Weekend Reading: Retire Rich Edition
One of the best investments you can make when looking to get a handle on your finances is a subscription to MoneySense magazine. For just $25 per year you’ll get eight issues loaded with useful tips and practical advice from some of Canada’s leading financial experts and authors. The MoneySense team is hosting a Retire Rich event on the…
Read MoreHow Is The Fee-Only Planning Business Going?
I’ve written about personal finance and investing for the past five years and over that time received countless emails from readers asking for financial advice about their unique situation. That’s why last year we started a fee-only planning service after recognizing the glaring need for unbiased and objective financial advice in Canada. As far as I know, I’m the only…
Read MoreOn Retirement – Early or Never?
Our current concept of retirement is relatively new. Past generations had no idea what it meant not to work. They only stopped when they physically had to. Here’s an interesting tidbit – in 1890, nearly everyone died while still employed, and if they were healthy enough not to expire on the job, they retired at…
Read MoreHow Parents Can Give Their Kids A Financial Leg Up
In a Globe and Mail column last year, Rob Carrick took parents to task for not saving enough for their kids’ education. He said that parents talk a good game – 82 percent want their children to attend University – but the numbers suggest they’re not backing it up with financial support. In a survey of 1,538 young…
Read MoreWeekend Reading: Me and My Money Edition
Back in January I sold my portfolio of dividend stocks and bought two exchange traded funds – Vanguard’s Canada All Cap Index (VCN) and its All-World ex Canada Index (VXC). The move has drawn some interest from readers and media alike, I think in part because I had abandoned a market-beating strategy to “settle” for market returns (minus a…
Read More350 Reasons To Switch Your Banking
When it comes to retaining customers, few businesses have had it easier than Canada’s big six banks. According to a 2014 Google consumer survey, just 14 percent of Canadians changed banks in the past year. This type of sticky relationship is due in part to inertia – many of us become customers for life after…
Read MorePotpourri: My Thoughts on TFSA Limits, Household Debt, and Income Tax
A few items in the financial news caught my attention recently and I wanted to share my thoughts on the topics of TFSA contribution limits, Canadian household debt, and provincial tax rates. Here goes: 1. TFSA annual contribution limit to increase to $10,000. The original TFSA rules in the Tax Act specify that the annual contribution…
Read MoreWeekend Reading: Millionaire Next Door Edition
Thomas J. Stanley, who co-authored The Millionaire Next Door, arguably one of the most influential personal finance books ever written, died in a car accident last week at the age of 71. Stanley’s work centered around the idea that financially successful people similar traits, namely living below their means and valuing financial independence over high status.…
Read MoreManaging RRSP/RRIF Withdrawals: Part II
Most financial advice we get is based on the premise that our post-retirement income will be less than pre-retirement income, and many of us do make less in our senior years. The RRSP is a great savings vehicle that provides financial incentives to contribute. The deductions defer the income tax we must pay to a later…
Read MoreAre You Frugal – Or Just Plain Cheap?
Frugal people and cheap people both love to save money. But there is a difference between being frugal or thrifty, and being cheap and stingy. Frugality makes you a more conscious spender. Being cheap means you try to avoid paying for anything. Related: 30 signs you grew up in a frugal family Frugal people have…
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