Archive for September 2017
Weekend Reading: Renting Is Bad Advice Edition
I remember three years ago reading then MoneySense Editor-in-Chief Duncan Hood’s confession that he – a lifetime renter – got caught up in a bidding war and purchased a home in downtown Toronto. I remember reading how elated he felt when his final offer secured his dream home, as if overpaying by tens of thousands,…
Read MoreThe Importance Of A Power Of Attorney
My mother was in excruciating pain when I took her to the hospital. The nurse came in with some forms and asked if she wanted to sign a DNR – do not resuscitate – if her heart stopped. Apparently this is standard procedure because of her age. Moaning, my mom said, “Just let me die.” I…
Read MoreProtecting 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 MoreNew American Express Cobalt Card: Juicy Rewards for Millennials and More
This post reviews the new American Express Cobalt Card. Canadians love credit card rewards programs but finding the best one to suit our needs can be a challenge. A family of four with two working spouses might see the bulk of their budget go towards groceries and gas, but a metro millennial might spend more…
Read MoreWeekend Reading: Million Dollar Bet Edition
It’s over. Mercy rule in effect. The losing side took their ball and went home. At the end of 2007, investing legend Warren Buffett famously made a million dollar bet with hedge fund manager Ted Seides of Protégé Partners. Buffett wagered that a low-cost S&P 500 index fund would perform better than a group of…
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 More5 Financial Traps Seniors Fall Into And How To Avoid Them
Scott Terrio’s Twitter feed reads like a financial horror story. Terrio, an insolvency expert at Cooper & Co. in Toronto, uses the 140-character medium to share the multitude of ways seemingly well-off Canadians end up buried in debt and turning to debt consolidation, consumer proposals, and even bankruptcy. Canada’s record household debt levels have been…
Read MoreWeekend Reading: Unpopular Opinions Edition
I grew up in Calgary in the 1980s and became a huge Calgary Flames fan at a young age (’89 baby!). The Flames organization, like many Canadian sports teams, struggled in the 1990s as the league expanded and the Canadian dollar sunk below 70 cents (player wages are paid in U.S. dollars). By 1999, attendance…
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.…
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