What’s In Your Professionally Managed Portfolio?
In the world of DIY investing, many mutual fund investors bailed out in droves from their high-priced funds and have turned to lower cost ETFs. Basically, both mutual funds and ETFs are a diversified collection of stocks and bonds. ETFs have lower fees because they are “passively managed,” meaning their holdings closely match their specific…
Read MoreBanks Repaid Millions To Overcharged Investors. That Got Me Thinking
CIBC agreed to repay $73 million to more than 80,000 customers who were overcharged for their investments since 2002. The majority of those affected were in fee-based accounts and were found to have paid double fees on some investments that had embedded commissions. Meanwhile, some 24,000 CIBC clients were not told they qualified for lower-cost…
Read MoreWeekend Reading: Not Chasing Returns Edition
Even though I switched to a simple, passive, two-ETF investment portfolio, I still like to check-in on my returns from time-to-time and compare them to other benchmarks and strategies. Call it my competitive nature, or maybe a nervous tick. Let’s take a look at the Blackrock (iShares) website, as it has the most current year-to-date returns…
Read MoreFrom The Boomer & Echo Mailbag: Designating A RRIF Beneficiary
Q. I will soon be converting my RRSP into a RRIF. Currently the beneficiary is my estate. I was told I could save money if I named my children as equal beneficiaries. What are the tax implications of doing this? When there is no “qualified” beneficiary – i.e. spouse or dependent child or grandchild –…
Read MoreSome Debts Can’t Be Avoided. Here’s How To Keep Debt To A Minimum
There’s been a lot of attention in the media about the high level of consumer debt Canadians are indulging in compared to their disposable income. Easy access to inexpensive credit and little stigma attached to being in debt, as well as the pressure felt to keep up with society’s image of success makes overconsumption a…
Read MoreCool It. The Feds Aren’t Killing The Housing Market
Allow me to riff on the housing market and how recent changes to mortgage rules will affect Canadian homebuyers. To recap, the feds stepped in and introduced a mortgage rate stress test for fixed term mortgages of five years or more. The stress test, which already existed for variable and 1-4 year fixed terms, stated…
Read MoreWeekend Reading: Justwealth Edition
Here at Boomer & Echo we’re big fans of the robo-advisor model that gives investors the chance to build a low cost, diversified portfolio of ETFs and not worry about the hassle of buying, selling, and rebalancing on their own. Just set up regular contributions to your account and the robo-advisor allocates your dollars into a portfolio of ETFs…
Read MoreWhen Do You Stop Helping Your Adult Children?
Rodney and Carol retired in their early sixties. A few years later their youngest child, Greg, lost his graphic arts job and decided to start a small manufacturing business. To start the company, he got his parents to invest $50,000. They wanted to help their son succeed in his dream, so they made the investment.…
Read MoreSave Money By Avoiding Costly Add-Ons
There have been numerous studies showing how people who pay for their purchases by credit card spend more money than if they would have paid by cash because they upgrade or buy impulsively. But, a lot of people pay off their balances in full each month and use their credit cards for various reasons –…
Read MoreWeekend Reading: Vancouver Edition
My wife and I celebrated our 10th anniversary with a trip to Vancouver last week. We found round-trip flights from Calgary for less than $300 and then decided to splurge by staying at a boutique hotel downtown. The location was perfect, as we could walk everywhere from Stanley Park to Granville Island. We took a free shuttle…
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