life Enjoyment Edition
Some of my younger clients are concerned they might be over-saving. I think they might be onto something. I have the unique perspective of having written hundreds of retirement plans over the last eight years. One common theme is that retirees who had a high savings rate throughout their careers are rarely able to flip…
Read MoreNet Worth Update: 2023 Mid-Year Review
What a difference a year makes! At this time last year we owned an empty lot and had cashed out our TFSAs to help fund our new house build. Stocks were also down pretty significantly in mid-2022. Our finances were still in flux at the end of 2022 because we didn’t have a possession date…
Read MoreWeekend Reading: RESP Portfolio Reboot Edition
Happy Father’s Day! Today seems like a good day to talk about the changes I plan on making to reboot our kids’ RESP portfolio. For years, I’ve invested our RESP contributions into TD’s e-Series funds – contributing $416.66 per month and then buying one of four e-Series funds (Canadian, US, or International equities, plus Canadian…
Read MoreA Two Fund Solution For Investing In Retirement
The transition to retirement can be hard enough without having to deal with a mess of individual stocks, mutual funds, and/or ETFs held across several accounts and institutions. Indeed, one of the most sophisticated moves you can make is to simplify your investment portfolio as you head into retirement. Consider Chris and Liza, a couple…
Read More