Posts by Boomer
Financial Planning For Couples: What Are You Worth?
Couples become financially secure by building their net worth. Net worth is calculated by subtracting your liabilities (what you owe) from your assets (what you own). It is a snapshot of where you currently stand. There are lots of net worth calculators online, such as this one from Get Smarter About Money or, you can…
Read MoreFrom The Boomer & Echo Mailbag: Help! I Overspent My Christmas Budget
Q. Once again, I spent way over my Christmas budget. How can I prevent that from happening next year? The financial hangover left by Christmas spending is all too familiar. Every year you resolve to stick to your holiday budget and every year you find yourself caught up in a marathon of spontaneous and extravagant…
Read MoreThe Steady March Of Inflation
What were you doing in 2006? Maybe you were humming the latest Beyonce hit Check on It, or standing in line with your kids to see Ice Age: The Meltdown. Or, maybe you were discovering the newest social media craze and opening a Facebook account. Conservative Stephen Harper became our new Prime Minister, defeating Liberal…
Read More5 Things Missing From Your Retirement Budget
When preparing your retirement budget, it’s sometimes hard to anticipate every expense. One of the biggest mistakes newly retired people make is underestimating how much they will spend to afford a comfortable lifestyle. They end up overspending because they miss some necessary expenses. Underestimating expenses, or having several “one time” expenses can derail your budget and…
Read MoreFinancial Elder Abuse Is On The Rise
I was distressed to read the CBC news report about a 92 year old man who had basically been ripped off by his own children who had been draining his bank account. Even more disturbing is that financial abuse of seniors is on the rise, and the likeliest perpetrators tend to be family members, usually an…
Read MoreBook Review: Market Masters – Proven Investing Strategies You Can Apply
Whenever you want to learn a new subject, it’s always best to learn from others who are more experienced and successful in their field. This is especially true if you want to improve as an investor. In Market Masters, author Robin R. Speziale interviewed 28 of Canada’s top money managers who practise various investment styles…
Read MoreFinancial Planning For Couples: Starting To Invest
You should by now have spent some time as a couple prioritizing your goals and using the appropriate savings vehicle for your short and medium term goals. How far you need to go (your goal), and how much time you have to get there will determine the most suitable vehicle within your level of tolerance for…
Read MoreFrom The Boomer & Echo Mailbag: My Mortgage Is Almost Paid Off. Now What?
Q. I will be making my final mortgage payment in a couple of months. What happens next? Congratulations for achieving this big financial milestone. You’re about to own your home free and clear of any debt and, with the increase in your cash flow, you will improve your financial condition. Once that final mortgage payment…
Read MoreWhy Are Canadians So Loyal To Their Bank?
I have been dealing with my bank for decades and most of my financial products are held there. Yes, I know that I could get a higher interest rate on my savings account, or a lower trading fee on my discount brokerage if I switched. I think about it for a minute or two, and…
Read MoreAre You Wasting Time To Save Money?
A lot of people think frugality is all about saving money, and saving money on things you already buy or want to buy is a smart idea. But, are you spending too much of your time trying to save a couple of dollars? Your time is just as precious. Being frugal is making the best…
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