Posts by Boomer
How Do You Define Affordability?
A TV commercial for a local credit union features people discussing finances at a “round table.” One man comments, “It depends on how you define affordability?” Huh?? Is it affordable? Tanya sees a great sale on a designer scarf for $200. This brand almost never goes on sale and she just has to have it.…
Read MoreDo You Need A Formal Budget Plan?
Standard advice from most financial planners is that it’s essential to create a budget to track all expenses. It’s the best way to figure out where your money is going and to rein in any unnecessary spending. 5 Reasons to budget It helps you gain control of your finances. It helps you to achieve your…
Read MoreAre You Ready To Give Up Cash?
When I went shopping the other day there were a number of young girls at the cash registers bagging people’s groceries. They were raising money for their dance troupe and expecting donations. It occurred to me that not many people actually carry cash around anymore. How did this affect their fundraising efforts? I wonder if…
Read MoreHere’s Your Year-End Financial Checklist
The approaching year-end offers a great time to reflect on 2014 and look forward to 2015. It’s a good time to get organized and give some consideration to your finances. There are always changes that might be worth making to better your overall situation. Budget Take a look at your spending pattern for the year.…
Read MoreConverting An RRSP To A RRIF: What You Need To Know
You’ve spent years saving for your retirement. Now it’s time to enjoy the benefits of these savings. One option is to convert your savings from an RRSP to a RRIF. What is a RRIF? A RRIF is an extension of an RRSP. While your RRSP was used to save for your retirement, a RRIF is…
Read MoreHow To Become A Successful Investor: Prepare An Investment Policy Statement
To be a successful investor you need to control your emotions and commit to a disciplined investment plan. If you have an investment advisor or manager, he or she should have prepared a written investment policy statement (IPS) for you. This goes beyond the boilerplate “Know Your Client” questionnaire we’re familiar with. The IPS is…
Read More6 Life And Money Lessons From Our Elders
I recently attended a birthday party for a group of ladies who had reached the ages of 78, 84, 86, and 104. These ladies are residents of a retirement home. This is not a nursing home, but an assisted living facility. Even though the topic of conversation often leans towards aches and pains and other…
Read MoreDIY Wills – Are They Ever A Good Idea?
56% of Canadians don’t have a signed will. What makes people avoid this necessary estate-planning document? Is it the cost? Law firms typically charge $500 to $1000 for a basic will. Or, they just don’t have the time to get around to it. You have to find a lawyer, make an appointment during their business…
Read MoreWhy We Are Secretive About Our Money
“Money is a dangerous subject. Polite conversation avoids it. You may talk about economics, but not raw money.” – Max Plowman (1883 – 1941) People are generally quite gregarious. We interact all the time and continually seek out the company and approval of others. We talk about a variety of topics that would have been taboo…
Read MoreManaging Your Portfolio: How Many Stocks Should You Own?
A few days ago while my husband was watching interminable football game (after game, after game), I was scrolling through various financial sites and came across some interesting articles asking how many stocks should you own in your portfolio. Some advisors say no more than 10. Some say that 20 to 25 would give good diversification…
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