Posts by Robb Engen
Home Equity Line Of Credit: Friend Or Foe?
Last month, the Bank of Canada issued a report highlighting the explosive growth of home equity line of credit use and mortgage refinancing in the past decade, which have surged from $8 billion in 2001 to $64 billion in 2010. Canadians appear to be using these loans for two main reasons. They are either paying…
Read MoreHow To Boost Your Credit Card Rewards
I use a cash back credit card to earn credit card rewards on my everyday purchases and monthly bill payments. Since I spend the money anyway, I like to use the method of payment that gives me the best return. You need to look at your overall spending habits to figure out the best credit…
Read MoreWill A Pension Plan Handcuff You To Your Job?
It’s getting harder to find a job with a good pension plan these days. The average employee with a defined benefit plan will typically spend three decades working for the same organization and can be set for life in retirement. I consider myself lucky to have a pension plan, but ask me again in ten…
Read MoreHow Young Adults Can Still Thrive Financially
Much has been written recently about the financial state of young Canadians. The Globe and Mail’s Rob Carrick thinks today’s young adults have it tougher than ever, and financial expert Kurt Rosentreter thinks Canadian 30 year olds are screwed because we spend too much time on the internet. I get it. We’ve just experience a…
Read MorePitfalls Of Chasing The Highest Dividend Yield
Back in early 2009 I sold my mutual funds and opened a discount brokerage account with TD Waterhouse. I had about $30,000 to invest, and after doing some research on individual stocks I was drawn towards investing in companies that pay regular dividends. Related: Mutual Fund Fees – The High Cost Of Canadian Funds At…
Read MoreStudent Loan Repayment: How Quickly Should You Pay It Off?
Not many students can afford to pay for their entire post secondary education without some form of education financing. The average student loan debt for graduating students in Canada is over $20,000, seriously harming their financial position as they enter the workforce. But should you be focused on student loan repayment as soon as you’re done…
Read MoreOur Fast Track To Financial Freedom
I spent most of my twenties paying off student loans and credit card debt. When I reached my thirties, my financial priorities shifted from paying down debt to saving for the future, with an eye towards financial freedom. We want to find the right balance between saving, investing and paying down our mortgage. After our…
Read MorePros And Cons Of Waiting To Buy A Home
Home ownership is considered a rite of passage for most adults. Whether it’s a house or condo, people of all ages and stages in life want to own their own home. Currently, 2 out of every 3 Canadian households own the home they live in. The challenge for many Canadians is the cost of buying…
Read More10 Fees That Are Worth The Money
Some fees just can’t be avoided, but that doesn’t mean every fee is designed to rip you off. You can feel good about paying fees when they provide enough benefit to justify the cost. Whether it saves you time, gives you peace of mind, or actually saves you money in the long run – in…
Read MoreIs The Costco Executive Membership Worth Buying?
If you love shopping at Costco as much as I do, chances are you’ve been asked to upgrade to the Costco Executive Membership. I never thought we spent enough money at Costco to justify paying the additional membership fee. However, with a growing family to support, lately we’ve been spending a lot more money there.…
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