Posts by Boomer
Downsizing: Should You Buy Or Rent?
One of our readers, Joy, commented on the decision to downsize from their large home to a small rental bungalow. She states, “At this point we don’t expect to own a home again – we plan on being renters…the whole concept of being a renter is very freeing.” Joy mentioned that their lawyer told them…
Read MoreNever Scrimp On These Things No Matter How Broke You Are
Everyone likes to save money, but sometimes buying cheap or eliminating necessary expenses altogether can cost you in the long run. Some things are so important to your health and safety that it isn’t wise or cost effective to look for the cheapest option – or skip altogether. Don’t cut these from your budget no…
Read MoreExtended Warranties: Good Deal, Or Cash Grab?
When we downsized a couple of months ago we had to dispose of most of our furniture, as it just would not fit in our new home. As a result, we have been doing a lot of shopping lately! I’m not normally much of a shopper, so I was surprised that almost every transaction ended…
Read MoreWhen Is The Best Time To Invest?
It’s not surprising that investors (especially first-time investors) often worry about the timing of their stock purchases. They believe they can accurately predict when it will rise and fall. The financial media is obsessed with market timing. Market timing doesn’t work for the average investor – or even most professionals – so don’t listen to…
Read MoreCan I Afford To Retire?
Marcus says: “I’m 54 years old and I have a total of $1.8 million dollars in both registered and non-registered accounts. My house is mortgage free and worth about $650,000 and I own a rental property worth about $400,000. Can I afford to retire?” Well…yeah! Many people spend their whole lives diligently saving and working…
Read MoreDefined Contribution Plans: Why Opting Out Shouldn’t Be An Option
Many employers who provide pension plans have shifted from the traditional defined benefit (DB) plan, where the employer takes on most of the risk of providing fixed retirement benefits, to defined contribution (DC) plans, where the employee bears all of the risks. Related: Have we seen the last of the gold-plated pension? Although employers commonly…
Read MoreInvestor Home Country Bias
Many DIY investors have been accused of having home country bias when choosing their investments, especially those who are dividend-growth investors. What is home country bias? According to Investopedia, it is the tendency to overweight domestic holdings at the expense of foreign securities. These investors do not diversify their portfolios, which could have a negative…
Read MoreHaving That Difficult Money Conversation
Most people will talk about almost anything else before talking about their finances. The best way to teach your kids about money is to share your own financial management details, but who wants their 10-year old blabbing about their income and debts to everyone at school? And, unless you’re in a union-type job with a…
Read MoreWhy Canadian Investors Aren’t As Savvy As They Think
It’s a sad fact that Canadians know a lot less about investing than they think. Confidence can ride high when markets are rising steadily, but when their portfolio takes a beating, doubt sets in. When more than 4,000 Canadian investors were asked to answer a 10-question investment test only one-third got a passing grade. Only…
Read MoreChoose A Credit Card That Fits Your Lifestyle
The ability to use credit cards wisely is one of the most important financial skills you can learn. Everyone has different habits when it comes to credit card use and no single approach is best. When we got married in the early 1970’s, my husband dealt with the Bank of Montreal which introduced the MasterCharge…
Read More