Posts by Sandi Martin
One Simple Test For Your Financial Advisor
I doubt very much you’re asking your financial advisor enough questions, and are worse off because of it. I think I’ve got a handle on why – let me see if any of this rings a bell: You don’t have enough time: It’s tough to commit time to an appointment when there are so many…
Read MoreHunting Season: How to get more out of your RRSP this year
Folks, it’s time to break out your fluorescent orange safety vests and get ready for hunting season. Across the country, bank employees are flipping through lists of RRSP leads, and – if you any products at all with the bank – your name is on one of those lists. Normally, of course, an orange vest…
Read MoreHigh Value Banking: How Much is the Royal Treatment Worth to You?
Imagine this scenario: you’ve gone into the bank to see about setting up a home equity line of credit, or buying a cottage, or increasing your regular RRSP contributions. You’ve sat down in the banker’s office, gone through the details of your request, and – as you’re talking about how much equity you have, what…
Read MoreBudgets, Cash Flow Plans, and Spending. Yawn.
I know, I know. Budgets just sound like Remedial Personal Finance, don’t they? Everyone knows you’re supposed to budget, so what’s the point of another 800 words or so on the topic, right? There’s even a vague feeling that once you reach a certain point – either of knowledge, or income, or net worth –…
Read MoreYou’re Not Raiding Your Retirement If You Use The Home Buyers’ Plan (Unless You Are)
From what I can tell, most of the arguments against using the Home Buyers’ Plan are really arguments against buying a house you can’t afford, or castigations of the government for incentivizing home ownership…because people are buying houses they can’t afford. Related: First Time Home Buyers – HBP or TFSA? Remember: reduced to its simplest…
Read MoreEnough With The Emergency Fund, Sort Of
The entire financial world wants you to believe that success with money is just math. It’s not. Well, it is, but – for most average, everyday people, anyway – it’s only about math eventually. First, it’s about behaviour. The idea that you can transition seamlessly from someone spending more than she makes to someone who…
Read MoreFive Year GIC Ladder vs. One-Year Rolling Term: Smackdown
If you have long-term money in GICs, this post is for you. I know, rates are abysmal, and I’m not here to talk you into investing in mutual funds, or ETFs, or to buy bonds directly. If you’re comfortable with GICs, and you can meet your income or capital-preservation goals with them, then keep on…
Read MoreWhatever You Do, Don’t Retire Alone (And Other Helpful Advice)
Let me introduce you to my three imaginary friends: Rory, Amy, and Rose. Earning only $35,000 a year at most, each has managed to sock away 5% of that income every year, and by age 67 have each accumulated $210,000 in savings. At retirement, all three will have the same income: $6,624 in Old Age…
Read MoreWe Who Are About To Die, Etc
Someday, you’re going to die. Thankfully, it probably won’t be at the hands of some enormous gladiator with a mace and a pet lion, but no matter how you go, take a minute right now to imagine what will happen next if you leave a spouse behind. If you’re a confident DIY investor, with a…
Read MoreRRIFs (Good God, Y’all!) What Are They Good For? And So On.
As if you didn’t already worry more than enough about retirement, now is probably a good time to worry about having too much money. No. Really. The problem won’t be that you’ll have saved too much, so you can stop that thought in its tracks right now. No, the real problem is that by leaving…
Read More