Top 10 Personal-Finance Myths

Top 10 Personal-Finance MythsCommon myths are everywhere: sharks don’t get cancer (not true); the Great Wall of China is visible from space (ditto). They exist in the world of personal finance, too. Myth: I don’t need to worry about our budget or finances because my partner manages the money. Fact: “Even if someone else is in the driver’s seat, you should be an active passenger; not asleep in the backseat,” says Linda MacKay,…

March 22, 2015

5 Rewards of Living a Frugal Lifestyle

5 Rewards of Living a Frugal LifestyleYou might be a natural at making frugal choices when it comes to spending or perhaps you are slowly easing your way into the frugal lifestyle. Either way, know that your efforts result in additional benefits that go beyond the immediate impact of cash savings. You might not notice these nonmonetary rewards at first. That’s because in the beginning stages of adopting a frugal perspective, you’re usually focused on reaping…

March 8, 2015

Top 5 things you need to worry about financially

Top 5 things you need to worry about financiallyThe financial situation of 2008-09 was the kind of disaster that instilled in a lot of people serious jitters, whether they were lifelong investors or simply beginners. Many still have deep fears of the market crashing. But there are far more concrete things to worry about financially. Inflation “There are a number of people I meet who are 50 and 60 that think that what they need to be most…

December 21, 2014

Why Investors Want Cash Now Instead of Future Gains

Why Investors Want Cash Now Instead of Future GainsBarry Schwartz believes a company that is increasing its dividend or buying back shares is a far better investment than one more committed to raising capital expenditures. The chief investment officer at Baskin Financial Services Inc., a wealth management firm in Toronto, thinks it’s a no-brainer. “Have there ever been any studies showing that companies that increase capex over time outperform, because I haven’t seen one,” he said. “But I’ve…

November 23, 2014

Cashless Buying Poses Financial Risk For Those Without Self-Control

Cashless Buying Poses Financial Risk For Those Without Self-ControlFinancial planner Victor Godinho said goodbye to his wallet four years ago and hasn’t looked back. The 23-year-old adviser at the VTAG Financial Group Inc. in Toronto was one of the early adopters of the “cashless” lifestyle, a move to ditch pocket change and bills in favour of plastic cards and mobile phone payments. “I simply decided that change and cash were too frustrating to deal with,” he said. New…

October 26, 2014

Secrets of How the Rich Save, Spend and Invest

Secrets of How the Rich Save, Spend and InvestThe secrets to building wealth aren’t hidden behind locked doors in the realm of the rich. Plenty of wealthy people make disastrous financial mistakes. But those who succeed understand how to make their money work for them as well as how to take calculated risks. The current low-rate environment of easy money policies means that playing it safe with investments is not an option for those who want to increase…

May 25, 2014

RRSP Ages and Stages

RRSP Ages and StagesEveryone knows it’s RRSP season, but what’s less obvious is how to best direct your contributions over the years. Different ages and life stages call for different strategies. There’s an overarching theme, though: anything you can put toward your retirement is a good thing. “When it comes to contributions, it’s a journey, not a sprint,” says ?Wade Stayzer, vice president of retail banking and investment services at Ontario’s Meridian Credit…

March 30, 2014

Canadian Investors Keeping Cash Within Our Borders

Canadian Investors Keeping Cash Within Our BordersBlame it on Olympic fever. It seems nothing is immune to the wave of Canadian pride sweeping the nation, not even how we choose to invest our money. A new poll from CIBC Asset Management found the majority of Canadians, though primarily interested in long-term growth, remain reluctant to stray too far from home when it comes to investing our retirement portfolios. Indeed, 68 per cent of Canadians surveyed said…

February 23, 2014

Retirement Saving Should Be Realistic Not Idealistic

Retirement Saving Should Be Realistic Not IdealisticPlanning for retirement can be overwhelming. It requires thinking about long-term goals and it forces consideration of a more sensitive subject — one’s own mortality. An RBC study reports that only 52% of Canadian boomers actually put a plan on paper despite understanding its importance. However, they worry about it. According to a recent Investors Group survey, financial concerns affect 32% of Canadian couples and 60% of them put retirement…

September 1, 2013

5 Ways to Get Rid of Credit card Debt

5 Ways to Get Rid of Credit card DebtThe average credit card debt of a US household is over $15,000. That is a lot of money! Our neighbor to the north is in even worse shape in that an average Canadian household owes nearly $27,000 in credit card debt. Credit card debt can become an overwhelming problem if you don’t take care of it early because of the high interest rate. It’s best to avoid credit card debt…

February 24, 2013