Posts by Boomer
Estate Planning For Blended Families
My husband’s mother and step-father were each in their third marriage when I met them. My mother- in-law had two children from her second marriage (my husband and his brother), and my father-in-law had two children from each of his first two marriages. When my father-in-law passed away, his estate avoided probate because his assets…
Read More10 Tips For Negotiating A Raise
I’m sure I’m not the only one who has worked several years for a company, got good annual reviews and a 1% pay increase, only to see a new hire for the exact same position starting at a salary $5,000 higher than you’re earning now. You can focus on the non-monetary benefits of your job – the…
Read MoreWhat’s In Your Professionally Managed Portfolio?
In the world of DIY investing, many mutual fund investors bailed out in droves from their high-priced funds and have turned to lower cost ETFs. Basically, both mutual funds and ETFs are a diversified collection of stocks and bonds. ETFs have lower fees because they are “passively managed,” meaning their holdings closely match their specific…
Read MoreFrom The Boomer & Echo Mailbag: Designating A RRIF Beneficiary
Q. I will soon be converting my RRSP into a RRIF. Currently the beneficiary is my estate. I was told I could save money if I named my children as equal beneficiaries. What are the tax implications of doing this? When there is no “qualified” beneficiary – i.e. spouse or dependent child or grandchild –…
Read MoreSome Debts Can’t Be Avoided. Here’s How To Keep Debt To A Minimum
There’s been a lot of attention in the media about the high level of consumer debt Canadians are indulging in compared to their disposable income. Easy access to inexpensive credit and little stigma attached to being in debt, as well as the pressure felt to keep up with society’s image of success makes overconsumption a…
Read MoreWhen Do You Stop Helping Your Adult Children?
Rodney and Carol retired in their early sixties. A few years later their youngest child, Greg, lost his graphic arts job and decided to start a small manufacturing business. To start the company, he got his parents to invest $50,000. They wanted to help their son succeed in his dream, so they made the investment.…
Read MoreSave Money By Avoiding Costly Add-Ons
There have been numerous studies showing how people who pay for their purchases by credit card spend more money than if they would have paid by cash because they upgrade or buy impulsively. But, a lot of people pay off their balances in full each month and use their credit cards for various reasons –…
Read MoreWhat Is Your Credit Score? (Should You Know It?)
One way to determine your financial creditworthiness is to know your credit score and how it is calculated. You can get free credit reports from Canadian credit reporting agencies such as Equifax and TransUnion once a year, but they do not include a credit score. Until recently, you either had to pay for this information…
Read MoreI Am Still A Dividend Investor
Mark Seed recently wrote in his blog, My Own Advisor, that his thoughts on his dividend investing style haven’t changed. This was actually a rebuttal of the post by our own Robb Engen, aka Echo, who described why he switched to an all ETF portfolio a short while ago. It’s apparent that readers of both…
Read MoreFrom The Boomer & Echo Mailbag: Retirement Planning For Single Women
Q. I am a single woman, by choice. So much financial advice is written for couples. How can I invest for my retirement when I have to cover all my living expenses by myself? Women are already at a disadvantage when it comes to saving for retirement. They often face lifestyle and economic issues that…
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