Posts by Robb Engen
Net Worth Update: 2016 Year-End Review
I like to use the week between Christmas and the new year to take stock of my personal finances, reflect on the year that was, and plan out my goals for next year. I’ve already shared my 2017 financial goals, so now it’s time to update my net worth statement. As you know, I’m on a…
Read MoreWeekend Reading: Christmas Edition
With Christmas around the corner we’d like to send a thank-you to all of our readers for supporting the Boomer & Echo blog this year. It’s been an amazing year, starting with a long overdue re-design of the blog (thanks to Justin Bouchard at Top Shelf Web Solutions), plus a commitment to add more photos and visual elements…
Read MoreI Want To Buy A House In 3 Years. Should I Invest My Down Payment?
Interest rates on savings accounts and GICs are abysmal these days, so it can be tempting to put your hard earned savings into the stock market for a chance to juice your returns. But how and where you save and invest depends a lot on your time horizon – when do you need the money?…
Read MoreWeekend Reading: More Banks Behaving Badly Edition
BMO will pay back almost $50 million to clients who were overcharged on their mutual funds and investment accounts. The settlement was worked out by the Ontario Securities Commission, which said BMO “self-reported” the problem and there was no evidence of dishonest conduct by BMO. But something fishy is going on when the OSC has already…
Read MoreMy 2017 Financial Goals
I’m a bit of a money nerd. Not only do I blog about money but I also get excited about my year-end financial checklist and putting together a budget and financial goals for next year. I’ve used this blog as a way to set financial goals and hold myself accountable to achieve them. While…
Read MoreHow To Save For Large Purchases
As a financial blogger I get asked all the time how to save for large purchases such as a vacation, renovation, or an expensive Christmas season. My answer is pretty simple: make a spending plan at the start of the year. I’ve been tracking my spending for many years and one thing that has allowed me to…
Read MoreWeekend Reading: Amazon Go Edition
Amazon turned heads this week when it announced a new grocery store shopping experience with no check-outs or line-ups. The online retail giant recently opened an 1,800 square foot retail space in Seattle as a pilot project for its employees, with hopes to open Amazon Go to the public in early 2017. The company explains its vision…
Read MoreCommission-Based Advice and Suitability: A Dangerous Combination for Canadian Investors
The average Canadian investor has little clue how their financial advisor gets paid, or that their advisor is only obligated to provide advice and product recommendations that is suitable, but not necessarily in the best interests of their clients. Commission-based advice Why does this matter? Commission-based advice leads to conflicts of interest. Namely, advisors who…
Read MoreWeekend Reading: CBC Marketplace Edition
I had the honour and privilege to work with the CBC Marketplace team in Toronto last month to put together a story about Air Miles and its unpopular expiry policy. But then, just a day before the episode was to go live, Air Miles backed down and cancelled its expiry policy effective immediately. The CBC…
Read MoreShould Rewards Points Be Allowed To Expire?
Nearly a decade ago every province in Canada passed some form of legislation that banned expiry dates and most fees on gift cards and prepaid cards. Canadians spend nearly $6 billion annually on gift cards and these regulations ensure that consumers get the full value of their gift card no matter when they decide to…
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